Annual Meeting and Exhibit

Annual Meeting Recordings

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Annual Meeting Agenda

Agenda - Sessions sorted by Session Sponsor

Agenda - Sessions sorted by Primary Competency

Tuesday, Oct. 25
7:00 a.m. - 5:00 p.m.
Registration is open for all meeting attendees.
7:15 - 8:15 a.m.

Presentation(s): View Presentation

Session Sponsor(s): Education & Research Section

Moderator(s): Brian Matthew Hartman, ASA

Presenter(s): Daniel Bauer; Stuart Klugman, FSA, CERA

Join us to discuss last summer's Actuarial Research Conference, get a preview of next summer's conference, and discuss the findings of an SOA study on the competencies required in predictive analytics.

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): Brian Matthew Hartman, ASA

Presentation(s): View Presentation

Session Sponsor(s): Financial Reporting Section

Moderator(s): Leonard Mangini, FSA, FALU, FRM, MAAA

Presenter(s): James S. Hawke, FSA, MAAA; Leonard Mangini, FSA, FALU, FRM, MAAA

Please join us for an update on council activities, a chance to network, a report on section research projects, and the passing of the Green Jacket.

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): Ashwini A. Vaidya, FSA, MAAA

Presentation(s): View Presentation

Session Sponsor(s): Health Section

Moderator(s): Brian Edward Pauley, FSA, MAAA

Presenter(s): Elaine T. Corrough, FSA, FCA, MAAA; Brian Edward Pauley, FSA, MAAA

Enjoy this opportunity to network with members of the Health Section while enjoying a hot breakfast. You will hear from section leaders on initiatives related to the member community, education and research, as well as longer-term strategic planning. The featured presenter will discuss Lessons Learned from the Affordable Care Act including unintended consequences for the actuarial profession. We will start on time and have a lot to cover--please arrive on time to get the most from this session.

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): Gregory G. Fann, FSA, MAAA

Presentation(s): View Presentation

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

Moderator(s): Mark M. Yu, FSA, CFA, FRM, MAAA

Presenter(s): David Schraub, FSA, CERA, MAAA; Mark M. Yu, FSA, CFA, FRM, MAAA

This 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 free of charge. If you plan to attend, you must register in advance to obtain a ticket.

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

Session Sponsor(s): Leadership & Development Section

Moderator(s): Scott K. Randles, FSA, MAAA

At this hot breakfast, each table will have an experienced actuary who has been in a senior leadership, senior management, or C-suite role as its host. Each host will share real-life experiences from his/her career as well as leadership inspirations with the table. This will be an unique opportunity to network and interact with senior actuarial leaders from a variety of practice areas in an informal, small group setting. In addition, a brief update will be provided on Leadership & Development Section activities as well as section resources available.

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): Anne M. Katcher, FSA, MAAA

Session Sponsor(s): Marketing & Distribution Section

Moderator(s): Todd R. Sagmoe, FSA, MAAA

Join us at this breakfast session for an update on the latest activities of the Marketing & Distribution Section (MAD). Topics will include recent MAD research, a summary of our work in 2016, and the section's plans for the coming year.

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): Andrew G. Steenman, ASA, MAAA

7:30 - 8:30 a.m.
A breakfast buffet is available for all meeting attendees.
8:30 - 9:45 a.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Education & Research Section; Investment Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Brian Matthew Hartman, ASA, Ph.D.

Presenter(s): Maciej Jakub Augustyniak, FSA, Ph.D.; Pierre-Alexandre Veilleux, FSA, FCIA, MSc

This session addresses three issues related to the dynamic hedging of variable annuity products. First, we investigate the importance of hedging interest rate risk in stable, rising or volatile interest rate environments and study the robustness of interest rate hedges to model risk. Second, we examine model risk with respect to stock market, interest rates and longevity risks for GLWB guarantees. Finally, we study how the fee structure and surrender charges affect surrender incentives and propose to use product design to mitigate policyholder behavior risk.

This session is intended to meet the needs of actuaries who are focused on improving hedging effectiveness of variable annuity products and on identifying new approaches to better manage risks in variable annuities. This session is given by a panel composed of a professor of actuarial science, involved in research collaborations with industrial partners, and a practicing actuary.

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

  • Understand how model risk impacts hedging effectiveness;
  • Improve the hedging of interest rate risk for variable annuity products; and
  • Design variable annuity products that can be hedged more effectively.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Maciej Jakub Augustyniak, FSA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Steven C. Ekblad, FSA, MAAA; Allen M. Klein, FSA, MAAA

This session will discuss the application of credibility theory in setting assumptions under PBR. The underwriting score criteria for selecting mortality assumptions will also be discussed.

At the conclusion of the session, attendees will be able to describe the use of credibility in PBR and underwriting score criteria in setting assumptions under PBR.

Country Relevance: U.S.

Experience Level: Intermediate

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): William S. Bade, FSA, MAAA

Presenter(s): William S. Bade, FSA, MAAA; Alex M. Bagby, ASA, MAAA; Paul C. Ramirez, FSA, MAAA

The supplemental market changed dramatically with the introduction of the Affordable Care Act, which caused a ripple effect in other external forces. These forces have now created a large opportunity in the Hospital Indemnity market, and many carriers are ill-prepared for the complexity of these products. We will start by looking at key events and trends in distribution and product development that are generating increased and sustainable growth in hospital indemnity plans. We will then explain how these events and trends need to be addressed in product development while providing specific areas of focus within plan designs.

At the conclusion of the session, attendees will be able to identify key external forces in the market, apply emerging market trends to their actuarial work, and interpret complexities in hospital indemnity products.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): William S. Bade, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Strategic Insight and Integration

Moderator(s): LuCretia Leola Hydell, ASA, MAAA

Presenter(s): Jerry Clark, MD, FACP; Josh Martin; Mark Rishell

Increasingly, providers are looking to move into the risk business. What elements should be considered when starting a health plan? This session will review the key factors for success of a provider-led offering including network contracting, stakeholder engagement, claims cost management and actionable financial levers. Advantage and challenges for provider sponsored plans will also be discussed.

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

  • Compare opportunities and challenges for provider-led health plans versus traditional health plans;
  • Describe key factors for provider-led health plan success; and
  • Identify financial levers for provider-led health plans.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): Stacey L. Anthony, ASA, MAAA; LuCretia Leola Hydell, ASA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Investment Section

Competency: Professional values

Moderator(s): Kelly Lynn Featherstone, FSA, ACIA

Presenter(s): Daniel Hare; James A. Kosinski, FSA, CFA, MAAA, Ph.D.; Jeffrey G. Passmore, FSA, EA

This session will discuss how to maintain professionalism in investment. This session will consist of a series of case studies followed by interactive discussions between the audience and the panel.

At the conclusion of the session, attendees will be able to have an enhanced awareness of professionalism while performing investment related tasks.

