Agenda Day Three
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Agenda Day One | Agenda Day Two | Agenda Day Three
| Tuesday, May 8 |
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6:00 a.m. – 3:30 p.m.
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6:00 a.m. – 7:00 a.m.
Session Sponsor(s): Actuary of the Future Section; Predictive Analytics & Futurism Section Presenter(s): Ricardo Trachtman, FSA, MAAA During this breakfast, an update on Actuary of the Future and Predictive Analytics & Futurism Section activities as well as offer an opportunity to network. This breakfast is open to all meeting attendees free of charge. If you plan to attend, you must register in advance. Session Coordinator(s) Woolford Lennox London, ASA, MAAA Facilitator(s) Presentation(s): View Presentation Session Sponsor(s): Financial Reporting Section; Smaller Insurance Company Section Moderator(s): David M. Ruiz, FSA, FIA, MAAA Presenter(s): Lance R. Berthiaume, FSA, MAAA; Michelle Lynn Grusenmeyer, FSA, MAAA Come join us to network and to catch up on the activities of the Financial Reporting Section and the Smaller Insurance Company Section. This breakfast is open to all meeting attendees free of charge. If you plan to attend, you must register in advance. Session Coordinator(s) David M. Ruiz, FSA, FIA, MAAA Facilitator(s) |
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6:15 a.m. – 7:15 a.m.
Session Coordinator(s) Facilitator(s) |
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7:15 a.m. – 8:30 a.m.
Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: Results-Oriented Solutions Moderator(s): Nicholas E. Carbo, FSA, MAAA Presenter(s): Nicholas E. Carbo, FSA, MAAA; Douglas L. Robbins, FSA, MAAA Experience Level: All Through much of the Baby Boomer generation’s working lifetime, retirement planning focused on asset accumulation. Strategies like Dollar-Cost Averaging and Asset Diversification became well understood by nearly everyone in the retirement industry. As those assets move into the payout phase (post retirement), the appropriateness of those strategies becomes less clear. Presenters will aim to exhibit and explain how and why adding a Single Premium Immediate Annuity (SPIA) or Deferred Income Annuity (DIA) to a retirement portfolio can help to minimize a retiree’s chance of outliving his or her income, and why sellers of annuities should focus more heavily on these product offerings. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. and Canada Session Coordinator(s) Dean Andrew Kerr, FSA, ACIA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: External Forces & Industry Knowledge Moderator(s): Jean-Marc Fix, FSA, MAAA Presenter(s): Thomas P. Edwalds, FSA, ACAS, MAAA; Kevin P. Larsen, ASA, MAAA Experience Level: All People are living longer, and insight into older ages and overall mortality improvement can help shape how insurance companies view their business. Presenters will discuss results of recent mortality research. Learn about the latest research on the SOA’s 1900 birth cohort project and mortality improvement trends in the U.S. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Lindsay Keller Meisinger, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: Technical Skills & Analytical Problem Solving Moderator(s): Craig E. Hanford, FSA, MAAA Presenter(s): Stephen Abrokwah, ASA, CERA, MAAA; Craig E. Hanford, FSA, MAAA; Nathan P. Schelhaas, FSA, MAAA Experience Level: All A number of studies, including those developed by LIMRA and Swiss Re, estimate a global mortality protection gap in excess of $86 trillion, with the U.S. alone accounting for approximately $21 trillion of the gap. Addressing this gap has been examined from a number of angles, including increasing education and awareness efforts, and improving the customer buying experience by creating a more efficient process, all while trying to preserve the protective value of traditional underwriting. Through all these efforts, existing actuarial techniques are being supplemented with several new innovations and data sources that are currently in various stages of adoption. The presenters will provide some customer and agent experiences in the buying process, as well as considerations of the various innovations being implemented to support a more effective end-to-end risk assessment approach. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. and Canada Session Coordinator(s) Stephen Abrokwah, ASA, CERA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: Professional Values Moderator(s): Donna Christine Megregian, FSA, MAAA Presenter(s): Donna Christine Megregian, FSA, MAAA; James A. Miles, FSA, MAAA; Michael W. Santore, FSA, MAAA Experience Level: All Seasoned presenters will discuss three important actuarial standard of practice (ASOP) exposure drafts titled: Pricing of Life Insurance and Annuity Products; Modeling; and Setting Assumptions; recently proposed by the Actuarial Standards Board. Actuaries use numerous models which have various applications (e.g. economic capital, GAAP reporting, pricing, etc.). It's important that the use of assumptions is appropriate in light of the model’s intended purpose. Focused topics of discussion will address what these newly proposed ASOPs mean for the actuary. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Donna Christine Megregian, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Reinsurance Section Competency: External Forces & Industry Knowledge Moderator(s): Michael L. Kaster, FSA, MAAA Presenter(s): Wenan Fei, FSA, CERA, MAAA; Darryl Herrick; Michael L. Kaster, FSA, MAAA; Symeon Andrew Williams, FSA, MAAA Experience Level: Intermediate The annuity reinsurance market continues to evolve, and reinsurance transactions have been more prevalent over the last 12 months. In this session, industry experts will give an update on the most recent activity, what is driving the appetite for annuity reinsurance, and discuss the various alternatives available for all types of annuity products being reinsured. At the conclusion of the session, attendees will be able to describe Annuity Reinsurance Market conditions, reinsurance trends, and how to effectively manage surplus related to annuities. Country Relevance: U.S. Session Coordinator(s) Michael L. Kaster, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Investment Section Competency: Strategic Insight and Integration Moderator(s): Suhrid Swaminarayan, FSA, FIA Presenter(s): Vinaya K. Sharma, FSA, CERA; Weiwei (Walter) Wang, FSA, CERA, MAAA Experience Level: Intermediate In this session, presenters will discuss portfolio construction considering economic and regulatory capital constraints. Regulatory Capital is unavoidable and is usually a binding constraint at the portfolio level. Economic Capital is a more reliable measure of risk and can constrain at sub-portfolio levels. The dilemma is how to come up with a business plan that optimizes appropriate objective measures while considering regulatory capital requirements. The first presenter will use different approaches to address the risk-value trade-off of different asset portfolios. He will also look at how recent and pending regulatory changes will impact optimal strategies. The second presenter will consider optimizing economic value while considering regulatory capital requirements, thinking of this as a risk-return optimization problem, and will present a case study which demonstrates the merits of a unified approach. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Suhrid Swaminarayan, FSA, FIA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Leadership and Development Section Competency: Communication Moderator(s): Ying Zhao, FSA, MAAA Presenter(s): Jan Sugar Experience Level: All It has been encoded in us since the beginning of time and our brains are wired for it – we are eager consumers of stories from an early age. Film director Jean Luc Godard said, “Sometimes reality is too complex. Stories give it form.” Actuarial tables can be daunting, and for non-actuaries reading actuarial reports, the reality of the numbers can be far too complex. While working with numbers sometimes actuaries are disconnected from the real impact their work and their products can have on human lives. Stories can create a bridge to understanding and an opportunity for conversation, growth, and greater service to companies and customers. Using tools and strategies both modern and ancient, presenters will focus on bringing numbers to life to create more meaning for managers, colleagues, customers, and leaders. At the conclusion of the session, attendees will be able to:
Country Relevance: Non-Nation Specific Session Coordinator(s) Ying Zhao, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Smaller Insurance Company Section Competency: External Forces & Industry Knowledge Moderator(s): Michelle Lynn Grusenmeyer, FSA, MAAA Presenter(s): Lloyd Campbell-Gibson, FSA; Anthony Alex Silva, FSA, MAAA; Darrell D. Spell, FSA, FLMI, MAAA Experience Level: Beginner-Intermediate Policy or Rider? Life insurance products have been more complicated and now include specified disease (e.g., critical illness and cancer) coverage as a policy or a rider. The types of information needed to develop and market these products can be limited. There are common elements and considerations that should be considered as an organization decides on whether, when and how to price and market these products. Attend this session to learn more about these considerations and the differences in pricing practices in developing specified disease riders or policies. At the conclusion of the session, attendees will be able to better understand pricing and marketing considerations for specified disease riders or policies. Country Relevance: Non-Nation Specific Session Coordinator(s) Michelle Lynn Grusenmeyer, FSA, MAAA Facilitator(s) |
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9:00 a.m. – 10:15 a.m.
Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: Results-Oriented Solutions Moderator(s): Lindsay Keller Meisinger, FSA, MAAA Presenter(s): Michael Anthony Cusumano, FSA; Katherine (Warner) McLaughlin, FSA, MAAA; Erin Colleen Wright, FSA, MAAA Experience Level: All Many companies contribute to a variety of industry studies, experience studies sponsored by reinsurers and consultants and statistical agent data calls. Having a shared understanding of experience studies data would improve efficiency, promote better communication and facilitate deeper understanding of the industry experience. VM-51 was designed in part to aid companies in the collection of experience data in a format specified for PBR purposes. This data format is used for industry experience analysis but has limitations. Presenters will evaluate the current practice in preparing experience data, discuss the limitations and potential improvements to a common format for experience analysis, and brief the regulatory activities to better capture the experience data. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Lindsay Keller Meisinger, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: External Forces & Industry Knowledge Moderator(s): Amber Ruiz, FSA, MAAA Presenter(s): Chanseo Lee, FSA, MAAA; Bryan Christopher Lindsley, FSA, MAAA Experience Level: Beginner-Intermediate LATF's VM-22 Subgroup continues to work on the development of a principle-based reserving (PBR) methodology for non-variable annuity products. Presenters provide an update on the status of VM-22 and shares possible impacts, with a particular focus on product development. In particular, (1) a stochastic scenario approach is considered for Fixed Indexed Annuities (FIAs) with guarantee risks, and (2) a dynamic valuation rate will be effective January 1, 2018. Presenters will share a summary of the proposed methodology and standards, present example products and how they would be addressed, and look forward at what is still to come. At the conclusion of the session, attendees will be able to:
Note: This session will be repeated on, Tuesday, May 8, from 3:00 to 4:15 p.m. See Session 75 PD. Country Relevance: U.S. Session Coordinator(s) Dean Andrew Kerr, FSA, ACIA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Marketing & Distribution Section Competency: External Forces & Industry Knowledge Moderator(s): William Gus Mehilos, FSA, MAAA Presenter(s): William Gus Mehilos, FSA, MAAA; Stephen Rowley; Michael W. Santore, FSA, MAAA Experience Level: Beginner-Intermediate The worksite life market has boomed in the recent years as carriers seek to complement their worksite supplemental health sales, and to meet a growing market need. Presenters will provide perspectives from a worksite life carrier on recent product trends, as well as a consultant on the results of a recently-released survey of major worksite life carriers. They will also discuss what has moved the drivers of market movements to certain offerings, and what the market may look like in the future. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S.
