LTCG, a provider of administrative solutions and clinical services to the long term care insurance industry, has announced that Vince Bodnar will be joining the organization as its chief actuary. Bodnar also will bring to LTCG his entire 10-person actuarial team, which includes Ralph Donato, Matt Morton, Paul Colasanto and other consultants and analysts who have nearly 100 years of combined experience in the field. This transition includes a new partnership agreement between LTCG and Towers Watson, in which LTCG will provide actuarial support for the consulting firm’s own long term care insurance clients.
Bodnar most recently served as director of Tower Watson’s strategic long term care efforts and initiatives. According to LTCG, Bodnar is one of the most respected actuaries in the long term care insurance industry. He has experience in life and long term care combination-product development and is well-versed in premium rate increase filings, long term care morbidity and mortality experience studies, actuarial appraisals of insurance companies and blocks of business as well as the development and implementation of first-principles long term care projection models, LTCG said.
Throughout his career, Bodnar has led successful projects related to in-force management, strategic planning, product design and pricing, and financial analysis, among other key initiatives, according to LTCG. His strengths align well with LTCG’s strategic focus on helping carriers improve their financial and operational performance through end-to-end administrative solutions, the insurer said. This involves addressing all types of customer and policy requirements, from application processing and underwriting of new business to claims and administration of open and closed blocks.
“I’ve known Vince for many years and in all that time, I’ve never come across anyone with such a breadth of analytical and financial expertise in this industry,” said LTCG CEO Peter Goldstein. “With this incredible addition to our leadership team, LTCG will be able to offer our clients a much deeper analytical understanding of their business. We will also leverage the insight contributed by Vince and his staff to inform all of our existing administrative solutions and as a means to develop new data-driven clinical models.”
Bodnar has more than three decades of experience in life and health insurance products, with a concentration in long term care since 1990. He joined Towers Watson as part of its acquisition of DaVinci Consulting Group, which he co-founded in 2007. He has also served as Principal with Milliman Inc., chief actuary for one of Genworth’s strategic business units and consulting actuary for KPMG.
“It is clear with the recent acquisition of the company by Stone Point Capital and the investments they are making in people, technology and infrastructure that LTCG really represents the future of this industry,” Bodnar said. “I’m thrilled to be part of this new chapter while also having the opportunity to collaborate with such a well-established leadership team.”
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