Life & Annuity Symposium

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Tuesday, May 17
7:00 a.m. – 4:30 p.m.
Registration is open for all meeting attendees.
7:15 – 8:15 a.m.
A breakfast buffet is available for all meeting attendees.
7:00 – 8:00 a.m.

Session Sponsor(s): Education & Research Section

Moderator(s): Thomas P. Edwalds, FSA, ACAS, MAAA

Accomplishments, goals, and concerns of the Education & Research Section will be discussed at this networking breakfast.

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.

Session Coordinator(s): Thomas P. Edwalds, FSA, ACAS, MAAA

Presentation(s): View Presentation

Session Sponsor(s): Leadership & Development Section

Moderator(s): Kelly M. Hennigan, FSA, CFA

Presenter(s): Nancy Reece

Join the Leadership & Development Section, and guest speaker Nancy Reece, Senior Consultant with The Human Capital Group, to discuss overcoming your strengths. The strengths that result in getting you to your current place of success may hinder your ability to advance and continue on the path of success. Attend this breakfast to further learn how to advance your career and avoid career derailment by overcoming your strengths. 

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.

Session Coordinator(s): Kelly M. Hennigan, FSA, CFA

Session Sponsor(s): Product Development Section

Moderator(s): Thomas R. Dlouhy, FSA, MAAA

Members of the Product Development Section and all other attendees are invited to enjoy a hot breakfast, networking and a presentation on the topic of professionalism.

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.

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

8:15 – 9:30 a.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Strategic Insight and Integration

Moderator(s): Kendrick D. Lombardo, FSA, MAAA

Presenter(s): Eileen Sheila Burns, FSA, MAAA; Kendrick D. Lombardo, FSA, MAAA; Timothy S. Paris, FSA, MAAA

Description:

How efficient are policyholders with respect to exercising options in their annuity riders? What is the agent influence? The presenters at this session will explore these and other aspects of policyholder behavior to assess the risks in annuity products.

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

  • Identify options available in annuities, including riders;
  • Describe the behaviors and their impact; and
  • Develop tools to analyze and predict behaviors.

Note: This session will be repeated on Tuesday, May 17, at 12:45 to 2:00 p.m. See Session 63 PD.

Country Relevance: US and Canada

Experience Level: All

Session Coordinator(s): Kendrick D. Lombardo, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): James M. Filmore, FSA, MAAA

Presenter(s): James M. Filmore, FSA, MAAA; Timothy C. Pfeifer, FSA, MAAA; Andrew G. Steenman, FSA, MAAA

Description:

Experts at this session will give attendees an idea of what individual life insurance products are currently successful from a sales perspective. They will also discuss areas where there could be risks and how to manage those risks.

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

  • Describe what products and riders are currently in favor in the US life insurance market; and
  • Identify the risks in those products so they can better manage those risks.

Country Relevance: US

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: External Forces & Industry Knowledge

Moderator(s): James A. Miles, FSA, MAAA

Presenter(s): Matt Drinkwater, Ph.D., FLMI, AFSI, PCS; Jafor Iqbal

Description:

Deferred Income Annuities (DIAs), with their quick adoption as qualified longevity annuity contracts (QLACs), show considerable promise for sales growth as more advisors and firms show interest in the product's ability to address longevity risks for Americans. However, buyers and advisors must know how to use DIAs to maximize their benefit to meet income goals while maintaining a retirement portfolio throughout retirement. Attend this session to learn how variables like buyer age, longer or shorter deferral periods, and the proportion of the portfolio used to purchase the DIA can support better outcomes for retirees, and how these factors impact portfolio sustainability.

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

  • Determine the optimum DIA investment amount in relation to the investor's portfolio, age, and deferral period;
  • Identify how DIAs can be used in a portfolio to reduce longevity risk in different market conditions; and
  • Evaluate how different flexibility features can be positioned to enhance the appeal of DIAs by annuity product developers.

