Crop Insurance Today First Quarter 2020 - 31
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Frank Schnapp Retires from NCIS
Frank Schnapp, Senior Vice President of Actuarial and Statistical Insurance Services, retired
on December 31, 2019, after 20 years with National Crop Insurance Services (NCIS).
Prior to joining NCIS in 1998, Frank worked
as a Manager in the Commercial Lines Pricing
for Universal Underwriters Insurance Company.
He also worked for Hanover Insurance Company, John Deere Insurance Company, Commercial Union Insurance Company, and St. Paul Fire
and Marine Insurance Company. He received
his bachelor's degree in Mathematics from the
University of Minnesota where he continued his
graduate work in Mathematics. With respect to
his actuarial accreditation, Frank holds the Associate of the Casualty Actuarial Society (ACAS)
certification and is a member of the American
Academy of Actuaries (MAAA).
Frank's contributions to NCIS and the crop
insurance industry are numerous and multi-faceted. As an actuary, his skills were invaluable to
projects that included both the state-regulated
Crop-Hail insurance program as well as the Federal crop insurance program.
Some of Frank's early and most influential
contributions were in the area of Crop-Hail loss
cost estimation techniques. He was instrumental
in the development of NCIS' concentric county
and spatial loss cost methodology, which was
first introduced in the Southern states. This spatial smoothing process is still used today to estimate NCIS loss cost statistics that form the basis
of actuarial filings with state insurance departments. Frank's early work on spatial smoothing
techniques also led to improvements in the development of actuarial procedures for estimating
loss costs for specific perils other than hail. These
procedures were also applicable in resolving
rating difficulties encountered with sparse data
problems.
Over the course of his career, Frank worked
with Therese Stom, Vice President Crop Hail Ac-
tuarial and Statistics, to improve the regulatory
guidance and the competitive market place in
several states including Minnesota, North Dakota, Iowa, and most recently Nebraska. It is safe
to say that this work will pay dividends for the
industry for many years to come.
The development of the Production Plan
insurance product was a significant undertaking for NCIS, and Frank spent a considerable
of amount of time ensuring the rating methodology was accurate before it was implemented.
This important risk management tool was first
filed by NCIS in 2012 and has become a staple of
the Crop-Hail book of business, accounting for
CROPINSURANCE TODAY®
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Crop Insurance Today First Quarter 2020
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