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

Wednesday, Oct. 26
7:00 a.m. - 1:00 p.m.
Registration is open for all meeting attendees.
7:15 - 8:15 a.m.

Presentation(s): View Presentation

Session Sponsor(s): Entrepreneurial & Innovation Section

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

Attendees of the 2016 SOA Annual Meeting will have had the opportunity attend many sessions and may heard about potential entrepreneurial and intraprenurial opportunieis, in this session, actuaries will have an opportunity to discuss and review opportunities that are worth exploring further with their peers and the presenters.

An overview of recent Entrepreneurial & Innovation Section activities and initiatives will also be presented.

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): Noor Rajah, FSA, EA, FCA, MAAA

Session Sponsor(s): International Section

Moderator(s): Kelvin Lam, FSA, CERA, FCIA, MAAA; Wendy Chiwen Liang, FSA, CERA, MAAA; Xu (Vincent) Xuan, FSA, MAAA

Start the day with a warm breakfast. We know it's early, but come spend time with us, we won't disappoint. Come and join our section leaders at this year's hot breakfast where we'll talk about section activities, SOA international strategies and give a highlight from the 2016 SOA Annual Meeting. Use this time to meet new people, catch up with friends and get your daily dose of caffeine!

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): Wendy Chiwen Liang, FSA, CERA, MAAA

Session Sponsor(s): Long Term Care Insurance Section

Moderator(s): Rachel Marie Brewster, FSA, CERA, MAAA

Enjoy this opportunity to network with members of the Long Term Care Insurance Section and learn about section activities while enjoying breakfast. Section council members will share recent and ongoing initiatives and they will solicit your feedback.

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): Rachel Marie Brewster, FSA, CERA, MAAA

Presentation(s): View Presentation

Session Sponsor(s): Pension Section

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

Presenter(s): Carol A. Bogosian, ASA; Grace Katherine Lattyak, FSA, EA, FCA; Andrew J. Peterson, FSA, EA, FCA, MAAA; Mitchell I. Serota, FSA, EA, MAAA

Join us for a breakfast bite while we present "sound bites" on recent Pension Section sponsored research projects and other Pension Section activities. The focus of this session is to provide an overview of current SOA pension research and whet your appetite to examine one or two projects in more detail.

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 J. Peterson, FSA, EA, FCA, MAAA

Session Sponsor(s): Smaller Insurance Company Section

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

Join Smaller Insurance Company Section leaders for an update on recent section activities and the benefits of volunteering with the section.

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): Steven C. Chamberlin, FSA, 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): Entrepreneurial & Innovation Section

Competency: Leadership

Moderator(s): Mark Andrew Sayre, FSA, CERA, MAAA

Presenter(s): Larry N. Stern, FSA, MAAA; Nazir Valani, FSA, FCIA, MAAA

The focus of this session is to help actuaries understand the thought process, the actions, steps and other issues that actuaries who have moved on from their employers to start a company have dealt with. We will go through a series of examples with leaders who have started, ran and exited their business leveraging their internal and external relationships. This will be a panel discussion going through the last few months of the employee lifecycle and through the business owner lifecycle from entry to exit (in some cases, the panelist may not speak about an exit since they have not or are not contemplating selling their businesses).

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

  • Identify the skills needed to exit their current employment structure;
  • Understand how to leverage relationships to develop a start up; and
  • Develop and describe a sustainable business model.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Kevin J. Pledge, FSA, FIA; Noor Rajah, FSA, EA, FCA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: External Forces & Industry Knowledge

Moderator(s): R. Thomas Herget, FSA, CERA, MAAA

Presenter(s): R. Thomas Herget, FSA, CERA, MAAA; William C. Hines, FSA, MAAA; Michael J. Lockerman, FSA, MAAA; Henry W. Siegel, FSA, MAAA

Experts will present an overview of the IASB, recent activity on IFRS 4 Insurance Contracts and IFRS 9 Financial Instruments, the IASB Conceptual Framework project and the IASB Revenue Recognition project. Recent field testing results will also be addressed, as well as plans and progress on the SOA's IFRS textbook.

At the conclusion of the session, attendees will be able to describe recent developments in IFRS and the practical aspects of emerging issues.

Country Relevance: International

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Results-Oriented Solutions

Moderator(s): Andrew William Sykes, ASA, FFA

Presenter(s): Andrew William Sykes, ASA, FFA

We'll look at the reasons why members and physicians don't code high risk members, how to make it easy for them to do so, and how to align the interests of patients, physicians and health insurers. We'll explore the actuarial value of high risk coding, the methods that are and are not working, and present a framework for creating new habits that can be applied to this problem. Attendees working for health insurers will learn new approaches to risk coding, an area that can make or break the profitability of a health insurer under the Affordable Care Act's new method for equalizing risk between health plans. This will meet the needs of actuaries focused on pricing and working in health insurance plans.

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

  • Understand the risk coding problem;
  • Quantify its impact on health insurers;
  • Understand why risk coding is a hard problem;
  • Determine how a comprehensive habit creation model can be applied to this problem; and
  • Be know about some efforts in this area already undertaken by insurers.

Country Relevance: U.S.

