Bob Yee FSA, MAAA Director of Consulting Services

Bob has been Director of Consulting Services since joining the firm in 2004. In that time, he has designed innovative LTCI product features and established sales and marketing relationships, and consulted for major LTCI direct writers and reinsurers. Most recently Bob has been concentrating in the pricing of LTCI combination products with critical illness, universal life and annuities. Prior to his present position, Bob was a healthcare consulting actuary for Milliman, a consulting firm.

Bob has over 17 years of experience in managing one of the nation’s largest and successful blocks of LTCI business (now Genworth Financial). Following years of service as chief actuary, Bob was appointed Senior Vice President of strategic planning, where he developed and managed LTCI product lifecycles from initial pricing to ultimate experience and profit emergence. His area of expertise includes market research, product development, financial reporting, experience analysis, risk management, capital management, reinsurance and business acquisition. Bob is particularly proficient in product design. In 2002, he served as a consultant in the development of a full-featured LTCI policy in Japan.

Bob considers himself fortunate to witness and participate in the growth of the LTCI industry. He is considered by many to have contributed to the advancement of the following characteristics of LTCI: care management, benefit eligibility criteria based on activities of daily living, marital discount, state public/private partnership programs, federal tax qualification, rate stability regulations, and statutory reserve and risk-based capital regulation.

Bob has been supportive of the regulatory process by participating in various professional committees. He has been an elected member of the Society of Actuaries’ LTCI Section Council and is a member of the American Academy of Actuaries’ State Health Committee. He is currently the chairperson for the Academy’s State LTCI Task Force. In this capacity, he has supervised several influential studies relating to statutory reserve, risk-based capital and, recently, principle-based approach to reserves. Bob also chaired the joint Society of Actuaries’ and the American Academy of Actuaries’ joint committee on LTCI Valuation, and he participated in the actuarial analysis in the CLASS Act under Health Care Reform.

He also has broad actuarial experience in other insurance products including interest-sensitive life, term life, annuities, accidental death, major medical, Medicare supplement, disability income and critical illness. Bob has been an appointed actuary and a valuation actuary.