Management and Consultants


With more than 25 years of business experience, Carlos Fuentes has held positions with insurers, reinsurers, and consulting companies, including Chief Actuary and Vice President of a Fortune 500 Company. Carlos is a Fellow of the Society of Actuaries, a Fellow of the Conference of Consulting Actuaries, and a Member of the American Academy of Actuaries. He holds an MBA from the Yale School of Management (full corporate scholarship), a master’s degree in Mathematics from the University of California at Los Angeles (full graduate scholarship), and a bachelor’s degree in Physics from the National University of Mexico (honors). He has completed executive education courses at the Tuck School of Business. As an entrepreneur, Carlos pays particular attention to customer satisfaction and to the development of partnerships aimed at generating business opportunities.

In 2008, Carlos co-founded Axiom, taking full control of the company in 2011. Carlos, on behalf of Axiom, has entered into cooperating agreements with experienced consultants, many of them with C-level backgrounds. The association with Windsor Strategy Partners (WSP) is noteworthy. Not only is WPS staffed by recognized authorities in the actuarial field, but through its subsidiary, Windsor Strategy Solutions, it has developed a suite of software models for pricing, analysis, and design of healthcare plans that are unmatched in the industry. Axiom is a subcontractor to large organizations in public sector assignments and is actively pursuing business opportunities in several states.

Open Magazine

The enlarged team of highly skilled and accomplished professionals can tackle projects in areas such as healthcare, pension, employee benefits, modeling, strategy, and more under the direction of a recognized expert in the field.