Country Relevance: US

Experience Level: All

Session Coordinator(s): Matt Drinkwater, Ph.D., FLMI, AFSI, PCS

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Gregory A. Brandner, FSA, MAAA; Michael David Hoyer, FSA, MAAA; Mark Andrew Sayre, FSA, CERA, MAAA

Description:

Our industry continues to search for ways to better serve the middle market.  One type of initiative is to ease the steps needed to fulfill medical underwriting.  Substituting data mining for invasive medical procedures holds great promise, but at what of increased mortality?  Experts at this session will explore new data mining and discuss associated mortality levels result.

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

  • Describe recent trends in easing the client application process;
  • Describe the potential impact on mortality of an eased process; and
  • Describe how data mining might be used to ease the process.

Country Relevance: US and Canada

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section; Joint Risk Management Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Ronora E. Stryker, ASA, MAAA

Presenter(s): Thomas P. Edwalds, FSA, ACAS, MAAA; Kailan Shang, FSA, ACIA; Marc Alexandre Vincelli, ASA

Description:

The modeling and mitigation of extreme events is complex due to scarcity of experience data, emergence of new risks, dependence among risks and other factors. Often, familiar traditional statistical techniques are not enough to address these issues. To provide a resource for practitioners outlining more advanced tools for extreme risk analysis, the Financial Reporting Section, the Committee on Life Insurance Research and the Committee on Finance Research sponsored research resulting in a primer on this topic. Experts at this session will present the results of the study and explore extreme events from the perspective of a global insurance company, with an emphasis on market risk, credit risk, insurance risk, liquidity risk and business risk. They will also intoduce practitioners to extreme risk concepts and models.

At the conclusion of the session, attendees will have knowledge of techniques to better model historical and potential future extreme events and assess the financial impact of extreme events leading to improved risk management and mitigation strategies.

Country Relevance: Non-Nation-Specific

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Joint Risk Management Section; Modeling Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Mark Stephen Mennemeyer, FSA, MAAA

Presenter(s): Kristen E. Dyson, FSA, MAAA; Mark Stephen Mennemeyer, FSA, MAAA; Daron J. Yates, FSA, MAAA

Description:

With the rapid growth in modeling capabilities and technology resources, actuaries are being called upon to produce more frequent and more detailed analysis than has previously been possible. While this is generally good news for product managers who need timely results, risk managers must be aware of the accompanying growth in model risk. Presenters at this session will explore sources of model risk and practical approaches for managing it. Attendees will be exposed to considerations such as validation techniques, reporting tools, and interaction with governance processes.

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

  • Identify sources of model risk;
  • Manage risk exposures; and
  • Design reliable processes.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Mark Stephen Mennemeyer, FSA, MAAA

Credits: 1.50 CPD

Session Sponsor(s): Leadership and Development Section

Competency: Relationship Management & Interpersonal Collaboration

Moderator(s): Kelly M. Hennigan, FSA, CFA

Presenter(s): Nancy Reece

Description:

Nancy Reece, Senior Consultant with The Human Capital Group, will discuss the various levels of leadership. The ability to lead at all levels of the organization - leading up with supervisors and boards, leading sideways with peers, leading down with employees, and the critical component of leading yourself, is critical in the achievement of sustained results.

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

  • Identify leadership at all levels of an organization;
  • Describe skills appropriate to leading in relationships with supervisors, peers, and employees; and
  • Demonstrate skills appropriate to leading yourself.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Kelly M. Hennigan, FSA, CFA

Credits: 1.50 CPD

Session Sponsor(s): Predictive Analytics and Futurism Section; Education & Research Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): James Palmier, MD, MPH, MBA, FLMI

Presenter(s): Brian Lanzrath; James Palmier, MD, MPH, MBA, FLMI

Description:

Presenters at this session will cover three practical applications of predictive modeling in life insurance: 

  1. Lab-Based Mortality Models - An overview of the development of a multivariate proportional hazards mortality model from a database of over 13 million fully-underwritten lives. 
  2. Examiner and Agent Quality Assessment with Big Data Analytics -A discussion regarding the use of big data to minor (minor?) quality in agents and examiners, including metrics of reported data veracity. 
  3. Fraud Detection - A description of analytics-based approaches to fraud detection, including indicators of collusive relationships, falsified medical histories, and affinity-group fraud.

