Announcement: SOA releases October 2019 Exam STAM passing candidate numbers.

Agenda Day Two

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Monday, October 16
6:00 a.m. – 4:00 p.m.
6:15 a.m. – 7:15 a.m.

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

Moderator(s): Derek Tyson Ray, FSA, MAAA; Ricardo Trachtman, FSA, MAAA; Laura J. Wiland, FSA, MAAA

Presenter(s): Derek Tyson Ray, FSA, MAAA; Ricardo Trachtman, FSA, MAAA; Laura J. Wiland, FSA, MAAA

Join members of the Actuary of the Future and Predictive Analytics and Futurism sections for breakfast and networking with fellow actuaries with similar interests.

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

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

Facilitator(s)

Session Sponsor(s): Education & Research Section

Moderator(s): John K. McGarry, ASA

Join the Education & Research Section for breakfast where there will a short presentation detailing section activities including the upcoming Actuarial Research Conference. There will also be some time for networking.

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

Session Coordinator(s) Charles S. Fuhrer, FSA, FCA, MAAA

Facilitator(s)

Session Sponsor(s): Entrepreneurial & Innovation Section

Moderator(s): Stephen J. Camilli, FSA

This is a no-Power Point, no-Presentation breakfast. Come and network with accomplished entrepreneurs & innovators. Bring your own ideas and experiences to share. Each table for this session will have an individual entrepreneur or innovator who will share a bit about themselves, and help to facilitate a conversation among attendees, including answering questions about their own experiences.

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

Session Coordinator(s) William Rearden, ASA

Facilitator(s)

Presentation(s): View Presentation

Session Sponsor(s): Investment Section

Moderator(s): Kelly Lynn Featherstone, FSA, ACIA; Jeffrey G. Passmore, FSA, EA, FCA

Presenter(s): Kelly Lynn Featherstone, FSA, ACIA; Justin Wesley Owens, FSA, EA, FCA; Jeffrey G. Passmore, FSA, EA, FCA; William J. Poutsiaka

Be sure to attend the Investment Section's breakfast for an update on section activities, and to connect with the Investment Section Council & other section members. The winner of the 2017 Redington Prize will be announced at the breakfast, as will the winners of the 5th Annual Asset Allocation Contests. See you there.

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

Session Coordinator(s) Kelly Lynn Featherstone, FSA, ACIA

Facilitator(s)

Presentation(s): View Presentation

Session Sponsor(s): Long Term Care Insurance Section

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

Presenter(s): Robert T. Eaton, FSA, MAAA; Robert K. Yee, FSA, 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.

Session Coordinator(s) Robert T. Eaton, FSA, MAAA

Facilitator(s)

Session Sponsor(s): Marketing & Distribution Section

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

Presenter(s): Patricia J. Fay, FSA, MAAA; Todd R. Sagmoe, FSA, MAAA

Join us at this breakfast session for an update on distribution trends in the life, health and worksite insurance industries, as well as the latest activities of the Marketing & Distribution Section (MAD). Topics will include recent MAD research, a summary of our work thus far in 2017, and the section's plans for the coming year.

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

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

Facilitator(s)

Presentation(s): View Presentation

Session Sponsor(s): Modeling Section

Moderator(s): Brenna R. Gardino, FSA, MAAA; Scott D. Houghton, FSA, MAAA

Presenter(s): Brenna R. Gardino, FSA, MAAA; Scott D. Houghton, FSA, MAAA

Presenters will provide a quick recap of the activities of the Modeling Section over the past year and explore plans going into 2018, including specific attention to areas of interest within the Modeling Section's mandate, such as model governance and model efficiency. Open discussion and audience interaction is invited to help the Modeling Section Council continue their development of new activities and find new areas of interest to section members.

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

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

Facilitator(s)

Session Sponsor(s): Product Development Section

Moderator(s): Brock E. Robbins, FSA, FCIA, MAAA

Presenter(s): Lindsay Keller Meisinger, FSA, MAAA; others TBD

Hear an update on the Product Development Section's initiatives over the past year while enjoying a hot breakfast away from the crowds.

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

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

Facilitator(s)

Session Sponsor(s): Smaller Insurance Company Section

Moderator(s): Bryan Neil Amburn, FSA, MAAA; Carolyn Cole Covington, FSA, CERA, MAAA

An opportunity that every Smaller Insurance Company Section (SmallCo) member has is to build a network with other SmallCo actuaries. Many SmallCo members have put in the effort and ended up with significant networks that help them do their day job better. SmallCo is made up primarily of small company actuaries and consultants who serve small companies.

This speed networking session is an effort to make building a network even easier. Attendees will have an opportunity to engage in a series of brief conversations with other attendees to make contacts with new people. If attendees are able to add a few new people to their list of contacts they will have increased the size of their network. As issues arise in their day job it will be helpful to have someone to reach out to.

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

Session Coordinator(s) Adam K. Wendling, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

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

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

Presenter(s): Steven D. Bryson, FSA, EA, FCA, MAAA; Piotr Krekora, ASA, EA, FCA, MAAA

We will begin with an introduction of the section and discuss its current activities. This will be followed by an update on a Social Insurance and Public Finance Section (SIPF)research project on Other Postemployment Benefits.

Since the majority of public sector retiree health programs are financed through current appropriations only, unfunded OPEB liabilities nationwide run into the billions of dollars. The SIPF engaged researchers early this year to investigate trends relating to OPEB funding and related issues. Come to hear a report from the principal researcher and the Project Oversight Group chair about the research objectives, observations and conclusions.

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

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

Facilitator(s)

Presentation(s): View Presentation

Session Sponsor(s): Taxation Section

Moderator(s): Lawrence M. Hersh, FSA, MAAA; Donald M. Walker, ASA, MAAA

A panel of experts will discuss the U.S. tax code and possible changes that could come about under the new administration.

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

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

Facilitator(s)

Presentation(s): View Presentation

Session Sponsor(s): SOA

Moderator(s): Benjamin L. Marshall, FSA, CERA, FCIA, MAAA

Presenter(s): Henri Boudreau; Sharon Giffen, FSA, FCIA; Mike Lombardi, FSA, CERA, FCIA, MAAA

Networking opportunity and update to members on Canadian activities and priorities. The CIA President, SOA incoming President and a senior official at the Office of the Superintendent of Financial Institutions will share the podium.

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

Session Coordinator(s) Benjamin L. Marshall, FSA, CERA, FCIA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Session Sponsor(s): SOA

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

Presenter(s): Brian Alexander Campbell, FSA, CERA, MAAA; Kathryn T. Dowdell, FSA, MAAA; Lisa A. Larsen, ASA, EA, MAAA; Susan R. Sames, FSA, MAAA

Local actuarial clubs are the perfect place for actuaries and students to practice and develop their leadership skills. Becoming a leader for a local club and helping to build a strong local club can enhance an actuary's career and help the general actuarial community in the city where he/she practices. It is a win-win situation, but does come with its own set of challenges (e.g., time management, focus, etc.)

