Lars Powell
Researcher Making Impact for Companies, Consumers
In his four years at UALR, Assistant Professor Lars Powell of the College of Business has continued to establish himself as an authority on how insurance markets operate, the pricing behavior of insurers, and the financial viability of insurance industry segments. His research focuses on the effects of regulation within the insurance market, helping lawmakers, employers, and professional associations understand the impact of their actions on the business environment.
In particular, Dr. Powell focuses on medical malpractice insurance and the pricing and reserving practices that can create disturbance for deliverers, financers, and consumers of medical care. He has been asked to serve as a consultant for top insurance research institutions as well as to prepare and deliver testimony on insurance research. In addition, Dr. Powell has served as an expert in products liability – impacting the development of antiterrorism technology – for the U.S. Department of Homeland Security.
“Many people believe that insurance fraud is OK as long as you don’t get caught,” Powell said. “But if people inflate their claims, it’s not only a crime, insurance rates for everyone go up. When we’re able to change people’s claim behaviors, we can change the cost of insurance.”
Dr. Powell continues to influence his students’ use of research to further their careers as well; he and one of his undergraduate students recently received a grant to research the use of capital markets to make catastrophic coastal hurricane insurance coverage more affordable. This research will not only help insurers determine the best ways to offer coverage in storm-prone areas, it will also help consumers ensure they are able to attain effective insurance coverage.
After earning his bachelor’s degree in finance and insurance from the University of South Carolina, Dr. Powell received his doctoral degree from the University of Georgia. He was named the Whitbeck-Beyer Chair of Insurance and Financial Services in 2004 and also serves as an assistant professor with the University of Arkansas for Medical Sciences in the area of health services research.