Country Relevance: Non-Nation-Specific

Experience Level: All

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); SOA General Insurance

Competency: Results-Oriented Solutions

Moderator(s): Mark M. Yu, FSA, CFA, FRM, MAAA

Presenter(s): Matthew S. Easley, FSA, MAAA; Venelin Angelov Yanakiev, FSA, CERA, MAAA

Low interest rates, increased consumer protection and greater regulatory scrutiny are making insurance business more and more challenging to manage. As a result, insurance companies worldwide are struggling to meet the expectations of shareholders when it comes to value creation and this is clearly reflected in the poor market valuations that these companies receive. While at a high level it is easy to agree on what should be done to address this issue, executing these changes at the product and line of business level is a lot more difficult. This session will present a complete framework designed to ensure that each life and non-life product sold delivers value to the shareholders of the company. The participants will learn about the additional insight and steering impulses offered by such a framework, as well as about the potential roadblocks that may hinder a successful implementation. The value added to an insurance organization will be demonstrated through examples.

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

  • Explain why capital allocation plays a critical role in the value that shareholders place on an insurance company;
  • Determine whether their current approach to creating shareholder value is optimal; and
  • Design their own system for capital steering that maximizes shareholder returns.

Country Relevance: Non-Nation-Specific

Experience Level: Intermediate

Session Coordinator(s): Kevin William Olberding, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Long Term Care Insurance Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Kevin Hyeonwook Kang, FSA, MAAA

Presenter(s): Lo Linda Chow, FSA, MAAA; Bonnie Elizabeth Wolf, FSA, MAAA

Given the rising needs of LTC, both stand-alone LTC and Life/LTC combination products are having a significant impact on the insurance industry. For stand-alone LTC, precise financial modeling technique that would allow carriers to better manage their inforce blocks has been a hot topic of the industry; for Life/LTC combination products, pricing and risk mitigation techniques are still in the developmental stage. This session will explore first principles modeling and stochastic modeling techniques to help actuaries and senior management better gain an understanding of the potential levels of benefit payments and risks for stand-alone LTC and the embedded life and LTC coverages in Life/LTC hybrid product.

At the conclusion of the session, attendees will be able to evaluate and compare different benefit structures and evaluate the overall level of risk for stand-alone LTC and Life/LTC hybrid products.

Country Relevance: U.S.

Experience Level: Intermediate

Session Coordinator(s): Rachel Marie Brewster, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Marketing & Distribution Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): JJ Lane Carroll, FSA, MAAA

Presenter(s): Sarah R. Hinchey, FSA, CERA, MAAA; Denise Olivares, ChFC, CLU; Jamie Yoder

Predictive modeling! Big data! Consumer analytics! Predictive models are being applied across many areas of the insurance industry. On the marketing and distribution side these models are being used to more effectively understand current and potential consumers. These consumer analytics harness a variety of data sources to generate better leads, pre-qualify clients, and create new opportunities within existing client bases. In this session learn how the tools of predictive modeling can contribute to the success of your company's marketing efforts and show that that these are more than just buzzwords. A panel of leaders in the consumer analytics space will share their experiences including case studies, background of real implementations, successes that have been achieved, and advice on lessons learned.

At the conclusion of the session, attendees will have a better understanding of the value that consumer analytics can bring to insurance companies; they will be able to identify the tools and data sources that can be used for their analytic models and explain how leaders in the marketplace are using analytics to grow their or their client's business.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Andrew G. Steenman, ASA, 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): Emily Brantley Donavant, ASA

Presenter(s): Alan R. Glickstein, ASA, EA; Mary R. Hardy, FSA, CERA, ACIA, FIA

In 2015 the IRS published final regulations and transition rules for U.S. hybrid plans. At the same time, the trend towards plan derisking continues in the pension marketplace, with hybrid plans bringing unique challenges as sponsors try to mitigate investment and interest rate risk. This session will present an overview of the regulatory and investment challenges cash balance plans face, with a discussion of how they can be approached.

At the conclusion of the session, attendees will be able to identify compliance issues in U.S. cash balance plans and propose possible solutions under the newly released regulations. They will also be able to explain the asset hedging strategies appropriate to cash balance plans.

Country Relevance: U.S.

Experience Level: Intermediate

Session Coordinator(s): Thayer (Chip) Miller Morris III, FSA, EA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: External Forces & Industry Knowledge

Moderator(s): Emily K. Kessler, FSA, EA, FCA, MAAA

Presenter(s): Chantel Sheaks; Matthew C. Sicking, ASA, MAAA

An aging workforce and its potential implications affect all aspects of human resources planning, often requiring coordination and collaboration among multiple stakeholders. Phased retirement is viewed as an approach that attempts to address the needs of both employers and employees as it relates to managing a workforce approaching retirement age. Phased retirement can include a broad range of employment arrangements that allow employees who meet specific criteria (aligned with business goals) to continue working with a reduced workload, and eventually transition from full-time work to full-time retirement. This session aims to look at phased retirement from the point of view of different stakeholders, and discuss common practices and implementation considerations.

At the conclusion of the session, attendees will be able to understand phased retirement program features, common practices and implementation considerations.

Country Relevance: U.S. and Canada

Experience Level: Intermediate

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Predictive Analytics and Futurism Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Sheamus Kee Parkes, FSA, MAAA

Presenter(s): Dihui Lai; Satadru Sengupta

As predictive modeling is becoming a necessary skill for actuaries, basic regression model is no longer the only choice in certain applications. Actuaries are interested in learning more sophisticated modeling techniques. In this session, experts will discuss some of the advanced tree-based models that potentially will have large impact on insurance industry. The topics will include basic math foundation, simple tree and ensemble method, considerations in model selection, and advantages and disadvantages of each model. Some real examples will be introduced to illustrate the concepts and potential applications.

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

  • Understand some advanced tree-based statistic models that may be relevant to insurance applications;
  • Compare these advanced models and evaluate the effectiveness of each choice; and
  • Explain the strength and weakness of these models and identify a model that is the best fit an application.

Country Relevance: Non-Nation-Specific

Experience Level: Intermediate

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Timothy S. Paris, FSA, MAAA

Presenter(s): Colin Devine, CFA, CFP, CMA; Daniel J. Rueschhoff, FSA, MAAA; Yuan Tao, FSA, MAAA

The fiduciary rule released by the U.S. Department of Labor has the potential to dramatically change the annuity market, in terms of distribution process, product design, and customer appeal. The exact implementation of the rule is still uncertain. Presenters will discuss key aspects of the rule, elements that are being debated and potential impact to product development.