Planned discussion topics include:

  • How to get support and buy-in from senior execs at the participant's company;
  • How to assess the current state of the local actuarial club (e.g., a start-up, in existence but not very strong, or currently flourishing);
  • Development ideas such as use of a club website for communicating to potential or current members ;
  • Typical officer positions, roles and responsibilities;
  • Meeting logistics: Recruiting members, speakers and sponsors for meetings, where to hold meetings and working with site venues, etc.;
  • Financial concerns: Club dues and alternative fundraising strategies; and
  • Examples of successful local club meeting agendas.

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

Session Coordinator(s) Beth Bernardi; Lisa A. Larsen, ASA, EA, MAAA

Facilitator(s)

6:30 a.m. – 7:30 a.m.
7:30 a.m. – 9:00 a.m.

Jeremy J. Brown SOA President Jeremy J. Brown, FSA, MAAA, gives his presidential address, including a review of the SOA's achievements from the past year, a look at the new directions our organization has taken and recognizes those that have made major contributions throughout the year.

Jeremy J. Brown, FSA, MAAA
SOA President

Kenneth Cukier

Keynote Presenter
Kenneth Cukier
Senior Editor, Data and Digital, The Economist and New York Times bestselling co-author, Big Data

Kenneth Cukier is a senior editor for Digital at The Economist , overseeing data analytics and digital products. He is also the host of "Babbage," The Economist's weekly podcast on technology and science. He is the coauthor of Big Data: A Revolution That Transforms How We Live, Work, and Think.

Session Coordinator(s)

Facilitator(s)

9:30 a.m. – 10:45 a.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Education & Research Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Chin-Mei Yvonne Chueh, ASA, Ph.D.; Donald Davendra, Ph.D.; Tobias Gummersbach

Experience Level: All

"The technology to amass data exceeds our abilities to make use of it." People all over the globe are turning to R, an open source coding language for statistical computing. The R studio may be applied to actuarial research and implementation with immediate applications to the current company model testing, as well as auditing tasks by insurance regulators. One example is various multivariate scenario reduction techniques being coded in R and C++ in our project to support the project sponsor and actuarial community to empower their tool building and integrating research.  The performance of R package will be compared with equivalent software package.

At the conclusion of the session, participants will:

  • Have a basic idea of modeling challenge in technology and a mathematical solution;
  • Learn to use R studio for project development in implementing the solution into an open source tool; and
  • Take away an R program developed by actuaries and for actuaries from a joint work by academia and regulators.

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: Technical Skills & Analytical Problem Solving

Moderator(s): Simpa A. Baiye, FSA MAAA

Presenter(s): Cindy D. Barnard, FSA, MAAA; Richard W. Harris, FSA, FCIA, MAAA

Experience Level: Beginner-Intermediate

U.S. Statutory Update: Key changes to the reserving and capital framework for annuities are underway. These changes will have a significant impact on how annuity products are valued, risk-managed and priced. Presenters will provide a complete statutory update on both variable and non-variable annuities. Topics will include updates on the development of a principle-based reserving methodology for non-variable annuity products and discussion of changes to valuation for variable annuities.

At the conclusion of the session, attendees will understand proposed or adopted changes to the U.S. statutory valuation standards for annuities and will gain an appreciation for the potential financial impact of adopted changes.

Country Relevance: U.S.

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

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Leadership

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

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

Experience Level: Beginner

What it takes to become a high-performance employer: The critical role of employee "pivotal habits" and a guide to taking back the design of your business. The presenter explores what it means to be and become a high-performance employer. Backed by over a decade of research by the BRATLAB research team, the audience will understand the link between pivotal habits and employee performance at work, and how to build employee capacity to perform these pivotal habits, all while leaving employees highly engaged and thrilled with the experience.

The presenter introduces the skillset that every employer needs: Context Design for employees, and the Four Powers that every business designer needs to support employee performance. The presenter also shares a collection of influence methods that create positive habits while leaving employees engaged with their employers, and maximally productive.

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

  • Understand what it means to be and become a high-performance employer; and
  • Discover and apply a new framework and methods for assessing a company's capacity to support employee pivotal habit creation while leaving them highly engaged and grateful for the experience.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Keith A. Passwater, FSA, FCA, MAAA

Presenter(s): Ralph Donato; Pamela Olsen

Experience Level: Beginner-Intermediate

Presenters will review the history of the Penn Treaty insolvency, the latest update on Penn Treaty, why it's a health insurance issue and how the General Assessment system works. Participants will learn (or, refresh their knowledge) about company exposure to other carrier insolvency and the regulatory mechanisms to address those insolvencies.

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

  • Understanding of the Penn Treaty insolvency process and current status;
  • Knowledge of the GA system & it's function in strengthening insurance market credibility; and
  • Datapoints regarding company exposure to assessment.

Country Relevance: U.S.

Session Coordinator(s) Keith A. Passwater, FSA, FCA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): International Section; Health Section; Reinsurance Section

Competency: External Forces & Industry Knowledge

Moderator(s): Gokul Sudarsana, FSA, CERA, FCIA

Presenter(s): Manfred Maske; Sylvia Martin Oliveira, FSA, MAAA; Scott D. Selkirk, FSA, MAAA

Experience Level: Intermediate

Bermuda is a well-known and well-respected global hub for insurance capacity, and although the Bermuda insurance market has traditionally focused on general insurance risks, long-term (life) commercial insurance has been one of the fastest growing sectors of recent years. A diverse range of business models have emerged in this sector, providing new options and opportunities to manage long-term insurance risk. A key driver of growing and sustaining this thriving long-term insurance sector is Bermuda's increasingly robust and transparent regulatory landscape, notably its recognition as a Solvency II equivalent jurisdiction.

Over the coming years, we can expect the Bermuda market to become increasingly important for life-focused actuaries; as such, the presentation is designed to introduce the audience to pertinent business models and regulations in Bermuda long-term insurance. It is intended to meet the needs of actuaries focused on risk management, capital planning and reinsurance.

