Eric P. Krafcheck

FCAS, MAAA, CSPA

Principal and Consulting Actuary

Brookfield, WI, US

Eric Krafcheck is a principal and consulting actuary with the Milwaukee office of Milliman. He joined the firm in 2011.

Loading component...

Experience

Eric’s area of expertise is in property and casualty insurance, particularly in predictive modeling, ratemaking, loss reserving, and data management/programming. He has experience in numerous lines, including personal auto, homeowners, cyber liability, professional liability, general liability, workers’ compensation, and commercial property; he has provided actuarial services to entities ranging from large multi-line personal and commercial insurers to self-insured programs. Services provided include:

Ratemaking analyses
Development of class plans, including use of third-party data by-peril analyses, and territory analyses
Product development support, including pricing of emerging risks
Disparate impact analyses
Competitive analyses
Predictive modeling, including pricing, underwriting, and retention/lifetime value applications
Countrywide filing and implementation support, including filing and support of predictive models
Reserving analyses
Preparation of Statements of Actuarial Opinion
Model governance and reserving audit support
Actuarial department process reviews

Publications and Presentations

“Practical Application of Bias Measurement and Mitigation Techniques in Insurance Pricing,” CAS Research Paper, February 2025.
“Practical Application of Bias Measurement and Mitigation Techniques in Insurance Rating,” CAS RPM Seminar, March 2024.
“Bias and Insurance – the Current State of the Industry,” CAS Webinar – Virtual, December 2023.
“The Price is Right - An Introduction to Pricing Novel Products and Competitive Analysis,” CAS Virtual Trunk Show, August 2022.
“Bias Detection Methods and Tools,” NAIC Summer National Meeting, August 2022.
“What Data is Necessary to Detect Unfair Discriminatory Treatment?,” NAIC Collaboration Forum on Algorithmic Bias, July 2022.
“The Insurance Industry’s Renewed Focus on Disparate Impacts and Unfair Discrimination,” Milliman Insight, September 2021.
“The Road Less Traveled,” CAS In-Focus Seminar, October 2020.
“PIP, PIP hooray! The changing Michigan auto market,” Milliman Insight, April 2020 “Nowhere to Drive - The Impact of COVID-19 on the Auto Insurance Industry,” Milliman Insight, March 2020.
“Predictive Modeling Loss Assumptions: What’s the Impact?” CAS RPM Seminar, March 2018.
“Perspectives on Rate Filing Support for Predictive Models” CAS RPM Seminar, March 2016 and March 2017; CASE Fall Meeting, September 2016 and CANW Spring Meeting, March 2017.
“Predicting the Unpredictable: Considerations for Rate Filing Support when Implementing Predictive Models,” Milliman Insight, June 2016.

Professional Designations

Fellow, Casualty Actuarial Society
Member, American Academy of Actuaries
Certified Specialist in Predictive Analytics

Education

BS (with highest distinction), Actuarial Science & Applied Statistics, Purdue University

Loading component...

Publications

Read their latest work

Article

The insurance industry’s renewed focus on disparate impacts and unfair discrimination

27 September 2021 - by Eric P. Krafcheck

Insurers need to adapt to rising demand for transparency and accountability on how their business practices contribute to potential systemic societal inequities

Article

Property & casualty insurance premium refunds during COVID-19: Actuarial and tax issues

15 June 2020 - by Susan J. Forray, Eric P. Krafcheck, Richard F. Riley, Jr.

Beginning in late March, shortly after stay-at-home orders were widely imposed nationwide due to the COVID-19 pandemic, many insurers began voluntarily paying partial premium refunds to personal auto policyholders.

Article

PIP PIP hooray! The changing Michigan auto market

07 April 2020 - by Eric P. Krafcheck, Paul Anderson

After many failed attempts, Michigan legislators finally passed a historic piece of legislation in 2019, Senate Bill No. 1, which will bring sweeping changes to auto insurance in the state starting July 1, 2020.

Article

Nowhere to drive: The impact of COVID-19 on the auto insurance industry

27 March 2020 - by Paul Anderson, Eric P. Krafcheck, Katherine A. Pipkorn

As a result of the coronavirus pandemic, auto insurers may likely see short- and possibly long-term effects in their claims experience.

Article

Medical professional liability ratemaking: Extending the scope of predictive analytics

10 December 2014 - by Eric P. Krafcheck

Despite challenges, MPL insurers stand to reap substantial rewards from the use of predictive modeling.

Experience

Ratemaking analyses
Development of class plans, including use of third-party data by-peril analyses, and territory analyses
Product development support, including pricing of emerging risks
Disparate impact analyses
Competitive analyses
Predictive modeling, including pricing, underwriting, and retention/lifetime value applications
Countrywide filing and implementation support, including filing and support of predictive models
Reserving analyses
Preparation of Statements of Actuarial Opinion
Model governance and reserving audit support
Actuarial department process reviews

Eric P. Krafcheck

Loading component...

Experience

Loading component...

Read their latest work

The insurance industry’s renewed focus on disparate impacts and unfair discrimination

Property & casualty insurance premium refunds during COVID-19: Actuarial and tax issues

PIP PIP hooray! The changing Michigan auto market

Nowhere to drive: The impact of COVID-19 on the auto insurance industry

Medical professional liability ratemaking: Extending the scope of predictive analytics

CHOOSE A LOCATION AND LANGUAGE

Eric P. Krafcheck

Experience

CHOOSE A LOCATION AND LANGUAGE