Recently, we had the pleasure of speaking with a member of our research committee—Kevin Brady, Senior Vice President and Chief Actuary for the PMA Companies—about how he came to know WCRI.
Kevin has more than 30 years of actuarial experience, with the last 10 plus years being responsible for the overall actuarial function at PMA. The PMA Companies are industry leaders of workers' compensation, casualty insurance, and TPA & risk services with over 100 years of experience.
1) How did you first learn about WCRI?
I have been working as an actuary with various responsibilities at PMA from 1993 to the present. Over the course of my PMA career, I had heard about WCRI and eventually came to understand that PMA was a member. During 2005, I became the Chief Actuary and I remember at that time really starting to utilize the research and data WCRI was producing. I became more involved in discussions with my colleagues regarding the research and using the data in our work as actuaries.
2) What value do you derive from being a member of WCRI?
The main value is using the data from WCRI to help us determine trends in loss costs in workers’ compensation. We incorporate severity trends shown in various WCRI reports into the process we use to determine severity assumptions in day-to-day analysis we perform as actuaries. Knowing the process of the WCRI research, particularly the review component, gives us full confidence in the quality of the WCRI work product.
I have derived value on a personal basis as a member of the WCRI Research Committee since 2009. The research committee assists in guiding the Institute’s research agenda. Knowing stakeholders in various states use the research to improve their workers’ compensation systems makes my participation on this committee a personally valued responsibility.
3) What is your favorite WCRI study/research area?
The CompScope™ Benchmarks and CompScope™ Medical Benchmarks reports are my favorites. They provide various data components and trends on cost drivers in many states and are very useful to us from an actuarial perspective.
4) Can you describe a moment when WCRI’s research was really helpful?
I have used WCRI research in so many instances over the years I really do not have a personal particular moment that stands out above all the others. However, in my opinion, the research WCRI published on opioid usage has contributed to some of the most beneficial changes in the workers’ compensation systems throughout the country during my insurance career.
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