Experience Level: Intermediate

Session Coordinator(s): Andrew William Sykes, ASA, FFA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Results-Oriented Solutions

Moderator(s): Barry D. Senensky, FSA, FCIA, MAAA

Presenter(s): Aldo J. Cuscianna, FSA, FCIA; David Doeren; John R. Murphy, FSA, MAAA

Based on the results of a recent performance benchmarking study and looking at the spread of results by company, this session will look at the areas in which companies have the greatest opportunity to improve. This session will discuss how actuaries can help uncover these opportunities and improve performance. The panel will present the impact due to key factors such as diagnosis, early intervention, and change of definition, as well as opportunity to reduce costs through Social Security offset.

At the conclusion of the session attendees will understand the areas that have the widest range of performance in LTD and hence the greatest opportunity to improve.

Country Relevance: U.S. and Canada

Experience Level: All

Session Coordinator(s): Barry D. Senensky, FSA, FCIA, 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): Arnold F. Shapiro, FSA, ACIA, EA, MAAA

Presenter(s): Brian Joseph O’Neill, FSA, CERA, CFA, MAAA; Anup Patel; Petra Wildemann

The general sentiment among insurance executives with respect to operational risk is that it is challenging to quantify and mitigate; the following questions are frequently asked:

  • Over the past year, , how did the risk of fraudulent claims per policy for the company change?
  • Did the business strategy implemented six months ago incentivize potential embezzlement? and
  • How do we quantify the cyber security risk and potentially mitigate with additional capital?

A fundamental principle of insurance business risk management is to protect policyholders by holding more capital than needed. For the traditional quantifiable insurance risks, such as mortality and morbidity risks, the industry has numerous tools, data and established practice to determine appropriate capital levels. For market-risks, such as interest rate or equity risks, data is readily available and quantifications are relatively straightforward. Compared to the above risks, there is a significant gap for addressing operational risk. The few metrics currently used often provide considerably different levels of capital needed to protect against operational risk losses.

At the conclusion of the session, attendees will be able to understand current approaches to address operational risks and how additional operational risk measurement and management may evolve in the future.

Country Relevance: Non-Nation-Specific

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Long Term Care Insurance Section

Competency: Strategic Insight and Integration

Moderator(s): Joseph L. Wurzburger, FSA, MAAA

Presenter(s): John O’Leary; Lauren Schwartz; Joseph L. Wurzburger, FSA, MAAA

Join us for a dynamic session where multi-disciplinary members of the LTC Think Tank describe the process, learnings and outcomes from a two-day "idea jam" fostering new thinking about the country's long-term care crisis. Over 80 ideas were generated, and the group identified more than a dozen that warranted further investigation. The thinking goes well beyond just product, and includes other ways insurance companies, service providers and even disruptors can get in the game of reducing the cost burden of long-term care. Attending this session will give more than just a look at the outputs, but more importantly, an understanding of the inputs that were used to foster the creative process, and the next steps to turn these ideas into actual innovation for the industry.

At the conclusion of the session, attendees will be able to have an understanding of emerging long-term care delivery trends and potential new long-term care insurance plan designs.

Country Relevance: U.S. and Canada

Experience Level: All

Session Coordinator(s): Joseph L. Wurzburger, FSA, 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): Annette V. James, FSA, EA, FCA, MAAA; Nickolas J. Ortner, FSA, MAAA

In an ever-increasing competitive environment, large distribution agencies/brokerages and smaller insurance companies continue to seek additional revenue streams and to gain flexibility & exclusivity in their markets. The presentation will define this new frontier (and how it may vary from "renting paper" to something more complex); provide insight into how wholesaler/manufacturer insurance carriers structure risk-sharing, administrative, and marketing agreements with distribution and smaller carrier partners; define roles and expected additional compensation streams; and identify the prime markets for development of such partnerships. Attendees will walk away with clarity & understanding of the manufacturer insurance carrier market, the opportunities in that market, how that market fits with Attendees' own business models, and how to pursue such partnerships going forward.

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

  • Define the manufacturer insurance carrier market;
  • Understand the opportunities in that market;
  • Identify both how that market fits with attendees' own business models & how to prioritize such opportunities; and
  • Most efficiently pursue & develop such partnerships going forward.

Country Relevance: U.S. and Canada

Experience Level: Intermediate

Session Coordinator(s): Nickolas J. Ortner, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.20 EA Core/0.30 EA Noncore EA

Session Sponsor(s): Pension Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Grace Katherine Lattyak, FSA, EA, FCA; Tonya B. Manning, FSA, EA, FCA, MAAA

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

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

Country Relevance: U.S. and Canada

Experience Level: Intermediate

Session Coordinator(s): Monica Dragut, FSA, EA, 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): Carol A. Bogosian, ASA

Presenter(s): John Cutler, Esq.; Cynthia J. Levering, ASA, MAAA; Krzysztof M. Ostaszewski, FSA, CERA, MAAA, Ph.D.; Andrea T. Sellars, FSA, FCA, MAAA

The Society of Actuaries' Committee on Post Retirement Needs and Risks (CPRNR) issued a call for essays in the fall of 2015 focused on three different areas (An asterisk below designates a prize winner). Three session related to the major sub-topics are: The Big Picture of Risk Management in a DC World (session number 150), Decumulation Strategies for Retirement: Individual, Advisor and Plan Sponsor Roles (session number 167), and Important Issues in Risk Management: Public Policy and Longevity Risk, Long-term Care and Retirement Ages (session number 180)

This session focuses on defined contribution plan risk management strategies through the follow essays:

