2015 SOA Annual Meeting & Exhibit

The MP4 audio recordings synchronized with the presenter slides are available to purchase for the entire meeting through the SOA store. The MP4 downloads provide excellent training, are eligible for fulfillment of your CPD requirement and allow you to view sessions you may have missed. View the sessions online anytime or download the MP4 files to your mobile device for portable listening.

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Tuesday, Oct. 13
7:00 a.m. - 5:00 p.m.
Registration is open for all meeting attendees at the Austin Convention Center.
7:15 - 8:15 a.m.

Session Sponsor(s): Education & Research Section

Moderator(s): Ian G. Duncan, FSA, FCIA, FIA, MAAA

Join us to learn about the Actuarial Research Conference with an emphasis on its structure and goals.There will be time for networking.

This breakfast is open to all meeting attendees free of charge. If you plan to attend, you must register in advance to obtain a ticket.

This breakfast will be held at the Hilton Austin, which is across the street from the Austin Convention Center. 

Session Coordinator(s): Sarah L. M. Christiansen, FSA, MAAA

Presentation(s): View Presentation

Session Sponsor(s): Financial Reporting Section

Moderator(s): Tara J. P. Hansen, FSA, MAAA

Presenter(s): Tara J. P. Hansen, FSA, MAAA; Kerry A. Krantz, FSA, MAAA; Leonard Mangini, FSA, MAAA

Please join us for an update on council activities, a chance to network, see the passing of the Green jacket, and a demonstration of a reserve training video patterned after the Khan Academy video series..

This breakfast is open to all meeting attendees. There is a nonrefundable fee of $10 per person for Financial Reporting Section members and $25 for all others. Please include the additional fee with your registration.

This breakfast will be held at the Hilton Austin, which is across the street from the Austin Convention Center. 

Session Coordinator(s): Tara J. P. Hansen, FSA, MAAA

Presentation(s): View Presentation

Session Sponsor(s): Joint Risk Management Section (CAS, CIA and SOA)

Moderator(s): David Schraub, FSA, CERA, MAAA

Presenter(s): Mark Stephen Mennemeyer, FSA, MAAA; David Schraub, FSA, CERA, MAAA

This hot breakfast session will provide an update on the activities of the Joint Risk Management Section Council, and also will serve as a social and networking opportunity for actuaries who practice in the field of risk management.

This breakfast is open to all meeting attendees. There is a nonrefundable fee of $15 per person for Joint Risk Management Section members and $25 for all others. Please include the additional fee with your registration.

This breakfast will be held at the Hilton Austin, which is across the street from the Austin Convention Center. 

Session Coordinator(s): Mark M. Yu, FSA, CFA, FRM, MAAA; Kevin William Olberding, FSA, CERA, MAAA

Session Sponsor(s): Marketing & Distribution Section

Moderator(s): Scott D. Sheefel, FSA, MAAA

Presenter(s): Douglas John Bennett, FSA

Join us at this breakfast session to network with Marketing & Distribution (MaD) section members and for a discussion on the latest Middle Market research from the MaD section. A member of the research team will highlight the recent project to collect and compile insights from "experts" or other knowledgeable people in marketing life insurance or similar products to the middle-income market. We will address the strategies that have been touted but have struggled to find success, the impediments causing the struggles, areas of the market that are being successfully reached, and ideas for the life insurance industry that haven't been captured already by prior research.

This breakfast is open to all meeting attendees. There is a nonrefundable fee of $10 per person for Marketing & Distribution Section members and $25 for all others. Please include the additional fee with your registration.

This breakfast will be held at the Hilton Austin, which is across the street from the Austin Convention Center. 

Session Coordinator(s): Andrew G. Steenman, ASA, MAAA

Presentation(s): View Presentation

Session Sponsor(s): Product Development Section

Moderator(s): Jeremy Allen Bill, FSA, MAAA; James M. Filmore, FSA, MAAA

Do you know how much your Product Development Section Council does throughout the year? Ever thought about running for the Product Development Section Council and want to understand more of the activities sponsored/coordinated by the council? Find out the value of your membership by attending the Product Development hot breakfast. Meet council members and hear from the Chair and Vice-Chair about 2014-2015 activities and efforts completed by the section.

This breakfast is open to all meeting attendees. There is a nonrefundable fee of $10 per person for Product Development Section members and $25 for all others. Please include the additional fee with your registration.

This breakfast will be held at the Hilton Austin, which is across the street from the Austin Convention Center. 

Session Coordinator(s): Donna Christine Megregian, FSA, MAAA

Presentation(s): View Presentation

Session Sponsor(s): Social Insurance & Public Finance Section; Health Section

Moderator(s): Krzysztof M. Ostaszewski, FSA, CERA, MAAA

Presenter(s): Stephen C. Goss, ASA, MAAA; Krzysztof M. Ostaszewski, FSA, CERA, MAAA; Brian Edward Pauley, FSA, MAAA; Sven H. Sinclair, FSA, MAAA

Join us for a hot breakfast sponsored by the Health Section and the Social Insurance & Public Finance Section. The discussion will focus on the history of the two social insurance systems, 80 years of Social Security and 50 years of Medicare.

This breakfast is open to all meeting attendees. There is a nonrefundable fee of $10 per person for Social Insurance & Public Finance and Health Section members and $25 for all others. Please include the additional fee with your registration.

This breakfast will be held at the Hilton Austin, which is across the street from the Austin Convention Center. 

Session Coordinator(s): Krzysztof M. Ostaszewski, FSA, CERA, MAAA

Session Sponsor(s): Taxation Section

Moderator(s): Jacqueline F. Yang, FSA, ACIA, MAAA

Presenter(s): Sheryl Flum, JD; Mark S. Smith, CPA, JD

To reform or not to reform (and, if so, when)? To provide administrative guidance or not to provide administrative guidance? To examine and propose adjustments or not to examine and not to propose adjustments? These are the questions! This session will provide a Washington perspective on how these issues may play out as we head into the 2016 presidential season, and as the IRS and Treasury learn to do more with less, especially in the insurance space.

This breakfast is open to all meeting attendees. There is a nonrefundable fee of $10 per person for Taxation Section members and $25 for all others. Please include the additional fee with your registration.

This breakfast will be held at the Hilton Austin, which is across the street from the Austin Convention Center. 

Session Coordinator(s): Steven C. Chamberlin, FSA, MAAA

7:30 - 8:30 a.m.
A continental breakfast is available for all meeting attendees at the Austin Convention Center.
8:30 - 9:45 a.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Education & Research Section

Competency: Strategic Insight and Integration

Moderator(s): Richard J. Junker, FSA, MAAA

Presenter(s): Richard J. Junker, FSA, MAAA; Curtis Lee Robbins, ASA, MAAA

The Competency Framework tool introduced by the Society of Actuaries in 2010 is highlighted by a terrific article by Rod Bubke of the Professional Development Committee, "How to Become a Better Actuary." By now, you are presumably acquainted with the Personal Self-Assessment , the100-question survey and the Personal Planning Workbook tool. Together they provide methods to improve your self-assessed personal development/continuing education needs on each of the eight families of competencies. Before all, we are professionals. The Competency Framework is the the premier tool for each of us to fully and continuously sustain our personal professionalism.

At the conclusion of the session, attendees will be able to:

  • Integrate education and career development;
  • Focus and prioritize continuing education goals; and
  • Have a foundation for professional development.

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): Richard J. Junker, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section; Modeling Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Leonard Mangini, FSA, MAAA

Presenter(s): John M. Fenton, FSA, MAAA; Leonard Mangini, FSA, MAAA; Timothy S. Paris, FSA, MAAA

This session aims to provide an introduction to predictive modeling, and how it can be integrated into the assumption review process so that it can be incorporated into models and within financial projections.

At the conclusion of the session, attendees will know the benefits of integrating predictive modeling in their assumption-setting process. They will also be able to apply the results of predictive modeling results in their daily actuarial work. Lastly, they will be able to identify limitations of predictive modeling results.

