Announcement: SOA releases June 2019 Exam STAM passing candidate numbers and congratulates the new FSAs for August 2019.

Agenda Day Three

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Tuesday, October 17
6:00 a.m. – 4:00 p.m.
6:15 a.m. – 7:15 a.m.

Session Sponsor(s): Financial Reporting Section

Moderator(s): James S. Hawke, FSA, MAAA

Presenter(s): Timothy C. Cardinal, FSA, MAAA; James S. Hawke, FSA, MAAA; Robert K. Leach, FSA, MAAA

Join us for Financial Reporting Section updates and the passing on of the green jacket! Can't be missed!

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

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

Facilitator(s)

Presentation(s): View Presentation

Session Sponsor(s): Health Section

Moderator(s): Sarah C. Osborne, FSA, FCA, MAAA; Brian Edward Pauley, FSA, MAAA

Presenter(s): David Cutler, Ph.D.

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.

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

Session Coordinator(s) Sarah C. Osborne, FSA, FCA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Session Sponsor(s): Leadership and Development Section

Moderator(s): Carlos Arocha, FSA; Anne M. Katcher, FSA, MAAA

Presenter(s): Carlos Arocha, FSA; Raymond E. DiDonna, FSA; Anne M. Katcher, FSA, MAAA

Networking opportunity and discussion of current professional development topics.

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

Session Coordinator(s) Carlos Arocha, FSA

Facilitator(s)

Session Sponsor(s): SOA General Insurance

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

Presenter(s): Anthony E. Cappelletti, FSA, FCAS, FCIA; W. Scott Lennox, FSA, FCAS, FCIA

This breakfast will provide an opportunity for general insurance actuaries to network and enjoy breakfast together. Attendees will be provded with information on the latest developments in the SOA General Insurance track. This will include an update on the SOA's request to the NAIC with respect to having General Insurance track FSAs recognized as qualified to sign Statements of Actuarial Opinion for general insurers (i.e., property and casualty insurers) in the United States. Questions and comments are welcome from session attendees.

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

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

Facilitator(s)

6:30 a.m. – 7:30 a.m.
7:30 a.m. – 8:45 a.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Actuary of the Future Section

Competency: External Forces & Industry Knowledge

Moderator(s): Laura J. Wiland, FSA, MAAA

Presenter(s): Jacqulynn Abdella, FSA, MAAA; Stephen J. Bochanski, FSA, CERA, MAAA; Kelly M. Hennigan, FSA; Katie Wright

Experience Level: All

The need to modernize insurance company actuarial functions is driven by varied demands which includes updating legacy platforms and systems, changes to regulatory requirements, and increased interest in predictive data techniques. A transformed actuarial environment is key to producing the analytics, metrics and insight needed to help steer the business. Presenters involved with actuarial transformation efforts from both an insurance company perspective, as well as a consulting perspective will share their stories and lessons learned.

At the conclusion of the session, attendees will be able to understand the factors driving transformation, the areas typically targeted for modernization, and how actuaries can and should be involved in this initiative.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Laura J. Wiland, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: Strategic Insight and Integration

Moderator(s): Lisa Marie Veldman Domonkos, FSA, CERA, MAAA

Presenter(s): Sebastian Joseph Kleber, FSA, MAAA; Leonard Mangini, FSA, MAAA; Kevin Piotrowski FSA, CERA, MAAA

Experience Level: Beginner-Intermediate

Attend this session to understand the convergence of assumption setting across different valuation bases, including Statutory (PBR), GAAP and Embedded Value. The presenters will provide an overview of the role of assumption setting within these bases while highlighting similarities and differences. The role of credibility will be discussed, with a focus on considerations and trade-offs of the two measures for PBR mortality assumption setting (Buhlmann and Limited Fluctuation). Monitoring and unlocking of assumptions and how this fits into the management of the business will be explored. Key governance considerations will also be highlighted.

At the conclusion of the session, attendees will:

  • Appreciate the convergence of assumption setting across different valuation bases;
  • Understand specific considerations given the valuation basis utilized; and
  • Gain a framework for combining different views into monitoring and managing their business.

Country Relevance: U.S.

Session Coordinator(s) Jennifer L. McGinnis, FSA CERA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Strategic Insight and Integration

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

Presenter(s): David M. Dillon, FSA, MAAA; Christopher M. Joyce, JD; Lisa Marie Parker, ASA, MAAA

Experience Level: Intermediate-Advanced

The presenters will discuss early warning signs of insurance company insolvencies and provide a practical approach to application and tips in dealing with potential insolvencies. Additionally, the presenters will look at information that is embedded in the Health Insurance NAIC Annual Statement. It will include a review of an annual statement and risks that are found within in it. Learn from discussion by users of the statement on how they use and interpret the information provided. At the conclusion of the session, attendees will be able to understand the intricacies of the annual statement reporting.

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

  • Understand the intricacies of annual statement reporting;
  • Interpret complex financial results and assess the risks involved; and
  • Identify when insurance companies are facing financial insolvencies.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Results-Oriented Solutions

Moderator(s): Russell A. Osborn, FSA, CCERA, MAAA

Presenter(s): Ken C. Beckman, ASA, ACAS, MAAA; Russell A. Osborn, FSA, CCERA, MAAA; Carl Turissini, MD

Experience Level: All

Presenters will share evidence on the cost ineffectiveness of several high-cost medical treatments, focusing on the areas of heart disease and diabetes. For example, many elective bypass surgeries and stents-while being quite expensive-do not extend life expectancy and can actually decrease quality of life (except in special circumstances). The presenters will demonstrate low-cost, effective alternatives using lifestyle/wellness approaches. They will also discuss if more can be done to get patients to try lifestyle/wellness approaches, especially given that there is potentially a lot of money to work with to engage with the patients on these approaches, in comparison to the high-cost surgical treatments.

At the conclusion of the session, attendees will have:

  • Evidence on cost ineffectiveness of popular, high-cost medical treatments for heart disease and diabetes;
  • Evidence on high effectiveness of lifestyle/wellness approaches; and
  • Food for thought on group health plan design.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Russell A. Osborn, FSA, CCERA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Investment Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Hal Warren Pedersen, ASA

Presenter(s): Hal Warren Pedersen, ASA; Liang Yin, FSA, MAAA

Experience Level: Intermediate

The financial crisis has led to global market conditions with few parallels in the historical record. Ultra-low and negative long-term interest rates have placed tremendous stress on insurer's ability to generate yield on investments. It now seems that markets are primed to return to more normal conditions. What might this road to normalization look like and over what time period? What are the probable events that will lead to a normalization of interest rates? What might happen if the normalization process stalls?

The presenters will discuss what we can learn from the historical data about periods of normalization and what risk modeling strategies can be employed to explore the ways in which the timing and magnitude of future rate increases might affect an insurance business. Specific topics include: historical experience during periods of normalization, developing views on what our current road to normalization might look like, creating robust economic scenarios for measuring the risk in the normalization process, and allowing for an ESG to accommodate scenarios that correspond to an arrested normalization of interest rates.

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

  • Identify and explain historical periods where significant changes in market conditions occurred;
  • Understand how to develop views on short-term and long-term paths to normalization;
  • Evaluate the implications of these views and their incorporation in economic scenario generation; and
  • Explore and develop modeling approaches to the effects of rising interest rates.

Country Relevance: International

Session Coordinator(s) Erik J. Thoren, FSA, CERA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Long Term Care Insurance Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Allen J. Schmitz, FSA, MAAA; P. J. Eric Stallard, ASA, FCA, MAAA

Experience Level: Intermediate-Advanced

The insurance industry has collected more and more data each year with better ways to perform analytics. Actuaries will need to be prepared to identify new and emerging trends in the data. The presenters is a deep dive into the recent research showing decreasing disabled life expectancy and recent LTC data showing lower claim termination rates.