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

  • Understand key elements of the fiduciary rule;
  • Understand implementation status; and
  • Evaluate potential impact of the fiduciary rule on product development.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): Timothy S. Paris, 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): Minyu Cao, FSA, CERA; James M. Filmore, FSA, MAAA; Hezhong (Mark) Ma, FSA, MAAA

Term products with the option to convert exhibit an element of antiselection. This presentation will quantify the antiselection, consisting of experience analysis results of level-term period business as it transitions into the converted policy. Key results will be summarized from the SOA research project on term conversions, including term conversion rates, as well as post conversion mortality and lapse rates. Areas of improvement for data weaknesses will also be identified and how a predictive model can be applied to conversion experience study results.

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

  • Understand the mortality and lapse experience results of conversion business from the SOA Term Conversions Study;
  • Evaluate how changing the conversion option or incentives to convert in their term portfolio could impact mortality; and
  • Discuss how a predictive model can be applied to the conversion experience study results.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): Lindsay Keller Meisinger, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: Strategic Insight and Integration

Moderator(s): Barbara P. Niehus, FSA, MAAA

Presenter(s): Scott Birrell; Daniel FitzMaurice; Michael Frantz, JD; Barbara P. Niehus, FSA, MAAA

The presenters will explain the role and importance of arbitration. We will walk through a simple example of how the arbitration process works after the parties have entered into a dispute. Alternative wording for arbitration provisions will be discussed, noting the importance of key features. While providing explanations and examples, the presenters will also explore the actuary's role in resolving disputes through arbitration.

At the conclusion of the session, attendees will be able to explain the role of arbitrations, describe the key features of the arbitration provision, and identify the potential impact on the actuary's work.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Barbara P. Niehus, FSA, 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; Predictive Analytics and Futurism Section; Technology Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Melissa Carruthers, FSA, FCIA; David L. Snell, ASA, MAAA

The data scientist has pushed the actuary out of the top spot for most attractive jobs. It is claimed by some of the media to be the 'sexiest job of the coming decade' and data scientists are now being hired in great numbers into jobs once held by actuaries. The Lingua Franca of many data scientists is the programming language R. Employers are desperate for people with big data and predictive modeling skills, and expertise in R is a badge of achievement in statistics and predictive modeling. We can show students and actuaries how handy this language can be in the new world of the "Internet of Things," wearables, and other sources of big data. We can also show how easy it is to learn this relatively new, highly analytic oriented tool.

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

  • Identify areas where R may be useful for them or their companies;
  • Select from among the thousands of free R packages to get a base set of tools for free; and
  • Apply some simple R statements and routines to do some statistical modeling.

Country Relevance: Non-Nation-Specific

Experience Level: Beginner

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): Helen Colterman, FSA, CERA, ACIA

Presenter(s): Paul M. Fischer, FSA. MAAA; Carrie Lee Kelley, FSA, MAAA; Christopher Almer Whitney, FSA. MAAA

In this session we will review the changes that are being made across the industry to prepare for PBR. This session will focus on preparation for reporting under PBR and how companies have addressed the many challenges. One of the biggest of these challenges will be getting comfortable with the results. PBR places a much heavier reliance on actuarial judgment and actuarial models than the traditional reserving methodologies for life insurance. Results and assumptions will need to undergo a thorough review process to ensure they are reasonable. Because of the nature of the calculation and assumptions no longer being locked-in at issue, it will no longer be possible to rely on simple trends; this will make analysis much more complicated.

This session will provide insight into possible approaches for getting comfortable with the reserve movements. Additionally, due to the expanded use of actuarial models, strong model governance will be crucial. Model risk governance has been receiving a lot of attention of late in the insurance industry. The attention to model governance will only increase with the model governance requirements in PBR. The presenters of the session will provide insight that can help companies set up a successful model governance framework for PBR.

At the conclusion of the session, attendees will be able to describe implementation considerations, review approaches and model governance for implementing PBR.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): David J. Weinsier, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Strategic Insight and Integration

Moderator(s): Patrick Jason Colbert, ASA, MAAA

Presenter(s): Patrick Jason Colbert, ASA, MAAA; Scott Heiser; Lilith Ciccarelli McGhee, ASA, MAAA; Heather Orth

Does the next generation ACO model set providers up for more success? This session will provide an overview of the CMS model with a focus on benchmark calculations and the implications on shared savings outlook. Presenters will also conduct a review of the operational lifecycle of a next generation ACO from application to acceptance and beyond. Presenters will discuss challenges faced for next generation and a comparison of the next generation model to earlier Medicare Shared Savings Programs.

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

  • Compare next generation to earlier Medicare Shared Savings Programs;
  • Develop expected next generation benchmarks from key assumptions about an ACO; and
  • Describe challenges faced by ACOs under the next generation framework.

Country Relevance: U.S.

Experience Level: Intermediate

Session Coordinator(s): Patrick Jason Colbert, ASA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Strategic Insight and Integration

Moderator(s): Syed Muzayan Mehmud, ASA, FCA, MAAA

Presenter(s): Gregory Gierer; Karan Rustagi, ASA, MAAA

This session will describe insights gained from studying data from the first two years of the Affordable Care Act. A diversity of opinions exists on what it may take to succeed in the ACA markets. For the first time, a large scale and detailed study of emerging ACA experience reveals key insights.

At the conclusion of the session, attendees will be able to identify key drivers of payor performance in the ACA markets.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): Syed Muzayan Mehmud, ASA, FCA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): International Section; SOA General Insurance

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Carlos Arocha, FSA

Presenter(s): Carlos Arocha, FSA; Rene Dahms

The Swiss Solvency Test was implemented by FINMA, the Swiss Financial Market Supervisory Authority, in 2011, representing the first inforce regulatory capital model. Since then, FINMA has developed four standard models for different types of companies. The most recent, which is the focus of this session, deals with captive reinsurers, an attempts to level to harmonize rules within the European landscape, that mostly follows guidelines of the Solvency II directive. The features of the Standard Model for Captive Reinsurers will be discussed. The presenters will then explore the scope and limitations of the model and contrast it with other options available to captive companies that wish to secure a Swiss domicile.

At the conclusion of the session, attendees will be able to understand the rationale and features of the Standard Model for Captive Reinsurers that has been implemented in the Swiss insurance market, and to explore other options available for companies wanting to secure a domicile in Switzerland. The presentation will also enable actuaries to understand issues that regulation faces regarding the implementation of solvency standards, regardless of the jurisdiction where the actuary practices.

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: Technical Skills & Analytical Problem Solving

Moderator(s): Mark M. Yu, FSA, CFA, FRM, MAAA

Presenter(s): Dariush A. Akhtari, FSA, FCIA, MAAA; Tobias Gummersbach; Liang Yin, FSA, MAAA

This session discusses the implication of a low interest rate environment for economic scenario generators, which drive many actuarial projections. This session will particularly address the ramification of negative interest rates.

At the conclusion of the session, attendees will be able to have an enhanced understanding of ESG in a low interest rate environment.

