NICK FRONGILLO

Nick Frongillo is a senior consulting actuary at Spring Consulting Group. He provides actuarial and consulting services for captives that are up and running, as well as for captives that are in the process of forming. As he puts it, there is so much more to his role than just crunching numbers—helping clients to understand the benefits of a captive, how it can work, answering various questions, coordinating with other service providers—the list goes on.

After graduating from Northeastern University in 2014, Frongillo jumped straight into the captives industry with Spring Consulting Group. Nine years later he is still at Spring, working with some of the same clients from when he joined the industry. At the beginning of his career he was very focused on the actuarial services, developing pricing and reserves for captives. This provided him with the opportunity to learn about the captives industry from his superiors at Spring while providing value to his clients.

Frongillo was described as being a leader of the future because he is a leader of the present. He led the charge in building actuarial models projecting the impacts COVID-19 would have on self-insured medical plans, as well as on life and short-term disability programmes. He has worked to update these several times, and these models were said to be immensely valuable to Spring and Alera clients and colleagues. He was described as being excellent at getting what is needed from carriers and third party administrators and closing any feedback or communications gaps with the client.

Here Frongillo shares why he feels that the captives market is a great place to work and how he feels it will evolve in the near future:

Do you feel that the captive insurance industry is a rewarding sector to work in?

The captives industry is a rewarding sector to work, particularly because I work on employee benefits lines. Any time we can reduce premiums that get passed onto employees, I know it will be felt. Every dollar counts! Making key benefits such as life, disability, and health insurance more affordable for employees can make a real difference in someone’s life.

Would you recommend the captive insurance industry to young people as a future career path?

Yes, for several reasons. First, it is a unique and niche area of expertise that allows you to stand out from the crowd. Second, the captives industry is growing, which means people with captive insurance expertise will have increased job security and be more in demand as time goes on. Third, helping companies to save money is making a tangible difference. Not every job offers that!

How do you feel that the captive insurance industry will evolve?

The captive insurance industry is only going to grow. Every company is looking to save money—it is the nature of the modern world. Competition puts pressure on margins. Chief executives have responsibility to shareholders. Inflation is driving increased costs. Companies are looking for ways to improve their bottom line any way they can. This will lead to companies without a captive looking to start or join one and will lead to companies with a captive looking for more things they can do with their captive.

Do you think that your long-term future remains in the captive insurance industry?

My long-term future certainly remains in the captive insurance industry. I have been very lucky to get the opportunity to learn the industry in my early career and feel I can make the most difference within the captives industry.