  • Krysztof Ostaszewski, Retirement: Choosing between Bismarck and Copernicus. A fascinating essay that glides through history to suggest an entirely different view of retirement, namely that retirement is when you can't work anymore.
  • Cindy Levering presenting for Steve Vernon, Designing and communicating retirement plans for humans. This essay sets up behavioral finance issues and makes recommendations about structuring of employee benefit plans to offer support for decumulation.
  • Anna Rappaport, Thinking about the Future of Retirement. Anna's big picture essay focuses on retirement ages as well as a range of issues related to DC plans.
  • To be summarized by the moderator:
    • Anna Rappaport, Women and retirement risk: What should plan sponsors, planners, software developers and product developers know? Anna's other essay is an overview of issues facing women.
    • Zenaida Samaniego, Diverse risks and considerations in retirement. Zenaida raises questions from the perspective of the individual. As is true in many situations there are no easy answers. Based on personal experience.
    • Karl Polzer, How the Emerging U.S. Retirement System Magnified Wealth Inequality. Fascinating look at Thomas Piketty and more..

At the conclusion of the session, attendees will be able to describe the risk management issues related to a retirement landscape that is becoming more defined contribution oriented.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Benjamin Patrick Hagan, FSA, EA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Scott D. Houghton, FSA, MAAA; Carrie Lee Kelley, FSA, MAAA; Leonard Mangini, FSA, FALU, FRM, MAAA

New CSO tables, credibility theory, assumptions development and governance, underwriting criteria scoring, modeling, speed of issue--any and all topics and concerns related to the valuation manual can be addressed in an ask the experts forum. This session seeks individuals who are looking to implement the new valuation manual, with emphasis on VM-20. Ask questions and get your implementation of the valuation manual and all its parts on track.

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

  • Apply knowledge of the valuation manual to product development;
  • Identify areas that need to be considered when implementing the new valuation manual; and
  • Describe how the valuation manual might impact product development and design.

Country Relevance: U.S.

Experience Level: All

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

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: External Forces & Industry Knowledge

Moderator(s): Jean-Francois Poulin, FSA, FCIA

Presenter(s): Dustin J. Hetzler, FSA, MAAA; Jean-Francois Poulin, FSA, FCIA

With the de-risking of pension plans and the growing longevity risk associated with them, the presenters will review some of the reinsurance structures available to reduce or manage the longevity risk associated with a pension buyout or simply a payout annuity reinsurance transaction. Europeans have been doing this for a while and the presenters will look at some of the techniques and implications of the various reinsurance structures that have been used to mitigate the longevity risk.

At the conclusion of the session, attendees will be able to understand the options available in terms of longevity reinsurance and the considerations in taking on pension liabilities.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Jean-Francois Poulin. FSA, FCIA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Taxation Section

Competency: External Forces & Industry Knowledge

Moderator(s): Kristin A. Schaefer, FSA, MAAA

Presenter(s): Mark S. Smith; Peter H. Winslow

The presenters will discuss recent developments in the taxation of life insurance companies, including any recent IRS guidance affecting the calculation of tax reserves and other related tax items. The panel will also provide an update on reserve 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 the taxation of life insurance companies and the potential impact to their company.

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): Technology Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Philip Gold, FSA, FIA, MAAA

Presenter(s): Jonathan Silverman

In this talk, the presenters will walk through several case studies of public cloud projects completed with major U.S. insurance and annuity companies. The case studies will cover in detail the process of introducing and using cloud computing for production analyses, and the resulting efficiency improvements and cost savings. The session will also touch on the processes used to select applications for cloud execution, common challenges of moving to the cloud, how to understand the costs and benefits, and common patterns of successful deployments.

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

  • Identify horizontally scalable workloads
  • Evaluate associated public cloud cost/benefit
  • Compare the different types of internal and external computing available
  • Define the business value of using public cloud computing
  • Apply lessons learned regarding cost, security and scalability

Country Relevance: International

Experience Level: All

Session Coordinator(s): Robert W. Hrischenko, 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): David B. Atkinson, FSA; Jeffrey E. Johnson, ASA, MAAA

As part of the overall review of life insurance products being undertaken because of the new valuation paradigm, experience studies were undertaken and experience tables were developed for each of guaranteed issue, simplified issue and preneed products. This session will report on this work. It will also report on how this work is being considered in the regulatory environment.

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

  • Apply the appropriate versions of this data and tables in their own situation;
  • Understand the basis for the results; and
  • Appreciate developments at the regulatory level.

Country Relevance: U.S.

Experience Level: All

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

Credits: 1.50 CPD

Session Sponsor(s): Munich Re

Competency: Strategic Insight and Integration

Moderator(s): Francesco Carone

Presenter(s): Francesco Carone; Brooke Wahlquist

Big changes are expected as the insurance industry works to maintain relevance and effectively reach a new generation of customers. How will we innovate without taking on too much risk? Munich Re presents a three-session series that will provide attendees with an effective tool for identifying and understanding business problems and quickly developing creative solutions. The approach may feel unsettling and radical, but it is a realistic and proven methodology.

Session One: Empathy We solve problems by understanding them and the underlying human need. This session will combine presentations and hands-on engagements to begin to build the tools for effective empathy in a business context. We will learn to understand, observe and define. The facilitator will share tips and tricks for making the process more effective.

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

  • Understand the concept of human centered design;
  • Effectively understand and define a problem; and
  • Develop skills in applying empathy to problem solving.

