Actuarial Consulting Services For Reserves - Bwc250534

The Bureau of Workers’ Compensation (BWC) of Ohio, a prominent state agency overseeing workers’ compensation insurance, is seeking the services of an independent actuarial consultant. This contract, spanning from July 1, 2025, to September 30, 2029, with potential extensions, aims to bolster BWC's Actuarial Division by providing in-depth analysis and evaluation of unpaid loss liabilities and financial reserves. The Actuarial Division, which comprises approximately 15 employees, is responsible for rate calculations, establishing financial reserves, and offering technical support on rating and reserving issues. The selected contractor will engage in several critical activities, including peer reviews of quarterly unpaid claim liability analyses across various funds, conducting reserving studies, and providing actuarial estimates on unpaid claims. They will also deliver an annual statement of actuarial opinion on loss reserves and assist in financial audits. By August 22 each year, the contractor is expected to prepare retrospective premium return projections and deliver electronic copies of assessments in specific formats. Additionally, the contractor will attend meetings and offer educational sessions when necessary. Services will mainly be performed at BWC offices in Ohio, ensuring localized support and efficient collaboration with the bureau's teams.