You may also be interested in one or more of the other Predictive Analytics for Actuaries sessions:

15 PD, 42 PD, 48 PD, 85 IF, 119 L, 152 PD, 174 PD, 184 PD.

Country Relevance: Non-Nation Specific

Experience Level: Beginner to Intermediate

Session Coordinator(s): Hua (Laurie) Li, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Mark William Birdsall, FSA, MAAA

Presenter(s): Mark William Birdsall, FSA, MAAA; Sen Qiao; Michael C. Ward, FSA, MAAA

The Representative Scenarios Method (RSM) is under study as a principle-based approach to determining reserves and capital requirements. It addresses some of the criticisms of stochastic reserve requirements in VM-20, such as the level of aggregate margin, the large number of scenarios required, and the black-box nature of the process. In this session, the RSM will be outlined, and recent field tests and other research regarding its application to various products will be discussed.

At the conclusion of the session, attendees will be able to understand the RSM and its potential application in statutory financial reporting and capital determination.

Country Relevance: USA

Experience Level: Intermediate

Session Coordinator(s): James S. Hawke, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Cabe W. Chadick, FSA, MAAA

Presenter(s): Robert W. Beal, FSA, MAAA; Cabe W. Chadick, FSA, MAAA; Jan Graeber, ASA, MAAA

What are the latest developments in Health Care Reform? In ORSA? 3Rs valuation best practices? LTC tables? DI tables? The presenters will discuss the current state of various proposals and changes from the National Association of Insurance Commissioners (NAIC), American Academy of Actuaries (AAA), and SOA research studies.

At the conclusion of the session, attendees will be able to understand best practices and actuarial updates to various lines of health insurance.

Country Relevance: USA

Experience Level: Intermediate

Session Coordinator(s): David M. Dillon, FSA,MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Professional Values

Moderator(s): Jacqueline Lee, FSA, MAAA

Presenter(s): Annette V. James, FSA, EA, FCA, MAAA; Jacqueline Lee, FSA, MAAA; Steven L. Ostlund, FSA, MAAA

This session provides a general outline of the requirements under the two key Actuarial Standards of Practice (ASOPs) - 23 & 41. You will hear from experts who frequently read actuarial reports, such as rate filings and actuarial memoranda. The presenters will provide insight into how to better communicate and use data that will satisfy the ASOPs and make relationships with outside parties better. Other ASOPs that impact presentation of data and communication with regulators and others will also be discussed.

At the conclusion of the session, attendees will be able to determine if their actuarial reports or rate filings comply with these ASOPs and effectively communicate to external parties.

Country Relevance: USA

Experience Level: All

Session Coordinator(s): Jacqueline Lee, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Investment Section

Competency: Strategic Insight and Integration

Moderator(s): James G. Stoltzfus, FSA, CERA, MAAA

Presenter(s): Mary Pat Campbell, FSA, MAAA; Jared I. Klyman, FSA; James G. Stoltzfus, FSA, CERA, MAAA

In this session we plan on discussing asset allocation trends, how strategies vary by company size, asset classes insurance companies are increasing their allocations to and other asset classes to consider for your portfolio.

At the conclusion of the session, attendees will be able to understand:

  • Insurance company asset allocation trends;
  • The impact of portfolio size and complexity impacts the strategic asset allocation; and
  • How the search for yield pushes companies to experiment further with non-traditional asset classes.

Country Relevance: Non-Nation Specific

Experience Level: Intermediate

Session Coordinator(s): Mark W. Whitford, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Joint Risk Management Section (CAS, CIA and SOA)

Competency: Strategic Insight and Integration

Moderator(s): Carlos Arocha, FSA, MAAA

Presenter(s): Elizabeth K. Dietrich, FSA, CERA, MAAA; Julian D. Gribble, FSA, FCIA, FIAA; Michelle M. John, FSA, FCIA; John Leo Maroney, FIAA

At the end of 2014, the International Association of Insurance Supervisors (IAIS) published the Basic Capital Requirement (BCR). This is the first global capital standard that has been developed. It applies to Global Systemically Important Insurers (G-SIIs) and will be the base for the Higher Loss Absorbency (HLA) capital requirement for G-SIIs, due in 2015. The IAIS has also committed to developing a more risk sensitive Insurance Capital Standard (ICS) by the end of 2016. The ICS will be applicable to both to G-SIIs and Internationally Active Insurance Groups (IAIGs).

This session will outline the development of these capital standards, the principles behind them, some of the issues arising in their development, and current expectations as to their completion and implementation by jurisdictions. As the development process will not be complete in 2015, constructive interaction and feedback would be welcome, particularly regarding the actuarial issues involved.

At the conclusion of the session, attendees will better understand:

  • The objectives of the IAIS global capital standards and how they integrate into an overall supervisory approach;
  • The issues involved with developing globally comparable international capital standards; and
  • The role of the IAIS.

Country Relevance: International

Experience Level: All

Session Coordinator(s): Julian D. Gribble, FSA, FCIA, FIAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Long Term Care Insurance Section

Competency: Strategic Insight and Integration

Moderator(s): James M. Glickman, FSA, CLU, FCA, FLMI, MAAA

Presenter(s): Stephen Douglas Forman, CLTC; James M. Glickman, FSA, CLU, FCA, FLMI, MAAA; Roger Loomis, FSA, MAAA

LTC products have struggled to maintain stable rates and produce company profits over the past two decades. The Long Term Care Section has gathered industry wide data about all the pricing assumptions from three points in time; 2000, 2007 and 2014, in order to stochastically test the risk of future rate increases from each of those three periods. The results will be examined from an actuarial perspective, a marketing perspective, and from a company perspective as a potential new product line to enter.

At the conclusion of the session, attendees will be able to understand how LTC insurance pricing has changed over the last fifteen years considering pricing stability, the marketing potential and the profit opportunity for LTC insurance new business.

Country Relevance: USA and Canada

Experience Level: All

Session Coordinator(s): James M. Glickman, FSA, FCA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Core EA

Session Sponsor(s): Pension Section

Competency: External Forces & Industry Knowledge

Moderator(s): Ellen L. Kleinstuber, FSA, EA, FCA, FSPA, MAAA

Presenter(s): Ellen L. Kleinstuber, FSA, EA, FCA, FSPA, MAAA; Tonya B. Manning, FSA, EA, FCA, MAAA

Presenters will provide an update on recent developments impacting U.S. retirement plans, such as regulatory guidance, new legislative proposals, recent court cases, and recent trends. Experienced pension actuaries will share their perspectives on these issues and how plan sponsors are being impacted.

At the conclusion of the session, attendees will be able to identify significant legislative and regulatory developments affecting the retirement plans and apply these developments in their day-to-day work.

Country Relevance: USA

Experience Level: Intermediate

Session Coordinator(s): Ellen L. Kleinstuber, FSA, EA, FCA, FSPA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: External Forces & Industry Knowledge

Moderator(s): Andrew J. Peterson, FSA, EA, FCA, MAAA

Presenter(s): Stacy Schaus; Steven G. Vernon, FSA, MAAA

When 401(k) plans were created in the late 1970s, they were intended as a supplementary source of retirement income. Investment options were limited and many records were on paper. Now 401(k)/defined contribution plans have grown into the flagship retirement offering of most private-sector employers. Participants can monitor their accounts on a daily basis and many offer unlimited investment options. This session will help retirement professionals understand the current best practices in the design and administration of the programs. Presenters will also discuss current innovative case studies.

At the conclusion of the session, attendees will be able to identify best practices for designing DC programs and areas to focus on improving plans.

Country Relevance: USA and Canada

Experience Level: All

Session Coordinator(s): Claudia L. Baxter, FSA, EA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Strategic Insight and Integration

Moderator(s): Hamza Shaiban

Presenter(s): Donna Christine Megregian, FSA, MAAA; Marianne C. Purushotham, FSA, MAAA

Product development can be a well-oiled machine or a Rube Goldberg machine. The SOA and various SOA sections have initiated a project to help benchmark the product development process in life and annuity companies. This workshop will let attendees discuss areas that are impacting the efficiency of the product development process.

At the conclusion of the session, attendees will be able to:

  • Describe the key components of the product development process;
  • Identify areas within the product development process that are impacting overall success/failure; and
  • Compare internal company practices to other companies for duration of effort.