In order to receive the most benefit, attending all 3 sessions is strongly recommended.

Follow-up: Sessions 172 IF, 187 IF

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Carol Sullivan

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): Entrepreneurial & Innovation Section; Leadership & Development Section

Competency: Leadership

Moderator(s): Olga T. Jacobs, FSA, MAAA

Presenter(s): Kathleen Conlin; Stephen Galvan

The increasing diversity in today's workforce is impacting the way companies conduct business. World-class companies are demonstrating that workers exhibiting a range of differences in age, race, religion, gender and physical abilities, provide a unique contribution to the products and services delivered.

The presenters will explain the importance of diversity to organizations of all sizes--the rationale and business case. They will discuss dimensions of diversity, current hot and new areas, and opportunities that diversity can open up.

At the conclusion of the session participants will appreciate the diversity and composition of today's workforce, be able to describe how diversity impacts workplace strategies identify benefits and opportunities presented by diversity.

Country Relevance: International

Experience Level: All

Session Coordinator(s): Noor Rajah, FSA, EA, FCA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Germante Boncaldo; Su Meng Lee, FSA, CERA, MAAA; Philip Salem

A panel of experts will provide an overview of the North American life and annuity mergers and acquisitions landscape. The panel will discuss trends and share perspectives of a global reinsurer, an investment banker and an actuarial consultant.

At the conclusion of the session, attendees will be current on the North American life and annuity mergers and acquisitions landscape.

Country Relevance: U.S. and Canada

Experience Level: Intermediate

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Results-Oriented Solutions

Moderator(s): Patrick M. Curran, FSA, MAAA

Presenter(s): Patrick M. Curran, FSA, MAAA; Jerry Frye; Jane Herfkens Jensen, FSA, FCA, MAAA

"Payment reform" may sound like "revenue reduction" to some providers and health systems. Others are taking a proactive approach and partnering with payers, employers, and consumers to not only change the way health care is paid for, but how it's fundamentally delivered, as well.

At the conclusion of the session, attendees will be able to define options open to health systems for moving towards value based care.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): Patrick M. Curran, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Don Killian, FSA, MAAA

Presenter(s): Maria Catherine Dominiak, FSA, MAAA; Sabrina H. Gibson, FSA, MAAA; Don Killian, FSA, MAAA

As states try to manage within tighter budgets, there has been an increase in the non-traditional Medicaid populations being shifted into managed care. Many of these non-traditional populations cover high acute eligibles with very different needs such as Medicaid populations who received long term care services. Due to the different characteristics of these populations, developing actuarially sound rates is more complex than rate setting for traditional Medicaid products.

This session will focus on the current methodologies for developing and administering MLTSS capitation rates, how the development differs between states, the key assumptions in the rate development, the potential issues that exist in MLTSS rate development, and the areas for managed care savings in these programs. The presenters will also review a few recent implementations of MLTSS programs and discuss how the initial rates compared to actual experience. The session will finish with a brief discussion about the future of MLTSS.

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

  • Explain the complex nature in MLTSS rate setting;
  • Understand the key assumptions in MLTSS rate setting; and
  • Identify ways to manage program experience.

Country Relevance: U.S.

Experience Level: Intermediate

Session Coordinator(s): Don Killian, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): International Section

Competency: External Forces & Industry Knowledge

Moderator(s): Xu (Vincent) Xuan, FSA, CFA, MAAA

Presenter(s): Fangqing Hu, FSA; Lin Pan, FSA, CFA, MAAA; Milanthi Sarukkali, FSA, Ph.D.

The presenters will provide the audience a sense of the variety of life insurance products in different economic, cultural, social and ecosystematical situation. They will present an opportunity for actuaries in pricing, product development, modeling, marketing areas a fresh view of the up-to-date market trends, popular product features, the interests of potential policyholders. They will also enable actuaries to leverage the best practices in Asian-pacific countries to create new market opportunities and services to customers in their own country.

At the conclusion of the session, attendees will:

  • Gain a basic knowledge of market and product features in the covered Asian-pacific countries;
  • Better understand international life insurance products from consumers' perspective; and
  • More effectively communicate with international actuaries on global product development matters.

Country Relevance: International

Experience Level: All

Session Coordinator(s): Xu (Vincent) Xuan, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Investment Section

Competency: Strategic Insight and Integration

Moderator(s): Zachary Zunker Brown

Presenter(s): Zachary Zunker Brown; Jee Shen, FSA, CFA, MAAA; Vinit Srivastava

Managed risk funds have experienced tremendous growth in recent years in variable annuity products, where they contain nearly $300 billion in assets. These strategies will play an increasingly important role in the retirement security system in the years to come. This session will cover the range of strategies currently in use, the historical growth of these strategies, their recent performance, new metrics and indices for evaluating performance, and future developments.

At the conclusion of the session, attendees will be able to have an enhanced understanding of risk managed funds.

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): Leadership & Development Section; Entrepreneurial & Innovation Section; Actuary of the Future Section

Competency: Leadership

Moderator(s): Feng Hua (Grace) Wu, ASA

Presenter(s): David C. Miller, FSA

Are you an executive, leader or manager that would like to have more influence with your superiors, colleagues and direct reports?

Or are you a consultant who wants to have more impact when selling your services to prospects or advising clients?

