Wells Fargo Insurance, part of Wells Fargo & Company, has launched a new Actuarial Services Practice which will help employers manage rising healthcare costs.
Part of the company's Employee Benefits National Practice, the group provides customers with tools and consultation on medical plan designs, healthcare reform, private exchanges and renewal pricing.
Nick Allen, a 10-year industry veteran has been named head of the practice. Based in Richmond, Va., Allen reports to Tim Prichard, head of Wells Fargo Insurance's Employee Benefits National Practice.
"Managing healthcare costs remains a top concern for many employers and this new practice will help them better understand and manage the risks associated with their healthcare plans," said Prichard. "Being part of a financial services company, combined with Nick's expertise and experience, provides our customers with a unique understanding of their healthcare plans and how they impact their company's financial health."
Allen was recently consulting actuary at Bryan, Pendleton, Swats & McAllister (BPS&M), a Wells Fargo company, responsible for health and welfare plan consulting. He also served as Pricing Actuary at Aetna Inc. and senior manager at Cigna Corporation. Allen graduated from Virginia Tech with a bachelor's in Mathematics, is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.
Wells Fargo Insurance's Employee Benefits National Practice helps customers with financial underwriting and insurance, health and productivity risk management, benefits communication and administration, and compliance with healthcare reform.
Wells Fargo, Actuarial Services Practice, Employee Benefits National Practice, Nick Allen, Tim Prichard, BPS&M, Aetna Inc, Cigna