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Randy Beams

FSA, MAAA
Actuary
Tampa, FL, US

Randy Beams is an actuary based out of Milliman’s Tampa office. He joined the firm in 2018.

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Experience

Randy’s primary areas of concentration are the life and long-term care insurance markets. He frequently works on a variety of projects including pricing, product development, valuation, and modeling of life, long-term care, and hybrid products. Randy is a leader in model development, having worked on the development and expansion of the firm’s modeling capabilities with regard to the hybrid product market. Prior to joining the firm, Randy began his career in reinsurance.

Publications

Read their latest work

Article

Estimating Member-Level Treatment Effects with Uplift Modeling

03 December 2024 - by Randy Beams, Tanner Boyle
In long-term care, uplift modeling could serve as a valuable tool, helping actuaries and statisticians analyze the effectiveness of new wellness programs.
Article

Long-Term Care Focus: Q3 2024

11 September 2024 - by Juliet Spector, Annie Gunnlaugsson, Robert Eaton, Mike Bergerson, Joe Neary, Evan Pollock, Courtney Williamson, Randy Beams, Susan Knutson
In our third quarter 2024 Long-Term Care (LTC) Focus newsletter, we showcase some of the projects that Milliman LTC consultants are working on now.
Article

Integrated and first principles modeling for hybrid life and health products

17 February 2022 - by Tyler Armstrong, Robert Eaton, Randy Beams
This article discusses the pros and cons of a claim cost model versus an integrated first-principles model for use in modeling Hybrid Life and Health products.
Article

Integrated and first principles modeling for hybrid life and health products

17 February 2022 - by Tyler Armstrong, Randy Beams, Robert Eaton
We look at modeling hybrid products under an integrated and first-principles basis with long-term care riders, which produces more robust and precise models.
Article

Conservation of mortality and assumption integrity

08 December 2021 - by Tyler Armstrong, Randy Beams, Robert Eaton
To maintain assumption integrity, actuaries use the modeling principle called conservation of mortality.
Article

Minding the MediGap: Modeling considerations for a complex product

15 July 2021 - by Tyler Armstrong, Randy Beams, Robert Eaton
The preferred solution for Med Supp modeling is a modern actuarial modeling software platform because of the effective risk governance framework, efficient assumption management, logical inputs, and the capability of modeling complex variable interactions.