Complex challenges regarding disability insurance for the self-employed

Sparkling questions for Rachel Bonsel, Partner bij Arcturus

Rachel Bonsel has been a Partner at Arcturus since 2021. What drives her? The variety in her work, the collaboration within the partner team, mentoring colleagues, and tackling strategic (client) challenges. The upcoming mandatory disability insurance (AOV) for self-employed workers is one such challenge. The new legislation presents complex issues for insurers, yet it’s exactly the kind of topic that energizes Rachel! Get to know Rachel in our feature ‘Sparkling Questions For’ and read her insights on the latest developments in the AOV landscape.

How did you end up at Arcturus?

“It’s already been twelve years since I started at Arcturus as a working student. I mentioned at the kitchen table at home that I was looking for a part-time job alongside my studies, and my mother – Jàn Hooper, founder of Arcturus – said: ‘Why don’t you come work at Arcturus?’ It sounded like a good idea, and her colleagues agreed. That’s how the Arcturus adventure began. I enjoyed it from the start and quickly moved up from junior actuary to actuary, and later to senior actuary. In 2021, I became a Partner at Arcturus.”

Have you ever considered working elsewhere?

“Not really. I’ve always enjoyed working at Arcturus. The variety of clients and projects really appeals to me. On top of that, I’ve been seconded to large organizations three times for extended periods. That gave me a great opportunity to experience what it’s like to work ‘somewhere else’—without actually switching employers. What did I learn from that? That I thrive on variety and love focusing on the things that give me energy, like (strategic) client challenges and mentoring and training colleagues.”

What does collaboration within the partner team look like? And what are your ambitions?

“As partners, we work closely together, guided by our shared core values: openness, commitment, and quality – values I personally find very important. Of course, we don’t always agree on everything. But what I appreciate is that we always have open and honest conversations and truly listen to each other’s perspectives. We share a common vision of where we can make a real impact, both for our company and for our clients. That alignment helps us always find the best path forward together. It’s a way of working that gives energy and builds trust.”
This year, Arcturus celebrates its 25th anniversary, and our team has grown to around 30 colleagues. We’re growing steadily, and we’re proud of that. Growth isn’t a goal in itself, but rather a natural result of developments in the market and responding to the evolving needs of our clients.

We’re innovating with tools and models, for example, around Solvency II and climate risk. Our tools are becoming increasingly sophisticated, enabling clients to run scenario analyses and automate repetitive tasks. This frees up time for deeper analysis and allows us to contribute more meaningfully to the strategic goals of various insurers. Pretty exciting, right?”

What types of clients do you work with, and what does your role mainly involve?

“I serve as the Actuarial Function Holder for several small and medium-sized non-life insurers. This involves a number of recurring responsibilities. In addition, I contribute to broader strategic issues such as mergers, regulatory questions from the Dutch Central Bank (DNB), product development, and reinsurance structure reviews.

What I enjoy most in my role is thinking along with clients, engaging in critical dialogue, and bringing creativity to the table. That’s where I can truly add value and make a meaningful impact.”

That leads nicely into your role as a lecturer at the University of Amsterdam, for the Post-Master Actuarial Practice Cycle, module on Disability Insurance. How did you experience that?

Rachel smiles: “I absolutely loved it. I was constantly surprised by the creativity of the students.”

In the module, students learn how to develop a new insurance product step by step, from market research and competitive analysis to idea generation, pricing, and defining underwriting criteria.

“For the disability insurance product development, the students proposed relevant themes such as paternity leave, insurability abroad, or the use of technology like apps and chatbots. It’s incredibly inspiring to see how freely and innovatively the students think. That really gives me energy.”

The mandatory disability coverage for self-employed workers is on its way. An exciting challenge for insurers?

 

Yes, absolutely, and this change requires serious preparation from insurers. The expected implementation date is January 1, 2027. Self-employed individuals will be able to choose: either enroll in a collective scheme via the Dutch Employee Insurance Agency (UWV), or opt for private insurance through an insurer (the so-called opt-out).

For insurers, this is a complex challenge. Many self-employed professionals are currently uninsured. The risk profile of this new target group is difficult to estimate: what assumptions do you make, and based on which data? How do you monitor outcomes? How does this new group compare to existing disability insurance (AOV) clients, or to employees covered by products like WIA or WGA?

Uncertainty also lies in the long lead time: AOV only starts paying out after a waiting period, and it takes time before you understand the duration of claims. It may take years to determine whether your assumptions about disability and recovery rates by profession are accurate. The broader economic environment and regulatory frameworks will also have a major influence, so I don’t expect stable patterns in this market.

Then there’s the impact of the opt-out model: through UWV, self-employed workers will pay a 6.5% premium. So private insurance is only attractive if insurers can offer coverage below that rate. Which professions or age groups will that be feasible for?

All of these factors make this reform both exciting and strategically challenging.

As a result, we’re seeing growing attention in the AOV space for prevention and recovery, things like vitality, mental well-being, and return-to-work support. Not just to manage risk, but to offer real value to the self-employed: helping them stay healthy and productive, rather than only stepping in once something goes wrong.

To me, this is exactly the kind of complex challenge I enjoy. It allows for critical thinking, creative problem-solving, and real collaboration. We have several experienced specialists in-house focused on product development and pricing, and we’re eager to put that knowledge and experience to work.”

Would you like to learn more about Arcturus or explore how we can support you in areas such as pricing and product development? Feel free to get in touch with Rachel Bonsel.
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