Audience will gain a better appreciation of differences between insured and population experience and the effect of morbidity on mortality.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Core EA

Session Sponsor(s): Pension Section

Competency: Professional Values

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

Presenter(s): Tammy F. Dixon, FSA, EA, MAAA; Mitchell I. Serota, FSA, EA, MAAA; Faisal Siddiqi, FSA, FCIA

Experience Level: All

The presenters will discuss Actuarial Standards of Practice (ASOP) applicable to those practicing in the pension space. We will combine a broad overview of pension ASOPs with a focus on recent developments. We will discuss recently-released exposure drafts on Modeling, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions, and Setting Assumptions. We will also cover any new developments in the months leading up to the 2017 SOA Annual Meeting & Exhibit.

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

  • Describe ASOPs relevant to pension actuaries;
  • Apply key principles of the same ASOPs in their daily work; and
  • Discuss the main ideas in recent ASOP exposure drafts.

Country Relevance: U.S.

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

Facilitator(s)

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): Bonnie-Jeanne MacDonald, FSA; Nathan Christopher Zahm, FSA, EA

Experience Level: Intermediate

The "final earnings replacement rate" (where 70 percent is often advocated as the "right" target) has been the longstanding and widespread measure of retirement income adequacy. It underlies our pension systems, drives the research that determines whether populations are prepared for retirement, and is the backbone of retirement planning software. But does it do the job that it is supposed to do? Will 70 percent of a worker's final annual employment earnings sustain living standards after retirement? This presentation addresses the often posed but never answered question "how much is ENOUGH retirement income?"

During the first half of this presentation Bonnie-Jeanne MacDonald will examine whether workers who hit this target actually can expect to maintain their living standards in retirement. MacDonald will also discuss an alternative basis for assessing how well a worker's living standards are maintained after retirement-the Living Standards Replacement Rate. During the second half of the session, the presenters will review and critique the merits of MacDonald's work. We expect a lively discussion regarding "how much is ENOUGH retirement income." Audience participation will be encouraged. MacDonalds's work was awarded an international actuarial academic and industry award and can be downloaded without fee: http://dx.doi.org/10.1017/asb.2016.20 .

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

  • Identify short falls in traditional replacement rate measures and targets;
  • Explain new alternative methods to measuring adequate retirement income; and
  • Compare measures of assessing adequate retirement income.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Benoit G. Miclette, FSA, FCIA

Presenter(s): Jean-Francois Langlois, FSA, FCIA; Benoit G. Miclette, FSA, FCIA

Experience Level: All

Hear ye, hear ye, people are living longer! With this collective grateful sigh of relief comes a laundry list of questions around savings and assets, remaining working years and the utopia that comes after the retirement party; all of them leading to the ultimate rhetorical dilemma: can I afford to live longer? Governments and insurers around the globe have been busy looking for ways to appease this need through insurance products. Join us as we explore options from global markets in an attempt at piecing together the puzzle that is personalized longevity risk management.

At the conclusion of the session, attendees will be able to compare different value propositions.

Country Relevance: International

Session Coordinator(s) Elena Stoyanova Tonkovski, FSA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): John Leo Timmerberg, ASA, MAAA

Presenter(s): Jeanne Meeker Daharsh, FSA, MAAA; Denise Liston

Experience Level: All

Sales of accelerated benefit riders on life insurance are growing rapidly and the presenters will get life actuaries up-to-speed on this new practice area. They will describe the rider types (chronic illness and critical illness) and rider structures (fractional benefit, full benefit and lien). They will also explore rider development, pricing, selecting actuarial assumptions and modeling considerations. Actuaries will increase their understanding of how these riders impact their life insurance risk.

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

  • Develop an increased understanding of accelerated benefit rider type and structures;
  • Identify the market opportunities and pricing risks for these riders; and
  • Determine the appropriate pricing models and valuation impact for these new riders.

Country Relevance: U.S.

Session Coordinator(s) Brock E. Robbins, FSA, FCIA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: External Forces & Industry Knowledge

Moderator(s): Michael David Mulcahy, FSA, MAAA

Presenter(s): Robert A. Diefenbacher, FSA, MAAA; Paige Freeman; Michael David Mulcahy, FSA, MAAA; Dana Wiele

Experience Level: Beginner-Intermediate

The potential for regulatory changes is always a top concern for actuaries. Recent changes to regulations, as well as current proposals for further change have the potential to change the way many reinsurance transactions are executed and accounted for. Principle-based reserves, certified reinsurers, covered agreements, and potential changes to U.S. tax laws all will, or have the the potential to alter the reinsurance landscape. The presenters will explain the mechanics of the latest regulatory changes impacting reinsurance, and discuss what the potential impact of these new rules may be for both cedants and reinsurers.

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

  • Describe the various new regulations impacting reinsurance; and
  • Evaluate the impact these regulations may have on the way their company uses reinsurance and determine what steps they should take.

Country Relevance: U.S.

Session Coordinator(s) Michael David Mulcahy, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Joint Risk Management Section, SOA General Insurance

Competency: External Forces & Industry Knowledge

Moderator(s): James Russell Collingwood, ASA, MAAA

Presenter(s): James Russell Collingwood, ASA, MAAA; Elisabetta Russo, MAAA

Experience Level: All

We ask 'what next? for companies submitting and for state regulators receiving and critiquing.  As company ORSA reports typically reach their third iteration in 2017, the presenters will explore:

  • How are companies evolving their ORSAs and ORSA reports?
  • Has ORSA affected the influence of CRO's (and ERM generally) on insurers' Executive and Board?
  • How have state insurance departments' responded to companies' submitted ORSAs?
  • Will ORSAs change the way that regulators and insurers connect in future?

The presenters will use their knowledge of ORSAs across insurers in general insurance, in life and in health; covering companies of all sizes. They will particularly explore the significant variation in approach and content that continue to exist between companies in terms of:-

  • The level of detail given through the Sections I, II and III;
  • The maturity of risk management;
  • The presentation of risk appetite and the consistency from appetite through into Sections II and III;
  • The meaning companies place on 'own solvency;'
  • The application of stress testing - how broad and how deep?;
  • The use of dynamic models and metrics;
  • Forward projection methods to produce a prospective view of 'own solvency;' and
  • Evidence of use of risk management to support business decisions.

At the conclusion of the session, attendees will know how their own company's ORSA differs, and their strengths and weaknesses when compared against peer and leading market practice. They will also be better able to give new direction for their own ORSA development and for the broader maturation of their firm's risk management framework.

Country Relevance: U.S.

Session Coordinator(s) James Russell Collingwood, ASA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 EA

Session Sponsor(s): SOA Research, Pension Section

Competency: Results-Oriented Solutions

Moderator(s): David R. Cantor, ASA, EA, MAAA

Presenter(s): Douglas P. Chandler, FSA, FCIA; John Turner

Experience Level: Intermediate

The presenters will present approaches to pension plan funding targets that focus on the probability that invested assets will be less than the liability at some point in the future. These approaches generally result in discount rates and funding targets that are less conservative than the use of risk-free rates advocated in financial economics literature but more conservative than the best estimates of future investment returns often used in public sector pension plans. Issues such as adequacy of funding relative to a settlement basis and confidence levels will be addressed.

The insights offered are based on two research papers published in 2017, one from a U.S. perspective and the other from a Canadian perspective. However, the conclusions do not depend on the specific regulatory environments for different types of defined-benefit pension plans and different countries.