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: Technical Skills & Analytical Problem Solving

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

Presenter(s): Matthew P. Clark, FSA, CERA, MAAA; Nick Fiechter, FSA, MAAA; Maria Rose Itteilag; Theresa M. Resnick, FSA, MAAA

Actuaries are constantly monitoring and analyzing experience as part of the actuarial control cycle. Defining the line between knowledge and an assumption that can be reflected in the financial statements is difficult. This session will discuss the issues of moving knowledge about emerging experience into assumptions reflected in financial reporting. Included will be examples of frameworks to manage both assumptions and modeling considerations. Specific areas to be addressed include:

  • 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.

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

  • Evaluate internal assumption governance processes against examples from the industry;
  • Identify appropriate assumption governance-related practices to strengthen existing processes; and
  • Explain the importance of strong assumption governance.

Country Relevance: Non-Nation-Specific

Experience Level: Intermediate

Session Coordinator(s): Kevin William Olberding, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Modeling Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Trevor C. Howes, FSA, FCIA, MAAA

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

This session will follow up on the previous day's afternoon session, and look at some of the emerging actuarial techniques that, although perhaps not yet so widely used, hold tremendous promise for the future.

  • Cluster modeling;
  • Least Squares Monte Carlo ("LSMC"); and
  • "Hybrid" approaches to Model Efficiency.

At the conclusion of the session, attendees will be able to describe several emerging techniques being used for model efficiency, compare and contrast them and determine which to study further for their own modeling needs.

You may also be interested in one or more of the other model efficiency sessions: 20 PD, 54 PD, 128 PD, 165 PD.

Country Relevance: U.S. and Canada

Experience Level: All

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

Presenter(s): James Michael Gannon Jr., FSA, EA; Michael K. Reid, FSA, FCIA

In recent years, one of the hot topics for defined benefit plan sponsors has been pension risk transfer options available to reduce their risk exposure. Various options have been commonly utilized since 2012 such as voluntary lump sum distributions to allow plan sponsors to settle their future benefit obligations. What's next? As pension plans continue to mature, plan sponsors are interested in other pension risk management options. Ultimately, plan sponsors decide on the best approach for their pension plan and organization. This session explores different options plan sponsors may want to consider as well as investment strategies available to their pension plan.

At the conclusion of the session, attendees will be able to identify different pension risk transfer options, develop the best options for plan specific situations and evaluate investment strategies available to pension plans.

Country Relevance: U.S. and Canada

Experience Level: All

Session Coordinator(s): Ana R. Neira, FSA, EA, MAAA, Ph.D.

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: Strategic Insight and Integration

Moderator(s): Maureen Stephanie Keonakhone, FSA, CERA, EA, FCA, MAAA

Presenter(s): Fred M. Vettese, FSA, FCIA; Jean Young, CPA

Are you ready for retirement? As companies are changing their retirement benefit strategy and market movements are unpredictable, some think that we are in the verge of a retirement crisis where manypeople will not have adequate retirement income. However, others have a more optimistic viewpoint and believe the future is not that bleak. Join us for this discussion as experts explore global retirement systems, retirement readiness measures and best practices.

At the conclusion of the session, attendees will be able to compare global retirement systems, explain retirement readiness measures and describe best practices.

Country Relevance: International

Experience Level: All

Session Coordinator(s): Maureen Stephanie Keonakhone, FSA, CERA, EA, FCA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Patrick David Nolan, FSA, MAAA

Presenter(s): Jafor Iqbal; Joseph E. Montminy, ASA, MAAA; Timothy S. Paris, FSA, MAAA

This presentation will cover the 2013 experience of over 4.7 million variable annuity contracts with lifetime payout riders from 20 participating companies. This presentation will show the trends and key determinants that describe how variable annuity contract owners with Guaranteed Living Withdrawal Benefit and Guaranteed Minimum Income Benefit riders have utilized these options. Age, source of funding and withdrawal methods were just some of the characteristics analyzed in the study to determine their relationship to benefit utilization. Benefit utilization from the standpoint of fixed indexed annuities will be covered along with the application of predictive modeling techniques to annuity policyholder behavior data.

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

  • Interpret the results of industry studies on variable annuity benefit utilization;
  • Determine key relationships between policy and policyholder characteristics and the exercising of guaranteed living benefit options; and
  • Develop a stronger understanding of the benefits and risks of these guaranteed living benefit riders.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): Patrick David Nolan, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Jacqueline M. Keating, FSA, MAAA; Andrew G. Steenman, FSA, MAAA; Robert P. Stone, FSA, MAAA

In the U.S., a new principle-based framework for determining reserves and capital could have a 2017 implementation date. While there have been research and educational materials produced to help actuaries and others better understand the implications and implementation of the new requirements from a financial reporting perspective, little has been developed emphasizing the product development actuary perspective. This project will examine the impact of VM-20 from a product development actuarial perspective. The research will help actuaries and others enhance current practices to optimize pricing and product development activities within a VM-20 framework as well as enhance intracompany communication and efficiencies related to VM-20.

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

  • Apply VM-20 concepts to their pricing processes;
  • Evaluate the impact of changing to VM-20 on profitability and pricing; and
  • Identify areas in which they will need to coordinate with the financial reporting area.

Country Relevance: U.S.

Experience Level: Intermediate

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

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

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

Competency: Strategic Insight and Integration

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

Presenter(s): James J. Rizzo, ASA, EA, FCA, MAAA; Mitchell I. Serota, FSA, EA, MAAA

The presenters will compare and contrast the role of the actuary in the private and public sectors. The key question is whether those role are similar and follow generally the same principles, or they are significantly different and require different skills and competencies. The case will be made for the view that there is one actuarial profession, but with differing clients, and for the case that the actuarial work in the public sector is unique and different than actuarial work for private sector clients.

At the conclusion of the session, attendees will be able to understand why the roles of actuaries in the private sector and the public sector may be viewed as different, even if they follow the same general actuarial principles. The session will present the merits of both perspectives.

Country Relevance: Non-Nation-Specific

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Technology Section

Competency: Communication

Moderator(s): John Edward Smith IV, FSA, MAAA

Presenter(s): Roger R. Rosales Jr., FSA, CERA, MAAA; John Edward Smith IV, FSA, MAAA

Part 1: General Presentation Best Practices. The dos and don'ts of giving a presentation--whether it's to a small group in a board room, a larger live audience, or a webcast. By simply being aware of a few key principles, anyone can design and deliver an effective presentation and keep their audience's attention.

Part 2: Data Visualization. Review the goals of data visualization, which include making complex data more accessible, understandable, and usable by selecting appropriate statistical graphics, plots, information graphics, tables, and charts. Review a graphical history of data visualization, emphasizing its original intent and showcasing modern tools (e.g. Excel, SAS, R, D3, Tableu, Python, Javascript). Review a case study on how data visualization can help make an informed decision.

