AAIS (American Association of Insurance Services)
Michael Payne has a diverse work experience in the insurance industry. Michael currently serves as the Chief Pricing Actuary at AAIS (American Association of Insurance Services) since February 2021. In this role, they provide leadership and guidance on the use of analytical tools and models, leads initiatives to create new rating plans, and enhances current rating plans. Prior to this, they were the Actuarial Services Director at AAIS from December 2018 to February 2021, where they led the actuarial services team in conducting countrywide loss cost reviews and making pricing recommendations for lines of business and products.
Before joining AAIS, Michael worked at Sears Home Services as the Director of Underwriting Analysis from November 2017 to December 2018. Michael has also held various roles at Zurich Insurance Company Ltd from 2010 to 2017, including Technical Execution Actuary & Team Lead, Reinsurance Actuary, and AVP & Actuarial Director I. During this time, they gained experience in technical execution, reinsurance, and actuarial management.
Earlier in their career, Michael worked as a Senior Actuarial Analyst at SCOR Reinsurance from 2007 to 2010, where they were involved in pricing U.S reinsurance treaties for small to mid-size insurance companies. Michael also worked as an Actuarial Analyst at Zurich Financial Services from 2003 to 2007.
Overall, Michael Payne has demonstrated expertise in actuarial pricing, leadership, and strategic planning throughout their career in the insurance industry.
Michael Payne attended Northwestern University from 1999 to 2003, where they obtained a Bachelor's degree in Mathematics and Psychology. In 2007, they obtained the MAAA certification from the American Academy of Actuaries, followed by the FCAS certification from the Casualty Actuarial Society in 2008.
AAIS (American Association of Insurance Services)
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The American Association of Insurance Services (AAIS) is a Member-owned, non-profit national insurance advisory organization that provides specialized services to property/casualty insurers. More than 700 P/C insurers of all sizes throughout the U.S. use policy forms and/or rating information provided under more than 34 AAIS programs of personal, commercial, agricultural, and inland marine insurers. Long-known for its industry-leading inland marine and commercial output programs, AAIS in recent years has set new standards for innovation in agricultural property and liability coverage, and led the way in introducing the first advisory organization plan for rating homeowners policies by peril. In addition, AAIS is one of two licensed statistical agents operating nationally that collects P/C statistical information for meeting regulatory requirements and for developing loss costs for use in rating policies. In 2013, AAIS made a substantial new departure by launching its "Underwriting Platform," a cloud-based application for underwriting and rating policies and capturing information during the quote process. "UP" has been developed to support AAIS's industry-leading Commercial Output Program and key classes of its Inland Marine Guide. In coming months and years, it will be deployed to support all AAIS programs. AAIS was created in the mid-1970s as the successor organization to a former inland marine rating bureau and continues to operate under a commitment to preserve competition in bureau services for P/C carriers. AAIS is currently led by Edmund J. Kelly, president and CEO, who came to AAIS in 2012 after years of experience in organizations that provided professional liability and property catastrophe insurance.