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

  • understand and describe popular business models in the Bermuda long-term insurance market;
  • interpret emerging regulatory deliverables to support Bermuda's Solvency II equivalence; and
  • Evaluate how Bermuda's growing long-term insurance market can create opportunities for existing reinsurance programs.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Gokul Sudarsana, FSA, CERA, FCIA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 EA

Session Sponsor(s): Investment Section; Pension Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Jeffrey G. Passmore, FSA, EA, FCA

Presenter(s): David Gibbs; Jeffrey G. Passmore, FSA, EA, FCA; Colyar Waring Pridgen, FSA, EA; Katrina M. Tan, FSA, EA

Experience Level: Intermediate

With the rise in rates and strong equity market performance, pension plan LDI using overlay management has become more attractive. This approach, of using a set of long duration bond portfolios may become much more mainstream. Practical implementation of this emerging field in pension investing will be considered and discussed including:

  1. Measuring the gap: a framework for quantifying the difference between a target hedge ratio and the effective hedge from a collection of long duration accounts managed against market benchmarks.
  2. Closing the gap: approaches to increasing and decreasing the effective hedge with some thoughts on pros/cons of various approaches.
  3. Tactical considerations: discussing how a client or portfolio manager could position the overlay to express tactical beliefs and how this is different than the typical overlay mandate.

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

  • Understand LDI using an overlay portfolio approach;
  • Evaluate the appropriateness of this investment approach for a specific plan; and
  • Measure and manage the effectiveness of the hedge.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Jeffrey G. Passmore, FSA, EA, FCA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Yimin Yang

Presenter(s): George Alvites; Charlie Anderson, Ph.D.; Gang Ma, FSA

Experience Level: All

One important lesson learnt from the recent financial crisis was that overreliance on financial models could lead to unforeseen and harmful consequences. Model risk management (MRM) is becoming a core and mandatory component in enterprise risk management for many financial institutions, especially Fed/OCC CCAR-compliant firms. In recent years, insurance companies are also being required to have model risk management programs by Solvency II, ORSA and other supervisory guidance. MRM is not just model validation. It consists of governance and policies regarding a model's life cycle including data, model development, model test and implementation, model validation, model monitoring and documentation. It also provides guidelines and standards for risk assessment and model inventory management. The presenters will discuss current and best practice MRM, approach for model validation and auditing, as well as topics for technical issues such as types of model risks. It will also discuss the differences between Fed/OCC standards and Solvency II standards.

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

  • Describe best practice in model risk management;
  • Explain requirements and standards; and
  • Develop model validation procedure.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Yimin Yang

Facilitator(s)

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): Julie A. Curtis, FSA, EA, MAAA

Presenter(s): Irina Pogrebivsky, FSA, EA; Lisa A. Schilling, FSA, EA, FCA, MAAA

Experience Level: All

The U.S. Treasury Department and IRS recently published regulations providing updated mortality tables to calculate the present value of a stream of expected future benefit payments to determine the minimum funding requirement of most defined benefit plans, and to ascertain the minimum required amount of lump sum. The regulations also update the requirements that a plan sponsor must meet in order to obtain IRS approval to use mortality table specific to the plan for minimum funding purposed. The presenters will give an overview of these regulations and analyze their impact from both a plan sponsor and participant's perspectives, including their potential repercussions on the future of defined benefit plans.

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

  • Describe the changes related to mortality tables as a result of these new regulations;
  • Evaluate the magnitude of the impact of these new mortality tables on different types of defined benefit plans (e.g. cash balance, plans offering lump sums, frozen plans with greater inactive population, etc.);
  • Identify the impact of these changes on the future of defined benefit plans, looking at their repercussions from both a plan sponsor and participant's perspectives; and
  • Demonstrate a better understanding of the updates in the IRS requirements for approval of mortality tables specific to a plan and provide a background on credibility theory underlying these requirements.

Country Relevance: U.S.

Session Coordinator(s) Andre Claude Menard, FSA, EA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

Session Sponsor(s): Pension Section; Health Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Sudipto Banerjee, Ph.D.; Kwame Mario Hew Smart, FSA, FCIA

Experience Level: Beginner-Intermediate

Headlines in the news continue to discuss the aging population, retirement income (or lack thereof), and increased spending on medical expenses. The intersection of retirement income and medical expenses is a vital one and one that is difficult to predict prior to retirement and manage during retirement. The presenters will review this issue though two different lenses, research based and practical. The discussion will address issues that impact both health and retirement practitioners with the goal that the consideration of medical expenses in retirement is considered holistically.

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

  • Describe the key factors driving medical spending in retirement ages;
  • Identify potential solutions holistically; and
  • Apply the information to their everyday practice.

Country Relevance:  Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: External Forces & Industry Knowledge

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

Presenter(s): Derek Michael Kueker, FSA, MAAA; Kevin Pledge, FSA, FIA; Zhe (David) Zhu, FSA, FCIA, Ph.D.

Experience Level: All

The search is on for how to disrupt the underwriting process to find or select the best risks. Can data ever be as good as blood? There is an ever growing number of tools and resources becoming available to insurance companies to underwrite business. The presenters will present some of the tools, data sources, uses and concerns in the underwriting process.

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

  • Identify some of the tools available, compare the tools and their uses; and
  • Evaluate the tools for usefulness within the underwriting process.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Smaller Insurance Company Section

Competency: Results-Oriented Solutions

Moderator(s): Sebastien Cimon Gagnon, FSA, CERA, MAAA

Presenter(s): Timothy C. Cardinal, FSA, CERA, MAAA; Andrew G. Steenman, FSA, MAAA; Haiyang Zhang, FSA

Experience Level: Intermediate

Among all the challenges around PBR implementation, the presenters during this session will focus on stochastic reserve calculation and projection. They will try explore solutions from various directions, such as technology, statistical/analytical solutions to reduce modeling complexity, and simplifications on key assumptions and their impacts, etc. The panel discussion format will allow actuaries from insurance companies, consulting and software providers to bring together different perspectives and areas of expertise.

At the conclusion of the session, attendees will:

  • Gain better understanding of issues/challenges introduced by stochastic reserve modeling and projection; and
  • Learn different tools and methods to solve the issue and understand the pros and cons of each potential solution.

Country Relevance: U.S.

Session Coordinator(s) Haiyang Zhang, FSA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): SOA General Insurance, SOA Research

Competency: External Forces & Industry Knowledge

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

Presenter(s): John Elbl; Carolyn Kousky

Experience Level: Beginner-Intermediate

Presenters will provide an update on the impact of Hurricane Harvey on insurance markets and government programs, the management of flood catastrophe risk through the U.S. National Flood Insurance Program, and an overview of the modeling of catastrophic risk from industry researchers. With new reinsurance techniques and cat models evolving to manage this risk, the presenters will describe how modeling of the risk can be used in estimating loss costs and how public/private financing programs are evolving.

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

  • Develop knowledge of catastrophe models and their applications;
  • Compare the evolving methods used by NFIP and other international programs to manage risk; and
  • Understand key components to the Fall 2017 reauthorization of NFIP.

