Patrick E. Wynne

250!

This number may look small but I’m always reminded of what it would be like to have 250 people in a room!

Sorry I have not posted a video/reel in a long time but I appreciate the people who continue to subscribe.

To the 250 people who choose to listen to me about all things business and insurance - it brings me motivation.

Thank you.

May the 4th be with me!

Milestone achieved ✅

With 225 followers on my YT channel this is cool to see.

I might not talk about exciting stuff (and I may look tired in my videos) but I’m happy about this achievement.

Follow me here: https://youtube.com/?si=wm33wpCOzKGa1dYG

Insurance isn’t just about policies—it’s built on a precise science.

𝗬𝗲𝘀 𝘀𝗰𝗶𝗲𝗻𝗰𝗲!

At the core of insurance lies actuarial science, a discipline that quantifies risk using probability analysis and statistical modeling to predict financial outcomes.

𝟓 𝐀𝐜𝐭𝐮𝐚𝐫𝐢𝐚𝐥 𝐒𝐜𝐢𝐞𝐧𝐜𝐞 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞𝐬 𝐢𝐧 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞

1️⃣ Risk Assessment – Actuaries analyze personal and group data (age, health, lifestyle) to assess potential risks.

2️⃣ Probability Modeling – Using historical data, insurers predict the likelihood of claims from events like accidents or illnesses.

3️⃣ Law of Large Numbers – The more policyholders in a group, the more predictable the overall risk, stabilizing costs.

4️⃣ Risk Pooling – By combining risks across a population, insurers create sustainable coverage for large, unpredictable losses.

5️⃣ Underwriting & Pricing – Actuarial science helps determine fair premiums based on data-driven risk evaluation.

In health insurance, actuarial science assesses key factors such as:

✔ Disability rates�
✔ Morbidity (disease occurrence)�
✔ Mortality (life expectancy trends)�
✔ Fertility trends

For business owners and individuals, understanding these principles helps explain why premiums vary and how risk is calculated.

𝗕𝗼𝘁𝘁𝗼𝗺 𝗹𝗶𝗻𝗲:

Actuarial science ensures that health insurance remains sustainable, predictable, and fair for both insurers and policyholders.

🏥 𝗧𝗵𝗲 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗛𝗲𝗮𝗹𝘁𝗵 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗘𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺 🏥

1. Brokers: Your insurance guides! They analyze and recommend plans to meet your needs. (𝑳𝒊𝒌𝒆 𝒎𝒆!)

2. PBMs: Pharmacy benefit managers handle drug benefits, negotiate rebates, and manage formularies.

3. Networks: Groups of healthcare providers offering services at negotiated rates.

4. Agencies: Connect clients with insurance products, often representing multiple carriers.

5. Stop-Loss Carriers: Protect self-funded plans from high claims, limiting financial exposure.

6. Carriers: The companies that provide health insurance policies, design plans, and process claims.

7. TPAs: Third-party administrators manage self-funded plans, handling claims and compliance.

8. Underwriters: Assess risk, set premiums, and determine coverage terms.

The health insurance players all want to take shots at your premium.

Why? Their profit is in your premium.

Like basketball, the players all want to make shots for points. 🏀

𝗕𝗮𝘀𝗸𝗲𝘁𝗯𝗮𝗹𝗹: more points = you win.

𝗛𝗲𝗮𝗹𝘁𝗵 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲: more premium = more profit (for the players).

𝑩𝒖𝒕 𝒅𝒐 𝒀𝑶𝑼 𝒘𝒊𝒏?