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

  • Assess the adequacy of cushions in discount rates;
  • Explain the deficiencies of discount rates selected solely based on current bond yields or long-term investment return expectations; and
  • Identify situations calling for larger or smaller cushions in funding targets.

Country Relevance : Non-Nation Specific

Session Coordinator(s) Douglas P. Chandler, FSA, FCIA

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Munich Re

Competency: External Forces & Industry Knowledge

Moderator(s): Michael S. Taht, FSA, FCIA, MAAA

Presenter(s): Ranier J. Lopez; William Moore; Amanda B. Turcotte, FSA, MAAA; Pat Wedeking

Experience Level: All

The "golden circle" is an emerging concept that turns the traditional approach to business inside out by placing "why" before "how" and "what" we do. It seems intuitive that life insurance-with its focus on supporting customers in the most difficult of times-would fully embrace that mindset. But it is easy to become so focused on technical expertise that the human aspect of our work becomes secondary.

In session one of this series, experts will look at the important contribution that insurance and risk management make to a healthy society.

In session two, they will look at the challenges and opportunities to staying relevant in our changing world. The presenters will feature leaders from the actuarial profession, the industry, and academia in a moderated discussion, as well as spotlights on real people whose lives have been affected by "why" of what we do.

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

  • Understand the exceptional role played by life insurance and other risk management products in today's society;
  • Put a human face on insurance; and
  • Understand the imperative of broadening our market base.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Carol Sullivan

Facilitator(s)

9:15 a.m. – 10:30 a.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Entrepreneurial & Innovation Section

Competency: External Forces & Industry Knowledge

Moderator(s): Michelle Priest

Presenter(s): Ian G. Duncan, FSA, FCA, FCIA, FIA, MAAA; Patrick McGinnis; Kenneth Smith

Experience Level: All

Adapting to change is critical for business success. Innovation is traditionally thought of as a solo effort; but business now demands faster and broader changes, requiring teams to innovate together. The presenters will focus on skills needed for this new paradigm. The presenters will share their insight as to how they have driven their companies to evolve and seize new business opportunities. Attendees will understand how to respond to rapid changes that can help companies adapt quickly.

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

  • Understand what is innovation and how to motivate innovation within firms; 
  • Describe the skills needed for successful team innovation necessary for faster and broader evolution; and
  • Learn how businesses can leverage innovation to evolve and seize new business opportunities.

Country Relevance: U.S. and Canada

Session Coordinator(s) William Rearden, ASA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Education & Research Section

Competency: Strategic Insight and Integration

Moderator(s): Chin-Mei Yvonne Chueh, ASA, Ph.D.

Presenter(s): Guntram Fritz-Albin Werther

Experience Level: All

Integrating the downstream impacts of "shaping ideas" into the holistic forecasting of large-scale, large-impact and rare event change radically improves outcomes. The presenter at this session presented, in 2008, 2010 and prior, on the coming emergence of anti-globalization politics, rising border walls, rising anti-immigration sentiment, etc. across several venues. Here, he explains how that was done.

At the conclusion of the session, attendees will gain a better a understanding of long-term forecasts, rare events and globalization.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Chin-Mei Yvonne Chueh, ASA, Ph.D.

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: External Forces & Industry Knowledge

Moderator(s): James Russell Collingwood, ASA, MAAA

Presenter(s): James Russell Collingwood, ASA, MAAA; Woodrow Michael Crouch, FSA, MAAA; John W. Robinson, FSA, FCA, MAAA; Benjamin Morris Slutsker, FSA, MAAA; Rostilav Kongoun Zilber, FSA, MAAA

Experience Level: All

With the adoption of VM-20, companies are spending significant time and resources determining how they will implement principle-based reserves (PBR). The presenters will focus on discussing the key aspects, both practical and technical, that companies are considering as they transition to PBR. In addition to general, small company and technical considerations, regulatory preparations and review considerations will be covered.

At the conclusion of the session, attendees will:

  • Know the importance of a PBR implementation roadmap and planning the transition to PBR;
  • Understand key technical considerations related to PBR implementation and their impact on the approach to PBR; and
  • Learn about regulatory considerations regarding the preparation for and review of PBR results.

Country Relevance: U.S.

Session Coordinator(s) James Russell Collingwood, ASA, MAAA

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Strategic Insight and Integration

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

Presenter(s): William S. Bade, FSA, MAAA; David R. Prickitt, FSA, MAAA

Experience Level: All

The rise of supplemental accident, critical illness, gap and hospital indemnity products has sparked interest in how these products interact with comprehensive medical coverage. Medical carriers and distributors want to know if these products will affect the pricing of medical plans. Supplemental carriers and distributors are interested in competitive advantages associated with medical plan knowledge, placement or interaction. The presenters will explore these topics in a manner that appeals to actuaries working in both the core and supplemental markets.

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

  • Define the key points of interaction between supplemental and core products;
  • Explain how supplemental products may benefit from an understanding of core products or vice versa; and
  • Demonstrate knowledge of supplemental product pricing.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Strategic Insight and Integration

Moderator(s): Jeremy Adam Cunningham, FSA, MAAA

Presenter(s): Jason Jeffrey Altieri, ASA, MAAA; Jordan Paulus, FSA, MAAA; Mary Kindel Van der Heidje, FSA, MAAA

Experience Level: Intermediate

As Medicaid populations have expanded in recent years, managed care organizations have been under increasing pressure to deliver effective, cost efficient care. Attendees will learn how managed care organizations are moving beyond traditional risk adjustment techniques and using predictive models to better understand and identify risks in their populations. The presenters will provide real-life examples demonstrating the use of predictive analytics among Medicaid managed care organizations.

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

  • Demonstrate knowledge of predictive modeling techniques used by Medicaid managed care organizations;
  • Apply successful predictive techniques for Medicaid populations; and
  • Understand unique characteristics of certain Medicaid populations and their relevance for using predictive analytics to develop cost-effective intervention programs.

Country Relevance: U.S.

Session Coordinator(s) Jordan Paulus, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): International Section

Competency: External Forces & Industry Knowledge

Moderator(s): Edward L. Robbins, FSA, MAAA

Presenter(s): Marcela Abraham; Carlos Arocha, FSA; Ramon D. Galanes, ASA, MAAA

Experience Level: Beginner-Intermediate

After the adoption of the Solvency II directive in the European Union, the trend towards economic risk-based solvency regulation is set to continue. In Latin America, Brazil and Chile are in advanced stages while Mexico has already implemented a framework similar in design to Solvency II. The adoption is taking place at varying speeds in other countries. A survey of solvency regimes will be presented. Social insurance legislation is also being overhauled, and failed policies in Peru may have a contagion effect in other countries. Current developments in the Chilean privatized social insurance program will be discussed. The presenters intend to examine case studies of insurance solvency and pension regulation in selected Latin American countries.

At the conclusion of the session, attendees will:

  • Know the status of risk-based solvency regulation in selected Latin American countries, with focus on Mexico, Brazil and Chile;
  • Learn about current developments in the Chilean privatized social insurance program; and
  • Learn about the actuarial profession in selected countries and the participation of the SOA Latin American Committee in supporting actuarial development.