Whether you're leading others in an organization, selling your ideas to senior management or selling your services as a consultant, it's essential to know how to motivate others to embrace change and take action!

The new world order where disruptive economies, volatility, uncertainty, complexity, and ambiguity prevail, poses tremendous challenges for Actuaries. The focus of this session is to help actuaries understand how their ability to influence and lead is key to their success and impact. The session will cover influential communication skills that actuaries of all ages should focus on.

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

  • Reinforce and develop their communications skills as they relate to influencing others;
  • Discover the most critical ingredient to influencing direct reports, colleagues, senior management, prospects and clients to take action,
  • Learn five specific ways people respond and precisely what you need to do to motivate them and increase engagement; and
  • Practice identifying someone's level of urgency to take action and see examples of how to successfully engage and influence others through entertaining video vignettes.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Carlos Arocha, FSA

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Professional values

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

Presenter(s): James A. Miles, FSA, MAAA; Yifeng (Jeffrey) Mu, FSA, CERA, FCIA

This session will examine aspects of the professional code of conduct that need to be considered in the context of model efficiency. This will include the important topic of model validation, an especially difficult area when one considers how some model efficiency techniques can be extremely complex technically, so that validation results are clear and easily communicated. This is crucial for actuaries to understand. Additionally, this panel will discuss:

  • What are the relevant Actuarial SOPs that come into consideration when using model efficiency techniques; and
  • The use of model efficiency to support statutory calculations and reporting - when is it appropriate, and considerations to be born in mind.

At the conclusion of the session, attendees will be able to apply the actuarial code of conduct in modeling work. In particular, the attendee will have a much better understanding of the interaction of model efficiency and professionalism.

You may also be interested in one or more of the other model efficiency sessions: 20 PD, 54 PD, 94 PD, 128 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; Investment Section

Competency: External Forces & Industry Knowledge

Moderator(s): Julie A. Curtis. FSA, EA, MAAA

Presenter(s): Brian Joseph O’Neill, FSA, CERA, CFA, MAAA; Russell S. Proctor, FSA, EA, FCA, MAAA

With the trend of defined benefit plans freezing over the last decade, the question more plan sponsors are asking is: what will it take to terminate the pension plan? Many plan sponsors are ready to terminate their pension plan from a company vision standpoint; however, they may not be ready from a financial standpoint. Understanding the cash implications, as well as the time commitment while contemplating a pension plan termination will facilitate the decision making process for the interested plan sponsor. This session covers the comprehensive process of a typical defined benefit plan including the intricacies of annuity purchase process, current emerging trends and other options available to plan sponsors.

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

  • Define the process of a typical defined benefit plan;
  • Develop the details of the annuity placement process; and
  • Explore other options involving pension plan terminations available to plan sponsors.

Country Relevance: U.S.

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: External Forces & Industry Knowledge

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

Presenter(s): Carol A. Bogosian, ASA; Kailan Shang, FSA, ACIA; Paul Yakoboski, Ph.D.

The Society of Actuaries' Committee on Post Retirement Needs and Risks (CPRNR) issued a call for essays in the fall of 2015 focused on three different areas (An asterisk below designates a prize winner). Three session related to the major sub-topics are: The Big Picture of Risk Management in a DC World (session number 150), Decumulation Strategies for Retirement: Individual, Advisor and Plan Sponsor Roles (session number 167), and Important Issues in Risk Management: Public Policy and Longevity Risk, Long-term Care and Retirement Ages (session number 180).

This session focuses on decumulation strategies for retirement through the follow essays:

  • Kailan Shang, Multiple objective asset allocation for retirees using simulation. This essay continues Kailin's strength in providing significant technical components to the issue.
  • Paul Yakoboski, Decisions misaligned with priorities. Paul reports on a survey of TIAA-CREF retirees and shows how decisions with regard to annuitization align with priorities and advice given. It turns out that advice seems to be a key factor for individuals facing the annuitization question.
  • Carol Bogosian presenting for Chuck Yanikowski, Dealing with multiple post-retirement risks in the middle market. Chuck outlines the issues well in his essay.
  • To be summarized by the moderator:
    • Chuck Yanikowski, Decumulation Strategy for Retirees: Which Assets to Liquidate. This essay offers a framework for scoring assets and suggests how to use the score to help in the liquidation decision.
    • * Steve Vernon, A portfolio approach to retirement income security. Steve builds on research sponsored by SOA with the Stanford Longevity Center and uses portfolio concepts to discuss the post-retirement period.
    • Elizabeth Bauer, Decumulation for a New Generation. The author presents her own view of decumulation.

At the conclusion of the session, attendees will be able to describe the issues related to decumulation in retirement and what roles individuals, advisors and plan sponsors play.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Benjamin Patrick Hagan, FSA, EA, MAAA

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): Karen J. DeToro, FSA, MAAA; Philip R. Murphy, FLMI, MBA; Kelly J. Rabin, FSA, MAAA

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? We 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. We will walk through a case study of creating a new simplified issue product, and also 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: Non-Nation-Specific

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Patrick Gallagher, FSA, FCAS

Presenter(s): Robert Bachler, FSA, FCAS, MAAA; Patrick Gallagher, FSA, FCAS

The breakthrough hepatitis drugs introduced in 2014 have led to a new reinsurance market that addresses the catastrophic risk of unexpected specialty drug costs. The session will detail the new types of excess and aggregate reinsurance products available and present a stochastic modeling approach to price the risk. The approach addresses the problems of considering individual drug brands, secular trends in drug pricing and utilization, and how to handle existing conditions within the population. The session is of interest to reinsurance actuaries who may assume this risk as well as those managing the risk at health plans, providers and employers.