Country Relevance: International

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Benjamin L. Marshall, FSA, CERA, FCIA, MAAA

Presenter(s): Henri Boudreau; Lisa Marie Peterson, FSA, FCIA

Experience Level: Beginner-Intermediate

The Office of the Superintendent of Financial Institutions (OSFI) Canada is a prudential regulator of banks and insurance companies operating in Canada. OSFI has developed a new standard capital test for life insurers, Life Insurance Capital Adequacy Test or LICAT, which will become effective on Jan. 1, 2018. LICAT represents an evolution in OSFI's regulatory capital expectations through the introduction of a number of significant changes of components and methodologies used to determine both available capital and required capital for life insurers. LICAT uses the latest developments in financial reporting, actuarial methodology, economic and financial theory, builds on lessons learned from global financial crisis and is largely consistent with developments in international capital standards.

At the conclusion of the session, attendees will be able to interpret the new LICAT, determine its potential impact on life insurance companies, and appreciate the potential benefits of the new approaches not only as a regulatory tool but also as potential risk measures for similar and other purposes by insurers and regulators.

Country Relevance: International

Session Coordinator(s) Benjamin L. Marshall, FSA, CERA, FCIA, MAAA; Anna Beith

Facilitator(s)

9:30 a.m. – 12:30 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Leadership and Development Section; SCOR

Competency: Leadership

Moderator(s): Laura Joelle Muse, FSA, MAAA

Presenter(s): Barbara Krumsiek

Experience Level: All

The Leadership & Development Section and SCOR are once again sponsoring the Women's Leadership Forum and luncheon. This year, we will hear from one of the most relevant and renowed experts in the field, Barbara Krumsiek.  She is the Senior Industry Fellow in Women's Leadership Institute of Georgetown University McDonough School of Business.

Why Aren't We There Yet?

Advancing Women: Pitfalls and Prospects

Yes, progress has been made, and the business case for diversity is well-established and generally accepted in corporate leadership and Board circles.  Statistics, however, show we still have a long way to go before achieving a level playing field for women in the C-Suite and in Board representation. Why does momentum seem to stall despite well-meaning corporate leadership? Are there faulty premises, taken for granted, that lead to ineffective interventions and strategies to "help" women in the workplace? The presenter will address the assumptions that hold up under the scrutiny of research, and the "myths" that do not. A discussion of issues and solutions will follow, with active Q&A.

The session includes lunch and is open to all meeting attendees free of charge. If you plan to attend you must register in advance to obtain a ticket. Attendance is limited to 100 people.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

11:00 a.m. – 12:30 p.m.

Presentation(s): View Presentation

Session Sponsor(s): Pension Section

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

Presenter(s): Thomas Perls, MD

The Pension Section will be hosting Dr. Thomas Perls, author of Living to 100: Lessons in Maximizing Your Potential at Any Age . Dr. Perls is the director of National Institute on Aging-funded New England Centenarian Study (the NECS). He will speak about findings from his study, review his Living to 100 life expectancy calculator at www.livingto100.com , and share his concerns about the commercial anti-aging industry. Increased longevity and the underlying factors associated with extremely long life will have a large influence on actuarial risks across many practices, including retirement, health and life. Come join us to hear from an expert who is at the vanguard of the field.

This lunch is open to all meeting attendees. There is a nonrefundable fee of $25 per person for Pension Section members and $50 for all others. Please include the additional fee with your registration.

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

Facilitator(s)

Session Sponsor(s): Reinsurance Section

Moderator(s): Mary Ann Broesch, FSA, MAAA

Join your fellow Reinsurance Section members and those interested in reinsurance for the Hot Topics Reinsurance Luncheon. We will provide an update on section activities and discuss current hot topics in reinsurance, such as accelerated underwriting and PBR.

This lunch is open to all meeting attendees. There is a nonrefundable fee of $25 per person for Reinsurance Section members and $50 for all others. Please include the additional fee with your registration.

Session Coordinator(s) Katrina E. Spillane, FSA, MAAA

Facilitator(s)

12:45 p.m. – 2:00 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Actuary of the Future Section

Competency: Leadership

Moderator(s): Derek Tyson Ray, FSA, MAAA

Presenter(s): Barbara Taylor

Experience Level: All

No one is confident and courageous all the time. You may have experienced trepidation about sharing ideas during meetings, being asked to explain a complex or ambiguous decision/situation or advocating a position. These are just a few situations that can bring out your insecurities. And, if you are an introvert or have a "quiet" demeanor, others may think you lack confidence or that you are a pushover. As actuaries, it is essential to project confidence to your senior managers, your staff, project teams and to clients. You want people to have no doubt that you can handle their challenges successfully. Additionally, saying what really needs to be said can take courage. When you exude leadership presence, others notice. In fact, lacking these skills can hold back your career  even if you have great experience, expertise and knowledge. Learn how to project an air of self-assurance, face your fears, build your career and, if necessary, pick your battles.

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

  • Understand what holds people back from being confident and courageous;
  • Understand the interplay between confidence and competence and their impact on taking action and influence;
  • Determine what skillful confidence and courage look like; and
  • Learn techniques for portraying confidence and courage.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Barbara Taylor

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: External Forces & Industry Knowledge

Moderator(s): Samuel J. Keller, FSA, MAAA

Presenter(s): Thomas Q. Chamberlain, ASA, MAAA; Tara J. P. Hansen, FSA, MAAA; Samuel J. Keller, FSA, MAAA

Experience Level: Intermediate

The Financial Accounting Standards Board released an exposure draft of targeted improvements for long-duration insurance accounting late 2016. The presenters provides an update on the status of the exposure draft and shares possible impacts to financial statements for sample products. There will be a summary of the proposed accounting standards update, and a presentation of numerical examples that highlight GAAP earnings emergence for a sampling of products and scenarios.

At the conclusion of the session, attendees will be able to: assess potential impacts of the FASB targeted improvements to their product portfolio; and understand the anticipated timeline of the updated standards.

Country Relevance: U.S.

Session Coordinator(s) Samuel J. Keller, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: External Forces & Industry Knowledge

Moderator(s): Gregory Joseph Herrle, FSA, FCA, MAAA

Presenter(s): Paul Harmon, FSA, MAAA; Mary K. Hegemann, FSA, MAAA; Gregory Joseph Herrle, FSA, FCA, MAAA

Experience Level: Beginner-Intermediate

The presenters will discuss the range of draft repeal/repair/replace legislation proposed to date, the elements most likely to be included in the final law, and possible temporary and transitional measures to be taken. They will share their findings regarding the impact on the industry of these changes using the most up to date data and modeling available.

