Eric P. Krafcheck
FCAS, MAAA, CSPA
Principal and Consulting Actuary
Brookfield, WI, US
Eric Krafcheck is a principal and consulting actuary with the Milwaukee office of Milliman. He joined the firm in 2011.
Experience
Eric’s area of expertise is in property and casualty insurance, particularly in predictive modeling, ratemaking, loss reserving, and data management/programming. He has experience in numerous lines including personal auto, homeowners, cyber liability, professional liability, general liability, workers’ compensation, and commercial property; he has provided actuarial services to entities ranging from large multi-line personal and commercial insurers to self-insured programs.
Services provided include:
- Ratemaking analyses
- Development of class plans, including use of third-party data by-peril analyses, and territory analyses
- Product development support, including pricing of emerging risks
- Disparate impact analyses
- Competitive analyses
- Predictive modeling, including pricing, underwriting, and retention/lifetime value applications
- Countrywide filing and implementation support, including filing and support of predictive models
- Reserving analyses
- Preparation of Statements of Actuarial Opinion
- Model governance and reserving audit support
- Actuarial department process reviews
Publications and Presentations
- "The Road Less Traveled." CAS In-Focus Seminar, October 2020.
- "PIP, PIP hooray! The changing Michigan auto market." Milliman Insight, April 2020.
- "Nowhere to Drive - The Impact of COVID-19 on the Auto Insurance Industry." Milliman Insight, March 2020.
- “Predictive Modeling Loss Assumptions: What’s the Impact?” CAS RPM Seminar, March 2018.
- "Perspectives on Rate Filing Support for Predictive Models." CAS RPM Seminar, March 2016 and March 2017; CASE Fall Meeting, September 2016; CANW Spring Meeting, March 2017.
- "Predicting the Unpredictable: Considerations for Rate Filing Support when Implementing Predictive Models." Milliman Insight, June 2016.
Professional Designations
- Fellow, Casualty Actuarial Society
- Member, American Academy of Actuaries
- Certified Specialist in Predictive Analytics
Education
- BS (with highest distinction), Actuarial Science & Applied Statistics, Purdue University
Publications
Read their latest work
Article
The insurance industry’s renewed focus on disparate impacts and unfair discrimination
27 September 2021 - by Eric P. Krafcheck
Insurers need to adapt to rising demand for transparency and accountability on how their business practices contribute to potential systemic societal inequities
Article
Property & casualty insurance premium refunds during COVID-19: Actuarial and tax issues
15 June 2020 - by Susan J. Forray, Eric P. Krafcheck, Richard F. Riley, Jr.
Beginning in late March, shortly after stay-at-home orders were widely imposed nationwide due to the COVID-19 pandemic, many insurers began voluntarily paying partial premium refunds to personal auto policyholders.
Article
PIP PIP hooray! The changing Michigan auto market
07 April 2020 - by Eric P. Krafcheck, Paul Anderson
After many failed attempts, Michigan legislators finally passed a historic piece of legislation in 2019, Senate Bill No. 1, which will bring sweeping changes to auto insurance in the state starting July 1, 2020.
Article
Nowhere to drive: The impact of COVID-19 on the auto insurance industry
27 March 2020 - by Paul Anderson, Eric P. Krafcheck, Katherine A. Pipkorn
As a result of the coronavirus pandemic, auto insurers may likely see short- and possibly long-term effects in their claims experience.
Article
Medical professional liability ratemaking: Extending the scope of predictive analytics
10 December 2014 - by Eric P. Krafcheck
Despite challenges, MPL insurers stand to reap substantial rewards from the use of predictive modeling.