Description: 2021 Life Meeting - Session 9A: ASOP 56 - Modeling Begins in the Middle: Don't Forget the Beginning and the End 9.1.21 Recording

Description: Data science, predictive analytics and AI are certainly the buzzwords these days. They are heavily used and developed in underwriting and marketing but for most actuaries, they might/may as well be science fiction. The presenters will demonstrate how a normal actuary can utilize data science techniques in their daily job function without forming an official data science team within a company. It can be done in a gradual fashion so that normal business is not disrupted and improvements are made over time. The usage of data science techniques will include demonstrations of the following areas: - Regression analysis - Economic scenario generator - Experience study - Data quality checks - Inforce compression for explicit hedging

Description: With seemingly unending demands on life & annuity companies for more intense and complex calculations, as well as greater sophistication around analytics, and all of this done at speed, never before has it been so important to seek out maximum efficiency in constructing models. In this session the panelists examine how the combination of various model efficiency approaches, pulling in many different facets of modeling and making it flexible enough to dial up or down various modeling components, can bring about incredible results. Not only does it become possible to produce and expand upon financial risk metrics via a building block approach, but also enables life insurers to produce analytics and dashboards to support strategic decisions that were simply not possible or cost effectively viable before.

Description: This discussion at the SOA 1968 Philadelphia and Los Angeles Regional Meetings is about corporate planning and the actuary's role in the process.

Description: In this Determining Appropriate Sensitivity Tests webcast, explore sensitivity testing effectiveness, the important difference between sensitivity and stress testing and more. Understanding sensitivity testing is critical to actuarial work, especially in order to properly assess and evaluate risk factors. Come explore approached to sensitivity tests and effective evaluations of sensitivity test results in order to elevate your knowledge within the actuarial science field.

Description: Reunite with members and non-members in the China actuarial community to discuss recent topics and related issues in areas such as macroeconomic sharing, IFRS 17, product strategy, cross-border communication and discussion, and more. Advance your career through learning and networking opportunities, and share your experiences in the finance and insurance industries, as well as other fields related to actuarial science.

Description: The actuarial profession now has an official definition of a model with the introduction of ASOP 56. In this session, we'll examine how the definition of this model has expanded and what it means for our daily work as modelers. Have your practices as a modeler complied with ASOP 56 since it was drafted? What new practices will you need to put in place to work in accordance with the new ASOP? We'll answer these questions as we delve into ASOP 56 and how it applies to modeling and the processes that support it. Interpret ASOP 56 as it applies to their daily work. Identify areas of their current processes that could be enhanced to better comply with ASOP 56. Design documentation in accordance with ASOP 56.

Description: This paper presents a unifying non-Bayesian statistical method for incorporating prior information into the determination of probability distributions and other finite measures and develops the statistical properties of this method together with actuarial applications. A discussion of the paper follows. From Transactions of Society of Actuaries 1991, Vol. 43.