Country Relevance: Non-Nation Specific

Experience Level: Intermediate

Session Coordinator(s): Donna Christine Megregian, FSA, MAAA

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): Leon L. Langlitz, FSA, MAAA

Presenter(s): Leon L. Langlitz, FSA, MAAA; Thomas E. Rhodes, FSA, FCA, MAAA

Under Principle-Based Reserving, companies can use their own experience of mortality, policyholder behavior, investments and expense in setting reserves. The Life Actuarial Task Force (LATF) of the NAIC is exploring what expense information is needed for regulatory purposes from the insurance industry. Additionally, industry studies are useful for actuarial practitioners in pricing/modeling for their companies. The SOA 's Individual Life and Annuity Expense Study has decreased in the number of voluntary contributions.

This session will have brief presentations on the various approaches to obtaining expense data from regulatory and industry perspectives. Then, participants will break-up into groups to discuss issues and provide input related to:

  • Acquisition and Non-Acquisition Expenses;
  • Distribution Channels;
  • Extent of data needed for regulatory and industry purposes; and
  • Method of obtaining data (Annual Statement, volume units and total expenses).

At the conclusion of the session, attendees will be able to identify current regulatory expense issues and current efforts on obtaining expense data.

Country Relevance: USA

Experience Level: Intermediate

Session Coordinator(s): Steven C. Chamberlin, FSA, MAAA

Credits: 1.50 CPD

Session Sponsor(s): Technology Section

Competency: Strategic Insight and Integration

Moderator(s): Scott D. Houghton, FSA, MAAA

Presenter(s): David T. C. Chang, ASA, MAAA; Dave Czernicki, FSA, MAAA

This session will cover lessons learned from actuarial financial model implementations, including the software selection process, planning, code implementation/testing, and transition to production.

At the conclusion of the session, attendees will be able to:

  • Understand the leading practices in model management;
  • Identify common challenges with model management; and
  • Apply the knowledge in reviewing their company's practice around model management.

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): Jennifer Im Nam, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Society of Actuaries Research

Competency: Results-Oriented Solutions

Moderator(s): R. Dale Hall, FSA, CERA, MAAA

Presenter(s): R. Dale Hall, FSA, CERA, MAAA; Kim Hazelbaker; Ronora E. Stryker, ASA, MAAA

Extreme climate and weather events are often the subject of news headlines around the world. This session explores recent research efforts by the Society of Actuaries and the Highway Loss Data Institute to examine the economic impact of these events. Among the projects to be discussed include measuring the effect of storms such as Superstorm Sandy on auto losses, tornadoes impact on health care utilization and costs, and the development of the Actuaries Climate Index and Actuaries Climate Risk Index.

At the conclusion of the session, attendees will be able to:

  • Explain these initiatives and the benefits of it to the actuarial profession;
  • Better understand the potential insurance risks associated with climate and weather extremes; and
  • Apply the information presented in measuring and managing these potential risks.

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): Ronora E. Stryker, ASA, MAAA

9:45 - 10:15 a.m.
A refreshment break is available for all meeting attendees.
10:15 - 11:30 a.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Actuary of the Future Section; Health Section; Technology Section

Competency: Strategic Insight and Integration

Moderator(s): David L. Snell, ASA, MAAA

Presenter(s): Brian D. Holland, FSA, MAAA; Dihui Lai, Ph.D.; Sheamus Kee Parkes, FSA, MAAA

The presenters will discuss the newer, free, tools available now for advanced analytics. Attendees will hear from experts about how to solve actuarial problems at lower cost with better support and with repeatability. The world is changing and the paradigm for predictive modeling is changing along with it.

At the conclusion of the session, attendees will be able to:

  • Recognize applications that can benefit from the newer tools;
  • Understand the benefits and limitations of various tool sets;
  • Learn where to get training and reference information; and
  • Save time and angst in the choice of what new technology tools to use.

You may also be interested in one or more of the other Predictive Analytics for Actuaries sessions:

15 PD, 42 PD, 48 PD, 71 IF, 119 L, 152 PD, 174 PD, 184 PD.

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): David L. Snell, ASA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: External Forces & Industry Knowledge

Moderator(s): Erzhe Zhang, FSA, MAAA

Presenter(s): Scott D. Houghton, FSA, MAAA; Marshall Lin, FSA, MAAA

The presenters will briefly discuss the impacts of low interest rates and the possibility of them persisting or spiking up on asset adequacy. The discussion will open up to the broader audience for a deeper dive into the asset adequacy analysis topics.

At the conclusion of the session, attendees will be able to assess the potential for interest rates staying low or spiking up and the implications on asset adequacy analysis.

Follow up to: Session 31 IF

Country Relevance: USA and Canada

Experience Level: Intermediate

Session Coordinator(s): Leonard Mangini, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Laurel A. Kastrup, FSA, MAAA

Presenter(s): Roger James Henkel, CPA; Laurel A. Kastrup, FSA, MAAA; Scott Matthew Katterman, FSA, MAAA

The presenters will discuss various approaches to evaluate risk adjustment, reinsurance, risk corridors, advanced premium tax credits and cost-sharing reductions for issuer financial statements.

At the conclusion of the session, attendees will be able to understand best practices and generally accepted actuarial principles with regards to recognizing Affordable Care Act provisions in financial reporting.

Country Relevance: USA

Experience Level: Advanced

Session Coordinator(s): David M. Dillon, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Robert Michael Damler, FSA, MAAA

Presenter(s): Denise Blank; Todd Gilmer, Ph.D.

The presenters will discuss popular risk adjuster algorithms that have historically been used to develop risk-adjusted capitation rates, measure selection bias between cohorts of the Medicaid population, and identify beneficiaries with certain disease categories. Risk adjustment tools are increasingly used for much more than risk-adjusting capitation rates, and risk adjusters are constantly evolving to fit the latest information, such as making the switch to ICD-10 diagnoses and incorporating new pharmaceutical products for beneficiary categorization. Additionally, the presenters will cover applications related to new childless adults covered through the Affordable Care Act expansion and states' shift to long-term care services under managed care.

At the conclusion of the session, attendees will be able to:

  • Describe how states have used risk adjusters historically;
  • Discuss why and how risk adjusters are evolving; and
  • Explain the involvement of risk adjusters on new state initiatives.

Country Relevance: USA

Experience Level: Intermediate

Session Coordinator(s): Jennifer L. Gerstorff, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): International Section; Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Audrey A. Chervansky, FSA, MAAA

Presenter(s): Daniel Garrett Ryan; Xiaojie Wang, FSA, CERA

China is one of the largest emerging markets with an increasing need for private insurers to help build an effective health care system. Cardiovascular disease (CVD) is currently the leading cause of mortality and morbidity in China. The medical cost of CVD has been trending upwards at varying rates by geographic location over the past six years, and is projected to increase further in the future. In this research, we identified the existing protection gap for CVDs in China. We hope to trigger thoughts on how to better fill these financial gaps, as well as the role that private insurance providers could play to help combat this challenge.

At the conclusion of the session, attendees will be able to:

  • Evaluate and identify the financial protection gap for CVDs in China;
  • Understand and describe the public health care system in China; and

Trigger discussion and thoughts on how to fill this protection gap.

Country Relevance: International

Experience Level: All

Session Coordinator(s): Wendy Chiwen Liang, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Investment Section

Competency: External Forces & Industry Knowledge

Moderator(s): Warren A. Manners, FSA, MAAA

Presenter(s): Mary Pat Campbell, FSA, MAAA; Peter H. Sun, FSA, MAAA

Life insurers have historically limited their exposure to equity investments for risk and capital reasons. Recent economic environment coupled with advancement in risk management and innovative product designs have made equity investment more attractive to life insurers. This session will explore various alternatives.

At the conclusion of the session, attendees will be able to understand new development in life insurance equity investment.