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

  • Develop more engaging presentations that allow for more effective communication of technical and non-technical information;
  • Understand what data visualization is and the goal;
  • Learn best practices around data visualization; and
  • Become familiar with modern tools used for data visualization and learn where to find more information.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Robert W. Hrischenko, FSA, MAAA

Credits: 1.50 CPD

Session Sponsor(s): Hannover Re

Competency: Strategic Insight and Integration

Moderator(s): Peter R. Schaefer, FSA, MAAA

Presenter(s): Thomas M. Marra, FSA, MAAA; James Morris, FSA, MAAA

A panel of insurance industry CEOs share their visions for the future of the life market and what products and services will be needed in the next decade to meet evolving needs.

At the conclusion of the session, attendees will be able to develop an understanding of where the life and annuity markets are headed in the next decade.

Follow-up: Sessions 119 PD, 134 PD

Country Relevance: U.S. and Canada

Experience Level: All

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

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

SOA President Craig W. Reynolds, FSA, MAAA, passes the gavel of office to SOA President-Elect Jeremy J. Brown, FSA, MAAA, EA, who will deliver his presidential address.

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

 

 

 

Jerry Brown Jeremy J. Brown, FSA, MAAA, EA
SOA President-Elect

 

 

 

Nick Bilton Keynote Speaker: Nick Bilton, Technology Journalist and Author

Nick Bilton is a journalist, designer, UI specialist, technologist, author, hardware hacker, and researcher. He holds a position as a special correspondent at Vanity Fair and was formerly the New York Times' technology and business columnist and the lead blogger for the paper's Bits blog. He is also the author of I Live in the Future & Here's How It Works and Hatching Twitter.

 

 

The Presidential Luncheon is included in your registration fee. You may register your guest(s) for the luncheon by including $100 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): Entrepreneurial & Innovation Section; Product Development Section

Competency: Strategic Insight and Integration

Moderator(s): Kevin J. Pledge, FSA, FIA

Presenter(s): Philip Gold, FSA, FIA, MAA; Kevin J. Pledge, FSA, FIA; Benjamin Williams

Innovation is a game changer--companies that innovate thrive, while others that don't eventually die. In some cases innovation is due to individuals pushing their idea forward, in others it is the organization that nurtures and allows innovation to develop. This session explores the characteristics of innovation through case studies to give attendees insight into how they can approach innovation within their own organizations and assist aspiring entrepreneurs in developing innovative ideas into a viable business. Attendees will see how innovation can be approached and how they can identify and respond to disruptive forces impacting the insurance industry.

At the conclusion of the session, attendees will gain insight into how they can approach innovation within their own organizations or if they should set up their own business to develop their ideas.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Kevin J. Pledge, FSA, FIA

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Results-Oriented Solutions

Moderator(s): Ashwini A. Vaidya, FSA, MAAA

Presenter(s): Amit S. Palicha, FSA, MAAA; Sandra Tsui Shan To, FSA, MAAA; Ashwini A. Vaidya, FSA, MAAA

In May 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued its updated 2013 Internal Control-Integrated Framework (2013 Framework). The 2013 Framework retained the core definition of internal control and the five components (control environment, risk assessment, control activities, information & communication and monitoring activities) of internal control, while at the same time includes enhancements and clarifications intended to ease use and application. We will present on the critical need of an effective controls framework, key benefits, and a high level approach companies can leverage to better understanding their processes, document and improve processes in the financial reporting and analytics space.

The implications from COSO extend to actuarial-related SOX controls and in the current environment with changing policyholder characteristics, market conditions, access to efficient technology, and domestic/international competition, companies are facing an ever increasing number of questions from regulators and other external and internal stakeholders on the effectiveness of their existing actuarial controls. While this may sound like additional layers of oversight, this could also be viewed as an opportunity to go from, for example, an over-controlled environment or having ineffective controls to sustainable and optimal processes which support the existence of more robust Actuarial controls.

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

  • Evaluate key challenges and typical issues from not having a controls framework that is effective and efficient;
  • Identify key benefits from effective controls within their departments; and
  • Determine areas that can use process improvement within the financial reporting and analytics space.

Country Relevance:  Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Ashwini A. Vaidya, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Douglas T. Norris, FSA, MAAA; Ksenia Whittal, FSA, MAAA

Under the ACA's risk adjustment program, a member's risk is measured using the HHS-HCC risk adjuster model, a predictive model used in the health insurance industry to estimate an individual's risk. In this particular model, carriers are incentivized to capture all existing member diagnoses that trigger any of the predefined hierarchical condition categories (HCCs) and condition groupings; by doing so, the carrier will maximize their average plan liability risk score and therefore optimize their revenue transfer position relative to the market.

As a natural consequence, a great deal of attention and resources are put into diagnosis coding improvement efforts, which (among other things) can include sophisticated analytics to help identify cases of missing diagnoses, on the ground implementation through chart reviews, incentivize additional primary care visits to enrollees, and provider coding training. An entire industry of companies specializing in the full menu of coding improvement services has emerged over the last two years. The hefty price tags that are frequently involved do raise questions of value and return on investment.

Given the diversity of carriers and markets across the country, is it likely that every carrier will derive the same relative value out of coding improvement efforts? The session will explore how market characteristics impact that value. Intended to be of interest to actuaries working in ACA commercial markets.

At the conclusion of the session, attendees will be able to determine the potential value of coding improvement efforts, for a particular carrier and market; evaluate the potential for transfer formula benefit by examining the markets that you operate in (individual, small group), the size of the overall market(s), your market share and market average risk score(s), as well as your plans' current risk score(s) level.

Country Relevance: U.S.

Experience Level: Intermediate to Advanced

Session Coordinator(s): Ksenia Whittal, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Scott O’Neil Jones, FSA, MAAA

Presenter(s): Scott O’Neil Jones, FSA, MAAA

Medicare Advantage (MA) plans will be filing their Minimum Loss Ratio (MLR) in early December for the 2015 plan year. This is the second year of MLR filings, which began with the 2014 plan year. We will give an overview of the MLR regulations for MA and MA/PD plans and discuss data and lessons learned from the first year of filings. We will provide guidance on compiling data in time for the filing deadline and on the handling of quality improvement activities. In particular, we will give some examples of how to map data sources into the reporting fields and some potential pitfalls. Finally, we will discuss MLR considerations for bid development.

At the end of this session, participants will be able to :

  • Prepare an MA MLR filing;
  • Anticipate likely data issues; and
  • Provide insight to company management on the implications to liabilities, cash flows, and bid pricing methodology.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): Matthew Kranovich, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Peter H. Sun, FSA, MAAA

Presenter(s): Dariush A. Akhtari, FSA, FCIA, MAAA; Samir Mathur; Charles Nevins, CFA, FRM

This session discusses the risk management best practices in investments, including best execution, minimization of errors, validation, etc.

At the conclusion of the session, attendees will be able to have a better understanding of risk management best practices in investments.