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

  • Analytically evaluate the relationships between underwriting variables and mortality outcomes; 
  • Identify common signatures of falsified/unreliable field-collected data; and 
  • Describe common characteristics of affinity fraud and its most analytically tractable markers in application data.

Country Relevance: Non-Nation-Specific

Experience Level: Intermediate

Session Coordinator(s): Ricardo Trachtman, FSA, MAAA

9:30 – 10:00 a.m.
A refreshment break is available for all meeting attendees.
10:00 – 11:15 a.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Guillaume Briere-Giroux, FSA, MAAA

Presenter(s): Guillaume Briere-Giroux, FSA, MAAA; Michael C. Frings, FSA, MAAA; Richard P. Smolinski, FSA, MAAA

Description:

Indexed annuity sales have grown significantly in the past few years and currently account for much of the net positive inflow into annuity products. This growth has been driven in no small part by guaranteed lifetime withdrawal benefit (GLWB) offerings. With this proliferation in indexed annuity sales, it is important to review considerations in pricing and modeling indexed annuities and optional guarantees. At this session, attendees will learn more about pricing frameworks for indexed annuities and their optional guarantees.

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

  • Identify methods for analyzing the profitability of indexed annuities;
  • Compare pricing techniques for guaranteed benefits across variable and indexed annuity product lines; and
  • Select appropriate frameworks for pricing guaranteed lifetime withdrawal benefits in indexed annuities.

Country Relevance: US

Experience Level: Intermediate

Session Coordinator(s): Simpa A. Baiye, FSA, CFA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Francis L. Radnoti, FSA, MAAA

Presenter(s): Brandon Patrick Emerson, FSA, CERA, MAAA; Laura Alden Hanson, ASA, MAAA; Francis L. Radnoti, FSA, MAAA

Description:

Companies that sell indexed universal life have enacted changes to its illustrations due to the requirements and updates to Actuarial Guideline 49 (AG 49). This workshop will address issues and solutions to concerns that arise from reading and interpreting AG 49.

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

  • Identify areas of Actuarial Guideline 49 (AG 49) that companies are evaluating;
  • Determine areas of concern regarding applications of AG 49; and
  • Compare approaches taken related to AG 49.

Country Relevance: US

Experience Level: Intermediate to Advanced

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Kendrick D. Lombardo, FSA, MAAA

Presenter(s): Christopher Kirk Brown, FSA, MAAA; Seng Siang Goh, FSA, MAAA; Kendrick D. Lombardo, FSA, MAAA

Description:

Experts at this session will begin with a basic overview of market consistent embedded value (MCEV) principles, and then address how they apply when pricing a product. The presenters will walk through case studies that compare pricing a life insurance and an annuity product under both traditional and MCEV methods.

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

  • Understand how pricing is different under an market consistent embedded value (MCEV) framework in comparison with a traditional framework;
  • Evaluate how their products might need to change in order to succeed in this environment; and
  • Design a product that meets these criteria.

Country Relevance: Non-Nation-Specific

Experience Level: Intermediate

Session Coordinator(s): Kelly J. Rabin, FSA, MAAA

Presentation(s): View Presentations

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): George E. Eknaian, FSA, CERA, MAAA

Presenter(s): Jason E. Kehrberg, FSA, MAAA; Alan J. Routhenstein, FSA, MAAA; Jeffrey S. Schlinsog, FSA, MAAA

Description:

This session is intended for actuaries involved in the life insurance business, whether pricing, valuation, or asset liability management. Experts will address the implications of AG 48 and VM-20 on company investment strategy, with particular attention to the impact of interest rate projections. Actuaries who attend this session will learn more about VM-20 how its requirements will impact the investments and ultimately the pricing of new business using principle-based reserves.

