Huggins’ credentialed actuaries have extensive industry experience providing expert witness testimony as part of legal proceedings or for valuation services.
What is Actuarial Forensic Litigation & Valuation Services (Expert Witness)?
Companies, government entities and individuals sometimes become parties in litigation or arbitration proceedings that have an insurance aspect for which the expertise of an actuary is critical. Additionally, clients may find themselves involved in mergers and acquisitions, rate regulatory hearings, claims leakage studies, or individual claim settlement situations which require the use of valuation services. Huggins has consulting actuaries who have extensive litigation support and valuation experience, including appearing as effective expert witnesses at trials or arbitration hearings.
What is the value of Actuarial Forensic Litigation & Valuation Services (Expert Witness)?
Our actuaries are renowned industry experts, providing credible unbiased advice to the client. An actuary providing expert testimony performs an important service to the forum, the finder of fact in the forum, and the public by providing information that can be critical to resolution of disputes. This may include explaining complex technical concepts so they can be understood by the audience to whom the testimony is directed.
How can Huggins help?
Clients are usually a law firm, insurance entity, or an individual person. Huggins undertakes insurance and reinsurance litigation and arbitration support projects and provides assistance as the client may request, and will generally consult with, advise and assist the client. Huggins’ expert actuaries work with the client to evaluate the strengths and weaknesses of the case in order to formulate the best possible strategy. Clients typically request the following services:
Lawsuit and Arbitration Support
Huggins has consulting actuaries who have extensive litigation support experience and have appeared as expert witnesses at trial in federal, state, and county courts and in arbitration hearings. We also have a skilled team of supporting actuaries and insurance industry experts to provide sophisticated actuarial and statistical analysis to our expert witness actuaries. We brief the attorneys for our clients on insurance industry issues and standard practices. We prepare our clients for not only the actual litigation itself, but also for settlement opportunities, considering various outcome probabilities as well as performing damage calculations using sophisticated models to simulate damages and various scenario outcomes.
Huggins’ experienced expert witnesses are especially deft in the deposition environment, providing thoughtful answers and ensuring that the client’s counsel is asking the right questions.
Actuarial Malpractice Support
Huggins’ expert witness actuaries are fully credentialed (all are FCAS’s and MAAA’s) and have represented clients from both a defendant and a plaintiff perspective. Huggins analyzes and evaluates these situations from a forensic actuarial perspective, emphasizing conformance or lack thereof to Actuarial Principles and Standards of Practice.
Review Another Actuary’s Work Product
Our actuaries can review the work performed by other actuaries. We can review their methodologies, assumptions, and data used and review compliance with generally accepted actuarial principles and actuarial standards of practice.
Collateral negotiations/disputes are impacted by a multitude of factors. Huggins’ expertise in a variety of industry segments, such as self-insured programs, alternative markets, and reinsurance, provides valuable perspective on these factors. Our approach in preparing loss reserve analyses, including individual claims simulations, is designed to maximize the usefulness of a program’s data, and the program may use our analysis as a tool in negotiating collateral associated with deductibles or retentions.
Claims Leakage Evaluations
Working with your claims adjudication professionals Huggins can provide predictive modeling and claims analytics to incorporate into a leakage analysis. Huggins can help identify trends and opportunities for process improvement.
When one of the parties of a divorce litigation own or have an interest in an organization that is self-insured the valuation of the self-insured liabilities can have a major impact on the valuation of the party’s assets.
The Huggins Advantage
Our firm’s philosophy centers on our commitment to the highest level of quality service delivered by quality people. Our long tradition of providing responsive, technical excellence to our clients’ needs through an integrated team approach requires that we focus on quality in every aspect of every engagement.