Session Coordinator(s) Robert T. Eaton, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Reinsurance Section Competency: Technical Skills & Analytical Problem Solving Moderator(s): Robert E. Winawer, FSA Presenter(s): Leonard Mangini, FSA, MAAA; Timothy S. Paris, FSA, MAAA Experience Level: Beginner-Intermediate Complex long-term products with a short history and interrelated policyholder options can be particularly challenging for those responsible for experience studies and assumption models. Sophisticated data analytics techniques in conjunction with own-company and industry data, can dramatically improve these processes, providing greater insights into the experience data, more clarity in areas where expert actuarial judgment is needed, and even the opportunity to reinsure these risks. Presenters will use policyholder behavior data and examples from the variable annuity, fixed indexed annuity markets and life insurance markets. At the conclusion of this session, attendees will be able to:
Country Relevance: Non-Nation Specific Session Coordinator(s) Timothy S. Paris, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Actuary of the Future Section; Education & Research Section Competency: Technical Skills & Analytical Problem Solving Moderator(s): John K. McGarry, ASA, Ph.D. Presenter(s): Jeffrey A. Beckley, FSA, MAAA; Mary R. Hardy, FSA, CERA, FIA; Philip Douglas Rant, FSA, MAAA; Lina Xu, FSA, MAAA Experience Level: All With the changes to the SOA qualification requirements, this session will address how university and industry actuarial programs are adapting. Presenters will discuss the following questions:
At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Woolford Lennox London, ASA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Investment Section; Financial Reporting Section Competency: External Forces & Industry Knowledge Moderator(s): Erik J. Thoren, FSA, CERA, MAAA Presenter(s): Jason Celente; Hal Warren Pedersen, ASA; Francis Rybinski, CFA Experience Level: All Multiple perspectives will be provided on the factors that are driving global interest rates in today's economic environment. Presenters will discuss the historical evolution of interest rates in developed markets, the shifting landscape in the current environment, and what savers (particularly insurers and annuity providers) can do with this information. At the conclusion of the session, attendees will be able to understand the current and evolving interest rate environment for providers of insurance and annuity products. Country Relevance: U.S. and Canada Session Coordinator(s) Suhrid Swaminarayan, FSA, FIA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Modeling Section Competency: Technical Skills & Analytical Problem Solving Moderator(s): Joshua S.Y. Chee, FSA Presenter(s): Joshua S.Y. Chee, FSA; Sean Michael Hayward, FSA, MAAA; Michael Porcelli, FSA, MAAA Experience Level: Intermediate In reaction to a spate of model conversion activity and rising acceptance of model risk management techniques, many companies have, or are in the process of, centralizing their modeling function to accommodate both governance and efficiency demands. These operating model changes have produced a wide range of questions and issues, such as division of labor, roles and responsibilities, selection of tasks to keep decentralized, among others. Presenters will frame a series of key modeling function considerations, and share lessons learned with the audience. At the conclusion of the session, attendees will be able to :
Country Relevance: Non-Nation Specific Session Coordinator(s) Joshua S. Y. Chee, FSA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Predictive Analytics and Futurism Section Competency: Technical Skills & Analytical Problem Solving Moderator(s): Dan Kim, FSA, CERA, MAAA Presenter(s): Dan Kim, FSA, CERA, MAAA; Anthony D. Green, FSA, CERA, FCA, FRM, MAAA, MPhil Experience Level: All Machine learning techniques including predictive modeling are getting popular in life and annuity insurance underwriting, pricing and valuation. The same is true for risk management and risk calibration purpose. Presenters will illustrate some of machine learning techniques and how they can be used for the risk management purpose. Examples will include how a predictive model that is used for a best estimate assumption can be used to develop risk margin and inform risk management on the accuracy or uncertainty of its predictions. At the conclusion of the session, attendees will be able to:
Country Relevance: Non-Nation Specific Session Coordinator(s) Ricardo Trachtman, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Society of Actuaries Competency: External Forces & Industry Knowledge Moderator(s): David N. Wylde, FSA, MAAA Presenter(s): Constance E. Dewar, FSA, MAAA; Allen M. Klein, FSA, MAAA; Scott Edward Morrow, FSA, FIA, MAAA Experience Level: All Presenters will share the results from the latest round of surveys completed by the SOA Committee on Life Insurance Mortality and Underwriting Surveys. The presentations will include:
Please join us for this information filled session on several current hot industry topics. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. and Canada Session Coordinator(s) Korrel Rosenberg Facilitator(s) |
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10:30 a.m. – 12:00 p.m.
Presenter(s): Hanlie Van Wyk “Once upon a time, there lived an actuary, who loved to tell tales”, started almost no stories ever! By the end of this presentation, we expect there will be many such stories. This talk explores the “formula” of storytelling, demonstrates with a few illustrative stories why they are the key to being heard, and to having what you say be acted upon. In a world dominated by numbers, logic, reports and statistics, stories provide the most efficient vehicle to move ideas, and audiences, emotionally and into new actions. You might even leave with a new story about who YOU are, to use when you next introduce yourself. The luncheon is included in your registration fee. You may register your guest(s) for the luncheon by including $80 per person with your registration fee. Admission tickets are available for purchase at the meeting as space permits. Refunds will not be given. Session Coordinator(s) Facilitator(s) |
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12:15 p.m. – 1:30 p.m.
Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Product Development Section; Financial Reporting Section Competency: Results-Oriented Solutions Moderator(s): Dean Andrew Kerr, FSA, ACIA, MAAA Presenter(s): Dean Andrew Kerr, FSA, ACIA, MAAA; Jennifer L. McGinnis, FSA, CERA, MAAA; Larry N. Stern, FSA, MAAA Experience Level: Intermediate Life insurance products have a variety of features that are considered non-guaranteed elements (NGEs), and the industry has a long history of managing these. From dividends to credited rates, post-level term premiums to Cost of Insurance (COI) charges, there are common considerations in deciding whether, when, and by how much to adjust these NGEs. Further, as companies consider options for managing NGEs, they must keep in mind the valuation and reporting environments under which they operate. Whether GAAP, STAT, or economic, there are particular considerations to take into account both at time of issue and during the inforce life of the policy. PBR, FASB, and IFRS bring with them elements that may influence product valuation and a company’s approach to NGE management. Attend this session to learn more about best practices in assessing, managing and accounting for NGEs. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Dean Andrew Kerr, FSA, ACIA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: External Forces & Industry Knowledge Moderator(s): Prince Rajbhandari, ASA, CERA Presenter(s): Emily K. Kessler, FSA, EA, FCA, MAAA; Alyssa Tam Experience Level: All Technology has been a major disruptor for many industries. Recent growth in the InsurTech space shows that life insurance is no exception. But does InsurTech need to be seen as a replacement for current insurance providers? Incumbent insurers can use InsurTech to change internal procedure, and the way they interact with the public, including marketing, underwriting and ongoing engagement. Presenters will focus on InsurTech opportunies in these areas, how they are being used to facilitate insurance growth, and how they are relevant to actuaries. At the conclusion of the session, attendees will be able to:
Country Relevance: Non-Nation Specific Session Coordinator(s) Paul Fedchak, FSA, MAAA Facilitator(s) Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: External Forces & Industry Knowledge Moderator(s): Curtis Matthew Clingerman, FSA, MAAA Presenter(s): Curtis Matthew Clingerman, FSA, MAAA; Timothy O. Wood, FSA, MAAA Experience Level: Intermediate-Advanced Insurance companies are dealing with the many aspects of nonguaranteed element management and the reflection of those nonguaranteed elements in illustrations. New regulations are making it more time consuming to comply with an already growing inforce policy form block. Presenters at this session will discuss the new American Academy of Actuaries’ practice note, New York regulation 210, and the NAIC illustrations workgroup, as well as providing a forum to ask questions about the illustrations model regulation and ASOP 24. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Donna Christine Megregian, FSA, MAAA Facilitator(s) Credits: 1.50 CPD Session Sponsor(s): Reinsurance Section Competency: Technical Skills & Analytical Problem Solving Moderator(s): Marianne C. Purushotham, FSA, MAAA Presenter(s): Todd Giesing; Marianne C. Purushotham, FSA, MAAA Experience Level: Beginner-Intermediate Presenters will review the results of recent ongoing studies of policyholder behavior experience for life insurance and annuity products including individual life insurance lapse/surrender and premium persistency as well as individual annuity surrender/lapse and utilization of guaranteed living benefits. These studies provide an industry benchmark for companies to aid in the assumption setting process. Key drivers of experience will be examined in the context of predictive modeling techniques. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. and Canada Session Coordinator(s) Marianne C. Purushotham, FSA, MAAA Facilitator(s) Credits: 1.50 CPD Session Sponsor(s): Financial Reporting Section Competency: Technical Skills & Analytical Problem Solving Moderator(s): Simpa A. Baiye, FSA, MAAA Presenter(s): Alfred Au, FSA, MAAA; Simpa A. Baiye, FSA, MAAA; Peter C. Carlson, FSA, MAAA Experience Level: Intermediate Variable annuity reserving and risk-based capital reforms are underway and will have a significant impact on product design, reserving, capital management, and financial risk management. Presenters will discuss recent proposals to revise Actuarial Guideline 43 and C3 Phase II, and assess their hypothetical impact on insurance carriers via a case study. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Simpa A. Baiye, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Investment Section Competency: Strategic Insight and Integration Moderator(s): Suhrid Swaminarayan, FSA, FIA Presenter(s): Rishi Goel; John Petchler Experience Level: Intermediate With low yields persisting within available traditional fixed income asset classes, life and health insurance companies are increasingly looking towards illiquid asset classes for an increase in investment yield. Presenters offer a survey the main features of investment grade (IG) private placement bonds and below investment grade (BIG) private debt and distressed debt. They will compare them with available public bond alternatives. The presenters will examine the motivations for insurance companies to invest in private debt and the legal, diligence and operational requirements to maintain a private debt portfolio. They will also conduct a 2017 market review for both private placements and BIG/distressed and look forward to 2018’s likely new USD and non-USD placement issuance and which industry sectors are likely to issue. The presenters will also cover their risk and reward characteristics, and the structural intricacies of the various IG and BIG debt types and whether there is sufficient compensation for illiquidity and other risks. At the conclusion of the session, attendees will be able to:
Country Relevance: Non-Nation Specific Session Coordinator(s) Suhrid Swaminarayan, FSA, FIA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Leadership and Development Section Competency: Communication Moderator(s): Kelly M. Hennigan, FSA Presenter(s): Stephen J. Bochanski, FSA, CERA, MAAA; Kelly M. Hennigan, FSA; David N. Karo, ASA, MAAA; Mitchell Bischoff Stephenson, FSA, MAAA Experience Level: All As communication skills are essential to all actuaries and business leaders, panelists will speak to the importance of verbal, non-verbal, and written communications skills. Whether you are presenting to a large group, collaborating in a small meeting, making a recommendation to your colleagues, or sending out an email update to senior management, effectively communicating your message to the audience is critical to an actuary’s success. Your communication style affects how others perceive you, how well you can accomplish your day-to-day work, and how influential you can be inside and outside your organization. Topics covered will include:
At the conclusion of the session, attendees will be able to:
Country Relevance: Non-Nation Specific Session Coordinator(s) Kelly M. Hennigan, FSA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Long Term Care Insurance Section Competency: Strategic Insight and Integration Moderator(s): Robert T. Eaton, FSA, MAAA Presenter(s): Robert T. Eaton, FSA, MAAA; Carl A. Friedrich, FSA, MAAA; Debra Leigh Krall, FSA, MAAA Experience Level: Intermediate Many life and annuity insurers are offering combination life plus LTC or chronic illness products ("combo products") in order to stay competitive in the market. What risks are inherent in these products that the insurer may not be fully considering? Presenters will discuss the pricing risks unique to the various types of combo product financing options, actuarial present value, dollar for dollar explicit premium and lien approaches. Presenters will also discuss how combo products will impact other facets of the company, from valuation to claims payment and the operational risks the carrier is accepting when offering combo products. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Ronald R. Hagelman, Jr., CLTC, CSA, LTCP Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Smaller Insurance Company Section; Product Development Section Competency: External Forces & Industry Knowledge Moderator(s): N. Shane Leib, FSA, MAAA Presenter(s): Carrie Lee Kelley, FSA, MAAA; Kimberly M. Steiner, FSA, MAAA Experience Level: Beginner-Intermediate As an actuary, do you have adequate controls over your experience studies and assumption setting processes in light of new regulations (PBR), focus on controls and external audit? Let's explore the background for increased review over experience studies and assumption setting practices. For PBR, there is a need to produce more current experience studies and there has been more focus from external parties including regulators and external auditors. As there is increasing scrutiny over these area, and as we continue to focus on controls, you’ll hear about current industry practices for companies that have limited resources and views from the external parties. Have a conversation with an actuary and these external parties to discuss this change in focus and industry practice. At the conclusion of the session, attendees will be able to better understand control requirements for experience studies and assumption setting processes from different points of view, and apply these their own company. Country Relevance: U.S. Session Coordinator(s) Jacqueline F. Yang, FSA, MAAA Facilitator(s) |
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2:00 p.m. – 3:15 p.m.
Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: Results-Oriented Solutions Moderator(s): Julianne A. Callaway, FSA, ACAS, MAAA Presenter(s): Julianne A. Callaway, FSA, ACAS, MAAA; Christopher John Hessenius, FSA, CERA, MAAA; Kyle A. Nobbe, FSA, MAAA Experience Level: All Disruption in the financial services industry can take many forms including the creation of planning tools to provide value to insurance consumers beyond insurance protection and product development based on a hollistic view of wellness. Insurers are using data and technology to encourage financial responsibility from overwhelmed consumers facing competing financial priorities. Planning tools can help consumers research, plan and coordinate resources providing tangible benefits beyong protection. Customer focused product development can engage consumers and encourage improved health. The presenters will explain how disruption is changing the product development process today with a series of case studies on disruption in the financial services industry. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Lindsay Keller Meisinger, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: External Forces & Industry Knowledge Moderator(s): Amber Ruiz, FSA, MAAA Presenter(s): Chanseo Lee, FSA, MAAA; Bryan Christopher Lindsley, FSA, MAAA Experience Level: Beginner-Intermediate LATF's VM-22 Subgroup continues to work on the development of a principle-based reserving (PBR) methodology for non-variable annuity products. Presenters provide an update on the status of VM-22 and shares possible impacts, with a particular focus on product development. In particular, (1) a stochastic scenario approach is considered for Fixed Indexed Annuities (FIAs) with guarantee risks, and (2) a dynamic valuation rate will be effective January 1, 2018. Presenters will share a summary of the proposed methodology and standards, present example products and how they would be addressed, and look forward at what is still to come. At the conclusion of the session, attendees will be able to:
Note: This session is a repeat of Session 53 PD. Country Relevance: U.S. Session Coordinator(s) Dean Andrew Kerr, FSA, ACIA, MAAA Facilitator(s) Credits: 1.50 CPD Session Sponsor(s): Product Development Section Competency: Strategic Insight and Integration Moderator(s): Paul Fedchak, FSA, MAAA Presenter(s): Paul Fedchak, FSA, MAAA; Chris Whitney, FSA, MAAA Experience Level: Intermediate-Advanced This workshop will allow participants can discuss issues they are having implementing PBR as part of the product development process. Presenters will discuss coordination with other teams that was not needed as much previously, and how companies are ramping up the learning curve. They’ll also discuss what companies are doing with assumption setting, how reinsurance fits in, what companies are doing with getting models ready, and other implementation and practical issues. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. Session Coordinator(s) Donna Christine Megregian, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Education & Research Section Competency: Strategic Insight and Integration Moderator(s): Thomas P. Edwalds, FSA, ACAS, MAAA Presenter(s): Gail E. Tverberg, FCAS, MAAA Experience Level: All The "peak oil" movement provided a very misleading view of what reaching limits of a finite world would look like. In physics terms, the world economy is a dissipative structure, which depends on an increasing supply of inexpensive-to-produce energy to operate. As the world economy reaches limits, among the type of impacts we should expect include:
These changes have implications for actuarial models and for investments. At the conclusion of the session, attendees will be able to:
Country Relevance: Non-Nation Specific Session Coordinator(s) Gail E. Tverberg, FCAS, MAAA Facilitator(s) Credits: 1.50 CPD Session Sponsor(s): Entrepreneurial & Innovation Section Competency: Strategic Insight and Integration Moderator(s): Jennifer L. Healy, FSA, MAAA Presenter(s): Paul Bacon; Michael J. Roscoe, FSA; Anthony Alex Silva, FSA, MAAA Experience Level: All What does a Fitbit, an algorithm, and a strategic perspective have in common? Innovative thinking! In this session we will hear from three carriers who are challenging the traditional views of insurance practice—and setting new standards in the industry—by making insurance more approachable and mainstream, speeding the underwriting and issuance process, and changing the age-old requirements in underwriting. At the conclusion of the session, attendees will be able to:
