40 Square’s Number Cruncher
Paul Fallisi really loves numbers. Like, a lot. How much? Well, in the middle of a phone conversation, he can easily recall the number of days he’s been alive.
“I’ll tell you how much of a geek I am,” he says, laughing. “Today is my 21,738th day.”
Who’s counting, right?
“That’s exactly what I do!” he says.
Fallisi’s humor, passion and mathematical expertise will be on full display Thursday, Dec. 10 during 40 Square Cooperative Solutions’ 2019 virtual Informational Meeting. Fallisi is 40 Square’s longtime chief actuary.
“I’m the guy who’s keeping score and seeing how our experience is,” says Fallisi, president of Windsor Strategy Partners. “I’m responsible for the rates and how much we’re going to charge to keep the program solvent.”
Last year, Fallisi traveled from his home in Saratoga Springs, N.Y., to attend the annual meeting in-person. It’s rare, he says, for an actuary to directly address members.
“I don’t think any actuary actually stands up in front of the group they work for,” he says, “but last year I was lucky enough to go in front of the farmers and they were very friendly.”
This year, of course, will be different because of the ongoing pandemic. Fallisi expects to speak for about 20 minutes, with time for a Q&A session.
“I’ll share some news about COVID and talk about large claims and our stop-loss industry,” he says.
The virtual Informational Meeting is free and begins Thursday, Dec. 10 at 6 p.m. with a Cooperative Solutions Special Meeting to tabulate ballots for directors of the co-op and Health Plan Trust, followed by the Informational Meeting at 7 p.m., with the Health Plan Trust Annual Meeting to follow. Ballots for electing directors of the co-op and Health Plan Trust will be mailed out soon. Please note: Because of ongoing gathering restrictions, 40 Square is unable to confirm a quorum and is legally prevented from holding a formal annual meeting, which has been postponed since March.
“Despite this complication, we feel it is still important that our membership continued to be informed on how the co-op and health plan are doing,” 40 Square Executive Director Char Vrieze said. “The information we will provide at this meeting will be the exact same information we would provide at an annual meeting.”
Members will be able to join by computer, phone or mobile device. The link, dial-in information and full agenda can be found below. Members can RSVP at 844-205-9579 or info@40Square.coop.
Fallisi is optimistic about 40 Square’s long-term fiscal health in a highly competitive industry. One of his key roles is to ensure the organization’s stability.
“We grow and mature, and there are decisions that have to be made,” he says. “I bring different scenarios if we choose path A, B or C, and obviously, the goal is to make this a continuing entity that we can cover more people and do it in a way that’s better than the big insurance companies out there.”
There’s a wide gulf between co-ops of 40 Square’s size and the priorities of a larger health insurance conglomerate, Fallisi says.
“When I set the prices, any benefit – if we set the rates higher than we need to – goes back to the members in the form of lower rate increases or greater benefits,” he says. “When the big companies charge you more money, they bill it.”
Rest assured, Fallisi promises he’ll be counting down the days until Dec. 10.
“I count every day because everyone is a blessing,” he says.
Log-in information:
Join by Phone or Mobile Device
PC, Mac, Linux, iOS or Android:
https://meetings.ringcentral.com/j/8940389123
Join by Telephone: 773-231-9226
Participant Code: 894-038-912