Country Relevance: Non-Nation Specific

Experience Level: Intermediate

Session Coordinator(s): Peter H. Sun, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Joint Risk Management Section (CAS, CIA and SOA)

Competency: External Forces & Industry Knowledge

Moderator(s): Max J. Rudolph, FSA, CERA, MAAA

Presenter(s): Matthew P. Clark, FSA, CERA, MAAA; Max J. Rudolph, FSA, CERA, MAAA

The SOA has recently sponsored research projects covering low-interest-rate and high-interest-rate scenarios. The projects look at the interest rate impact on assets, liabilities and their interactions. The presenters will identify potential drivers of such scenarios and provide risk management recommendations for insurers and regulators.

At the conclusion of the session, attendees will be able to:

  • Describe the drivers of interest rates and what could cause them to remain low or rise;
  • Demonstrate the importance of testing a broad range of scenarios; and
  • Identify the scenarios that matter for various types of insurance.

Country Relevance: Non-Nation Specific

Experience Level: Intermediate

Session Coordinator(s): Max J. Rudolph, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Leadership and Development Section

Competency: Strategic Insight and Integration

Moderator(s): Sophia Linh Dao, FSA, MAAA

Presenter(s): Mark W. Griffin, FSA, CERA; Christine Irene Hofbeck, FSA, MAAA

Actuaries are responsible for making important assumptions and business decisions which influence a wide range of outcomes. How often are these decisions and outcomes undermined by hidden psychological propensities? The science of behavioral finance identifies numerous irrational tendencies we all have. How can anchoring, the status-quo bias, or the confirming evidence trap either induce flaws or positively affect our decisions and assumptions? How can we use escalation of commitment to our advantage?

This session will give the attendee an understanding of the concepts of behavioral ginance, and provide examples of relevant actuarial situations to help us adapt behavioral ginance concepts to optimize our specific challenges.

At the conclusion of this session, attendees will be able to:

  • Recognize when our own decision-making has fallen into hidden pitfalls;
  • Frame problems, outcomes and asks in order to positively influence your audience's response;
  • Improve group decision-making processes; and
  • Be more effective communicators by understanding ways in which our minds are predictably irrational.

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): Christine Irene Hofbeck, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

Session Sponsor(s): Pension Section; Investment Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Justin Cecil Harvey, ASA, MAAA

Presenter(s): Kathleen Patrice Brolly, FSA; Brett Brooks Dutton, FSA, EA, MAAA; MSPA; Nathan Christopher Zahm, FSA, EA, FCA

The process of designing and implementing a pension investment strategy typically relies on ex-ante quantification of expected outcomes (funded status volatility, contribution levels, etc. Once the strategy is in place, however, a pension sponsor and their investment consultant and managers should regularly monitor the strategy's performance to see if it is performing as designed or if adjustments are needed.

With a focus on corporate defined benefit pension plans, this session will consider potential approaches to assessing an investment strategy's effectiveness in a manner that reflects stakeholder priorities and objectives. Discussion topics will include how to assess performance given different investment strategies, ex-post risk metrics, and attribution of unexpected outcomes by risk source (including interest rates, credit spreads, equity returns, manager selection, and plan demographics).

At the conclusion of the session, attendees will be able to:

  • Calculate metrics to measure investment performance;
  • Interpret the success of an investment strategy; and
  • Evaluate the investment results relative to a pension liability.

Country Relevance: USA and Canada

Experience Level: Advanced

Session Coordinator(s): Nathan Christopher Zahm, FSA, EA, FCA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: Results-Oriented Solutions

Moderator(s): Grace Katherine Lattyak, FSA, EA, FCA

Presenter(s): Lori Block; Marcia A. Dush, FSA, EA, FCA, MAAA; Gene Paranczak

With the large scale introduction of defined contribution pension plans came what many thought would be a positive for many plan members: choice. The conventional wisdom was that we are better off when provided a range of options. Unfortunately, as defined contribution plans have matured over the years, one lesson that has emerged is that choice, or too much choice, will lead to suboptimal results.

Behavioral finance has since taught us that decision making traps such as confirmation bias and loss aversion make it difficult for members in a traditional defined contribution pension plan to succeed. This session will explore how the introduction of auto features mitigates behavioral roadblocks and leads to improved results for members in defined contribution pension plans.

At the conclusion of the session, attendees will be able to:

  • Identify decision making traps that lead to suboptimal outcomes;
  • Describe auto features that can be used to overcome these traps; and
  • Apply these features in the design defined contribution pension plan.

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): Drew Martin Luchies, FSA, FCIA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Mary J. Bahna-Nolan, FSA, CERA, MAAA

Presenter(s): Mary J. Bahna-Nolan, FSA, CERA, MAAA; Peter Banthorpe, FIA, MA; David N. Wylde, FSA, MAAA

Mortality is the most critical assumption in life insurance pricing. Consequently, it is important that actuaries understand how mortality will emerge both today and into the future. The presenters will discuss how the type of underwriting and target market influences mortality today. Discussion will also cover how mortality improvement is expected to impact experience in the future. Actuaries can then apply this knowledge when developing their mortality assumption for new products and new markets.

At the conclusion of the session, attendees will be able to better understand the factors that influence mortality and apply that knowledge to new products and new markets.

Country Relevance: USA and Canada

Experience Level: All

Session Coordinator(s): Donna Christine Megregian, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: Results-Oriented Solutions

Moderator(s): John S. Cathcart, FSA, MAAA

Presenter(s): Brian K. Carteaux, FSA, MAAA; Lisa Hollenbeck Renetzky, FSA, MAAA; Sandra Tsui Shan To, FSA, MAAA

During this session we will look at many of the in force management challenges facing insurers today. Actuaries evaluating topics including post level term management, policyholder behavior on life insurance products/features will hear the discussion on the current thinking around these challenges.

At the conclusion of the session, attendees will be able to:

  • Evaluate potential in force challenges on their business;
  • Apply current best practices when managing this business; and
  • Explain the approaches currently being used by others in the industry.

Country Relevance: USA and Canada

Experience Level: Intermediate

Session Coordinator(s): John S. Cathcart, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Society of Actuaries (GI); Financial Reporting Section; Joint Risk Management Section (CAS, CIA and SOA)

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Joan C. Barrett, FSA, MAAA

Presenter(s): Thomas John Callahan, FSA, MAAA; Frederick W. Kilbourne, FSA, FCA, FCAS, FCIA, MAAA; Mark Stephen Mennemeyer, FSA, MAAA

Regulation and guidance manuals provide useful information to assist one in developing an ORSA report. However, much can be learned from those that have had practical experience in developing ORSA reports. For this session, actuaries will share their experiences regarding the practical issues and challenges in developing an ORSA report.

At the conclusion of the session, attendees will be able to;

  • Understand the purpose and requirements of an ORSA report;
  • Describe the issues and challenges in developing an ORSA report; and
  • Assist in the development of an ORSA report.

Country Relevance: USA

Experience Level: Intermediate

Session Coordinator(s): Anthony E. Cappelletti, FSA, FCA, FCIA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): RGA

Competency: Strategic Insight and Integration

Moderator(s): Kathryn Suzanne Cox, FSA

Presenter(s): Samuel Chun, Ph.D.

This will be an interactive session delving into unexpected macro trend forces that could shift the future of the insurance industry. After a brief overview of each force, a dynamic facilitator will guide attendees through a collaborative brainstorming session to explore how these trends will impact our business and to generate ideas to consider in response.

At the conclusion of the session, attendees will be able to define and describe macro trend forces that could shift the future of the insruance industry and apply this new knowledge to their position and organization.

Follow-up: Sessions 114 PD, 131 PD

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): Kathryn Suzanne Cox, FSA

11:45 a.m. - 1:45 p.m.

SOA President Errol Cramer, FSA, MAAA, passes the gavel of office to Craig W. Reynolds, FSA, MAAA, who delivers his presidential address.

cramer-errol

Errol Cramer, FSA, MAAA
SOA President

reynolds-craig

Craig W. Reynolds, FSA, MAAA
SOA President-Elect

achor-shawn

Keynote Speaker: 
Shawn Achor
Positive Psychology Expert

Shawn Achor is the author of the international bestseller, The Happiness Advantage , and his newly released book, Before Happiness is a New York Times bestseller. Achor spent over a decade at Harvard University where he won over a dozen distinguished teaching awards for his work. He graduated magna cum laude from Harvard and earned a masters degree in Christian and Buddhist ethics. In 2006, he was named Head Teaching Fellow for "Positive Psychology," which eclipsed "Intro Economics" as the most popular course at Harvard.