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

  • Understand the new reinsurance products in the excess specialty prescription drug sector;
  • Be aware of the leading data sources for actuaries pricing this risk; and
  • Design a stochastic model to price the risk.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Patrick Gallagher, FSA, FCAS

Credits: 1.50 CPD

Session Sponsor(s): Smaller Insurance Company Section

Competency: External Forces & Industry Knowledge

Moderator(s): Leon L. Langlitz, FSA, MAAA

Presenter(s): Bryan Neil Amburn, FSA, MAAA; Jerry F. Enoch, FSA, MAAA; Leon L. Langlitz, FSA, MAAA; Stefanie J. Porta, ASA, MAAA

Attendees will share their experiences with other smaller company actuaries. How is the interest rate environment impacting how you do your job? What are the latest product development issues? What is happening with RBC and PBR? How are companies reacting to the Department of Labor fiduciary rule? How are events in Washington being perceived by smaller companies? Attendees will determine other topics to discuss. Attendees will have the opportunity to talk these issues out with their peers and brainstorm where we will go from here.

At the conclusion of the session, attendees will be able to better determine how they will respond to some of the challenges they face, and establish relationships with several actuaries facing similar issues.

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): SOA General Insurance

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Ann Weber

Presenter(s): Amy Bach, J.D.; Angela Nelson; Mark Smith; Mary Jane Wilson-Bilik, J.D.

The utilization of big data and price optimization represents a shift away from traditional ratemaking techniques by incorporating policyholder behavior into the equation. The increasing use of big data, including price optimization tools, in rating general insurance products has caught the attention of insurance regulators and consumer groups. In this session, several presenters representing different viewpoints (regulatory, legal, industry and consumer) will discuss a number of issues regarding big data and price optimization. The panel will also highlight issues addressed in the recently released NAIC Price Optimization White Paper and the current NAIC'sBig Data Working Groups discussions.

At the conclusion of the session, attendees will be able explain the issues related to big data and what is meant by the term price optimization for general insurance products.

Country Relevance: U.S.

Experience Level: Intermediate

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

Credits: 1.50 CPD

Session Sponsor(s): Munich Re

Competency: Strategic Insight and Integration

Moderator(s): Francesco Carone

Presenter(s): Francesco Carone

Session Two: Prototype & Refine--Now that we fully understand the problem to be solved, how do we come up with the best solution? How do we depart from tried and true approaches to be truly innovative? In this session we will look at how other industries approach creativity in order to gain a better understanding of creativity and innovation. We will also introduce and practice the three steps of ideating, prototyping and testing. The facilitator will share best practices in idea generation and why prototyping is so effective.

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

  • Understand the process of ideation, prototyping and testing;
  • Appreciate the value of prototyping in quickly developing solutions; and
  • Create a variety of solutions to a test case.

In order to receive the most benefit, attending all 3 sessions is strongly recommended.

Follow-up to: Session 156 IF

Follow-up: Session 187 IF

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Carol Sullivan

11:30 a.m. – Noon
A refreshment break is available for all meeting attendees.
12:00 - 1:15 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Anthony Dardis, FSA, CERA, FIA, MAAA; Runhuan Feng, FSA, CERA

Today's computing power makes nested stochastic modeling a possibility, where just a few years ago, it was an actuary's dream. However, for insurers, stochastic modeling remains costly for many reasons including hardware, software and model development costs. The calculation run time involved in such an exercise can still be too long for insurance company managements to get results and take actions in a timely manner. Also, output data maybe too massive to store and understand. Therefore, companies are still seeking ways to avoid a direct nested stochastic approach.

The purpose of this research project is to create a resource to help actuaries and others answer the following questions: In what situations is nested stochastic modeling commonly used? What other approaches can be used instead of nested stochastic modeling? What techniques can be used to accelerate the run time for nested stochastic modeling?

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

  • Describe the situations where nested stochastic modeling commonly used;
  • Describe situations where nested stochastic modeling may not be required to achieve the stated objective;
  • Describe other approaches that can be used instead of nested stochastic modeling; and
  • Describe techniques that can be used to accelerate the run time for nested stochastic modeling.

Country Relevance: Non-Nation-Specific

Experience Level: Intermediate

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Results-Oriented Solutions

Moderator(s): Daniel J. Fix, FSA, MAAA

Presenter(s): John A. Bettano, FSA, MAAA; Daniel J. Fix, FSA, MAAA

This session explores the types of profit measures used by group life and disability insurers, providing insights on the strengths and limitations of each type of analysis. The presenters will include research on which measures are used most widely in these markets.

At the conclusion of the session, attendees will be able to use different approaches to measure profit.

Country Relevance: U.S.

Experience Level: Beginner

Session Coordinator(s): Daniel J. Fix, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): T. Scott Bentley, FSA, MAAA

Presenter(s): T. Scott Bentley, FSA, MAAA; Jeffrey David Ganow, FSA, MAAA

The presenters will discuss the key issues to managing a profitable block of Medicare Supplement business including initial pricing, rerating and experience analysis. What steps can be taken besides the obvious overall rate action, and what assumptions are most critical to meeting marketing and profit targets?

