Kevin Bingham, ACAS, CSPA, MAAA, is the chief results officer of subsidiary initiatives at Chesapeake Employers’ Insurance. He has over 27 years of industry experience, including 21 years of consulting.
He is responsible for the “start-up” of subsidiaries focused on the development of an innovation pipeline, day-to-day subsidiary management, accelerating revenue growth and improving the customer experience of agents, policyholders and the injured workers Chesapeake Employers’ serves. Bingham also serves as the president and CEO of Chesapeake Employers’ corporate venture capital subsidiary, iCubed Ventures, LLC.
Bingham is a regular contributor to Contingencies Magazine, Inside Medical Liability, Insurance Thought Leadership and other publications on issues facing the financial services industry. Bingham has spoken at more than 100 events and has published over 80 articles, including titles such as “Leveraging Analytics in Workers’ Compensation Claims Handling,” “Enhancing Workers’ Comp Predictive Modeling with Injury Groupings,” “The Opioid Abuse Epidemic – Turning the Tide,” “The Burden of Obesity on Workforce Wellness,” “Analytics on the Cloud: Transforming the Way Claims Leverages Advanced Analytics,” “Revving Your Analytic Horsepower – The Claims IT Journey,” “Statistical Thinking, and Advanced Analytics, Can Lead to Better Decisions,” “Workers’ Compensation Comes of Age,” “Emerging Analytic and Technology Trends in Healthcare,” “Rising Hospital Settlements and the Shift Away from Defending Claims – Are We Breaking the Backs of Hospitals, Insurers, and Healthcare Consumers?,” “Changing Point of Sale for Insurance,” “Patient & Physician Risk Communications: An Important Step Before Writing that Opioid Script,” “Non-Opioid Treatment Alternatives – Avoiding Dependency and Addiction” and “10 Strategies to Combat the Rx Abuse Epidemic – An Insurer’s Perspective.”
Bingham is also heavily invested in the development of others. Over his career, he has been an instructor, dean, program sponsor and leader of training, charity and parenting initiatives. He has instructed on several subjects, including actuarial topics, analytics, insurtech, innovation, strategic thinking, business development, eminence building and the development of a personal brand. In 2015, he published a 155-page book with his daughter titled “How to Raise an Everyday Hero, Quotes for Bedtime and Beyond.”
Prior to joining Chesapeake Employers, Bingham consulted for the insurance, healthcare and public sectors, providing solutions ranging from actuarial analysis and future state visions to the development and implementation of advanced analytical models. He worked with regulators, reinsurers, insurers, state funds and self-insured companies to help them review and think strategically about their workers’ compensation, liability and property coverages. From loss reserving and ratemaking to reinsurance optimization and enterprise risk management, Bingham helped insurers and self-insured organizations better measure, monitor and mitigate the risks they face.
Bingham is recognized as a thought leader in the medical professional liability, workers’ compensation, predictive modeling and opioid arenas. Bingham led the MPL and claim predictive modeling practices at Deloitte, while also serving the profession as the past co-chair of the Casualty Actuarial Society’s innovation council, the past chair of the American Academy of Actuary’s medical professional liability subcommittee and current chairman of the annual medical professional liability Execusummit.
Across the country, healthcare providers are shifting their prescribing practices in response to the opioid epidemic. According to IQVIA Institute’s Medicine Use and Spending in the U.S. — A Review of 2018 and Outlook for 2023, prescription opioid volume declined 43%, from 246 billion morphine milligram equivalents in 2011 to 141 billion in 2018. Many factors […]
The importance of driving innovation and adapting to change has never been more important. There are over 1,500 insurtech companies looking for ways to improve efficiency on multiple fronts. From the internet of things (IoT), robotics process automation (RPA) and artificial intelligence (AI) to wearable technologies, telemedicine and augmented reality/virtual reality training (AR/VR), everyone is looking […]
The world of insurance is changing rapidly. From transformational advancements driven by insurtech, artificial intelligence, robotics process automation, blockchain and wearables, to changes in the way insurance companies design and implement new products (e.g., design thinking, minimum viable product and behavioral economics), innovation is happening all around us. As Karen A. Morris said in her […]
Insurance companies have historically struggled with the challenges posed by claims litigation and the threat of attorney involvement in multiple lines of business. According to the Insurance Information Institute, 39 cents of every dollar spent in loss costs in commercial multi-peril went toward defense costs or containment. For medical professional liability, the number increases to […]
Across the U.S., the number of reported events exemplifying the opioid and heroin epidemics continues to skyrocket. U.S. Government Publishing Office data shows that the usage of both prescribed stimulants and prescribed opiates increased by a factor of 19 in just two decades since 1994(1). On Dec. 18, 2015, the U.S. Centers for Disease Control and […]
In the recent science fiction film Inception, protagonist Dominic Cobb infiltrated his victim’s dreams to gain access to business secrets and confidential data. He would then use this knowledge to influence things in his (or his client’s) favor. Cobb’s success depended on his ability to manipulate victims through greater understanding of their human vulnerabilities. Just […]
Personal auto carriers are rapidly approaching a moment of truth when it comes to usage-based insurance (UBI) programs, in which a driver’s behavior is monitored via a telematics device. That goes both for insurers that have already launched such products, as well as those that have remained on the sidelines for a variety of reasons. […]
The December 2013 issuance of the Federal Insurance Office (FIO) report, How to Modernize and Improve the System of Insurance Regulation in the United States, may in hindsight be regarded as more momentous an occasion for the industry and its regulation than the muted initial reaction might suggest. History’s verdict most likely will depend on the […]
As we move forward with winning the war against opioid addiction, it can sometimes be challenging to read the daily headlines and stay positive, especially around the holidays. A December article titled “Drug Abusers May be Injuring Pets to Get Pain Killers” shared how police officers and community leaders informed the Ohio attorney general’s office that […]
With close to $40 billion in net written premium, the workers’ compensation line of business is an important driver of financial success for many property/casualty insurers. It has come a long way since its inception roughly 100 years ago. As we move forward into the second century of workers’ compensation, it’s possible to anticipate many […]
The misuse and abuse of prescription drugs has taken a devastating toll on communities all across America. For insurance companies, the financial impact of rising opioid costs continues to cause concerns, as medical payments exceed indemnity payments. In 1987, medical losses represented only 46 percent of the dollars spent on workers' compensation claims. Today, medical […]