Country Relevance: International

Session Coordinator(s) Wendy Kwan, FSA, ACIA

Facilitator(s)

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): Jill Knudsen, FSA, CERA, FCIA

Presenter(s): Sim Segal, FSA, CERA

Experience Level: All

While there is not yet a Country Risk Officer role, per se, ERM is being applied not only at the government agency level but also at the national level, at many countries around the world. The JRMS sponsored a research project to explore how a country risk officer could design and implement an effective national ERM program. In this session, key elements from this research study are highlighted. The presenter discusses the traditional ERM methods currently in use at the national level, and their existing challenges, as well as emerging trends in this area. Most of the session explores how a value‐based ERM approach would be applied at the national level, which addresses the following questions:

  • What are the critical national objectives?
  • How do you measure successful achievement for each objective?
  • How do you quantify risk in this context?
  • What key risks do we face at a national level?
  • What activities would a country risk officer engage in to successfully implement a national ERM program?

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

  • Understand the unique challenges of applying ERM at the country level;
  • Learn the key steps to successfully building a national ERM program; and
  • Appreciate the need for a national chief risk officer.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Rahim Hirji, FSA, FCIA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

Session Sponsor(s): Pension Section; Investment Section

Competency: Results-Oriented Solutions

Moderator(s): Kathleen Patrice Brolly, FSA

Presenter(s): Brett Brooks Dutton, FSA, EA, FCA; James Michael Gannon Jr., FSA, EA; Alexander Pekker, ASA

Experience Level: All

U.S. corporate pension plans commonly include a "glide path" (i.e., a planned series of asset allocation changes as the plan's financial health and/or market conditions evolve) within their investment policy. the presenters will:

  • Examine the historical experience of plans following glide paths over the last decade;
  • Discuss the most recent trends in glide path construction and execution; and
  • Ponder conditions under which a glide path may or may not be an appropriate investment strategy for a plan sponsor.

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

  • Describe the historical experience of plans following glide paths over the last decade;
  • Explain and apply the most recent trends in glide path construction and execution; and
  • Identify conditions under which a glide path may or may not be an appropriate investment strategy for a plan sponsor.

Country Relevance: U.S.

Session Coordinator(s) Brett Brooks Dutton, FSA, EA, FCA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Dylan Porter, FSA, EA, FCA, MAAA

Presenter(s): Rowland Davis, FSA; Marc Des Rosiers, FSA,FCIA

Experience Level: All

Evaluation of various retirement plan designs requires some ability to compare one design with another. The SOA recently conducted two research projects to help improve plan design decision making. During this session, the two models will be presented. The first is the Quantitative Evaluation Framework which focuses on evaluating different retirement plan designs, especial hybrid or risk-sharing designs, using a standardized set of assumptions, methods and metrics developed using a simulation model. The second proposes a methodology for the evaluation of a DC plan including both quantitative and qualitative features, using an objective function based on the Analytic Hierarchy Process.

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

  • Describe the two models;
  • Evaluate the different approaches; and
  • Apply the tools to improve retirement decision making.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section; Financial Reporting Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Trevor D. Huseman, FSA, MAAA

Presenter(s): Carrie Lee Kelley, FSA, MAAA; William Gus Mehilos, FSA, MAAA

Experience Level: All

VM-20 has created an array of new issues and challenges for companies in pricing life insurance products. The presenters will cover considerations, challenges and benefits of pricing new products under VM-20. The development of prudent estimate assumptions, including when you have limited experience, will be discussed. Other topics will include: modeling and projecting VM-20 reserves, changes to the pricing process, emerging best practices to pricing under VM-20, and ways to address additional reserve volatility under VM-20.

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

  • Understand the impacts of VM-20 on life insurance pricing;
  • Identify possible actions carriers can take in response to VM-20; and
  • Describe emerging best practices for pricing under VM-20.

Country Relevance: U.S.

Session Coordinator(s) Trevor D. Huseman, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): SOA General Insurance

Competency: External Forces & Industry Knowledge

Moderator(s): Ann Weber, JD

Presenter(s): Dan Adamson; Angela Nelson

Experience Level: Beginner-Intermediate

Technological advancements continue in predictive analytics and the use of machine learning algorithms and artificial intelligence (AI) systems. AI systems have been implemented by some general insurers to assist in claims handling. It is possible for general insurers to utilize AI systems for underwriting, rating and reserving in addition to claims handling. Complex black box predictive models that follow set logic for underwriting and rating can be a challenge for regulators. AI will take this challenge to a new level as the results of the model could continuously adapt in real time. Presenters will outline the possibilities for AI systems in general insurance. They will then address the regulatory challenges that these systems would create.

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

  • Explain the current state of artificial intelligence systems in general insurance;
  • Understand the growing potential for artificial intelligence systems in general insurance; and
  • Understand the regulatory challenges that these systems would create.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): SOA Research

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Cynthia MacDonald, FSA, MAAA

Presenter(s): R. Jerome Holman, FSA, MAAA; Mark Holmes, Ph.D.; Rebecca Owen, FSA, MAAA

Experience Level: All

Many causes of death, incorporating socio-economic factors, reflect the same situations that health professionals have identified as critical to address in their work to improve population health. The presenters will add actuarial insight to recent studies showing trends in the cause of death for some demographic groups in the United States. They will also present the health impacts of these causes of deaths and present some potential scenarios for future outcomes.

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

  • Identify unusual trends in mortality rate by cause of death throughout the United States;
  • Describe intervention programs that are able to identify people at risk and intervene to prevent the exacerbation of conditions that lead to higher mortality; and
  • Develop a glimpse of the future that may reduce these statistics.

Country Relevance: U.S.

Session Coordinator(s) Cynthia MacDonald, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 EA

Session Sponsor(s): SOA

Competency: Professional Values

Moderator(s): Jay M. Jaffe, FSA, MAAA

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

Experience Level: All

Many times our view of professionalism can be narrow with considering only one specific ASOP. However, a broader view of professionalism is important. Consider this broader definition in this statement: Professionalism is the skill, good judgment and polite behavior that is expected from a person who is trained to do a job well. The presenters will cover a potpourri of subjects relating to professionalism including ethics, the Actuarial Code of Conduct, and communications in an electronic world. Expect to be engaged in dialogue with the presenters as well as case studies for a true hands on learning experience.

The session will expose actuaries to the wider subject of professionalism. For younger actuaries the material will be valuable because they will become more conscious of being an actuary as a professional. For experienced actuaries, offering more general professionalism material will be useful if they are interested in moving into senior leadership positons where they will assume more general management roles or mentioning younger actuaries. For all attendees the intent is for them to become more observant of their surroundings and responsibilities and, ultimately, lead to improved performance as professionals.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Jay M. Jaffe, FSA, MAAA

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Munich Re

Competency: Strategic Insight and Integration

Moderator(s): Michael S. Taht, FSA, FCIA, MAAA

Presenter(s): Andres Cruz; Ranier J. Lopez; Lingke Wang

Experience Level: All

Life moves fast for generations who were born into the internet age. They are used to, and demand, instant everything. And, they seem to have very different perceptions of risk. Is that just because they are young?

In session two of this series, we will build a basic understanding of how Millenials view risk and insurance. We will explore whether new entrants to the insurance market see the role of risk management differently than established companies. We will also look at ways that established companies are responding to change and making their products relevant to future generations.

At the conclusion of the session, attendees will:

  • Understand the imperative of broadening our market base;
  • Understand ways in which the insurance needs of upcoming generations may be different; and
  • Be familiar with new ways some organizations are addressing those needs.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Carol Sullivan

Facilitator(s)

10:30 a.m. – 12:45 p.m.

SOA President Jeremy J. Brown, FSA, MAAA, passes the badge of office to SOA President-Elect Mike Lombardi, FSSA, CERA, FCIA, MAAA, who will deliver his presidential address.