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

  • Explain principle-based reserves (PBR); 
  • Describe the investment strategy implications of AG 48 and VM-20; and
  • Explain to management and their investment counterparts the strategy implications of PBR on new business pricing.

Country Relevance: US

Experience Level: Intermediate

Session Coordinator(s): George E. Eknaian, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Modeling Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Anthony Dardis, FSA, CERA, FIA, MAAA

Presenter(s): Anthony Dardis, FSA, CERA, FIA, MAAA; Trevor C. Howes, FSA, FCIA, MAAA; Tung Tran, ASA, MAAA

Description:

Model efficiency is a hot topic in the industry and it consists of a wide range of techniques.  Experts at this session will provide an overview and discussion of several of these techniques. They will also discuss how model efficiency fits into a model governance framework.

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

  • Define model efficiency techniques; and
  • Describe model governance aspects of model efficiency.

Country Relevance: Non-Nation-Specific

Experience Level: Intermediate

Session Coordinator(s): Brenna R. Gardino, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Taxation Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Jean Baxley, JD, LLM; Timothy Gregory Branch, FSA, MAAA; Mark S. Smith, CPA, Esq.

Description:

The presenters at this session will describe key aspects of life insurance company taxation that actuaries may need to consider in life and annuity pricing, valuation and modeling exercises.  They will gear topics towards actuaries with low to moderate knowledge of tax reserves and related items.They will make a point to include general tax reserve computational rules, the impact of changes in reserve basis and the basics of capitalization of policyholder acquisition expenses (a.k.a., "Tax DAC"). Additional discussion topics may include treatment of investments, reinsurance, hedging, proration and the "company share percentage," and limitations on the use of losses.

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

  • Describe key actuarial aspects of life insurance company taxation; and
  • Identify questions and challenges related to incorporating company taxes in actuarial models.

Country Relevance: US

Experience Level: Beginner to Intermediate

Session Coordinator(s): Michelle Lynn Cramer, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Technology Section

Competency: Strategic Insight and Integration

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

Presenter(s): Albert Jeffrey Moore, ASA, MAAA; Kelly J. Rabin, FSA, MAAA; Steven L. Stockman, ASA, MAAA

Description:

In the software world, there are two basic camps of project management: waterfall and agile. The presenters at this session will address the benefits of adopting an agile approach to project management. Many organizations are using agile approaches to transform pricing, financial reporting and other actuarial functions. The focus on continuous process improvement and change lends itself to the iterative nature of the agile methodologies. The presenters will describe how their organizations have successfully introduced this approach, discuss some of the challenges and potential missteps and explore why agile actuaries can have a transformative impact in their roles.

At the conclusion of the session, attendees will be able to use strategies of agile project management to incorporate and recommend improvement in their actuarial projects and functions.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Jenna Lauren Fariss, ASA, MAAA

11:30 a.m. – 12:30 p.m.

This is your opportunity to network with your peers during lunch. And don't forget to make new professional connections and explore fresh opportunities!

The 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 available.

12:45 – 2:00 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Strategic Insight and Integration

Moderator(s): Kendrick D. Lombardo, FSA, MAAA

Presenter(s): Eileen Sheila Burns, FSA, MAAA; Kendrick D. Lombardo, FSA, MAAA; Timothy S. Paris, FSA, MAAA

Description:

How efficient are policyholders with respect to exercising options in their annuity riders? What is the agent influence? The presenters at this session will explore these and other aspects of the policyholder behavior to assess the risks in annuity products.

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

  • Identify options available in annuities including riders;
  • Describe the behaviors and their impact; and
  • Develop tools to analyze and predict behaviors.

Note: This session is a repeat of Session 44 PD.

Country Relevance: US and Canada

Experience Level: All

Session Coordinator(s): Kendrick D. Lombardo, FSA, MAAA

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Donna Christine Megregian, FSA, MAAA

Presenter(s): Donna Christine Megregian, FSA, MAAA; Elaine Tumicki, CLU, ChFC, LLIF

Description:

The product development process can be painful for some companies. It may be slow, lack innovation, and even constrain resources. A recent survey queried companies about their processes, as well as how they have and want to improve the process.  Attendees will hear survey results, see trends from previous research and learn insights from companies that may be in the process of improving their product development process.