In 2007, Achor founded Good Think Inc. to share his research with the world. Subsequently, he has lectured or researched in 49 countries, speaking to CEOs in China, school children in South Africa, doctors in Dubai, and farmers in Zimbabwe.

Achor has become the world's leading expert on the connection between happiness and success. In 2012, his research on happiness made the cover of Harvard Business Review, his TED talk is one of the most popular of all time with over 4 million views, and he has a new lecture airing on PBS called "The Happiness Advantage."

The Presidential Luncheon is included in your registration fee. You may register your guest(s) for the luncheon by including $75 per person with your registration fee. Admission tickets are available for purchase at the meeting as space permits. Refunds will not be given.

2:00 - 3:15 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Actuary of the Future Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Douglas T. Norris, FSA, MAAA, Ph.D.

Presenter(s): Jeff T. Heaton; David L. Snell, ASA, MAAA

Independent event Y has a 50% probability then we know that the probability of both happening together is 10%. But in real life applications, we generally don't know any of these precisely. How do we build models that better reflect a world where experts differ on probabilities, where people are tall or short instead of exactly X inches tall, and where we all have a slightly different impression about whether it is warm out?

This session will make Fuzzy logic a little less fuzzy, to you. You will see how it is used to model real world situations more effectively than the way you might have been taught previously. Fuzzy logic can be ideal for a situation where: 1. Your best estimate for interest, mortality expenses, etc. is more likely a range based upon input from several sources that do not completely agree. 2. Input is subjective (warm, cold, expensive, cheap, comfortable, ailing) instead of precise (37 degrees Celsius, mortality of 1.3%, $58,300) 3. The objects being modeled are not balls and urns, or dice; but consumer attitudes, regulatory trends, and other items more difficult to quantify precisely.

At the conclusion of the session, attendees will be able to:

  • Differentiate between "crisp" and fuzzy set theory;
  • Understand operations that are identical to (or different from) crisp logic;
  • Understand terms such as defuzzification , fuzzy hedges, and linguistic variables;
  • Determine if a problem is suitable for the application of a fuzzy logic approach; and
  • Explain fuzzy logic at a basic level to their colleagues.

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): David L. Snell, ASA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Entrepreneurial Actuaries Section

Competency: Results-Oriented Solutions

Moderator(s): Randy A. Gomez, FSA, EA, FCA, MAAA

Presenter(s): Marilyn Brophy; David N. Fanger, FSA, MAAA; Todd Foushee; Steve Fretwell; Stephen Galvan; Liam Patrick Monaghan, FSA, FIA, MAAA; Achille Sime-Lanang, FSA, CERA, FIAF, MAAA

Entrepreneurs will be pitching their business to the audience to entice them to invest in their business. The audience's responsibility is to ask questions regarding the business. Don't come if you don't have questions, this is meant to be interactive.

At the conclusion of the session, attendees will be able to:

  • Interpret a business plan;
  • Compare ideas regarding what may constitute a new business; and
  • Apply knowledge to setup your own business.

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): Thomas L. Totten, FSA, EA, FCA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: Professional Values

Moderator(s): Leonard Mangini, FSA, MAAA

Presenter(s): Leonard Mangini, FSA, MAAA; James A. Miles, FSA, MAAA

Experts will review Actuarial Standards of Practice (ASOPs) related to valuation and financial reporting. Topics of discussion include :

  • Data collection;
  • Data quality;
  • Credibility;
  • Supervision of others;
  • Reliance on others work product;
  • Models in and out of one's expertise;
  • Professional communications;
  • Duties to employers and clients; and
  • Control over usage of work product.

At the conclusion of the session, attendees will be able to identify applicable standards of practice and examine their applicability from the start to end of typical financial reporting duties.

Country Relevance: USA

Experience Level: All

Session Coordinator(s): Leonard Mangini, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): David M. Dillon, FSA, MAAA

Presenter(s): Pedro Luis Alcocer, FSA, MAAA; Julie A. Peper, FSA, MAAA

This session will cover post-Affordable Care Act health benefit plan design and potential opportunities for innovation as well as the constraints of compliance on medical/pharmacy/child dental coverage. Presenters will discuss Individual and Small Group metal plans sold on Exchanges, as well as fully insured and self-funded Large Group plans and other benefit plan approaches.

At the conclusion of the session, attendees will be able to understand practices with regards to Essential Health Benefit design and plan design for all lines of Major Medical Insurance.

Country Relevance: USA

Experience Level: Intermediate to Advanced

Session Coordinator(s): David M. Dillon, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): John R. Murphy, FSA, MAAA

Presenter(s): Scott D. Haglund, FSA, MAAA; John R. Murphy, FSA, MAAA; Robert F. Wade, FSA, MAAA

The presenters in this session review the key drivers of disability insurance profits, including morbidity, expenses, interest rates, and persistency. In addition to providing historical context on the profitability of this business, this session examines the impact of the current economic environment on growth and margins. Other topics may include items such as reinsurance, asset adequacy analysis, and pricing strategies.

At the conclusion of the session, attendees will be able to understand the drivers of profitability for disability insurance as well as recent trends.

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): Daniel D. Skwire, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Long Term Care Insurance Section; Product Development Section

Competency: Results-Oriented Solutions

Moderator(s): Jay D. Biehl, FSA, MAAA

Presenter(s): Vincent L. Bodnar, ASA, MAAA; Bonnie Elizabeth Wolf, FSA, MAAA

Given the recent sales results, Life/LTC and Annuity/LTC Hybrid products are having a significant impact on the insurance industry. Pricing and risk mitigation techniques are however still in the developmental stage.

Topics to be presented in this include but are not limited to:

  • Description of different LTC/chronic illness product designs;
  • Competitive landscape and current market;
  • Pricing assumptions;
  • Regulatory and policyholder tax considerations;
  • Modeling techniques; and
  • Pricing techniques for different product designs.

At the conclusion of the session, attendees will be able to :

  • Understand the different product designs in the Life/LTC and Annuity/LTC Hybrid market;
  • Develop basic models;
  • Understand the risks inherent in these products; and
  • Identify key questions that should be asked during the product development processbe asked during the product development process.

Country Relevance: USA

Experience Level: Intermediate

Session Coordinator(s): Anthony C. Laudato, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Marketing & Distribution Section; Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Michael E. Weilant, FSA, MAAA

Presenter(s): Amanda B. Turcotte, FSA, MAAA; Mary Lynch Wagnon, FSA, MAAA; Michael E. Weilant, FSA, MAAA

In this session you can hear from experts on trends in the worksite marketplace. The focus will be on products such as disability insurance, life insurance, health insurance, and other common supplemental products. Learn about market sales trends, group and individual filing approaches, product portability, and the use of guaranteed issue and simplified issue underwriting.

At the conclusion of the session, attendees will be able to identify current trends in the worksite marketplace and compare successful products with their portfolio.

Country Relevance: USA and Canada

Experience Level: All

Session Coordinator(s): Michael E. Weilant, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Emilie Bouchard, FSA, FCIA

Presenter(s): Karen Joy Hall, FSA, FCIA; Richard J. Hudson, FSA, EA, FCA, MAAA

The 2014 SOA Annual Meeting featured a four set series dedicated to risk sharing plans and reviewed global designs, actuarial considerations and best practices. As was discussed last year, many jurisdictions around the world are encouraging the research and development of risk sharing plans. We, therefore, continue with risk sharing plans in 2015 with a review of current research on these arrangements. Risk sharing pension plans have been part of the actuarial landscape for many years; however, have likely not been the focus of broad actuarial study until recently. As we begin to promote these plans as a better solution, we need to ensure valuation and funding of the plans is appropriate.

This session will review lessons learned on previous experience with risk sharing plans and investigate design features and funding strategies that have the greatest impact on stability and performance.

At the conclusion of the session, attendees will be able to describe characteristics of risk sharing plans, discuss approaches taken from a global perspective and explain design features and funding strategies that will optimize results.

