Me: Hi, I have a few questions about the pricing for the account you passed me.
Broker: (in a strong Dutch accent) Yes yes, what is it that you need?
Me: I’ve not priced many life and health accounts before, is there much development on these losses?
Me: Yes. Usually due to reporting lag losses for some period of time I higher a year after the close of the accounting period vs. a few months.
Broker: All payments must be requested within 90 days of billing.
Me: So claims don’t pop up later?
Broker: No. It’d be billed to successive years. Most people with chronic conditions go to the Netherlands but there is one little boy who is fighting a bone marrow infection and has been for two years. Everyone hopes he gets better.
Me: Me too.
Broker: Curacao has less than 200,000 people on it, Mr. Robinson.
In a very basic way, the goal of a reinsurance broker is to know his customer. This fellow seems to.
At the end of the call, he mentioned that he may try to arrange a call between me, him, and the chief actuary of one of the largest insurers on the island. I sounded a bit flummoxed at this, having never really talked directly to a client, and he added “don’t worry, he hasn’t been an actuary for that long”.
I mentioned the call to my boss “I’m terrified.” Her response was “me too”.