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

  • Identify trends from previous research and compare product development cycles; and
  • Apply insights from the survey to improve product development.

Country Relevance: Non-Nation-Specific

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Results-Oriented Solutions

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

Presenter(s): Steven H. Cox, FSA, MAAA; James M. Glickman, FSA, MAAA; Roger Loomis, FSA, MAAA

Description:

The LTC Section gathered pricing assumptions at three points in time: 2000, 2007 and 2014. Their goal was to stochastically test the risk of future rate increases from each period. The results of this study will be discussed and translated by experts to related hybrid products and riders at this session. They will do so from the perspective of assumption setting and product features. They will also address the competitive landscape across hybrid products and riders.

At the conclusion of the session, attendees will:

  • Understand how LTCi pricing has changed over the last 15 years;
  • Be able to apply this understanding to rider and hybrid product pricing; and
  • Have a better understanding about the current competitive landscape for these products.

Country Relevance: US

Experience Level: All

Session Coordinator(s): Brandon Patrick Emerson, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Marketing & Distribution Section

Competency: Strategic Insight and Integration

Moderator(s): Andrew G. Steenman, FSA, MAAA

Presenter(s): Benjamin Filip; Jay M. Jaffe, FSA, MAAA

Description:

Marketing life insurance products is more dynamic than ever - from Web 1.0 to 2.0, through social media, and with the proliferation of mobile devices. Successful companies, agents and brokers must keep up with technology to give their front lines the tools to reach consumers young and old. Experts at this session will provide an update on recent trends in distribution channels and insurance marketing. They will include the use of technology both in digital marketing and in assisting agents and brokers to efficiently close sales.

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

  • Identify new tools to help their companies promote their products better;
  • Describe the latest distribution trends; and
  • Develop a better understanding of how products are being presented to potential clients.

Country Relevance: US and Canada

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Education & Research Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Thomas P. Edwalds, FSA, ACAS, MAAA

Presenter(s): Chin-Mei Yvonne Chueh, ASA, Ph.D.; Louis Adam, FSA, FCIA

Description:

Experts at this session will present two analyses of older age mortality data.  Prof. Louis Adam of Laval University will discuss a stepwise regression analysis of CPP/QPP pensioners data from 1990 through 2011, with a focus on the relative effects of income, birth cohort and region on mortality at ages 60+.  Prof. Yvonne Chueh of Central Washington University will then introduce a novel nonparametric estimator based on machine learning approaches that will explore the k-th nearest neighbor distances between sample points. This estimator measures the direction and magnitude of dependency between two variables. The use of this measure will be illustrated using the IAEC 2000-08 individual annuity mortality data for attained ages 60+.

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

  • Describe the effects on mortality at ages 60+ of income, region, and birth cohort exhibited in the CPP/QPP 1990-2011 experience data;
  • Describe the effects on mortality at ages 60+ of income group and other predictors exhibited in the IAEC 2000-08 individual annuity experience data; and
  • Describe the k-th nearest neighbor distance measure and identify its advantages.

Country Relevance: US and Canada

Experience Level: Intermediate

Session Coordinator(s): Thomas P. Edwalds, FSA, ACAS, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Entrepreneurial Actuaries Section; Predictive Analytics and Futurism Section

Competency: Strategic Insight and Integration

Moderator(s): Ricardo Trachtman, FSA, MAAA

Presenter(s): Jeremy Dylan Achin; Simon Lightstone

Description:

Explosive data availability and developments in big data present new opportunities for the insurance industry, as well as challenges from new competitors. Presenters from outside the insurance industry will share insights and comments on big data in this session. They will cover concrete examples of how big data changes the planet and can change your business. Attendees will hear a brief introduction to big data analytics and learn about using big data to drive growth. Particular examples of various healthcare related applications such as the early prevention of diseases will be presented.