This session will also address recent legislative and regulatory developments that will affect the industry in the near future as well as potential action on the horizon.

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

  • Apply strategies to manage blocks of Medicare Supplement business;
  • Select appropriate assumptions considering marketing and profit implications; and
  • Identify key issues that are critical to managing a profitable block of Medicare Supplement business.

Country Relevance: U.S.

Experience Level: Intermediate

Session Coordinator(s): Kenneth L. Clark, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Investment Section

Competency: Strategic Insight and Integration

Moderator(s): Erik J. Thoren, FSA, CERA, MAAA

Presenter(s): Prannoy Chaudhury, FSA, MAAA; Jean-Francois Lemay, FSA; Erik J. Thoren, FSA, CERA, MAAA

The insurance and capital markets industries have become increasingly entwined in recent years. We will discuss this trend and its implication, and how as a profession we can help to maximize the advantages and minimize the risk resulting from this change.

At the conclusion of the session, attendees will be able to have an enhanced understanding of the interaction of investment and insurance.

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); Financial Reporting Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Michael Porcelli, FSA, MAAA

Presenter(s): Richard John Weir Isherwood; Michael David Williams, ASA; Josh Windsor, FSA, FIA, MAAA

In the past five years or so, stress testing has moved from one-off, ad hoc exercises to 'business as usual' performance. In addition to the external reasons for stress testing such as ORSA, DFAST, CCAR or Solvency II, there are internal drivers at force as well. This session will explore the importance of stress testing and what the future state of stress testing might look like.

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

  • Describe the importance of stress testing in financial institutions;
  • Identify potential improvements to implement in stress testing at their company; and
  • Contemplate the possible future state of stress testing.

Country Relevance: U.S.

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Core EA

Session Sponsor(s): Pension Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Gavin S. Benjamin, FSA, FCIA; Stuart Klugman, FSA, CERA

Since the rollout of new pension mortality tables in both Canada and the U.S., there has been increasing attention paid to mortality assumptions for pension plans. With the increased attention on mortality assumptions, there is also an increasing awareness of the variability of mortality within different demographic groups and/or plan populations resulting in a desire for more customized assumptions. This has led to a renewed interest in credibility theory as a means for adjusting standard industry tables to better fit specific pension plan populations.

This session will provide a primer on credibility theory and then discuss the application of credibility theory in the context of setting mortality assumptions for pension plans. It will also include a discussion of resources available for further education and background.

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

  • Explain basic credibility theory;
  • Describe different credibility approaches; and
  • Apply credibility theory in setting pension assumptions.

Country Relevance: Non-Nation-Specific

Experience Level: All

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

Presentation(s): View Presentation

Credits: 1.50 CPD; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: External Forces & Industry Knowledge

Moderator(s): Andrea T. Sellars, FSA, FCA, MAAA

Presenter(s): John Cutler, Esq.; R. Evan Inglis, FSA, FCA, MAAA; John Turner

The Society of Actuaries' Committee on Post Retirement Needs and Risks (CPRNR) issued a call for essays in the fall of 2015 focused on three different areas (An asterisk below designates a prize winner). Three session related to the major sub-topics are: The Big Picture of Risk Management in a DC World (session number 150), Decumulation Strategies for Retirement: Individual, Advisor and Plan Sponsor Roles (session number 167), and Important Issues in Risk Management: Public Policy and Longevity Risk, Long-term Care and Retirement Ages (session number 180).

This session focuses on the integration between retirement planning and financing for long-term care (public or private) and also discusses related work in the annuity and longevity field through the follow essays:

  • Evan Inglis, The "Feel" Free Retirement Spending Strategy. This first place winning essay provides a rule of thumb for decumulation with a range attached to it. He keeps it fairly simple and provides some analysis as to why this is reasonable.
  • John Turner, Longevity Insurance Benefits for Social Security. John's essay on longevity insurance makes a proposal to change Social Security to better achieve this goal and then focuses on how that will link to decumulation.
  • John Cutler, News Flash: Retirement Takes Over Long-Term Care. This essay focuses on a wide range of policy ideas, concluding that retirement-based long-term care financing might be the wave of the future.
  • To be summarized by the moderator:
    • Morris Tenenbaum, A Better Public Private Approach to Resolving LTSS Financing Dilemma. The author sets forth a case and rationale for a very different approach to solving the long term services and supports financing issue.
    • Mark Shemtob, Oh No! Not another government program. Mark develops his idea for a new public longevity insurance program.
    • Martin Bauer, Enhanced risk sharing savings accounts. The author provides an innovative design for the payout period which is an alternative to a traditional annuity.

At the conclusion of the session, attendees will be able to describe the issues related to long-term care financing and the relationship with retirement planning and the annuity and longevity field.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Benjamin Patrick Hagan, FSA, EA, MAAA

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): Brian D. Holland, FSA, MAAA

Presenter(s): Gourab De; Jeff T. Heaton, ARA, FLMI; Yexin (Kathleen) Wang, FSA

As predictive modeling becomes more important in insurance actuaries will need it as a basic skill, actuaries may have basic understanding of generalized linear model and decision tree model, which have various applications in actuarial science. Beyond GLM, there are many other algorithms that actuaries like to understand and can choose from. In this session experts will explain some advanced algorithms, such as SVM, neural network, deep learning, etc.

