CURRICULUM VITAE

OF

RICHARD A. SCHACHT, CPCU & CDP

PRESIDENT, RAAS, INC.

A seasoned management executive with broad insurance claims review background including multi-state Workers’ Compensation and most property/casualty and Life/Health lines.  He is a CPCU with internal and external consulting experience, who honed his interpersonal and analytical skills in dealing with personnel at all levels of an organization.

Completed numerous claim reserve reviews for Michigan Workers’ Compensation associations in preparation for a return of surplus (dividend) to their members.  The State of Michigan Bureau of Workers’ Disability Compensation has recognized and approved Mr. Schacht for providing claims reserve sufficiency audits.  These audits are required by the bureau and performed annually on all group self - insured funds in Michigan.

A past faculty member of the Financial Services Institute in Livonia, Michigan where he instructed classes for Michigan insurance agents to obtain continuing education credits in Property & Casualty and Life & Health lines.

Served as an expert witness for a Michigan manufacturing company involved in coverage and claim payment disputes, an employee benefits dispute in Texas and major Workers’ Compensation cases in Louisiana and Florida.

Completed stop loss aggregate and specific audits throughout the United States on behalf of Managing General Underwriters and stop loss carriers wherein stop loss claims were evaluated for reimbursement. 

Completed organizational, financial and technical reviews of insurance programs for a major national insurance group.  This included claim financial and technical analysis with comparison to RAAS, Inc. industry standards developed over a ten-year period.  As the prior senior financial officer of a Michigan based national TPA, was responsible for supervising the in-house quality control function and for completing audits of Workers’ Compensation and claims in liability, life and health lines.  In addition, recommended changes in quality standards where needed to improve the technical, IT, and financial controls over the claims administration process.

CERTIFICATIONS:  Chartered Property Casualty Underwriter (CPCU)

                                                1989

                                                Certified Data Professional  (CDP) - 1985

LICENSES HELD - (State of Florida & Michigan)

Insurance Company Adjuster including Workers’ Compensation

EDUCATION:  B. S. in Business Administration, Northwestern University, Evanston, Ill.

ARTICLES PUBLISHED:  “Managing a TPA From a Self-insured’s Perspective”, March, 2002,  “The Self-Insurer”, a publication of the Self-Insurance Institute of America.  “WC Claims File Checklist Boosts Auditor” October 28, 2002 “National Underwriter”, “An Excellent Workers’ Compensation File, An Auditor’s Perspective” July 2003, “The Self-Insurer”, “Electronic Auditing, The Wave of the Future?” August 2003, “The Self-Insurer”, “Workers’ Compensation Reserving, an Art or a Science”, October 2004, “The Self-Insurer”, The Healthcare Savings Chronicle, “What is Stop Loss Actually?” January 2005.

The following is a listing of expert witness cases in which he has provided services together with the results of each case:

Case	Result
FRIS vs. Alexsis/Rskco, Inc. 1998	Settled prior to depositions
Louisiana Safety Association of Timbermen vs. National Safety Corp. - 2002/03	Settled prior to trial
Morgan USA vs. Group Resources - 2002	Settled prior ro depositions
Gregg Industrial vs. Benesight	Arbitration Hearing 2003
Aquila vs. Benesight	Settled before depositions
Shel Jacobs vs. Alexsis, Inc. Employment Liability Case - 1991	Settled after depositions