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

  • Understand the technology behind big data; 
  • Explain how big data is critically changing the present and the future business environment; and
  • Identify new opportunities big data can create in the insurance industry.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): William Rearden, ASA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: External Forces & Industry Knowledge

Moderator(s): Jason E. Kehrberg, FSA, MAAA

Presenter(s): Michael W. Boerner, ASA, MAAA; Timothy C. Cardinal, FSA, MAAA; Jason E. Kehrberg, FSA, MAAA; Leonard Mangini, FSA, MAAA

Description:

With principle-based reserving headed towards a 2017 implementation date, the original PBA Implementation Guide is being updated to reflect the latest developments. Companies have had varied experiences preparing for this complex new reserving regime. At this session, presenters will share insights and discuss issues related to implementing PBA using the PBA Implementation Guide and the AAA PBA Practice Note.

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

  • Better visualize how to implement PBA for their company;
  • Identify potential pitfalls to avoid;
  • Identify potential possibilities to consider; and
  • Develop contacts with others whose implementation issues have similarities to their company.

Country Relevance: US

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Modeling Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Anthony Dardis, FSA, CERA, FIA, MAAA

Presenter(s): Anthony Dardis, FSA, CERA, FIA, MAAA; Ronald J. Harasym, FSA, CERA, FCIA, MAAA; Andrew Ching Ng, FSA, MAAA

Description:

The presenters at this session will discuss several model efficiency techniques from real-life case studies.  These case studies will illustrate how companies are actually using model efficiency techniques in practice.  The panel will consist of experts who can speak from experience regarding methods that have worked well and share lessons learned in the process.

At the conclusion of the session, attendees will be able to describe benefits and applications of model efficiency.

Country Relevance: Non-Nation-Specific

Experience Level: Intermediate

Session Coordinator(s): Brenna R. Gardino, FSA, MAAA

2:00– 2:30 p.m.
A refreshment break is available for all meeting attendees.
2:30 – 3:45 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Results-Oriented Solutions

Moderator(s): Kelly J. Rabin, FSA, MAAA

Presenter(s): Jay M. Jaffe, FSA, MAAA; Steve Leigh; Philip R. Murphy, FLMI, MBA

Description:

In order to grow and serve new markets, it is critical that companies are able to develop innovative products. But is the company really ready to do so?  Experts in this session will discuss how to assess what areas (underwriting, systems and don't forget actuarial!) are likely to trip up a new product effort, and what can be done to prepare in advance. They will also walk through a case study of creating a new simplified issue product, and touch on ideal organization structures.

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

  • Assess their organization's readiness to develop innovative products;
  • Identify what steps their company can take to reduce the pain points associated with this process; and
  • Improve relationships with the functional areas across the company.

Country Relevance: US and Canada

Experience Level: All

Session Coordinator(s): Kelly J. Rabin, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Marketing & Distribution Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Maria Patricia Marcelo Arellano, FSA, CERA, MAAA

Presenter(s): Andy Ferris, FSA, FCA, MAAA; Sarah R. Hinchey, FSA, CERA; Patrick Sugent

Description:

Consumer analytics can be used in the marketing organization to generate leads, pre-qualify clients, and create new opportunities within an existing client base. Attend this session to learn how the growing tools of predictive modeling can contribute to the success of your marketing organization. A panel of experts will discuss the implementation of analytics programs in their organizations and the industry itself, and how they improve the efficiency of distributing products.

At the conclusion of this session, attendees will have an understanding of the applications of predictive modeling in the marketing organization and be able to describe the value that it can provide for agents, for actuaries and for their companies.

Country Relevance: US and Canada

Experience Level: Intermediate

Session Coordinator(s): Maria Patricia Marcelo Arellano, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: External Forces & Industry Knowledge

Moderator(s): Allen M. Klein, FSA, MAAA

Presenter(s): Mark Dion, FALU, FLMI; Kim Genik; Laura Vecchione, MD

Description:

Mortality is the bedrock of life insurance, but it is often an assumption that a pricing actuary either takes as a given or derives using an algorithm. Our colleagues in the underwriting and medical teams spend a lot of time focusing on the micro aspects of mortality such as the impact of medical advances for particular diseases. As with economics, it best to understand both the micro and macro aspects of mortality. The goal of this session is to provide attendees with insights into both worlds.

