FORTY under 40:Tara Miller
Tara Miller, Consulting actuary, Milliman
Tara Miller graduated from the State University of New York at Albany with a double major in actuarial science and economics. Prior to joining Milliman as a consulting actuary over seven years ago, she worked in pricing and predictive modelling for a mid-size primary insurer focused on commercial lines.
She has passed all of the Casualty Actuarial Society (CAS) exams and now gives back to the actuarial community through various volunteer efforts with the CAS and American Academy of Actuaries. Miller is the appointed actuary or helps provide actuarial support to a wide range of clients in the alternative risk market. Most of her clients are captives domiciled primarily in Bermuda and Vermont with parent companies from all over the globe.
How did you become involved in captive insurance?
I became involved in the captive insurance industry when I joined Milliman’s Vermont office over seven years ago. Growing up, I was influenced by my parents who both pursued mathematics in their higher education and were familiar with the actuarial field. This led to my pursuing an actuarial profession as early as high school.
I honed my skills and gained experience during a decade-long tenure at Farm Family in New York prior to joining Milliman. Since joining, I have been continuously expanding my knowledge and engaging with fascinating clients, primarily in the captive insurance space.
What are the biggest challenges of working in this industry, and what do you find most rewarding?
Working with captives is always exciting due to their unique risks and coverages. Their complexity constantly challenges me to expand my knowledge, but allows me to tailor solutions to each client’s needs. The captive insurance space’s flexibility is a big plus, but it also requires quick thinking and adaptability.
I enjoy helping clients find the best path for their specific risks. Working with people from different backgrounds worldwide is rewarding, but it requires effective communication and understanding of diverse perspectives.
Would you recommend the captive insurance industry to young people as a future career path?
“You’ll have plenty of chances to show off your problem-solving skills with creative solutions.”
If you’re considering insurance as a career path, captives are your best bet. The sector is full of smart people who’ve got your back as you learn the ropes and tackle new challenges. Captives are always changing, with risks and coverages always shifting—so you’ll never stop learning.
You’ll have plenty of chances to show off your problem-solving skills with creative solutions. It’s a fun, exciting field that keeps you on your toes.
What developments do you see ahead for captives?
Most developments for captives arise due to market considerations/constraints and each parent’s insurance needs. As various markets harden or change, I see additional coverages and layers of exposure being placed in captives, similar to what we are seeing today.
Otherwise, I see additional innovation in the future due to ongoing and future advancements in technology such as artificial intelligence and big data analytics which can assist with risk assessment, decision-making, claims-handling, and more.
Do you think your long-term future remains in the captives market?
Yes. I am eager to work with new clients as captives form and current captives need additional actuarial support. I also look forward to working with clients exploring new types of coverages and captive offerings as new exposures emerge and we develop innovative ways to address existing exposures.
Finally, I look forward to continuing to work with clients in different domiciles to expand my knowledge of the various regulatory requirements around the world.
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