Milliman
Milliman’s Tara Miller speaks to Frances Jones about her experiences and influences in the industry
How has your previous experience prepared you for your current role as underwriting and claims manager?
My previous role at a primary insurance company, Farm Family, specialising in commercial lines, provided me with the opportunity to refine my actuarial skills.
It also enabled me to gain a comprehensive understanding of the typical coverages and exposures associated with captive insurance.
This insurer employed an exclusive agency distribution model, further allowing me to develop my ability to articulate complex actuarial concepts to clients, in this case agents. This skill has proven to be immensely beneficial in my current role as a consultant.
How did you end up in the captive industry?
Both of my parents majored in maths in college and were familiar with the actuarial profession. This led me to decide to become an actuary during my junior year in high school.
I spent a decade working at Farm Family in New York, gaining valuable experience and developing my skills. However, I was eager to take on new challenges and had always dreamed of living in Vermont.
More than seven years ago, when the opportunity to join Milliman’s Vermont office presented itself, I jumped on it. I have been learning new things and working with interesting clients ever since.
From your experience, what would you say are the key benefits of working in this industry?
It’s never boring — each captive presents unique exposures and coverages, providing a constant stream of challenges that enable me to expand my knowledge. This, in turn, allows me to offer tailored support to meet each of my clients’ needs. The flexibility in the captive space is a significant benefit; I enjoy assisting clients in determining the best course of action for their specific exposures and coverages. Another aspect I’d like to highlight is the opportunity to collaborate with individuals from diverse backgrounds and skill sets across the globe.
Who have been your influences in the captive space?
Throughout my career I have been fortunate to have numerous exceptional mentors, both in my previous role and at Milliman. Currently, all of the consultants in my Boston-based practice possess a wealth of experience and are highly regarded within the captive industry.
Given the unique nature of each client, I am confident that I can turn to any of my colleagues for guidance or advice whenever necessary as I continue to advance in my career.
What are your aspirations for your future career in the industry?
I am eager to work with new clients as new captives form and current captives need additional actuarial support. I also look forward to working with clients exploring new types of
coverages and captive offerings as new exposures emerge and we develop innovative ways to address existing exposures. In addition to continuing to work with clients in different domiciles to expand my knowledge of the various regulatory requirements around the world.
Moreover, I am looking forward to increased responsibilities with my existing captive clients, especially those domiciled in Bermuda. I am excited to witness and participate in ongoing and future advancements in technology, both from an actuarial standpoint and within the captive industry.
Finally, I’m hoping for the opportunity to network and establish connections with industry professionals in this post-Covid era.
What advice do you have for someone considering a role in captive insurance?
If you are interested in the insurance industry, captives are the way to go. The industry is full of smart people who will support you as you become familiar with the subject and down the road as new challenges present themselves. The exposures and coverages within captives are constantly evolving, and you will be continuously learning new things as no two captives are alike!
Personal bio
Tara grew up in upstate New York and currently lives in Vermont with her husband, their two-year-old daughter, their “lazy old cat” and various backyard animals including chickens and ducks.
In her free time, Tara loves spending time both outdoors exploring with her daughter and indoors relaxing with a crochet project or a good book.
Tara graduated from the State University of New York at Albany with a double major in actuarial science and economics.
Prior to joining Milliman as a consulting actuary more than seven years ago, she worked in pricing and predictive modelling for a mid-size primary insurer focused on commercial lines. She currently works with a wide range of captives domiciled primarily in Bermuda and Vermont with parent companies from all over the globe.
Industry recommendation
“Tara has rapidly become an indispensable asset to our Atlantic Region practice; a testament to her unwavering dedication to excellence. Her tireless pursuit of professional growth, combined with a steadfast commitment to delivering top-tier consulting services, has not only elevated our standards but also enriched the experiences of our clients.
“What truly sets Tara apart is her infectious positivity and an innate desire to uplift those around her. These qualities have naturally ushered her into a leadership role within our team. Her influence extends beyond the immediate scope of her work. Tara’s unique approach to client engagement and her innovative solutions have started to resonate across the industry, and we anticipate this reputation will continue to grow.”
Karl Goring
Consulting actuary
Milliman