Jerry Brown Jeremy J. Brown, FSA, MAAA
SOA President

 

 

 

Mike Lombardi Mike Lombardi, FSA, CERA, FCIA, MAAA
SOA President-Elect

 

 

 

Scott Page
Keynote Speaker: Scott Page
Professor, University of Michigan. External Faculty, Santa Fe Institute. Author, The Difference .

Scott Page researches how diversity improves performance and decision making. He is the author of The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies , about how we think in groups and why collective wisdom works. His latest book The Diversity Bonus: How Great Teams Pay Off in the Knowledge Economy , to be published in September 2017, provides overwhelming evidence that teams that include different kinds of thinkers outperform homogenous groups on complex tasks.

 The Presidential Luncheon is included in your registration fee. You may register your guest(s) for the luncheon by including $60 per person with your registration fee. Admission tickets are available for purchase at the meeting as space permits. Refunds will not be given.

Session Coordinator(s)

Facilitator(s)

1:00 p.m. – 2:15 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: Strategic Insight and Integration

Moderator(s): Carrie Lee Kelley, FSA, MAAA

Presenter(s): Arnold A. Dicke, FSA, CERA, MAAA; Amy J. Eby, FSA, MAAA; Elinor Friedman, FSA, MAAA

Experience Level: Beginner-Intermediate

Senior managers and others not involved in the details of VM-20 have a lot of questions about how it impacts their company. The presenters will explore some of these questions including: What implications does VM-20 have for your organization? How will this impact reserves, earnings, and earnings volatility? What tools and resources do you need to implement PBR? What tools do you need to understand and explain PBR and the potential volatility going forward? What responsibilities does senior management have under VM-G? The session will provide a high level overview of VM-20 and what its companywide implications are.

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

  • Identify how VM-20 impacts their organization;
  • Understand how it impacts earnings; and
  • Develop a plan for its company's next steps for VM-20.

Country Relevance: U.S.

Session Coordinator(s) Carrie Lee Kelley, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Eric Cioppa; Mike Kreidler; Mike Pieciak, JD

Experience Level: All

Insurance commissioners will discuss and answer questions regarding a variety of current topics including health care reform, risks in the major medical markets, voluntary products and other topics. At the conclusion of the session, attendees will be able to identify issues that are on the mind of the regulatory agencies and the different approaches used across the country.

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

  • Understand the perspectives of state insurance departments; and
  • Compare and contrast the different approaches to state based insurance regulation for health and life insurance products.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Russell A. Osborn, FSA, CCERA, MAAA

Presenter(s): Russell A. Osborn, FSA, CCERA, MAAA; Ronald L. Wasserstein, Ph.D.

Experience Level: All

Join us for a tour of misleading statistical techniques used by medical and pharmaceutical companies to demonstrate the effectiveness of their products. Examples include: age bias in early screenings, over-detection, strategic choice of study populations containing confounding variables, misuse of p-statistics, and over-correction of confounding variables.

At the conclusion of the sessions, attendees will have:

  • Familiarity with a range of key statistical techniques and their proper and improper uses;
  • An understanding of the pitfalls to avoid in design and interpreting cost/benefit tests; and
  • Knowledge of what to look for when evaluating a drug test study.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Russell A. Osborn, FSA, CCERA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Strategic Insight and Integration

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

Presenter(s): Anthony Dardis, FSA, CERA, FIA, MAAA; Mark Stephen Mennemeyer, FSA, MAAA; Prakash A. Shimpi, FSA, CERA, MAAA

Experience Level: All

The presenters will discuss two aspect of the decision making process. First, from decimal point to SO WHAT, we will explore how to go from quantification of risk to move the decision making forward; buy-in and adoption of performing action based on risk information. Then, cognitive bias and behavioral mitigation, we will explore how the human mind naturally embed bias into our decisions, and what we can do about it.

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

  • Understand how to go from quantification to business decision;
  • Understand what bias could be integrated into our decision; and
  • Design a framework to present risk information in order to make better decision.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Leonard Mangini, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Leadership and Development Section

Competency: Leadership

Moderator(s): Carlos Arocha, FSA

Presenter(s): Raymond E. DiDonna, FSA

Experience Level: Beginner-Intermediate

It's a given that actuaries have well-developed technical skills. Early career development for actuaries is focused on building a strong technical and industry foundation. However, once that development has occurred an actuary still has most of their career left. Many want to remain technical experts operating in an environment they love. Others, either by design or otherwise, end up in leadership and management roles. In fact, actuaries are typically very well positioned to become senior leaders within their organizations. However, while the technical development of actuaries is a well-defined path, leadership development is not. The competencies that make for good technical actuaries aren't necessarily the competencies that make good leaders.

An actuary striving for a broad leadership role needs to build strong communication and influencing skills, as well as strategic and general business skills. They must be able to quickly adapt to being submerged in a fast-paced, results-oriented environment. This workshop is intended to educate mid-level actuaries in the key characteristics that define good leaders and how to focus on building the skills necessary to successfully transition into a leadership role.

At the conclusion of this workshop, attendees will:

  • Be able to determine if a leadership path is right for them;
  • Learn the key competencies that make good leaders; and
  • Understand how to build the skills necessary to move from technical expert to leader.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Carlos Arocha, FSA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Deborah A. Tully, FSA, EA, FCA, MAAA

Presenter(s): Kevin T. Hanney, CFA; Michael P. Kreps; Jack Towarnicky; Deborah A. Tully, FSA, EA, FCA, MAAA

Experience Level: All

As defined-contribution plans continue to replace traditional defined-benefit pension plans, speakers at this session will take a step back and evaluate their effectiveness. While many stakeholders may hold to a set-it-and-forget-it mindset that often comes with defined-contribution plans, it is important to continually refocus on balancing the needs of various stakeholders - such as the employer, participants, and plan advisors. Many stakeholder desires are internally inconsistent as well as inconsistent with other stakeholder needs. For example, an employer's desire for low financial risk competes with their desire to effectively manage their workforce as well as an employee's desire for a secure retirement. Join us for a panel discussion to compare and contrast these competing points of views.

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

  • Describe the point of view of various stakeholders towards defined-contribution plans;
  • Compare the pros and cons for each stakeholder; and
  • Evaluate whether there is a more optimal solution to to satisfy the needs of stakeholders.

Country Relevance : Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: External Forces & Industry Knowledge

Moderator(s): Theodore A. Goldman, FSA, FCA, MAAA

Presenter(s): Scot Marcotte; Julie Stich; Gregory A. Ward

Experience Level: All

Financial wellness has been recognized as increasingly important in the last few years. More employers, multi-employer plans, and other organizations are sponsoring programs to assist people in different stages of their life. The Committee on Post-Retirement Needs and Risks sponsored a call for essays on financial wellness in 2016. Fourteen essays were submitted, six were selected for prizes, which are available in a monograph.

This is the first part of a two-part series, in which prize-winning essays that identify workplace initiatives in consideration and that help organizations run better programs will be presented, as well as observations and highlights from the project. The presenters will guide the participants to areas to think about in the monograph.

Papers to be presented:

Greg Ward: Calculating ROI: Measuring the Benefits of Workplace Financial Wellness

Julie Stich: What Makes a Workplace Financial Wellness Program Successful?

Scot Marcotte & John Larson: Financial Wellbeing as a Technology Solution

Participants will learn about financial wellness programs and how organizations can run better programs that assist people in different stages of their life.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Predictive Analytics and Futurism Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Eileen Sheila Burns, FSA, MAAA

Presenter(s): Peter J. Horman, FSA, MAAA; Christian Klose; Benjamin Williams

Experience Level: All

Practitioners from health, life and annuity product areas will give short presentations on a range of technical tools used to perform predictive analytics. Tools will cover mathematical models, data management and agile workflow. We will adopt an Open Spaces format for the remainder of the session, breaking out into dicussion groups to allow attendees to ask questions and share knowledge about the tools in which they are most interested. This is an opportunity to share use cases, best practices, frustrations, ideas and interact with others facing similar situations.