At the conclusion of this session, participants will have been exposed to both micro and macro drivers of mortality and learn what they may mean to the future of mortality assumptions.

Country Relevance: Non-Nation-Specific

Experience Level: All

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

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

Description:

Experts at this session will review Actuarial Standards of Practice (ASOPs) related to several topics of interest to attendees:

  • 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 at various stages of their duties.

Country Relevance: US

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Joint Risk Management Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Mark Stephen Mennemeyer, FSA, MAAA

Presenter(s): Dariush A. Akhtari, FSA, FCIA, MAAA; Catheryn Striebel; Nazir Valani, FSA, FCIA, MAAA

Description:

Risk appetite establishes a company's overall willingness to take risk, often defined at aggregate levels. This allows the company to draw links between strategic pursuits and the risks that threaten those pursuits. Management of risk appetite then requires more granular limits to be established. Product owners and risk managers must be able to monitor these limits on a regular basis and must have some influence over the extent of the exposure.

Experts at this session will explore risk appetite, focusing especially on the links between aggregate risk appetite and more detailed risk limits. After a brief overview of main concepts and terminology, presenters will highlight examples of risk limits and techniques for establishing them within a consistent framework, including implications for targets such as pricing and new business growth. Unique considerations for common product types and risk categories will also be addressed.

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

  • Articulate risk appetite; 
  • Identify risk limits; and
  • Manage risk exposures in line with company objectives.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Mark Stephen Mennemeyer, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Taxation Section; Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Timothy Gregory Branch, FSA, MAAA

Presenter(s): Sheryl Flum, Esq.; Peter H. Winslow

Description:

The presenters will discuss developing areas of PBR, existing tax law, and potential tax reform. They will also review potential impacts on assumptions that actuaries may need to consider in life and annuity pricing and product development.  They will gear topics to actuaries with all levels of knowledge of taxation rules, pricing and product development. Topics may include the potential impact of principle-based reserving along with other "hot topics" facing the life insurance industry as it pertains to tax law.

At the conclusion of the session, attendees will be able to identify areas of uncertainty in tax matters and the challenges they present in pricing and product development.

Country Relevance: US

Experience Level: All

Session Coordinator(s): Michelle Lynn Cramer, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Society of Actuaries Research; Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Jaron Arboleda, ASA, MAAA

Presenter(s): John A. Luff, FSA, FCIA, MAAA; Cynthia MacDonald, FSA, MAAA

Description:

MIB Solutions and SOA staff are analyzing data contributing to the pilot statistical agent submissions in the areas of preferred class structures and older age sales. Preliminary preferred class structure results were presented at the 2015 SOA Annual Meeting & Exhibit. The presenters will share the results of further analysis in this area.

Additionally, one of the problem areas in the recent VBT work was in the older age mortality results. Results from analysis in this area based on the more recent statistical agent data will be presented.

At the conclusion of the session, attendees will be able to evaluate preferred class structure sales and mortality patterns and interpret older age sales and mortality patterns.

Country Relevance: US

Experience Level: Intermediate

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

3:45 – 4:00 p.m.
A refreshment break is available for all meeting attendees.
4:00 – 5:30 p.m.

Presentation(s): View Presentation

Moderator(s): Paul Fedchak, FSA, MAAA

Presenter(s): John T. Adney, Esq.; Jason Christopher Alleyne, FSA, FCIA, FIA; Jay M. Jaffe, FSA, MAAA; Leonard Mangini, FSA, MAAA

If you couldn't make it to all your desired sessions, here's your chance to learn more about those sessions! The closing general session will feature highlights from several earlier sessions in a theater-style setting. Each presenter will be available following his session review in a neighboring room for networking and discussion.

 

 

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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.