Selected Publications

  • Innovative Thinking and the Special Theory of Relativity (forthcoming)
    The special theory of relativity constitutes a unique case in science where ideas that at first sight seem fantasy can be understood with the use of basic mathematics and simple descriptions of certain laws of physics. The genius of Albert Einstein exemplifies the highest level of innovative thinking.
  • Theory of Value (forthcoming)
    This article discusses one of the most important subjects of economics—how value is determined and how profits are distributed among the different agents that create it. Surprisingly, the theory of value has generated the most passionate debate among those who hold different points of view.
  • Probabilistic and Statistical Fallacies, Contingencies, Jul/Aug 2021
    This article describes fallacies that challenge the layperson and the professional. The paper shows how well-established techniques can be misapplied in real-world situations.
  • Irrationally Yours, Contingencies, Mar/Apr 2021
    This paper identifies common logical fallacies and describes the causes of fallacious thinking.
  • Accounting Concepts in Finance, Innovators & Entrepreneurs, Mar 2021
    An overview of fundamental concepts can help the entrepreneur and executive to understand the underpinnings of financial reports.
  • Scenario Analysis, Innovators & Entrepreneurs, Jun 2020
    Scenario analysis is a strategic tool that is useful when the goal is to inform and to uncover events that could transform the future of a company, industry, or country.
  • On Economics, Contingencies, Contingencies Jul/Aug 2020
    This article discusses why economic thinking is confusing to the practicing executive and outlines a road map to learn concepts and theories that have practical value.
  • The Futures of the US Health Care System, White Paper, May 2020
    This paper is an update of the piece with the same name published in the May/Jun 2016 issue of Contingencies.
  • The Case for Learning Economic History, Innovators & Entrepreneurs, Aug 2019
    This article describes how knowledge of economics history gives perspective to executives.
  • Interview With Dave Spencer, Innovators & Entrepreneurs, May 2019
    Dave Spencer, a seasoned actuarial recruiter, shares his views about the profession, how it has evolved, and the desirable abilities of actuaries in today's market.
  • Interview with Shiraz Jetha, Innovators & Entrepreneurs, May 2019
    Shiraz Jetha, the actuary at the Washington State Office of the Insurance Commissioner, describes his experience in different countries and talks about developments that he considers are important to the actuarial profession.
  • Demystifying The Art of War, Contingencies, Jan/Feb 2019
    The Art of War has been widely misunderstood due to a lack of familiarity with the environment in which it was produced. The article deals with salient points of the classic within the philosophical and historical context of China in the Fourth Century BCE.
  • System Dynamics, Innovators & Entrepreneurs, Nov 2018
    This article describes a modeling technique developed at MIT with successful applications to many real-world problems.
  • A discussion with an expert on the subjects of diversity, equity, and inclusion, with a glimpse at how they look in the actuarial profession.
  • On Diversity and Inclusion, White Paper, Sep 2018
    This paper describes the alarmingly low participation of African Americans and Latinex in the actuarial profession identifies the root causes of the problem and suggests broad corrective actions.
  • Human Nature and the U.S. Health Care System, Part II, Innovators & Entrepreneurs, May 2018
  • Human Nature and the US Health Care System Part I, Innovators & Entrepreneurs, Feb 2018
    A study based on game theory about the dynamics of the health care system of the US identifies its key drivers and predicts its future.
  • Making Sense of the Unexpected, The Actuary, Dec 2017
    A description of System Dynamics, a strategic tool used to model complex systems and situations such as the effects of obesity on quality of life and medical costs, the optimal growth strategy of a company, and the effects of regulation on life expectancy.
  • Classical Thinking and Game Theory, Part II, Innovators & Entrepreneurs, Nov 2017
  • Timeless Thinking – Homer's Odyssey, Innovators & Entrepreneurs, Nov 2017
    In this masterpiece, we encounter Odysseus, a mythological entrepreneur who displays the virtues that are widely associated with success: risk-taking, grit, passion, ability to see the big picture, communication skills, cunning, and more.
  • Classical Thinking and Game Theory, Part I, Innovators & Entrepreneurs, Aug 2017
    The first installment in a series of articles that illustrate the “soft” approach of game theory using Thucydides’ masterwork, The History of the Peloponnesian War, and then applies it to analyze the strategic interactions of those who participate in the U.S. health care system.
  • Timeless Thinking – On Generalship, Innovators & Entrepreneurs, Aug 2017
    In this excerpt from Polybius’ masterpiece, “The Rise of the Roman Empire,” the author addresses aspects of leadership and strategy, qualities that are as valuable as scarce.
  • A Rigged Game?, Contingencies, Jul/Aug 2017
    An analysis using Game Theory of the strategic interactions of those who participate in the U.S. health care system, the root causes of the problem (cost, access, quality, efficiency), and conclusions about plausible mid and long-term outcomes.
  • Interview With John M Bragg, Innovators & Entrepreneurs, May 2017
    Interview with Jack Bragg, past president of the Society of Actuaries.
  • Timeless Thinking – Machiavelli's Letter to Francesco Vettori, Innovators & Entrepreneurs, May 2017
    Here is a passage that shows the real Machiavelli and casts doubt about the caricatures of his ideas that are prevalent in pop culture. Timeless thinking inspires.
  • Interview With Carlos Fuentes, Innovators & Entrepreneurs, Jan 2017
    In this interview, Carlos Fuentes shares highlights of his career in large companies and on his own. He also talks about his experience working overseas and his journey as an entrepreneur.
  • Interview With Filadelfo Leon-Cazares, Innovators & Entrepreneurs, Nov 2016
    Interview with Filadelfo Leon-Cazares, Professor of Economics at the Universidad de Guadalajara in Mexico, and actuary under the Mexican system.
  • Winning or Losing the Game?, Contingencies, Jul/Aug 2016
    A study of the dynamics of provider-payer healthcare systems and their impact on the cost of healthcare using game theory.
  • Interview With Ian Duncan, Innovators & Entrepreneurs, May 2016
    Interview with Ian Duncan, adjunct Professor of Actuarial Statistics at the University of California, Santa Barbara, and entrepreneur
  • Interview with Michael Frank, Innovators & Entrepreneurs, May 2016
    Interview with Michael Frank, president, and actuary of Aquarius Capital and adjunct professor at Columbia University.
  • The Futures of the US Healthcare System, Contingencies, May/Jun 2016
    An analysis of the potential long-term future of the healthcare system using scenario analysis.
  • Strategy: A Historical Overview, The Independent Consultant, Nov 2015
    A paper that contrasts strategy with easy-to-follow recipes that do not produce results.
  • The Connection Between Military and Business Strategies, Contingencies, May/Jun 2015
    A historical account of the evolution of business strategy, tracing its origins to Greek military strategy.
  • A Lesson From the Greeks, Contingencies, Nov 2014
    A study of the fundamental strategic ideas that were stated lucidly and forcefully over 2,500 years ago (and are as relevant today as they were then) by Thucydides, arguably the greatest historian of all times.
  • Biz-Write, Biz-Speak, The Independent Consultant, Aug 2014
    A paper that makes a case for effective communication.
  • Modeling Obesity, Contingencies, Nov/Dec 2012
    A system dynamics model that describes the long-term evolution of the obese populations, its costs to society, and its impact on the individual quality of life.
  • System Dynamics: Building a Better Model, Contingencies, Sep 2011
    A description of this powerful modeling tool, often used by leading firms and strategic consulting companies in several industries, but conspicuously absent in the health care space.
  • The Financial Game, Contingencies, Mar 2011
    A description of financial and accounting concepts to help executives and board members understand key aspects of financial reports and not falling prey to misleading practices.
  • In Defense of Machiavelli, Contingencies, Nov 2009
    Lessons on leadership from one of the greatest political scientists whose ideas remain controversial after 500 years.
  • Pricing the Priceless, Contingencies, Nov/Dec 2009
    An explanation of how Quality Adjusted Life Years can be used in the health care public policy space.
  • The Strategic Role of the Ownership Structure of Insurance Companies, Revista Actuari@, Sep 2008
    A paper that discusses the strategic advantages and disadvantages of mutual and stock insurance companies explained with the use of a macro-economic model.
  • On Business Strategy, The Actuary, Dec 2007
    A description of the fundamental ideas of strategy applied to the business sector.
  • Remarks on Strategic Thinking, The Bottom Line, Aug 2006
    Sundry considerations about strategy