At the conclusion of the session, attendees will have learned what tools are commonly used in predictive analytics, and solutions for common issues in implementing those tools.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Eileen Sheila Burns, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Results-Oriented Solutions

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

Presenter(s): Paul Fedchak, FSA, MAAA; Jacqueline M. Keating, FSA, MAAA; Michael W. Santore, FSA, MAAA

Experience Level: All

The presenters will examine the next phase of the SOA's research study on the impact of VM-20 on life product development. It will include illustrative pricing examples of level-term products and demonstrate the impact of reinsurance. Level-term experience results from a number of companies will be reviewed, with factors including: age, gender, risk class and policy size. Additional commentary will be provided on issues including: change in product development process, setting assumptions where limited credibility is available, impact of reinsurance, and the aggregation of reserves.

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

  • Describe the impacts of VM-20 on life insurance product development;
  • Understand issues in applying VM-20 to term products; and
  • Identify the effects of VM-20 on reinsurance and the product development process.

Country Relevance: U.S.

Session Coordinator(s) Trevor D. Huseman, FSA, MAAA

Facilitator(s)

Credits: 1.50 CPD

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

Competency: External Forces & Industry Knowledge

Moderator(s): Jean-Marc Fix, FSA, MAAA

Presenter(s): Mark Christopher Lombardo, FSA, ACIA

Experience Level: All

Given family medical histories and technological advances in health care, an increasing number of individuals are turning to genetic testing for insight into their risk for certain diseases, disease progression, and treatment options. Not only is the information used to develop strategies to manage and mitigate the health risk, it can aid individuals and families in planning for the future. Life insurance might be used to mitigate some of the financial risks associated with the potential health condition. Better understanding how the increasing accessibility and use of genetic testing impacts mortality will help identify potential implications for the insurance industry and can provide useful information in shaping policy. We will explore the contradictory information that currently exist in the United Kingdom and Canada and focus on how the one-sided knowledge of the results of genetic test affects life insurance mortality in the United States. We will also look at the impact of the availability of family history. The researcher will highlight findings from this SOA research project.

At the conclusion of the session, the attendants will:

  • Understand the challenges that genetic information that is not shared poses to the life insurance industry;
  • Understand what genetic information si likely to have the most impact;
  • Identify the relevant assumptions that go in the research report; and
  • Explore the role of family history in the context of genetic information.

Country Relevance: U.S. and Canada

Session Coordinator(s) Jean-Marc Fix, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Taxation Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Donald M. Walker, ASA, MAAA

Presenter(s): Jean Baxley; Sheryl Flum

Experience Level: All

The presenters will discuss recent developments in the taxation of life insurance companies, including recent Internal Revenue Service guidance affecting the calculation of tax reserves and other related tax items. The presenters will provide a high-level overview of the recent changes as a result of the adoption and implementation of life principle-based reserves.

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

  • Have a greater understanding of company taxation;
  • Identify recent changes that impact the calculation of tax reserves; and
  • Be aware of other issues that are being discussed by regulators.

Country Relevance: U.S.

Session Coordinator(s) Tony Randal Litterer, FSA, MAAA

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Technology Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Tim A. Pauza, ASA, MAAA

Presenter(s): Patricia Johnson; Tim A. Pauza, ASA, MAAA; Lancy Rodrigues

Experience Level: All

The field of data management and the technologies being used to manage data are evolving. The presenters will explore the implications of this evolution to the actuarial modeling, projections, and financial reporting functions. The topics to be covered will include: the evolving application of Hadoop (HDFS), developments in metadata management and governance, assumptions as data, and how data management can support transparency and repeatability of actuarial processes.

At the conclusion of the session, attendees will be able to understand the evolution of data in the modeling, projection, and financial reporting functions and how they apply this in their companies and everyday work.

Country Relevance: U.S.

Session Coordinator(s) Tim A. Pauza, ASA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 EA

Session Sponsor(s): SOA Research

Competency: External Forces & Industry Knowledge

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

Presenter(s): Andrew Cairns; Stephen C. Goss, ASA, MAAA

Experience Level: Beginner-Intermediate

The presenters will give attendees an educational overview of mortality modeling and an update on new mortality modeling techniques being researched, developed and implemented. Highlights will include results emerging from research projects using a variety of familiar population and insured mortality data from the United States and around the world. Specific focus will be given on how these techniques and findings can be implemented in actuarial practice.

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

  • Explain mortality models and their use in actuarial practice work;
  • Compare the impact of improvement components across combinations of ages and cohorts; and
  • Develop longevity projections making use of mortality models.

Country Relevance: International

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

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): SOA General Insurance

Competency: External Forces & Industry Knowledge

Moderator(s): W. Scott Lennox, FSA, FCAS, FCIA

Presenter(s): Matthew R. Carrier, ACAS, MAAA; John Matley

Experience Level: Beginner-Intermediate

The development of autonomous vehicle technology continues rapidly. There are already autonomous vehicles being tested on public roads in a number of countries. There are many predictions of a near future where autonomous vehicles represent the majority of vehicles on our roads. Even if these predictions are somewhat optimistic, autonomous vehicle technology is already being introduced onto most new vehicles (e.g., self-parking cars, automatic emergency braking, and adaptive cruise control). In addition to this technology, there also appears to be a shift to a sharing economy where many will no longer own a vehicle, but make use of vehicle sharing. Presenters in The presenters will explore what these changes may mean for the general insurance industry.

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

  • Demonstrate an understanding of autonomous vehicle technology;
  • Describe how growth in the sharing economy may affect the general insurance industry; and
  • Explain some of the challenges and opportunities facing the general insurance industry created by the growing sharing economy and development of autonomous vehicles.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

2:15 p.m. – 2:45 p.m.
2:45 p.m. – 4:00 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: External Forces & Industry Knowledge

Moderator(s): Richard Laurent Hayes, ASA, CERA

Presenter(s): Richard Laurent Hayes, ASA, CERA; Aaron Joseph Sarfatti, ASA

Experience Level: Intermediate

In 2015, the NAIC commissioned an initiative to identify changes to the statutory framework for variable annuities that can remove or mitigate the motivation for insurers to engage in captive reinsurance transactions. In September 2015, a third-party consultant engaged by the NAIC provided them with a preliminary report covering several sets of recommendations regarding AG 43 and C3 Phase II reserve & capital requirements. These recommendations generally focus on mitigating the asset-liability accounting mismatch between hedge instruments and statutory instruments and statutory liabilities, removing the non-economic volatility in statutory capital charges and the resulting solvency ratios and facilitating greater harmonization across insurers and products for greater comparability.

An updated variable annuity reserve and capital framework proposal was presented at the August 2016 NAIC meeting followed by a 90-day comment period. This updated proposal included the initial recommendations from 2015, but also some new aspects. With many moving parts, some companies are unsure how to predict the magnitude and direction of VA reserves or capital movement, if adopted. Presenters will provide a summary of the proposed reform, as well as numerical results from a case study related to moving from the old to the proposed framework.

At the conclusion of the session, attendees will be able to assess the potential impact of the proposed reform to NAIC VA reserves and capital to their product portfolio.

Country Relevance: U.S.