Country Relevance: Non-Nation-Specific

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Long Term Care Insurance Section

Competency: External Forces & Industry Knowledge

Moderator(s): Robert T. Eaton, FSA, MAAA

Presenter(s): E. Perry Kupferman, FSA, MAAA; Roger Loomis, FSA, MAAA; Anthony Alex Silva, FSA, MAAA

This session will explore how recent, industry-wide long-term care pricing studies have impacted the market for all LTC-based products in the market today. Session speakers will have a constructive back-and-forth conversation on the spectrum of LTC products available today, from traditional standalone LTC, to hybrid life/health products, to accelerated death benefit riders on life plans. Speakers will elaborate on the strengths of each of these products to their target consumers, distributors, and insurance carriers.

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

  • Discuss the emerging LTC pricing trends; and
  • Describe how a variety of LTC-type products meet the needs of consumers, carriers, and producers.

Country Relevance: U.S. and Canada

Experience Level: All

Session Coordinator(s): Rachel Marie Brewster, FSA, CERA, 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): Lisa A. Schilling, FSA, EA, FCA, MAAA

Presenter(s): Christopher M. Bone, FSA, EA, MAAA; Theodore A. Goldman, FSA, EA, MAAA; Lisa A. Schilling, FSA, EA, FCA, MAAA

In 2016, the Society of Actuaries (SOA) has published papers associated with, whether single-employer, multiemployer or public, pension plan systems, and their funding progress of contributions in the most recent years. These study results clearly indicate pension plan systems face financial stress. These pension plan systems carry significant unfunded liabilities, and the trend of decreasing numbers and proportions of active participants compound the funding pressures. Based on SOA research, this session will provide an overview of the financial stress faced by pension plan systems at the macro level. This session will also cover potential areas to explore on how to manage the stress.

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

  • Describe the financial stress faced by pension plan systems at the macro level;
  • Identify potential areas to explore on how to manage the stress; and
  • Interpret the funding progress of contributions based on recent SOA research.

Country Relevance: U.S. and Canada

Experience Level: All

Session Coordinator(s): Ana R. Neira, FSA, EA, MAAA, Ph.D.

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): Colyar Waring Pridgen, FSA, EA

Presenter(s): R. Evan Inglis, FSA, FCA, MAAA; Rene Martel, FSA; James Peter Walton, FSA

Usage of derivatives (i.e., financial contracts between parties based upon the performance of a reference asset) in pension investment strategies continues to evolve. This session covers the most frequently utilized derivatives and explores how they can address key financial risks faced by pension plans. Specific topics of discussion include: the role of Treasury futures and interest rate swaps in managing interest rate risk; the role of options in mitigating the risk of large losses; and the construction and utilization of volatility-managed equity strategies.

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

  • Describe the utilization of Treasury futures and interest rate swaps to manage a pension plan's interest rate risk;
  • Explain the role of options in mitigating the risk of large losses; and
  • Understand the construction and utilization of volatility-managed equity strategies.

Country Relevance: U.S. and Canada

Experience Level: Advanced

Session Coordinator(s): Brett Brooks Dutton, FSA, CFA, EA, MAAA, MSPA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Predictive Analytics and Futurism Section; SOA General Insurance

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Matthias Kullowatz; Kenneth Warren Pagington, FSA, CERA, MAAA; Qichun (Richard) Xu, FSA

Actuaries traditionally only deal with limited amounts of data that the insurance industry accumulated over years. Today, more data is available to actuaries, not only in amount, but also data sources. Traditional actuarial analysis is no longer effective. Some advanced methodologies are needed to understand data and find business insights. Actuaries are required to have new skills to rapidly understand data and build models for business.

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

  • Explain the different data sources that are required as inputs for algorithm to answer the business question;
  • Select right algorithm that can answer the business question with quick effective solution; and
  • Discuss the impacts of different data sources on predictive analytics algorithms as well as some of the benefits and challenges associated with those impacts.

Country Relevance: Non-Nation-Specific

Experience Level: Intermediate

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

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Neel Patel, FSA, MAAA

Presenter(s): Simpa A. Baiye, FSA, MAAA; John Willis Grove, FSA, MAAA; Neel Patel, FSA, MAAA

The features offered in variable annuity and gixed index annuity products come with various levels of risk and hedging requirements. This session will discuss different rider types, richness of benefits and investment options offered (to include volatility controlled indices) in these products, and then evaluate the impact on risk and ALM.

At the conclusion of the session, attendees will have a better appreciation for how different product features can enhance or challenge insurers' ALM and hedging. Further, participants should have a clearer understanding about how to better integrate ALM into product design.

Country Relevance: Non-Nation-Specific

Experience Level: Advanced

Session Coordinator(s): Joshua David Dobiac

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Anthony C. Laudato, FSA, MAAA

Presenter(s): Jason A. Jump, FSA, MAAA; Jordi Posthumus, FFA, FSAI

This session will dive into the future of insurance and related risk assessment tools and increasing amounts of data, as well as the practical implications, including technology, products and assumptions.

At the conclusion of the session, attendees will be able to describe and identify new biometric tools and techniques that will be available in the next decade and evaluate the potential embedded risks.

Country Relevance: U.S. and Canada

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Smaller Insurance Company Section

Competency: External Forces & Industry Knowledge

Moderator(s): Stefanie J. Porta, ASA, MAAA

Presenter(s): Trevor D. Huseman, FSA, MAAA; Terry M. Long, FSA, MAAA; Stefanie J. Porta, ASA, MAAA

Principles Based Reserves creates additional challenges for smaller insurance companies. It presents challenges to have enough resources for tasks such as modeling and experience studies. The smaller insurance company actuary will have to understand the professionalism standards that apply to Principles Based Reserves. The actuary will have to understand the implications of the small company exemption and the three year transition rules. The panel will discuss implementation issues for smaller insurance companies with audience interaction during the session.

At the conclusion of the session, attendees will better understand the implementation issues associated with Principles Based Reserves for Smaller Insurance Companies.

Country Relevance: U.S.

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: External Forces & Industry Knowledge

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

Presenter(s): Stuart Katz; Hugh T. McCormick

The OECD's Base Erosion and Profit Shifting (BEPS) project is a massive initiative, instigated by the OECD's member countries with the intent of preventing taxpayers from attempting to erode the tax base of member countries and shift profits to low-tax jurisdictions, while also ensuring that tax authorities take a consistent approach to base erosion and profit shifting.

The session would begin with an overview of the BEPS project, beginning with a discussion of its origins, the implications of the fact that the project was largely motivated by political considerations, and a brief discussion of the 14 "Action Items" covered by the project. The session would then move to a more detailed discussion of the Action Items, emphasizing different categories of items based on the behaviors at which the items are targeted and the timing of implementation of the items. Finally, the session would cover matters related to the BEPS project that are of special interest to the insurance industry in particular.