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

  • Describe the range of draft legislation;
  • Explain the possible impacts on the industry; and
  • Incorporate these results in rate development and other work.

Country Relevance: U.S.

Session Coordinator(s) Jason Robert Siegel, FSA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section; SOA Research

Competency: External Forces & Industry Knowledge

Moderator(s): Steven C. Siegel, ASA, MAAA

Presenter(s): Robert D. Lieberthal; Adam Ryan Singleton, FSA, MAAA

Experience Level: Beginner-Intermediate

The Health Section is committed to providing research for its members and other practitioners that result in information, data or tools that are accessible and useful. The presenters will provide an overview of Health Section research projects as well as in-depth presentations of selected recent ones.

At the conclusion of the session, attendees will gain a better understanding of current SOA health research projects and prompt them to think about what other health care-related research may be useful to them. Attendees may also communicate ideas for future research and potentially become involved in SOA research as a volunteer reviewer or engaged researcher.

Country Relevance: U.S. and Canada

Session Coordinator(s) Steven C. Siegel, ASA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Investment Section

Competency: Results-Oriented Solutions

Moderator(s): Vinaya K. Sharma, FSA, CERA

Presenter(s): Dmitry Mukhin, FSA; Vinaya K. Sharma, FSA, CERA

Experience Level: Intermediate-Advanced

Insurers are faced with many constraints in managing their asset portfolios. The presenters will discuss ways to optimize asset portfolios across multiple objectives and constraints. First, they will discuss approaches to strategic asset allocation (SAA) for a multi-region or multi-entity insurance group. One challenge is the need to reconcile group requirements with individual entity considerations. Group requirements for asset allocation focus on the business objectives of the insurance group and are driven by group-level rating agency capital, liabilities, and accounting. On the other hand, each individual entity's considerations must reflect the relevant regulatory and accounting requirements for a given country or a given line of business. This should be of interest to insurers subject to several different accounting and capital regimes.

Second, we will discuss portfolio construction considering economic and regulatory capital constraints. Regulatory Capital is unavoidable and is usually a binding constraint at the portfolio level. Economic capital is a more reliable measure of risk and can constrain at sub-portfolio levels. The dilemma is how to come up with a business plan that increases economic value while considering regulatory capital requirements. Thinking of this as a risk-return optimization problem, we will present a case study which demonstrates the merits of a unified approach.

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

  • Identify and better understand the difficulties arising in developing a strategic asset allocation for a multi-entity insurer;
  • Compare bottom-up and top-down approaches to SAA;
  • Identify the ways various assets can be more efficiently allocated across the organization;
  • Define key components of an optimization;
  • Design an optimization problem that contemplates both regulatory and economic capital; and
  • Calculate maximum returns on capital, subject to realistic business constraints.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Vinaya K. Sharma, FSA, CERA

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): Robert K. Yee, FSA, MAAA

Presenter(s): Simpa A. Baiye, FSA, MAAA; Andrew H. Dalton, FSA, MAAA

Experience Level: Intermediate-Advanced

Long-term care (LTC) insurance is subject to long periods of unknown risks and external influence. Hedging certain LTC insurance risks can stabilize financial outcomes. Presenters will provide an overall survey of the various techniques being developed to control certain risks-interest rate, inflation, mortality, etc. Potential protection from mortality risk will be discussed in greater detail.

At the conclusion of the session, attendees will gain an understanding of the risk exposures faced by LTC insurers and several potential risk mitigation techniques.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Robert K. Yee, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Marketing & Distribution Section

Competency: Strategic Insight and Integration

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

Presenter(s): Todd R. Sagmoe, FSA, MAAA; Robert P. Stone, FSA, MAAA

Experience Level: All

During this session, presenters will give a perspective of life and annuity products, with the sale process presented by distribution professionals-i.e. agents and other financial services professionals. Specific discussion will compare and contrast views of the actuarial technician with view of the distributions. Attendees should leave with a better understanding of how actuarial perspectives do/don't align with sales perspectives.

Understanding of actuarial issues from the perspective of those responsible for putting product in consumer hands.

Country Relevance : U.S.

Session Coordinator(s) Robert P. Stone, 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): Lisa A. Schilling, FSA, EA, FCA, MAAA

Presenter(s): Karla Brocker, ASA, EA, FCA, MAAA; Lisa G. Ullman, FSA, EA, FCA, MAAA

Experience Level: All

Pension actuaries assist employers/plan sponsors in preparing the pension liabilities for the employer's/plan's financial statements and footnotes. The employer's/plan's auditor generally relies on the actuary as a specialist as part of the audit. Join this panel of pension actuaries who assist auditors by assessing the information provided by employers'/plan sponsors' actuaries for their perspectives. Instead of concentrating on the nuts and bolts of the accounting standards, we will discuss the intersection of the AICPA (American Institute of Certified Public Accountants) and PCAOB (Public Company Accounting Oversight Board) auditing standards and actuaries' Professional Code of Conduct and Actuarial Standards of Practice. Issues can arise about the acceptability of methods and the reasonability of assumptions.

An outline of the auditing standards will give a flavor of the auditor's perspective, including terms that may have different meanings to actuaries.  The role of the auditor's professional skepticism will also be discuessed. Finally, a discussion on how employers'/plan sponsors' actuaries can make the audit confirmation process more productive will take place.

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

  • Identify the similarities and differences between the auditing standards (AICPA and PCAO) and actuaries' Professional Code of Conduct and Standards of practices (ASOP);
  • Demonstrate a better understanding of the auditing standards and the auditor's professional "skepticism" role;
  • Develop ways to better work with their auditors to make the audits more productive.

Country Relevance: U.S.

Session Coordinator(s) Andre Claude Menard, FSA, EA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD ; 1.50 Noncore EA

Session Sponsor(s): Pension Section; International Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Alejandro Bonilla Garcia; William Joseph Price; Paul M. Secunda

Experience Level: All

Countries around the world face similar challenges to address the needs of their workforce as their populations age and retire. In some countries, there may be a heavy reliance on social security programs, while in others, the employer may play a big role to provide income during retirement. Outside influences such as culture and social factors may also impact how a country develops their own pension system, offering unique solutions to the same problem. The presenters will provide the audience a perspective on global pension trends and other innovative developments in pension systems.

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

  • Describe global pension trends;
  • Compare and contrast differences in pension systems; and
  • Apply best practices to their own country's pension system.

