Richard Frese
ACAS, FCAS, MAAA
Principal & Consulting Actuary, FCAS
Chicago, IL, US
Richard is an actuary in the Chicago Casualty practice of Milliman. He joined the firm in 2002.
Experience
Richard's expertise in property and casualty primarily involves loss reserving and forecasting for self-insured clients in the area of medical malpractice and workers' compensation liability. He also has extensive experience in commercial lines, including workers' compensation, professional liability, general liability, auto liability, and property insurance. His clients include captives, Fortune 500 corporations, healthcare institutions, privately held companies, public entities, and risk-retention groups.
Publications and Presentations
Publications
- "The Forgotten Hospital Liability: Booking IBNR for Workers' Compensation," 2008, Risk & Insurance
- "Discounting Medical Malpractice Claim Reserves for Self-Insured Hospitals," 2011, Healthcare Financial Management
- "Does Your Self-Insured Program Need a Tune-up?," 2011, Risk Management
- "A Second Look At Your Self-Insurance Allocation," 2011, The Self-Insurer
- "A Medical Malpractice Understanding to FASB ASU No. 2010-24," 2011, Healthcare Financial Management
Committees
- Joint CAS/SOA Committee on Career Encouragement – 2010 to Present
- Casualty Actuarial Society New Members Committee - 2010 to Present
Presentations
- "Make Your Actuary Work For You," 2009 Jointly sponsored Chicago Hospital Self- Insured Conference
- "Actuarial Professionalism & Responsibility," 2010 Zurich North America Insurance Company
- "The Actuarial Language: Keys To Communication," 2011 Risk and Insurance Management Society, Inc., St. Louis chapter, Greater Quad Cities chapter, Indiana chapter and Chicago chapter
- "The Actuarial Process: Medical Malpractice Liability," 2011 McGladrey & Pullen, LLP and RSM McGladrey, Inc, Chicago office
- "Breaking Through The Barrier With Your Actuary," 2011 Ohio Hospital Association, Ohio Society of Healthcare Risk Managers & Society of Ohio Healthcare Attorneys Joint Conference
Professional Designations
- Fellow, Casualty Actuarial Society
- Member, American Academy of Actuaries
Education
- BS, Actuarial Science, University of Illinois, Urbana-Champaign
Publications
Read their latest work
Article
Assessing social inflation’s disruption to data, metrics, and forecasts: 10 mitigation strategies
20 September 2021 - by Richard Frese
Social inflation has disrupted the economy and insurance industry, but how do we measure and mitigate the impact?
Article
Will space travel insurance become as common as auto insurance?
02 August 2021 - by Richard Frese
As Jeff Bezos, Richard Branson and passengers make it to space, a new area of risk arises for the insurance industry.
Article
Potential medical professional liability impacts of Illinois House Bill 3360
04 February 2021 - by Tony F. Bloemer, Richard Frese, Tim Vosicky
The application of Illinois House Bill 3360 to medical liability losses will have significant impacts.
Article
How reliable are your P&C benchmarks in the COVID-19 era?
11 September 2020 - by Richard Frese
The introduction of COVID-19 has had an almost immediate influence on insurance yet it may take a long time to fully realize the effects. What are strategies to make benchmarks valuable now and post-COVID-19?
Article
Why independence matters in actuarial services
02 May 2017 - by Tony F. Bloemer, Richard Frese
Actuarial expertise is important when working with an actuary but is not the only criteria that should be considered.
Article
Ten considerations for projecting self-insured workers compensation losses
01 May 2017 - by Richard Frese, Carly Rowland
This article discusses the top 10 considerations used by actuaries for projecting self-insured workers compensation losses and integrating them into the projection process.
Article
MPL actuarial valuations in M&As
08 March 2017 - by Richard Frese, Andy Hoffman
With mergers and acquisitions, it is critical that the medical professional liability insurance program be properly accounted for.
Article
Capitalizing on your actuarial report
08 March 2017 - by Richard Frese, Andy Hoffman
Insight and background on critical topics to discuss with an actuary to enhance recognition of your insurance program, better manage its liabilities, and maintain appropriate actuarial analysis for the needs of the program.
Article
Medical Malpractice Insurance: A Key Concern When Acquiring Physician Groups
29 July 2016 - by Richard Frese, Andy Hoffman
Healthcare organizations that acquire independent physician groups should consider the issues and financial impact of medical malpractice insurance as part of the acquisition.
Article
Captive insurance: Is it the right choice for your insurance exposures?
30 November 2015 - by Richard Frese
One self-insurance option commonly used in the healthcare industry is captive insurance.