At the conclusion of the session, attendees will be able to develop a basic understanding of BEPS, understand the tax implications on the life insurance industry and be able to describe the BEPS project.

Country Relevance: International

Experience Level: Advanced

Session Coordinator(s): Lawrence M. Hersh, FSA, MAAA; Timothy Gregory Branch, FSA, MAAA; David J. Weinsier, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): SOA Research

Competency: External Forces & Industry Knowledge

Moderator(s): Cynthia MacDonald, FSA, MAAA

Presenter(s): Jaron Arboleda, ASA, MAAA; Michel Desmarais, FSA, FCIA

Mortality rates for juveniles are quite low, especially for life insurance. This session will report on a detailed analysis of this business in recent Statistical Agent data. Using older age data was especially problematic in the creation of the 2015 VBT. A detailed analysis of older age experience using recent Statistical Agent data was undertaken to better understand trends in this segment of the insurance population.

At the conclusion of the session, attendees will be able to interpret juvenile mortality patterns in light of recent experience. They will also be able to evaluate older age insurance patterns in light of a broad set of Statistical Agent data and identify trends in the older age insurance population.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): Cynthia MacDonald, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Hannover Re

Competency: Strategic Insight and Integration

Moderator(s): Christopher S. Shanahan, FSA, MAAA

Presenter(s): Jamie Hale; Dustin Yoder

A panel of new market entrants from InsureTech will discuss their visions of how the insurance industry will be disrupted and emerge in the next decade.

At the conclusion of the session, attendees will be able to develop an understanding of how the life and annuity markets may be disrupted in the next decade.

Follow-up to: Session 101 PD

Follow-up: Session 134 PD

Country Relevance: U.S. and Canada

Experience Level: All

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

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

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Results-Oriented Solutions

Moderator(s): Paula M. Hodges, FSA, MAAA

Presenter(s): Paula M. Hodges, FSA, MAAA; Jason E. Kehrberg, FSA, MAAA; Daniel Burt Moulden, ASA, CERA, MAAA

Three presenters will each provide an overview of the assumption governance process from their unique points of view, covering small to large company issues . The presenters will provide practical insights into what it means to manage assumption approvals from start to finish including; governance infrastructure, approval staging, communication, documentation and implementation controls.

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

  • Evaluate internal assumption governance processes against examples from the industry;
  • Identify appropriate assumption governance-related practices to strengthen existing processes; and
  • Explain the importance of strong assumption governance.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Elizabeth L. Olson, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Shyam Prasad Kolli, FSA, MAAA

Presenter(s): David M. Dillon, FSA, MAAA; Andrew Ryan Large, FSA, CERA, MAAA

This session will feature a review of the 2014 and 2015 actual experience fro the ACAs three "Rs" including risk adjustment, transitional reinsurance and risk corridors. This review will include transitional states vs. non-transitional states and 2014 vs. 2015 for issuers and total states and market. The session is intended to meet the needs of actuaries involved in ACA pricing and reserving and is applicable for 2016 year end reporting and 2018 ACA pricing. Attendees will better understand the ACA marketplace risk adjustment and its impact on carriers.

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

  • Interpret differences between 2014 and 2015 3 Rs' results;
  • Identify differences between transitional and non-transitional experience; and
  • Evaluate extremes in differences for both states and carriers for 2014 and 2015.

Country Relevance: U.S.

Experience Level: Intermediate

Session Coordinator(s): Aaron Steven Wright, FSA, CERA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Rebecca Owen, FSA, MAAA

Presenter(s): Richard Braun, MD; Rebecca Owen, FSA, MAAA; Jim Toole, FSA, CERA, MAAA

The session will discuss the recent studies using the CDC Wonder database that show that working class white males have higher than expected mortality rates and that chronic disease plays a large part. Health actuaries will note that these same chronic diseases are an important contributor to health costs. Public health advocates will play an important role in addressing the needs of this population. The audience will be encouraged to offer insights and suggestions.

At the conclusion of the session, attendees will be able to discuss recent mortality reports and connect the dots to the cost of caring for members with advanced chronic disease.

Country Relevance: U.S. and Canada

Experience Level: All

Session Coordinator(s): Rebecca Owen, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Elaine T. Corrough, FSA, FCA, MAAA

Presenter(s): Elaine T. Corrough, FSA, FCA, MAAA; Geoffrey R. Hileman, FSA, MAAA

This session will present newly completed SOA sponsored research papers and give an update on the topics and researchers doing ongoing research. There will be time for discussion and proposals of new topics.

At the conclusion of the session, attendees will be able to identify the current topics of research and determine if any of the topics in the pipeline are of interest to them.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): Rebecca Owen, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): International Section; Health Section

Competency: Strategic Insight and Integration

Moderator(s): Jeremiah D. Reuter, ASA, MAAA

Presenter(s): Chris Pallot; Jeremiah D. Reuter, ASA, MAAA

In recent years both the U.S. and U.K. systems have gone though significant change, yet neither has yet found the answer for long term sustainable, affordable and universal high quality care. The first speaker is a director of strategy from a major hospital in England with both payer and provider experience. A brief history of the NHS will lead to a broader description of the challenges facing the NHS and in particular the emergence of the ACO model as a means to address these challenges. The moderator and second speaker is a U.S. actuary with extensive international experience who has worked in both U.Kk and U.S. markets who will describe the parallels in the U.S. system from that which is happening in the U.K. The third speaker is a U.S. actuary with considerable experience working with the providers in the development and expansion of accountable and value-based care. Insights will be offered as to the likely future development of U.S. policy, especially with regards to the model upon which the NHS is built.

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

  • Compare accountable care initiatives being undertaken in the U.S. and the U.K.;
  • Apply experiences of these countries to accountable care efforts in the U.S.; and
  • Describe the risks and opportunities associated with accountable care efforts in the U.S. and the UK

Country Relevance: International

Experience Level: Intermediate

Session Coordinator(s): Jeremiah D. Reuter, ASA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Matthew Cheung, FSA, MAAA

Presenter(s): Matthew Cheung, FSA, MAAA; Bala Krishnaraj; Bryan Christopher Lindsley, FSA, MAAA

This session will discuss the investment aspect of VA and FIA Hedging, which is complementary to the Product Development Section's discussion of product features. The unique features of VA and FIA hedging will be compared and contrasted.

At the conclusion of the session, attendees will be able to have an enhanced appreciation of the investment aspect of VA and FIA hedging.

Country Relevance: U.S.

Experience Level: Intermediate

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

Credits: 1.50 CPD

Session Sponsor(s): Leadership & Development Section

Competency: Relationship Management & Interpersonal Collaboration

Moderator(s): Frank Chechel, FSA; Zohair A. Motiwalla, FSA, MAAA

Technology is enabling productivity away from the office. Many actuaries would prefer a more virtual work environment, and there are increasing amounts of data that support the idea that productivity can be maintained or increased away from the office. However, work cannot be completed successfully without remaining connected. Members of virtual teams must be able to interact and work together in a collaborative environment, regardless of their physical location. Managers must be able to communicate priorities, monitor progress, and identify and address bottlenecks.

