Paul Fedchak

ASA, FSA, MAAA

Principal and Consulting Actuary

Indianapolis, IN, US

Paul is a consultant in the Indianapolis office of Milliman. He joined the firm in 2007.

Experience

Paul consults on life insurance and annuity products. He has been involved with universal life, with a focus on secondary guarantees, whole life, fixed and variable annuities. He has worked with these products in the contexts of modeling, product development, product review, mergers and acquisitions and AXXX securitizations.

Before joining the firm, Paul worked for American United Life, initially modeling group annuities and subsequently as a life insurance pricing actuary. Paul has been involved with Strategic Planning, Cash Flow Testing, C-3 Phase II, SOP 03-1, product development and implementation, experience studies and assumption development. He has worked closely with fixed and variable deferred group annuities. He has experience with permanent participating life insurance, long-term care combination products, and variable annuity guarantees. He also has experience with both TAS and Prophet modeling software.

Professional Designations

Fellow, Society of Actuaries
Member, American Academy of Actuaries

Education

BA, Actuarial Science, Butler University, Indianapolis, Ind.

Affiliations

Co-Editor of Product Matters!, the SOA Product Development Section newsletter
Vice-President of Actuarial Club of Indianapolis

Publications

Read their latest work

Article

Five-year trends in the U.S. life insurance industry

24 November 2025 - by Paul Fedchak

We examine how the U.S. market for traditional and universal life products evolved from 2019 to 2024, and note some potential growth opportunities ahead.

Article

‘Insure-TECH’ or ‘INSURE-Tech’? Examining the startup journey to a ‘full-stack’ insurance company

19 January 2023 - by Paul Fedchak, Mike Cremisi

Are the many new InsurTech companies popping up in the life insurance industry too focused on the "tech" portion of their names?

Article

Critical Point Episode 39: VM-20 for principle-based reserving - Tales from the front office

07 September 2022 - by Uri Sobel, Paul Fedchak, Michael McCarty, Laiping Wong-Stewart

Life insurance experts discuss challenges and success stories from VM-20 implementation.

Article

Innovation versus governance: Can they coexist?

08 September 2020 - by Paul Fedchak, Stacy Koron

Changing consumer preferences and technology are driving much of the need for innovation and, as the emergence of COVID-19 has shown, the most vulnerable parts of an industrial sector can be quickly be brought down by an unexpected event.

Article

Pricing considerations, opportunities, and product design under the VM-20 framework

05 August 2020 - by Paul Fedchak, Ian Laverty, Uri Sobel

The new framework outlined in Chapter 20 of the Valuation Manual will likely lead to some fundamental changes in the products available in the market.

Article

Milli-Byte follow-up: Life insurance product management and the COVID-19 pandemic

06 July 2020 - by David Bahlinger, Paul Fedchak, Bill G. Mehilos

Milliman received responses from 30 carriers for the follow-up Milli-Byte Survey of Life Insurance Product Management and the COVID-19 pandemic.

Article

Milli-Byte: Life insurance product management and the COVID-19 pandemic

30 April 2020 - by David Bahlinger, Paul Fedchak, Ian Laverty, Bill G. Mehilos

This survey examines how life insurance carriers are currently reacting to the COVID-19 pandemic.

Article

Tax reform impacts on life insurance pricing and profitability

14 February 2018 - by Curt M. Clingerman, Paul Fedchak, Casey Malone, Craig Reynolds

This analysis measures the impact of the tax code changes on a range of different insurance product types.

Article

Impact of VM-20 on life insurance product development: Phase 2

14 August 2017 - by Paul Fedchak, Jacqueline M. Keating, Karen Rudolph, Uri Sobel, Andrew Steenman

Phase 2 of this research report expands on the Phase 1 case studies for term and universal life with secondary guarantees (ULSG) products and includes additional case studies focused on smaller companies and the impact of reinsurance.

Article

Impact of VM-20 on life insurance product development

10 January 2017 - by Paul Fedchak, Jacqueline M. Keating, Karen Rudolph, Uri Sobel, Andrew Steenman

This report summarizes changes to the product development process as a result of the introduction of principle-based reserves as required under Chapter 20 of the National Association of Insurance Commissioners Valuation Manual (VM-20) through the development of case studies for term and universal life with secondary guarantees products.