Country Relevance: U.S. and Canada Session Coordinator(s) Jennifer L. Healy, FSA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Financial Reporting Section Competency: Strategic Insight and Integration Moderator(s): Kyle Baxter Stolarz, FSA, MAAA Presenter(s): Steven F. Malerich, FSA, FLMI, MAAA; Gavin Thomas Stewart, FSA, MAAA; Kyle Baxter Stolarz, FSA, MAAA Experience Level: Intermediate In 2007, FASB began a project to explore the possibility of aligning U.S. GAAP and International accounting standards. After significant deliberation, in 2013 FASB decided to focus their efforts on making "targeted improvements" to U.S. GAAP for life insurance companies. The IASB continued their project to modernize insurance accounting, and in May of 2017 issued their final standard, IFRS 17, the first truly international IFRS Standard for insurance contracts. FASB targeted improvements to accounting for long-duration contracts and IFRS 17 will affect the emergence of earnings for insurance products on both a retrospective and prospective basis. Experts will review proposed changes and compare their impact on sample U.S. products. At the conclusion of the session, attendees will be able to:
Country Relevance: Non-Nation Specific Session Coordinator(s) David M. Ruiz, FSA, FIA, MAAA Facilitator(s) Presentation(s): View Presentation Credits: 1.50 CPD Session Sponsor(s): Modeling Section; Joint Risk Management Section Competency: External Forces & Industry Knowledge Moderator(s): Joshua David Dobiac, JD, MS, CAIA Presenter(s): James Stuart McClure, FSA, MAAA; Zohair A. Motiwalla, FSA, MAAA Experience Level: Intermediate The refrain "All models are wrong but some are useful" is a common aphorism in the actuarial field. Certainly, models are at the core of what actuaries do. Irrespective of whether actuaries are involved in the pricing, valuation, risk management or hedging functions, our work means building, using, modifying or reviewing models in some fashion. In recent years there has been strong insurance industry focus on model validation and governance frameworks, typically at the direction of senior management and regulators. When properly carried out, such a framework can help increase stakeholder confidence in the company financials. Such stakeholders include senior management and other end-users. Presenters at this session will discuss the approaches used in the industry to construct this framework, discussing best practices for concepts such as baselining, model inventory, model validation, effective challenge and user acceptance testing for the actuarial and non-actuarial functions. At the conclusion of the session, attendees will be able to:
Country Relevance: Non-Nation Specific Session Coordinator(s) James Stuart McClure, FSA, MAAA Facilitator(s) Credits: 1.50 CPD Session Sponsor(s): Predictive Analytics and Futurism Section; Technology Section Competency: Technical Skills & Analytical Problem Solving Moderator(s): Martin Snow, FSA, MAAA Presenter(s): David A. Moore, FSA, MAAA; Martin Snow, FSA, MAAA Experience Level: Intermediate-Advanced Many companies have started to use predictive analytics to support automated underwriting and improved customer reach among others. Learn best practices of your peers and their successes and failures. What is the future of Artificial Intelligence (AI) for pricing and product development actuaries? What changes are being made in how AI is applied to underwriting? How are we measuring the results? At the conclusion of the session, attendees will be able to:
Country Relevance: Non-Nation Specific Session Coordinator(s) Ricardo Trachtman, FSA, MAAA Facilitator(s) |
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3:15 p.m. – 3:30 p.m.
Session Coordinator(s) Facilitator(s) |
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3:30 p.m. – 4:30 p.m.
Join fellow attendees at this closing session to discuss several case studies related to professionalism topics. There will be tables set up with an expert at each table leading the discussions. Light refreshments will be available during this closing session. Session Coordinator(s) Facilitator(s) |