Country Relevance: Non-Nation Specific

Experience Level: Intermediate

Session Coordinator(s): Drew Martin Luchies, FSA, FCIA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: Strategic Insight and Integration

Moderator(s): Nathan Christopher Zahm, FSA, EA, FCA

Presenter(s): Steven G. Vernon, FSA, MAAA

With 11,000 Baby Boomers turning 65 every day, retirement income issues are more important today than they've ever been. Combined with increasing longevity and a shift in how retirement benefits are accumulated and delivered, determining the "right" retirement income solution has also never been more complex. In this session, we will hear from experts who will share their ideas for creating optimal retirement income solutions.

Topics will include the role of Social Security, annuitization, draw down strategies, and the role of other assets, such as the home. Additionally, discussions will focus on how to also include tail risks such as long-term care needs and poor investment performance. Attendees at this session will leave with a more complete sense of the tools and strategies used today for retirement income and factors to consider when looking for optimal solutions.

At the conclusion of the session, attendees will be able to describe approaches for creating retirement income, explain the risks faced in retirement, and compare the pros and cons of different strategies.

Country Relevance: USA and Canada

Experience Level: All

Session Coordinator(s): Nathan Christopher Zahm, FSA, EA, FCA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Jeremy Allen Bill, FSA, MAAA

Presenter(s): Guillaume Briere-Giroux, FSA, CFA, MAAA; Christopher J. Foote, FSA, MAAA; Tim C. Pfeifer, FSA, MAAA

Over the last decade, indexed products have become very popular in both life insurance and annuities. This session will explore considerations impacting both product lines. Specifically, the session will cover topics such as hedging strategies, illustration requirements, development of proprietary indexes, U.S. GAAP considerations, and other items that impact both life and annuity indexed products.

At the conclusion of the session, attendees will be able to identify the issues that impact indexed life and indexed annuity products and determine ways that companies can address these issues.

Country Relevance: USA

Experience Level: Intermediate to Advanced

Session Coordinator(s): Jeremy Allen Bill, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: Results-Oriented Solutions

Moderator(s): Richard J. Tucker, FSA, MAAA

Presenter(s): Michael L. Kaster, FSA, MAAA; Lawrence A. Seller, FSA, MAAA; Katrina E. Spillane, FSA, MAAA

Indexed and variable annuities operate under different statutory reserve schemes. The presenters will explore potential reserve redundancies existing today for indexed annuities and how a VM-22 standard under development will affect this. For variable annuities, covering the mortality risk of GMDB's will be discussed. Updates will also be presented on the current state of the reinsurance marketplace for VA living benefits.

At the conclusion of the session, attendees will be able to identify annuity situations that can be addressed by reinsurance, specifically evaluate their own company's products, and develop programs to reduce risk levels and manage capital.

Country Relevance: USA

Experience Level: All

Session Coordinator(s): Richard J. Tucker, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Taxation Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Philip Ferrari, ASA, MAAA

Presenter(s): Philip Ferrari, ASA, MAAA; Frederick Gelfond; Lawrence M. Hersh, FSA, MAAA

Life insurance policyholder administration systems are rules based systems designed to administer complex actuarial requirements necessary for maintaining qualification with the Internal Revenue Code requirements under sections 7702 and 7702A, as well as the tax reporting requirements for payments made to policyholders and beneficiaries. Additionally, there is limited guidance available in a number of areas (e.g., necessary premium test requirements) with respect to application of these requirements. Having an effective "product tax compliance program" that oversees both the technical and operational elements necessary to ensure compliance throughout a product's lifecycle - issuance, administration, distributions/payments - is critical. Informal, inconsistent, and/or unsustainable product tax compliance operational protocols could increase the risk of non-compliant contracts for policy owners, translating into significant financial risk for insurance companies. Constructing best practices for ensuring product tax compliance protects not only the company, but its policy owners and insureds.

The presenters will discuss some of the issues that companies may face in administering policies for compliance with the Definition of Life Insurance (Section 7702) and Modified Endowment Contract (Section 7702A) provisions of the Code, as well as provide some recommendations around development of a sustainable and risk mitigating product tax compliance program.

At the conclusion of the session, attendees will better understand the types of considerations needed to maintain product tax compliance practices.

Country Relevance: USA

Experience Level: All

Session Coordinator(s): Philip Ferrari, ASA, MAAA

Credits: 1.50 CPD

Session Sponsor(s): RGA

Competency: Strategic Insight and Integration

Moderator(s): Michael H. Choate, FSA, MAAA

Presenter(s): Samuel Chun, Ph.D.; Timothy L. Rozar, FSA, CERA, MAAA; Chris Samuel

In the style of TED Talks, attendees will hear from several engaging presenters around the topic of reinventing insurance. Presentations may include topics around innovation in the insurance space, the impact of medical advances, how technology is changing the way insurance is sold and bought, social media and targeting younger generations.

At the conclusion of the session, attendees will be able to describe ways others have altered the insurance space through areas such as medical advances, technology and distribution.

Follow-up to: Session 98 OF

Follow-up: Session 131 PD

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): Kathryn Suzanne Cox, FSA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Society of Actuaries Research

Competency: External Forces & Industry Knowledge

Moderator(s): Cynthia MacDonald, FSA, MAAA

Presenter(s): Jaron Arboleda, ASA, MAAA; John A. (Jack) Luff, FSA, FCIA, MAAA; Thomas E. Rhodes, FSA, FCA, MAAA

During the 2015 VBT development, difficulties occurred in merging juvenile and young adult data and also older age select and ultimate data. A micro study was undertaken to examine these experience areas using the most recent data available through the Stat Agent process.

Similarly, there has been interest in the evolving pattern of preferred class structure. A micro study was also taken to address this area of interest using the most recent Stat Agent data.

At the conclusion of the session, attendees will be aware of the most recent trends of mortality in the two key areas addressed and also be familiar with the most recent trends in preferred class structure.

Country Relevance: USA

Experience Level: All

Session Coordinator(s): John A. (Jack) Luff, FSA, FCIA, MAAA

3:15 - 3:45 p.m.
A refreshment break is available for all meeting attendees.
3:45 - 5:00 p.m.

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: External Forces & Industry Knowledge

Moderator(s): Tara J. P. Hansen, FSA, MAAA

Presenter(s): Tara J. P. Hansen, FSA, MAAA; Michael J. Lockerman, FSA, MAAA; William J. Schwegler, FSA, MAAA

Experts will update the participants at this session on developments at the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) on insurance accounting proposals and the implications for U.S., Canadian and international insurers.

Topics covered will include:

  • Overview of key developments and potential details of changes to come;
  • Outlook for the timing and scope of proposals;
  • Perspectives on strategies for preparing for the potential changes;
  • Implications for the business generally and actuarial function specifically; and
  • High-level analysis of impact of changes of current proposals with multiple country perspectives (United States, Canada and other).

At the conclusion of the session, attendees will be able to:

  • Explain upcoming FASB/IASB changes;
  • Identify steps necessary to prepare for these changes; and
  • Compare impact of changes for United States and Canada.

Country Relevance: USA and Canada

Experience Level: All

Session Coordinator(s): Tara J. P. Hansen, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Predictive Analytics and Futurism Section; Actuary of the Future Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Douglas T. Norris, FSA, MAAA, Ph.D.

Presenter(s): Jeremy Dylan Achin; Brian D. Holland, FSA, MAAA; Dihui Lai, Ph.D.

As actuaries pay more and more attention to predictive modeling and its applications in insurance, the focus will gradually shift from basic techniques, such as generalized linear model, to more advanced models. Machine learning contains a collection of many advanced algorithms that have potential to solve insurance problems more effectively. Knowledge of these advanced models will prepare actuaries with more tools that can be utilized to answer business questions with high efficiency.

At the conclusion of the session, attendees will be able to:

  • Identify applicable machine learning model to solve insurance problems;
  • Understand the advantages and drawbacks of each approach; and
  • Describe the possible applications.