This collaborative and interactive working session will split attendees into small groups to tackle several "virtual team" case studies. Each group will discuss how to address the challenges, share best practices and present their findings to the wider group. If you currently manage or participate in a virtual workplace or you anticipate being involved in that type of work environment in the future, this session is for you.

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

  • Understand the benefits and challenges of virtual teams;
  • Share best practices for recruiting and retaining your virtual dream team; and
  • Assess whether virtual team members can be effectively added to an existing team.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Anne M. Katcher, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Modeling Section; Technology Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Trevor C. Howes, FSA, FCIA, MAAA

Presenter(s): Huina Chen, FSA, CERA; Philip Gold, FSA, FIA, MAA

This session gets into the emerging technology and how it can be used to help make models efficient, including practical uses of emerging gaming processor technology. This session will also look at where the actuarial projection systems look to be going in the future, and how we can expect their performance to improve in the future and what this might mean for the types of analysis and reporting that we do.

At the conclusion of the session, attendees will be able to understand the technological aspects related to model efficiency and develop an expectation of what the future might hold.

You may also be interested in one or more of the other model efficiency sessions: 20 PD, 54 PD, 94 PD, 165 PD.

Country Relevance: U.S. and Canada

Experience Level: Intermediate

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): Emily Brantley Donavant, ASA

Presenter(s): Bruce Cadenhead, FSA, EA, FCA, MAAA; Donald E. Fuerst, FSA, EA, FCA, MAAA, MSPA

Variable annuity plans are pension plans in which the periodic benefit fluctuates based on a formula defined in the plan document. Variable annuity plans require special consideration in determining a valuation discount rate. In December 2015, the American Academy of Actuaries published a practice note exposure draft covering the setting of assumptions and the valuation methodology for variable annuity plans. This session will review the ideas outlined in that practice note, with a discussion of assumptions for valuation under private and public sector accounting standards as well as under private sector and multiemployer funding standards, including special discussion of valuation under PPA and HATFA. The session will also include further discussion of common variations of the "pure variable annuity" approach such as partially indexed, indexed to an external investment statistic, floor benefits and capped benefits.

At the conclusion of the session, attendees will be able to develop a robust rationale for a valuation approach for a variable annuity plan, while identifying and adjusting for special considerations in the plan design.

Country Relevance: U.S. 

Experience Level: All

Session Coordinator(s): Thayer (Chip) Miller Morris III, FSA, EA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: External Forces & Industry Knowledge

Moderator(s): Cynthia J. Levering, ASA, MAA

Presenter(s): Carol A. Bogosian, ASA; Arie Kapteyn, Ph.D.; George (Sandy) Mackenzie

The Society of Actuaries is partnering with the Social Security Administration to support research conducted by the Center for Economic and Social Research at the University of Southern California. The 2015 new study How Americans Manage Their Finances provides insight into financial stresses and financial management at all ages. It also looks into the use of financial products, debt, financial stresses and planning for the future by age group. This session will provide highlights from How Americans Manage Their Finances and link them to some of the findings of the SOA Post-Retirement Risk Research. The session will provide ideas for improving security at different stages of the life cycle and discuss how actuaries might be involved. The ideas presented can be used by people structuring employee benefit plans, by individuals, by financial product designers and by financial advisors.

At the conclusion of the session, attendees will be able to identify the financial stresses affecting the economic security of Americans of all ages and also understand what tools are available to manage these stresses.

Country Relevance: U.S.

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: External Forces & Industry Knowledge

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

Presenter(s): Paul Fedchak, FSA, MAAA; James M. Filmore, FSA, MAAA; Timothy C. Pfeifer, FSA, MAAA

This session provides an update on the current life insurance market trends in both the U.S. and Canada. While more heavily focused on the U.S. market, it will describe some key differences in Canada and how regulations, distribution and other external factors impact the differences in popular products.

At the conclusion of the session, attendees will be able to understand the sales environment of the U.S. and Canadian life markets including the latest in regulatory and consumer/product drivers.

Country Relevance: U.S. and Canada

Experience Level: All

Session Coordinator(s): Nancy Brophy, FSA, FCIA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Taxation Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Brian G. King, FSA, MAAA; Craig R. Springfield; Jeffrey Thomas Stabach, FSA, MAAA

The panel 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 panel 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: U.S.

Experience Level: All

Session Coordinator(s): Lawrence M. Hersh, FSA, MAAA; Timothy Gregory Branch, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): SOA General Insurance

Competency: External Forces & Industry Knowledge

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

Presenter(s): R. Dale Hall, FSA, CERA, MAAA; Robert C. Passmore, CPCU; Lysa Porth, Ph.D

Many general insurance lines of business have seen changes in their loss cost trends and market dynamics over the past 12 months. In this session, the presenters will cover SOA research on agricultural insurance, current trends in loss frequency experience for automobile insurance, and the changing nature of the National Flood Insurance Program in advance of its reauthorization consideration in 2017.

At the conclusion of the session, attendees will be able to understand the changing dynamics of three key general insurance products and their trends.

Country Relevance: U.S. and Canada

Experience Level: Intermediate

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Hannover Re

Competency: Strategic Insight and Integration

Moderator(s): Anthony C. Laudato, FSA, MAAA

Presenter(s): Geoff Andrews; Kevin Oldani

This session will include a discussion between life underwriting and InsureTech executives about the emergence of predictive models and how the risk assessment paradigm is shifting.

At the conclusion of the session, attendees will be able to develop an understanding of how to successfully execute strategies to enable growth in their organizations.

Follow-up to: Sessions101 PD, 119 PD

Country Relevance: U.S. and Canada

Experience Level: All

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

4:30 - 6:30 p.m.
The Exhibit Hall is open for all meeting attendees.
5:15 - 6:45 p.m.

Session Sponsor(s): Society of Actuaries

Moderator(s): Craig W. Reynolds, FSA, MAAA

Presenter(s): Carlos Arocha, FSA

You are invited to join the SOA Inclusion & Diversity Committee Chair, Craig Reynolds, and member of the International Committee, Carlos Arocha, to discuss options for increasing the opportunities and inclusion for Latino actuaries in the Society of Actuaries, including options for forming an ongoing organization or group devoted to this topic. This will be a great opportunity to be involved in the early stages of such an important effort, while networking with other actuaries interested in diversity and inclusion issues. Wine, beer and drinks, as well as appetizers will be provided.

This reception is open to all meeting attendees free of charge and limited to 30 persons. If you plan to attend, you must register in advance to obtain a ticket.

Session Coordinator(s): Carlos Arocha, FSA

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.