Session Coordinator(s) Richard Laurent Hayes, ASA, CERA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Jim Toole, FSA, CERA, MAAA

Presenter(s): Katrin Binder; Michael John Gahan, ASA; Cristina Stefan

Experience Level: All

When trying to evaluate the totality of infectious disease risk, the focus has typically been placed on assessing impact in traditional insurance lines such as L&H. However, our research shows that new angles worth exploring are the hidden costs of pandemics, including business interruption, GDP deflation and other economic impacts that can exceed the magnitude of the costs to L&H insurance. In part I of the session, presenters will show how ERM tools such as stochastic modeling and exceedance probability analytics allow us to create unique structures to quantify and transfer risk. In part II of the session the presenters will address different cases where infectious disease risk can cause disruption and where the insurance industry would have a beneficial role in protecting against unexpected losses. From airline business interruption to supply chain disruption or building risk capacity programs for low and middle-income countries, infectious disease is a significant source of risk. Empowered by data and science-driven analytical tools, risk managers can better assess capital allocation, while actuaries can develop new insurance products. At a broader scale these can improve public health by creating positive incentives for planning, capacity building, and timely reporting of outbreaks.

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

  • Calculate exceedance probability curves;
  • Explore infectious disease costing models; and
  • Design novel risk transfer mechanisms.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Jim Toole, FSA, CERA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Allison Silvers

Presenter(s): Torrie Fields; Stan Hornbacher; Allison Silvers

Experience Level: Beginner-Intermediate

There is a growing body of evidence that patients with chronic illnesses receive fragmented, poor quality care resulting in patient distress, inappropriate care, and caregiver burden. Palliative care provided concurrently with curative treatment from the time of diagnosis is a promising approach to address the needs of patients with chronic illnesses. Palliative care is focused on improving the quality of life for patients with serious illness and their caregivers through pain and symptom management, psycho-social support, and coordinated care across the health system. Palliative care services are poised to provide a tool to achieve the triple aim in health care: Improving quality of care and patient satisfaction while decreasing total cost of health care spending. Blue Shield of CA is providing in-home palliative care services through value-based reimbursement, tied to process and outcomes measures for the delivery of palliative care and improvements in patient experience.

The presenters will walk through the creation of a business case for covering palliative care services, including cost savings and potential lost revenue, and the methodology behind the actuarial model used to reimburse for these services through alternative payment. Intended to meet the needs of actuaries who are focused on health insurance reimbursement, specifically value-based payment models.

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

  • Define palliative care, the services included, and the eligible patient population for these services;
  • Conduct an opportunity analysis and develop a business case for providing palliative care services based on retrospective claims experience; and
  • Create an actuarial model supporting alternative payment methodologies for in-home palliative care services.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Torrie Fields

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): International Section; Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Bryan Garris, ASA, MAAA

Presenter(s): Davout Yean, FSA

Experience Level: All

The presenter will address the outlook of China's three major social health insurance programs which currently cover more than 1.3 billion individuals. The content of presentation includes the current status of the medical services delivery system and social health insurance programs, anticipated risk/problems in the next 15 years, and which parts of U.S. experience can help China to set its future direction with the aim to effectively avoid/solve the foreseeable problems.

At the conclusion of the session, attendees will:

  • Learn and understand the largest social health insurance system in the world, and at the same time realize the differences in health services delivery system between the United States and China;
  • Identify the future risk and problems within the system; and
  • Explore how to apply U.S. relevant experience to reshape and modify current programs.  

Country Relevance: International

Session Coordinator(s) Davout Yean, FSA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

Session Sponsor(s): Investment Section; Pension Section

Competency: Strategic Insight and Integration

Moderator(s): Nilesh T. Patel, FSA, FCIA

Presenter(s): Jean Masson, Ph.D.; James Peter Walton, FSA

Experience Level: Intermediate

In this low interest rate environment, how can plans manage the risk within their equity allocation while also seeking the returns needed to improve their funded positions? Low volatility equities provide a proven solution to solve for this important challenge - they can deliver equity market-like returns, but with much less risk. Presenters will discuss what low volatility equity strategies look like, what the empirical data tells us, whether this is a market anomaly, and how these strategies fit into an overall pension de-risking strategy. For derivative based strategies, there is an opportunity for pension plans to shape the returns from equity investments for both risk management purposes and also to take investment views.

The investment strategies overviewed include case studies using relatively simple equity options to:

  • Reduce risk on existing equity holdings,
  • Synthetically create equity exposure, and
  • Create an alternative to fixed income, but without duration.

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

  • Identify the types of physical and synthetic equity strategies that may be suitable for pension plan investing; and
  • understand how these can help manage pension funding volatility.

Country Relevance: U.S. and Canada

Session Coordinator(s) Nilesh T. Patel, FSA, FCIA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Marketing & Distribution Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Robert T. Eaton, FSA, MAAA; Stephen Rowley

Experience Level: Intermediate

Health care riders have existed for many years in the life insurance market. New distribution opportunities, such as the preference for long-term care riders in lieu of stand alone policies, continue to drive sales in this area. The presenters will focus on emerging marketing and distribution trends of these combination products. In addition, The presenters will define key features and actuarial considerations.

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

  • Explain market opportunities for combination products;
  • Identify emerging distribution trends and take-up rates; and
  • Evaluate important features of health care riders.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Modeling Section; Technology Section

Competency: Strategic Insight and Integration

Moderator(s): Timothy P. Noble, ASA

Presenter(s): Hunt M. Blatz, CFA; Mustafa B. Dinani, FSA, MAAA; Gavin Lubbe

Experience Level: Intermediate

Insurance companies produce a wide variety of data on a continuous basis to support business decisions and produce required regulatory reports. The intense level of change in the financial management of insurers in recent years has led to a demand for intelligent interpretation of the large amount of data and reports available. The presenters will explore value add functionality (data visualization, drill down capabilities, etc) to aid in the review of results, highlight what is driving the movement of results, and enhance the ability to communicate and explain results. In addition, the presenters will discuss best practices for the platform to control and store the underlying data. Actuaries who review or communicate results will gain insight into available tools in the market place and determine what underlying data requirements may be necessary.

The session will not endorse a business intelligence tool but rather shed light on what is available and how companies have put these tools into practice. Many companies are preforming transformative activities and the goal of the presenters will be to critically think about and discuss the architecture of the end reporting stage.

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

  • Understand the value of an accessible, powerful, data visualization method;
  • Develop criteria for a reporting tool(s) that best meets the need of their organization; and
  • Identify areas of reporting that companies can transform and generate the greatest benefits.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Emily Jeanne Lorentzen, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Deborah A. Tully, FSA, EA, FCA, MAAA

Presenter(s): Rowland Davis, FSA

Experience Level: Beginner-Intermediate

The presenters will cover recent issues related to the pooling of mortality risk, with a special focus on efficiently converting defined contribution plan accumulations into lifetime income benefits. The discussion will touch on the following:

  1. Research regarding the quantified value of mortality risk pooling.
  2. Evaluation and comparison of different payout mechanisms using the new Quantitative Evaluation Framework for retirement systems.
  3. Behavioral finance insights into participants undervaluing of annuity products and how plan design might be used to improve value-perception and utilization.
  4. Collective distribution schemes that pool both mortality and investment risk through participating annuity designs.

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

  • Explain the latest developments in risk pooling;
  • Evaluate different payout mechanisms;
  • Compare various collective distribution schemes; and
  • Apply behavioral finance insights to the annuity markets.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

Session Sponsor(s): Pension Section

Competency: External Forces & Industry Knowledge

Moderator(s): John Cutler

Presenter(s): Theodore A. Goldman, FSA, FCA, MAAA; Kenneth A. Steiner, FSA, MAAA; Jack Towarnicky

Experience Level: All

Financial wellness has been recognized as increasingly important in the last few years. There has been increasing recognition of gaps in knowledge and of behavioral forces driving decisions. The Committee on Post-Retirement Needs and Risks sponsored a call for essays on financial wellness in 2016. Fourteen essays were submitted, six were selected for prizes, which are available in a monograph.