You may also be interested in one or more of the other Predictive Analytics for Actuaries sessions:

15 PD, 42 PD, 48 PD, 71 IF, 85 IF, 152 PD, 174 PD, 184 PD.

Country Relevance: Non-Nation Specific

Experience Level: Intermediate to Advanced

Session Coordinator(s): Qichun (Richard) Xu, FSA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Strategic Insight and Integration

Moderator(s): Kurt J. Wrobel, FSA, MAAA

Presenter(s): Karan Rustagi, ASA, MAAA; Jason Robert Siegel, FSA, MAAA; Kurt J. Wrobel, FSA, MAAA

The session will focus on the most important issues that could affect the long-term sustainability of the ACA Exchanges including the consistency of the ACA risk pool and the viability of the Exchanges. The attendees will get a more complete picture of the challenges that health insurance organizations will face once the risk protections are removed in 2017. The information will also help actuaries develop strategies and become conversant in the problem that health insurers may face in 2017. While pricing actuaries will benefit the most from this presentation, because of the importance of the ACA exchange policy, all health actuaries will benefit from this information.

At the conclusion of the session, attendees will be able to:

  • Identify the challenges that could impact the long term sustainability of the exchanges;
  • Highlight ideas that have been considered by other actuaries and experts that could improve the sustainability of the exchanges; and
  • Highlight how the SOA is working with outside experts to improve the public discussion of the ACA exchanges.

Country Relevance: USA

Experience Level: Intermediate

Session Coordinator(s): Joseph L. Wurzburger, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Christine Sue Bach, ASA, FCA, MAAA

Presenter(s): Christine Sue Bach, ASA, FCA, MAAA; Gregory Joseph Herrle, FSA, MAAA

This session will cover risk score basics such as an overview of the CMS MA-PD risk score models, how risk scores are determined for each beneficiary, and the timing of risk score data submissions and use. From there, we will move on to a discussion of how the risk scores are adjusted for use in the CMS bid pricing tool (BPT) including descriptions of the adjustment factors such as coding intensity factor, FFS normalization factor, etc. The session will then move into more intermediate level topics including the influx of baby boomers to Medicare and opportunities for risk score improvement.

At the conclusion of the session, attendees will be able to:

  • Understand how risk scores are determined and assigned;
  • Understand the timing of risk score data;
  • Explain the use of and reason for adjustment factors used in developing risk scores for use in BPTs Understand the impact of risk score on revenue;
  • Describe how the influx of baby boomers will affect Medicare risk scores and claim costs; and
  • Describe some of the potential opportunities that Medicare Advantage plans have to improve risk scores.

Country Relevance: USA

Experience Level: Beginner to Intermediate

Session Coordinator(s): Christine Sue Bach, ASA, FCA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): International Section; Technology Section

Competency: Results-Oriented Solutions

Moderator(s): Carlos Arocha, FSA, MAAA

Presenter(s): Pedro Fonseca, Ph.D.; Milanthi Sarukkali, FSA, Ph.D.; Petra Wildemann, DAV, SAV

The importance of transparent data management in insurance companies has increased considerably in recent years, with reproducibility, complex aggregation and privacy in fragmented data environments being important concerns. Companies rely on models and reports which consume data from many critical business units, from pricing, budgeting and planning to risk measurement and management. Quality and consistency of input data significantly influences a company's ability to appropriately grasp and steer the business, thus ranking high on senior management's agenda.

At the conclusion of the session, attendees will be able to identify, communicate and handle the business and technical challenges around data management in today's global insurance world.

Country Relevance: International

Experience Level: All

Session Coordinator(s): Carlos Arocha, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Investment Section

Competency: Strategic Insight and Integration

Moderator(s): Zachary Zunker Brown

Presenter(s): Zachary Zunker Brown; Samir Mathur

Managed volatility and managed risk strategies have experienced tremendous growth in recent years, especially within variable annuity products. We will trace the growth and evolution of these strategies since the financial crisis, both within the VA space and within other retirement savings products. There are a wide range of strategies currently in use (including target volatility, risk parity, tail risk hedging) with advantages and disadvantages to each approach. We will look at the performance of these strategies over the last several years, and at several different approaches to benchmarking. Finally, we will discuss potential future developments in the managed volatility and managed risk space.

At the conclusion of the session, attendees will be able to describe managed volatility strategies, understand their use, and understand the levers behind the growing use of these funds by the industry.

Country Relevance: Non-Nation Specific

Experience Level: Intermediate

Session Coordinator(s): Zachary Zunker Brown

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Modeling Section; Joint Risk Management Section (CAS, CIA and SOA)

Competency: Strategic Insight and Integration

Moderator(s): Matthew P. Clark, FSA, CERA, MAAA

Presenter(s): Matthew P. Clark, FSA, CERA, MAAA; Antonio D. Johnson, ASA, MAAA; Martin Sarjeant

This session will provide an overview of potential frameworks for developing, governing, and managing assumptions across departments. The governance and management discussion will focus on a number of areas, including:

  • Governance committee structure
    • Defined roles
    • Communicated and transparent policy
    • Representation from key functions;
  • Identification of key assumptions
    • Determining risk and exposure to each assumption
    • Determining areas where there is a lack of knowledge/experience/confidence;
  • Relationship between experience studies and assumption setting;
  • Monitoring industry developments and incorporation into best-estimate assumptions;
  • Sensitivity and stress testing of assumptions;
  • Setting and approval of final assumptions;
  • Experience monitoring; and
  • Assumption documentation and communication.

The session will describe potential operating models for how oversight groups, review committees, and functional groups should interact during the assumption setting process. The session will use sample case studies to show how organizations have improved the consistency and transparency of the assumption setting process by restructuring the way assumptions are approved and monitored. The session will utilize a survey tool, to encourage audience participation and help provide additional viewpoints on the assumption setting process across the industry.

Attendees will be able to:

  • Evaluate whether their organization has opportunities to restructure their assumption governance framework to streamline the assumption-setting process;
  • Identify weaknesses in their current assumption management process, including communication barriers between departments, inconsistencies between how assumptios are monitored and updated, and deficiencies in documentation; and
  • Explain to actuarial and non-actuarial executives the benefits of a formally defined assumptions process framework, both in terms of efficiency and knowledge gains.

Country Relevance: Non-nation specific

Experience Level: All

Session Coordinator(s): N. Shane Leib, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Core EA

Session Sponsor(s): Pension Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Andrew J. Peterson, FSA, EA, FCA, MAAA

Presenter(s): George A. Graziani, FSA, FCIA; Allen M. Klein, FSA, MAAA

Within the work on the new MP-2014 scale, a new method was developed for determining short-term mortality improvement. The first part of this session will describe that work and approach. The second part of the session will describe a different approach to mortality where one looks back at what has caused recent improvement and determines whether or not that will continue into the future. Then it looks at current and future events, both positive and negative, and many that you are likely unaware of, to also help determine future mortality improvement.

At the conclusion of the session, attendees will have two potential new tools to help in their determination of mortality improvement assumptions.

Country Relevance: Non-Nation Specific

Experience Level: Intermediate

Session Coordinator(s): Andrew J. Peterson, FSA, EA, FCA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: Strategic Insight and Integration

Moderator(s): Monica Dragut, FSA, EA, MAAA

Presenter(s): Mathew Greenwald; Anna M. Rappaport, FSA, MAAA

Since 2001, the Society of Actuaries has conducted surveys every two years on how the public understands and manages various post-retirement risks. The 2015 Risk and Process of Retirement Survey is the 8th survey in this series and will provide up-to-date findings, trends, and insights which are important as retirees must manage post-retirement risks in an era of increased individual responsibility. Pension actuaries, as well as those who advise and build retirement products for individuals, will benefit from the insights coming from this year's survey.

At the conclusion of the session, attendees will be able to identify and understand current trends in how retirees are managing various post-retirement risks.

Country Relevance: USA and Canada

Experience Level: All

Session Coordinator(s): Monica Dragut, FSA, EA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Results-Oriented Solutions

Moderator(s): David J. Weinsier, FSA, MAAA

Presenter(s): Jennifer L. McGinnis, FSA, CERA, MAAA; Brock E. Robbins, FSA, FCIA, MAAA; David J. Weinsier, FSA, MAAA

In this session, experts will discuss a range of common in-force management techniques across life and annuity products. Topics to be presented include, but are not limited to:

  • Product, customer and sales management considerations;
  • Considerations related to: hedging, reinsurance, post-level term premiums, management of non-guaranteed elements, buy-back programs and other risk management techniques; and
  • Managing continued low interest rates and preparing for a potential spike in interest rates, including current research on this topic.