Country Relevance: International

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Professional Values

Moderator(s): David N. Karo, ASA, MAAA

Presenter(s): Jason Jeffrey Altieri, ASA, MAAA; Eileen Sheila Burns, FSA, MAAA; Christine Hofbeck, FSA, MAAA

Experience Level: All

Predictive analytics is increasingly used to select, design, build and modify models intended to be used to set assumptions. This is a new area of practice for actuaries, with guidance only starting to evolve, and always in tandem with more traditional actuarial applications. The proposed Assumption Setting ASOP will "apply to actuaries performing actuarial services which include setting and/or assessing the reasonableness of assumptions." The proposed Modeling ASOP will "apply to actuaries in all practice areas performing actuarial services when selecting, designing, building, modifying, developing, using, reviewing, or evaluating all types of models that are not simple models." We will discuss these two important actuarial standard of practice (ASOP) exposure drafts and their implications for practitioners in predictive analytics.

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

  • Explain the proposed Modeling (Third Exposure) and Setting Assumptions ASOPs;
  • Identify opportunities to implement newly proposed guidance in their organizations; and
  • Evaluate their own models and assumption setting processes, to determine if there are existing processes that would benefit from improvement.

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

Competency: External Forces & Industry Knowledge

Moderator(s): Brock E. Robbins, FSA, FCIA, MAAA

Presenter(s): Anthony C. Laudato, FSA, MAAA; Leonard Mangini, FSA, MAAA; Patrick Sullivan

Experience Level: All

The insurance market has been rapidly changing over the past 12 to 15 months with no end in sight. Are insurance companies ready for what is to come in the coming years? A panel of leading industry experts will discuss:

  • The need for product development and pricing to evolve as new market entrants disrupt the insurance industry; and
  • How to utilize predicitve analytics to provide insight on future expectations of accelerated underwriting programs in order to help set assumptions when minimal or no data exists.

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

  • Understand new product development techniques; and
  • Know how predictive analytics can support assumption setting in accelerated underwriting programs.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: Results-Oriented Solutions

Moderator(s): Richard H. Daillak, FSA, MAAA

Presenter(s): Bryan Neil Amburn, FSA, MAAA; Alijawad M. Hasham, ASA, MAAA; Ye (Olivia) Yang, FSA, CERA, MAAA

Experience Level: Intermediate-Advanced

How does the role and value of reinsurance change in a Principle-Based Reserving (PBR) world? The presenters will explore the different applications of reinsurance resulting from the implementation of PBR, including managing volatility of statutory surplus and earnings, capital management, and assumption setting. Attendees will gain a better understanding of the interaction of reinsurance with product design and pricing. Changes in thinking about YRT reinsurance in a PBR world will also be discussed.

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

  • Enhance understanding of the role of reinsurance within a PBR world;
  • Appreciate the complexities of valuing reinsurance and take away possible approaches for dealing with them; and
  • Gain an appreciation of the impact of reinsurance across different actuarial functions.

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): Taxation Section

Competency: External Forces & Industry Knowledge

Moderator(s): Tony Randal Litterer, FSA, MAAA

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

Experience Level: All

The presenters will discuss company tax reserve issues that arose as a result of the adoption and implementation of life insurance and variable annuity Principle Based Reserves. The presenters will also describe the purpose of the Internal Revenue Service's Industry Issue Resolution program, as well as describe their involvement with the IRS's program and various developments being discussed.

At the conclusion of the session, attendees will:

  • Gain awareness of the IRS's Industry Issue Resolution program;
  • Develop an understanding of Principle-Based Reserve (PBR) tax reserve issues; and
  • Identify PBR taxation issues the IRS has yet to resolve.

Country Relevance : U.S.

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

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): RGA

Competency: External Forces & Industry Knowledge

Moderator(s): Kathryn Suzanne Cox, FSA

Presenter(s): Matt Wallaert

Experience Level: All

Generational attitudes toward insurance. Buying behaviors and expectations of immediacy. New forms and combinations of data. The insurance industry is changing rapidly and in many ways, and innovation is paramount to this evolution. But before moving along the path to innovative product and process change, the first step is to see the industry through the consumer's lens. Whether innovating for life, health, annuity, P&C, executive or retail, we can't think like actuaries, regulators or stockholders. Those are perspectives that must be considered, but success hangs entirely on thinking like the target buyer. The bottom line--what influences your target consumer's buying decision. With that in mind, presenters take an in-depth look at real-world innovations within and outside of the insurance industry.

Through interactive exercises and cases studies, expert leaders will actively engage with the audience to dive into principles such as behavioral economics, consumer-based design, rapid prototyping and niche marketing. From there, the group will work together to tie these consumer-centric marketing approaches to the ever-changing landscape of insurance providing useful knowledge participants can apply upon their return home.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Kathryn Suzanne Cox, FSA

Facilitator(s)

2:00 p.m. – 2:30 p.m.
2:30 p.m. – 3:45 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Kathleen Kelly Bachman, FSA, MAAA

Presenter(s): Kathleen Kelly Bachman, FSA, MAAA; Laura S. Gray, FSA, MAAA; Tara J. P. Hansen, FSA, MAAA; Rebecca M. L. Rycroft, FSA, FCIA, MAAA

Experience Level: Beginner-Intermediate

After nearly 20 years, the IASB is expected to publish the final standard, IFRS 17 - Insurance Contracts, which replaces IFRS 4. The new standard is expected to be implemented as of Jan. 1, 2021. The new accounting standard will provide more relevant and comparable information. All companies that issue insurance contracts will be required to account for all insurance contracts in a way that provides:

  • Current estimates at each valuation date reflecting up-to-date information about cash flows and the timing and risk associated with those cash flows;
  • Information about:
    • the sources of profit or losses through underwriting activity and investing premiums from customers; and
    • the extent and nature of risks arising from insurance contracts. The standard is to be applied retroactively.

The presenters will start with the classification of contracts to determine the appropriate treatment under IFRS17. The two broad approaches, premium allocation approach and building block approach, will be explained and illustrated with examples. The concept of the Unit of Account will also be explained. The disclosures under each approach will be illustrated and explained.

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

  • Understand the key concepts of IFRS 17 and be able to explain them and apply them to insurance contracts, determine sources of profits and losses;
  • Identify issues that might be of particular interest/concern to their organizations; and
  • Identify the steps required to implement the new standard by 2021.

Country Relevance: International

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section

Competency: Results-Oriented Solutions

Moderator(s): Randall Paul Herman, FSA, MAAA

Presenter(s): Randall Paul Herman, FSA, MAAA; John R. Murphy, FSA, MAAA; Geoffrey Sanzenbacher, Ph.D.