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

  • Explain some advanced statistic models beyond GLM and decision tree models;
  • Compare these sophisticated models and evaluate the effectiveness of each choice; and
  • Determine the strength and weakness of these models and identify a model that best fit business requirement.

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): David N. Cook, FSA, FCA, MAAA

Presenter(s): David N. Cook, FSA, FCA, MAAA; Francois Genest, FSA, FCIA, MAAA; Jeffrey E. Johnson, ASA, MAAA

The current economic and investment environment has very adversely affected products offered in the preneed market and the ability of insurers to manage in force blocks. The range of viable designs is limited. This session will examine some of the forces influencing and constraining preneed product design and some recent design responses. The session will include a current market update, along with product design developments and outlook. The session will also include an update on new preneed basic and valuation mortality tables under development and their potential impact on reserves.

At the conclusion of the session, attendees will have a better understanding of current forces affecting product development and management in the preneed life insurance market and some product responses. Attendees will also get the latest information concerning the new preneed basic and valuation mortality tables.

Country Relevance: U.S. and Canada

Experience Level: Intermediate

Session Coordinator(s): David N. Cook, FSA, FCA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Strategic Insight and Integration

Moderator(s): Quentin M. Marsh

Presenter(s): Mary Ann Broesch, FSA, MAAA; Quentin M. Marsh; Jeffrey G. Nordstrom, FSA, CERA, MAAA

Give us some money now and we will commit, to the best of our ability and to the extent certain conditions arise, to give you some money later. This simple proposition is the fundamental premise of the reinsurance business. This session will focus on the first half of the premise as we explore current trends in the identification, measurement and management of reinsurance-based counterparty exposure. The panel will include perspectives from both ceding and assuming companies.

At the end of this presentation, attendees will gain a better understanding of the following:

  • Emerging views of counterparty risks;
  • Techniques for evaluating counterparty exposure;
  • Types of transactions typically requiring collateral;
  • Types of collateral, structures and terms commonly applied;
  • Evaluation of methods to balance counterparty risks, collateral and costs; and
  • Regulatory considerations when evaluating exposures and collateral arrangements.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Quentin M. Marsh

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: External Forces & Industry Knowledge

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

Presenter(s): Krzysztof M. Ostaszewski, FSA, CERA, MAAA, Ph.D.; Joseph J. Silvestri, FSA, EA, FCA, MAAA; Sven H. Sinclair, FSA, MAAA, Ph.D.

Public finance sustainability has been a subject of debate in the United States and other nations. The presenters will discuss this issue, and whether it presents a threat to the economy, and if indeed such a threat exists, what is its nature. Furthermore, it will be pointed how insurance and actuarial principles can play uniquely constructive roles in sustainability of public finance. Governance structures supporting sustainability, will also be discussed.

At the conclusion of the session, attendees will be able to understand the challenge of sustainability of public finance, and the uniquely constructive roles insurance and actuarial principles can play in achieving sustainability.

Country Relevance: Non-Nation-Specific

Experience Level: Intermediate

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

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Society of Actuaries

Competency: Professional values

Moderator(s): Mike A. Boot, FSA, MAAA

Presenter(s): Mike A. Boot, FSA, MAAA; Joseph L. Wurzburger, FSA, MAAA

Participants will explore the importance and role that professionalism plays in the everyday life of an actuary. Brief case studies will be used to highlight professionalism issues that may be encountered. The panel will discuss the issues in each case study, and then the members of the audience will be actively solicited for their comments, observations and insights. Participants will also gain an awareness of the multitude of resources available to the actuary as they navigate professionalism issues, along with thoughts on how those resources can be applied and interpreted.

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

  • Understand the role of professionalism;
  • Understand the importance of professionalism; and
  • Describe resources that are available.

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Mike A. Boot, FSA, MAAA

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): SOA Research

Competency: External Forces & Industry Knowledge

Moderator(s): Korrel Rosenberg

Presenter(s): Michel Desmarais, FSA, FCIA; Christopher Almer Whitney, FSA, MAAA

The latest published study of structured settlements covers experience of 2000-08. The latest ongoing studies of individual payout annuities and structured settlements cover experience of 2009-13. The current individual payout study was expanded to include both lives under joint contracts and experience on variable payout products. Both studies continue the work covered in the prior studies. The new structured settlement results are of particular interest because of the variation in the 2000-08 report.

At the conclusion of the session, attendees will be able to understand recent mortality trends in individual payout annuities and structured settlements. Attendees will be able to apply these results as benchmarks to their own experience.

Country Relevance: U.S.

Experience Level: All

Session Coordinator(s): Korrel Rosenberg

Credits: 1.50 CPD

Session Sponsor(s): Munich Re

Competency: Results-Oriented Solutions

Moderator(s): Francesco Carone

Presenter(s): Francesco Carone

In this session participants will be challenged to put the skills introduced in the first two sessions to work. We will work in small groups, role-playing to understand, observe and define an insurance-related problem. We will then do a hands-on exercise in ideation and prototyping to develop a range of possible solutions.

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

  • Apply human centered design concepts to business problem solving;
  • Create a solution to a real-world problem; and
  • Describe the process to others.

In order to receive the most benefit, attending all 3 sessions is strongly recommended.

Follow-up to: 156 IF, 172 IF

Country Relevance: Non-Nation-Specific

Experience Level: All

Session Coordinator(s): Carol Sullivan

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.