This is the second part of a two-part series, in which prize-winning essays that identify strategies for individuals and help individuals achieve enhanced financial security and wellness. Observations and highlights that contribute to better solutions, focus on overlooked areas and offer different ways to think about this topic will also be discussed. Presenters will guide the participants to areas to think about in the monograph.

Papers to be presented:

Tianyang Wang: Fighting Procrastination for Financial Wellness - Harness the Power of Inertia

Ken Steiner: Using Sound Actuarial Principles to Enhance Financial Well-Being

Jack Towarnicky: The 401k as a Lifetime Financial Wellness Solution

At the conclusion of the session, attendees will have learned about financial wellness programs and how to better design them to help individuals achieve enhanced financial security and wellness.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Richard C. Pretty, FSA, MAAA

Presenter(s): Peter Banthorpe; Maria Govorun

Experience Level: All

With accelerated underwriting programs becoming more common place, it is important to reduce the possible anti-selection and appropriately reflect the anticipated experience in the assumption development. Smoker predictors are a way to possibly reduce the sentinel effect from smokers. The presenters aim to explore the reliability of the smoker predictors and how they can be applied. As the price of genetic testing continues to fall and genetic tests become more ubiquitous, particularly the growth of direct to consumer personal genome testing, the potential for information asymmetry and anti-selection increases.  

The presenters will review emerging scientific trends in predicting death and disease using genetic data,with a particular focus on the advances in statistical genetics (in particular, the use of Polygenic Risk Scores [PRS]), and propose scenarios for anti-selection in the near future.

At the conclusion of the session, attendees will:

  • Learn how to apply smoker predictors; and
  • Understand recent developments in statistical genetics and resultant impact on claims costs.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Brock E. Robbins, FSA, FCIA, MAAA

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Smaller Insurance Company Section

Competency: Relationship Management

Moderator(s): Carolyn Cole Covington, FSA, CERA, MAAA

Presenter(s): Kevin A. Dill, FSA, MAAA; Julie A. Hunsinger, FSA, MAAA; Leon L. Langlitz, FSA, MAAA; Jonathan M. Pollio, FSA, MAAA

Experience Level: All

Attendees will share their experiences with other smaller company actuaries. Discussions will range from the impact of the existing economic situation to the state of regulation. You will have a chance to share what is working and not working in your companies. How is the interest rate environment impacting how you do your job? What are the latest product development issues? How is PBR impacting small companies? 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.

Session Coordinator(s) Carolyn Cole Covington, FSA, CERA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

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): Peter Diamond, Ph.D.; Stephen C. Goss, ASA, MAAA

Experience Level: All

The presenters will cover a discussion of recent developments in the area of U.S. social insurance, and of the current financial status of Social Security. Speakers will review the latest Trustees Report and recent developments that may affect Social Security. It will also include discussion of the main challenges of Social Security, its short-term and long-term financial situation, and the need and prospects for any reforms.

At the conclusion of the session, attendees will be able to better understand recent developments in social insurance, and current financial situation of Social Security, as well as potential issues arising in the future for the system.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 EA

Session Sponsor(s): SOA Research

Competency: External Forces & Industry Knowledge

Moderator(s): Sam Gutterman, FSA, CERA, FCA, FCAS, HONFIA, MAAA

Presenter(s): Sam Gutterman, FSA, CERA, FCA, FCAS, HONFIA, MAAA; R. Dale Hall, FSA, CERA, MAAA

Experience Level: Beginner-Intermediate

The SOA recently sponsored the Stanford Center on Longevity's Sightlines project. This project assesses how well Americans are aging in light of increased longevity. A recent published paper from the study indicates that while progress has been made, concern remains about the way Americans are positioned for longer lives. This presenters will discuss some of the concerns from financial security, healthy living and social engagement perspectives.

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

  • Develop knowledge on the study to help in actuarial practice work; and  
  • Understand better the implications of the research especially on individuals and families and the consequences on financial security products and retirement benefits.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

Session Sponsor(s): SOA Inclusion and Diversity Committee; Actuary of the Future Section; Leadership and Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): David Spiegel

Presenter(s): Tiffany Nicole Tasset, ASA, MAAA; Darryl G. Wagner, FSA, MAAA; Kim Waller; Yulai (Ray) Yang, FCAS

Experience Level: All

The presenters will convene a multidisciplinary panel of executives from well-known companies around the country/world to discuss the changing business landscape, what they are looking for from their current and future workforces, and how the actuary can fit into the mix. How companies conduct business is changing as a result of rapid growth, increasing interconnectedness of risk and accelerating globalization of the economy. To remain competitive, companies must evolve. More companies are expanding globally, physically and virtually, building a more diverse workforce and making D&I a priority, and they are using data analytics to streamline business operations and create efficiencies. As a profession, to remain competitive and relevant, actuaries must evolve as well. The SOA is setting its strategic agenda to help ensure members are equipped with the knowledge and skills to meet employers' ever-changing needs and demands

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

  • How the business landscape is changing;
  • Companies' current and future workforce needs;
  • Why it's imperative for the SOA and actuarial profession to evolve; and
  • How the new Strategic Plan will help ensure members are equipped with the knowledge and skills to meet employers' needs.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Deborah Wallace

Facilitator(s)

3:30 p.m. – 5:30 p.m.
4:15 p.m. – 5:15 p.m.

Presentation(s): View Presentation

Session Sponsor(s): SOA Inclusion and Diversity Committee

Competency: Leadership

Moderator(s): Jeffrey J. Drzazgowski, FSA, MAAA

Presenter(s): Kathleen Conlin; Ronald Gebhardtsbauer, FSA, MAAA; Jessica Halem

Experience Level: All

The presenters will focus on the importance of building an inclusive LGBTQ workplace and share strategies that LGBTQ actuaries, allies and their employers, can use to create such an environment.  Everyone is welcome to join us for this engaging, thought-provoking session.

At the conclusion of the session, attendees will be able to understand and apply techniques to create diverse and inclusive workplaces.

Country Relevance: U.S.

Session Coordinator(s) Olga T. Jacobs, FSA, MAAA

Facilitator(s)

5:00 p.m. – 7:00 p.m.

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

Join us for happy hour! Mix and mingle with Joint Risk Management, International, Investment and Financial Reporting Section members and DW Simpson over drinks & food. You could learn something new and make new friends too!

This event is open to Joint Risk Management, International, Investment and Financial Reporting Section Members only. There is a nonrefundable fee of $30 per person. Please include the additional fee with your registration.

Session Coordinator(s) Suhrid Swaminarayan, FSA, FIA; Leonard Mangini, FSA, MAAA; Wendy Kwan, FSA, ACIA

Facilitator(s)

5:30 p.m. – 6:30 p.m.

Session Sponsor(s): SOA Inclusion and Diversity Committee

The SOA Inclusion and Diversity Committee invites you to network and socialize with LGBTQ members and allies in the actuarial profession. Show your support and learn more about a new resource group for LGBTQ and allied actuaries. Wine, beer, soft drinks and appetizers will be served.

This reception is open to all meeting attendees free of charge and limited to 50 persons. If you plan to attend, you must register in advance to obtain a ticket.

Session Coordinator(s) Cheré LaRose

Facilitator(s)