Experience Level: Beginner

Employment based group insurance is the primary source of life, LTD and health insurance for many individuals and their families. Employees, even when offered sophisticated tools and guidance, often make decisions (or maintain coverages) that are sub-optimal based on their personal circumstances. In this presentation we will examine the role behavioral economics can play in presenting and understanding employee choice of coverage. We will look at recently published studies of group insurance choice experiments which incorporated the concepts of behavioral economics in attempts to improve employee choices. Presenters will include the author of a published study of group life insurance choice, as well as an LTD actuary and a health insurance actuary who also is a market researcher. Many of the concepts presented apply not only to group coverage but to individual insurance as well.

At the conclusion of the session, attendees will understand some of the basic concepts of behavioral economics and evaluate the impact of specific concepts such as inertia, anchoring and mental accounting on the choice of coverage.

Country Relevance: U.S. and Canada

Session Coordinator(s) Randall Paul Herman, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Health Section; International Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Carlos Arocha, FSA; William S. Bade, FSA, MAAA; Conglu (Jo) Xu, FSA, CERA

Experience Level: All

Many actuaries practicing in the health insurance space in the United States operate without knowledge of the products offered in other countries. Operating in this silo, we may be overlooking innovative product ideas, as well as opportunities to improve health insurance in other countries. Presenters will provide an overview of the global A&H markets, with an emphasis on global accident, critical-illness and hospital products.

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

  • Describe global health insurance products;
  • Evaluate features of products in other nations that may be useful to the U.S. market; and
  • Evaluate the maturity of insurance markets outside the United States.

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): Investment Section; Modeling Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Rebecca Margaret Emily Kovach, FSA

Presenter(s): Daniel B. Finn, FCAS; Scott D. Houghton, FSA, MAAA; Thomas V. Reedy, FSA, FIA, MAAA

Experience Level: Beginner-Intermediate

For applications like PBR and cash flow testing, actuaries often validate and review models that contain projections of both the asset and liability sides of the balance sheet. Actuaries are often insurance product and liability experts, but experience levels with assets vary.

The presenters will discuss model validation techniques that an actuary can apply to the asset side of the balance sheet. Specific topics will include:

  • Validation of asset cash flows, market values, and statement values
  • Review of common assumptions for modeling assets
  • Common modeling issues and their prevention
  • Validation techniques to ensure that primary risks of different types of assets are captured
  • Validation of interaction of assets and related balance sheet items
  • Validation of interaction of assets and liabilities, including dividends and portfolio crediting
  • Case studies with input and output

At the conclusion of the session, attendees will have an understanding of several techniques that can be used to validate assets and related balance sheet items.

Country Relevance: U.S. and Canada

Session Coordinator(s) Scott D. Houghton, FSA, 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): Chad R. Runchey, FSA, MAAA

Presenter(s): Michael Bohm; Steven J. Pummer, FSA, MAAA; Chad R. Runchey, FSA, MAAA

Experience Level: All

Baseline and stressed projections of financial statements, capital position and cash flows are critical inputs to a wide range of business purposes: financial planning and analysis; risk appetite measurement; capital and liquidity management; pro-forma analysis of management actions; and regulatory reporting. While stress testing and forecasting uses and stakeholders are extensive, calculations have historically been ad hoc, inefficient and performed in silos.

The presenters will focus on making stress testing an efficient/repeatable process that encompasses a multitude of business uses and functional areas (e.g., risk, actuarial, finance, treasurers, investments). We will discuss the opportunities, challenges, and key decisions of a financial planning and stress testing transformation.

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

  • Explain forecasting and stress testing business uses;
  • Design a common process/framework to satisfy multiple business uses; and
  • Evaluate key decisions in designing a stress testing framework.

Country Relevance: U.S.

Session Coordinator(s) Alpesh K. Sanghani, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Leadership and Development Section

Competency: Leadership

Moderator(s): Sharon Giffen, FSA, FCIA

Presenter(s): Sharon Giffen, FSA, FCIA; Anne M. Katcher, FSA, MAAA

Experience Level: Intermediate-Advanced

Today, many people find themselves "retired," by choice or otherwise, a few years earlier than their master life plan contemplated. Perhaps due to corporate restructuring, or the need to provide support for a family member in poor health, they retired earlier than planned. If you should find yourself there, how do you start to think about the path forward? You think, you have a lot of experience that you are eager to share; you are no longer interested in career building; you have outside interests that are meaningful, where you want to spend your time and focus. The presenters will provide two things--first, you will hear stories from presenters who will share their path. This will warm you up for a discussion in small table groups. Through peer-coaching, you will hear about others' thoughts--you will share your experience to help others navigate their questions. Each person will have the opportunity to seek advice and counsel about the issues that concern them. We will wrap-up with each table sharing ideas that they found particularly impactful.

At the conclusion of the session, attendees will:

  • Have spent valuable time thinking about their career in a different way than before;
  • Have heard about a variety of ideas and activities that will expand their thinking about transitioning to retirement; and
  • Have connected with a number of other like-minded people, growing their network to continue discussions into the future.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Anne M. Katcher, FSA, 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): Kevin Michael Morrison, ASA, EA, MAAA

Presenter(s): David Jaffe, FSA, EA; Daniel N. Smith III; James Peter Walton, FSA

Experience Level: Intermediate-Advanced

Annuity placements are an increasingly attractive and popular form of pension de-risking. The presenters will overview the annuity placement process from the perspectives of both the plan sponsor and annuity provider with presenters from both areas. Drawing on recent case studies and current trends, the session will cover a wide range of issues that are impacting annuity placements including data, mortality, state of issue, benefit types, transition, contract structures such as 'split deals,' assets in kind and other investment considerations.

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

  • Describe the key issues related to annuity placements from the plan sponsor's point of view;
  • Describe the key issues related to annuity placements from the annuity provider's point of view; and
  • Explain recent trends in the annuity placement market.

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): Andrew J. Peterson, FSA, EA, FCA, MAAA

Presenter(s): Stephen A. Eadie, FSA, FCIA; Theodore A. Goldman, FSA, FCA, MAAA

Experience Level: Beginner

Defined-contribution pension plans have now become the flagship retirement solution throughout the private sector in many countries. With the initial introduction of these arrangements, focus was on the accumulation phase of defined-contribution plans with little thought on the decumulation phase. As defined contribution plans have matured over the years, it has become evident that traditional decumulation methods, such as life annuities, do not provide a complete solution. Stakeholders have begun to turn their attention toward the development of more robust methods, such as variable annuities, to address income needs during retirement. The presenters will explore details of recent publications on innovative decumulation methods.

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

  • Identify different types innovative decumulation methods;
  • Explain risks and payouts involved; and
  • Compare these methods against traditional methods.

Country Relevance: U.S.