At the conclusion of the session, attendees will be able to:

  • Identify in-force block issues and risks for life and annuity products;
  • Understand common in-force and risk management techniques; and
  • Identify key factors when evaluating and managing in-force portfolios across a range of product lines. 

Country Relevance: Non-Nation Specific

Experience Level: All

Session Coordinator(s): Dean Andrew Kerr, FSA, ACIA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: Strategic Insight and Integration

Moderator(s): Joseph J. Atamaniuk

Presenter(s): Robert A. Diefenbacher, FSA, MAAA; George J. Hrischenko, FSA, MAAA; Elizabeth Jean Millard, FSA, MAAA

The goal of this session is to provide attendees with an update on current trends in reinsurance. Reinsurance can provide significant value by improving capital efficiency, risk management and knowledge sharing with clients. This session will enable an attendee to better understand how a reinsurance relationship may assist them in achieving their company's goals.

At the conclusion of the session, attendees will be able to:

  • Describe current trends with the use of reinsurance;
  • Identify hot topics for reinsurers; and
  • Explain some of the potential benefits reinsurance can provide.

Country Relevance: USA and Canada

Experience Level: All

Session Coordinator(s): Catherine J. Bierschbach, FSA, MAAA

Credits: 1.50 CPD

Session Sponsor(s): Smaller Insurance Company Section

Competency: Strategic Insight and Integration

Moderator(s): Bryan Neil Amburn, FSA, MAAA

Presenter(s): Bryan Neil Amburn, FSA, MAAA; Timothy C. Cardinal, FSA, MAAA; Kevin A. Dill, ASA, MAAA; Pamela A. Hutchins, FSA, MAAA; Terry M. Long, FSA, MAAA; Donald M. Walker, ASA, MAAA

Please join your fellow smaller company members to share stories from the first half of the year as well as thoughts and ideas for the remainder of 2015 and beyond. Discussions will range from the impact of the existing economic situation to the state of regulation. You will have a chance to share what is working and not working in your companies. How are you juggling your many tasks with limited resources? Come and take part in a think tank session where peers collaborate and discuss where they've been and where they need to go.

At the conclusion of the session, attendees will be able to:

  • Discuss hot topics among smaller insurance company actuaries
  • Demonstrate knowledge of the economic environment and its impact on smaller insurance companies
  • Demonstrate knowledge of the regulatory environment and its impact on smaller insurance companies.

Experience Level: Intermediate

Session Coordinator(s): Steven C. Chamberlin, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Taxation Section

Competency: External Forces & Industry Knowledge

Moderator(s): Brian G. King, FSA, MAAA

Presenter(s): Brian G. King, FSA, MAAA; Kimberly W. Lunn, JD; Craig R. Springfield, JD

The presenters will discuss recent developments in the taxation of life insurance, annuity, long-term care and hybrid products, including any recent IRS guidance and private letter rulings issued by the IRS. The presenters will also provide an update on product related items on the IRS Priority Guidance Plan as well as any new developments around tax reform proposals relating to products sold by life insurance companies.

At the conclusion of the session, attendees will be aware of recent developments in life insurance product taxation and the industry impacts of those developments.

Country Relevance: USA

Experience Level: All

Session Coordinator(s): Philip Ferrari, ASA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): RGA

Competency: Strategic Insight and Integration

Moderator(s): Brian A. Sibley, FSA, MAAA

Presenter(s): Peter Banthorpe, FIA, MA; Kevin J. Pledge, FSA, FIA; Chris Samuel

The best idea isn't necessarily a new idea, but one that has been modified and successfully executed. Countries such as South Africa are inherently innovative. In this session, attendees will be introduced to creative products around the world, how they were developed, and how they have evolved. Attendees will leave with specific product ideas that can be modified to suit their distribution and company.

At the conclusion of the session, attendees will be able to:

  • Describe product ideas from various countries;
  • Determine ways to implement a similar product in their market; and
  • Apply the knowledge of each product offering to develop a new product within their organization.

Country Relevance: Non-Nation Specific

 

Experience Level: All

Session Coordinator(s): Kathryn Suzanne Cox, FSA

4:30 - 6:30 p.m.
The exhibit hall is open for all meeting attendees at the Austin Convention Center.
7:00 - 10:00 p.m.

Session Sponsor(s): Entrepreneurial Actuaries Section; Investment Section

Moderator(s): TBD

Presenter(s): TBD

We welcome actuaries from all Sections, whether you're a newbie to the wine world or a dedicated oenophile! Join your fellow actuaries for this wine tasting accompanied by light hors d'oeuvres as a sommelier guides us through the tasting and appreciation process. Only one block from the convention center.

This event is open to all meeting attendees. There is a nonrefundable fee of $15 per person for Entrepreneurial Actuaries and Investment Section members and $25 for all others. Please include the additional fee with your registration.

Session Coordinator(s): Pauline Reimer, ASA, MAAA  

Presentation(s): View Presentation

Session Sponsor(s): Technology Section; Investment Section

Moderator(s): Albert Jeffrey Moore, ASA, MAAA

Presenter(s): Carolina Blanco, DDS, WIM

Chess is a universal sport that relies on logic, analysis, strategy and planning. Chess is also a fun social activity. Join us for a friendly but competitive evening of speed chess. In addition to the tournament, come hear International Chess Master, Carolina Blanco, speak on "Zwischenzug and Zugzwang: Two Game-Changing Tactics to Improve Your Results".

The SOA Technology and Investment sections are sponsoring a 10-minute speed chess tournament as a unique networking event. "Ten-minute speed chess" means that, while the standard rules of chess apply, each player receives only 10 minutes to make all of his/her moves for each game. A local tournament organizer will run the tournament, so there's no need for you to bring your sets and clocks. We will be using the Swiss pairing system that allows players of like skill levels to compete together as the event progresses. Complete tournament rules will be available and reviewed before the event.

This event is named after Thomas C. Barham III, FSA, EA, FCA, MAAA, MSPA, who exemplified actuarial professionalism in conjunction with his passion for chess. Mr. Barham was both a past president of the prestigious Manhattan Chess Club, as well as a U.S. National Chess Master. Mr. Barham passed away in 2002. A more detailed biography is available on the SOA's website.

Join us for light refreshments, and then participate in the speed chess tournament or play a few casual games of chess, attend the chess lecture or just spectate -- or maybe all of the above! The tournament is scheduled to run from 7:00 p.m. sharp to 9:00 p.m.. Afterwards, WIM Blanco will demonstrate that a "zwischenzug" is much more than just a funny-sounding German word, and then conclude the networking event by taking on all comers in a blitz chess.

This event is open to all meeting attendees. There is a nonrefundable fee of $10 per person for Technology and Investment Section members and $20 for all others. Please include the additional fee with your registration.

This event will be held at the JW Marriott Austin.

Session Coordinator(s): Albert Jeffrey Moore, ASA, MAAA

Back

Legend

Communication

Demonstrating the listening, writing and speaking skills required to effectively address diverse technical and nontechnical audiences in both formal and informal settings.

Professional Values

Adhering to standards of professional conduct and practice where all business interactions are based on a foundation of integrity, honesty and impartiality.

External Forces & Industry Knowledge

Identifying and incorporating the implications of economic, social, regulatory, geo-political and business changes into the design and delivery of actuarial solutions.

Leadership

Initiating, innovating, inspiring, creating or otherwise acting to influence others regardless of level or role toward a common goal.

Relationship Management & Interpersonal Collaboration

Creating mutually beneficial relationships and work processes toward a common goal.

Technical Skills & Analytical Problem Solving

Applying the actuarial knowledge, skills and judgment required to provide value-added services.

Strategic Insight & Integration

Anticipating trends and strategically aligning actuarial practice with broader organizational business goals.

Results-Oriented Solutions

Providing effective problem solving that addresses relevant interests and needs.