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; Reinsurance Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): David N. Wylde, FSA, MAAA

Presenter(s): Edward Hui, FSA; Robert B. Lau, FSA, FCIA; Hezhong Ma, FSA, MAAA

Experience Level: Beginner-Intermediate

The presenters aim to discuss the results of recent mortality research conducted throughout the industry. Possible topics that could be discussed include: industry studies, mortality improvement, cause of death, seasonality, state variations and reductions in life expectancy. Attendees will have a better understanding of mortality trends in the industry and aspects in which the trends can be applied.

At the conclusion of the session, attendees will be able to better understanding of mortality trends in the industry.

Country Relevance: U.S. and Canada

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Julianne A. Callaway, FSA, ACAS, MAAA

Presenter(s): Julianne A. Callaway, FSA, ACAS, MAAA; Curtis Matthew Clingerman, FSA, MAAA; Rick Hyde

Experience Level: All

With technological advancements and competitive pressures, companies worldwide are looking for new ways to attract and retain customers that go beyond traditional pricing and product development. Insurance innovations aimed at simplifying the sales process and development of value-added services designed to improve retention and customer engagement programs have taken advantage of digital solutions, such as apps, wellness programs and consultative services.

At the conclusion of the session, attendees will be able to compare different digital insurance innovations.

Country Relevance: International

Session Coordinator(s) Elena Stoyanova Tonkovski, FSA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: External Forces & Industry Knowledge

Moderator(s): Larry N. Stern, FSA, MAAA

Presenter(s): Steven E. Keshner, FSA, MAAA; Alan E. Morris, ASA, ACAS, MAAA; Larry N. Stern, FSA, MAAA

Experience Level: All

Sponsors use captive reinsurers (i.e., subsidiaries insuring the risk of the sponsors' affiliates or unaffiliated business) for a variety of reasons. The requirements for establishing and maintaining a captive vary by jurisdiction. Consequently, there may be strategic reasons for setting up captive operations in a particular domicile. The Reinsurance Section and the Committee on Life Insurance Research funded a study of the different jurisdictions allowing captive reinsurers. The presenters will present the results of this study.

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

  • Compare relevant requirements for captive formation;
  • Identify popular jurisdictions for life captive formation; and
  • Understand initial and ongoing captive governance requirements.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Larry N. Stern, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Strategic Insight and Integration

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

Presenter(s): Mark William Birdsall, FSA, FCA, MAAA; William B. Fornia, FSA, EA, FCA, MAAA; Tonya B. Manning, FSA, EA, FCA, MAAA; Ali Zaker-Shahrak, FSA, MAAA

Experience Level: All

The presenters will compare and contrast the role of the actuary in the private and public sectors. The key question is whether these roles are similar and follow generally the same principles, or are significantly different and require different skills and competencies. We will pay particular attention to the challenges faced by public sector actuaries and how they remain largely unknown in the actuarial profession.

At the conclusion of the session, attendees will learn about unique challenges of actuarial work in the public sector, and how they relate to the work in the private sector that most actuaries are familiar with.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Results-Oriented Solutions

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

Presenter(s): Vincent J. Granieri, FSA, EA, MAAA; Pratyush Lal

Experience Level: All

The first part of the session will be used to describe how actuaries can leverage technological advancements by utilizing a variety of internal and external data and building robust machine learning algorithms through more sophisticated statistical programming tools. Attendees will be presented with different analytics methodologies and their application to insurance. Presenters will then demonstrate practical examples of successful integration of predictive analytics with business operations using case studies from general insurance and life insurance. Presenters will present a proven framework for integrating predictive analytics with traditional business processes to answer questions and solve problems in your business.

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

  • Understand developing a solid business case before embarking on the analytical path;
  • Explore the application of predictive analytics to General and Life insurance problems; and
  • Understand challenges towards implementing the analytical outcome in the business operations.

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): RGA

Competency: External Forces & Industry Knowledge

Moderator(s): David Rengachary

Presenter(s): Carrie Blout, MS, CGC

Experience Level: All

Advancements in disease detection and prevention, personalized treatment options, and pay-for-performance health care models are all aimed at improving overall health and longevity. As the accuracy of predictive models improves, our understanding of genetics enables condition prediction, and the treatment of conditions becomes more personalized the insurance industry will be impacted. The question is how much? What questions does this raise about regulations? Ethics? Does it create an environment where the potential for anti-selection increases? What does that mean for the insurance industry overall? Specifically, what does it mean for actuaries? This eye-opening session, led by prominent leaders in their respective fields, such as clinicians, insurance industry experts and academics from top area universities, will address adaptations the industry may be forced to consider in the near future as life expectancies change. This interactive discussion will take attendees into a collaborative learning environment where they can explore their impact on the insurance industry.

At the conclusion of the session, attendees will have seen medical advances through a new lens and leave with a greater understanding of the impact they could have on pricing, modeling, and sensitivity testing, giving them the tools and insight they need to make decisions as it applies to their day-to-day work.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Kathryn Suzanne Cox, FSA

Facilitator(s)

4:00 p.m. – 5:15 p.m.

Presentation(s): View Presentation

Credits: 0 CPD

Session Sponsor(s): SOA

Competency: External Forces & Industry Knowledge

Moderator(s): Stuart Klugman, FSA, CERA

Presenter(s): Stuart Klugman, FSA, CERA; Kory J. Olsen, FSA, CERA, MAAA; Kevin J. Pledge, FSA, FIA

Experience Level: All

SOA education is continually evolving to meet the current and future needs of candidates, members, employers and the public. The presenters will review recent changes and preview what is to come in 2018. Particular attention will be paid to progress on the ASA revisions for 2018 and the recently completed pilot certificate program in predictive analytics.

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

  • Identify current and planned changes in SOA prequalification education; and
  • Identify current SOA professional development activities and plans for 2018.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Stuart Klugman, FSA, CERA

Facilitator(s)

Presentation(s): View Presentation

Credits: 0 CPD

Session Sponsor(s): The Actuarial Foundation; Education & Research Section

Competency: External Forces & Industry Knowledge

Moderator(s): Jason Leppin, CFRE

Presenter(s): Patrick Dodds; Joseph Finch, ASA; Barry Jacobson, FSA; James E. Trimble, FSA, CERA, MAAA

Experience Level: All

To address the achievement gap within inner-city schools, the Actuarial Foundation is teaming up with high schools and actuaries to provide frequent, individualized math tutoring. Our tutors are volunteers and come from local universities with large actuarial science or math education programs, or area corporations interested in sending their actuaries into classrooms to provide the much needed tutoring.

Improving the educational outcomes of economically disadvantaged children is a policy priority in the United States, and yet relatively little progress has been made in recent decades. Education reforms that aim to help economically disadvantaged students often focus on improving the quality with which grade-level material is taught, or the incentives that students have to learn it. Yet such efforts may not adequately account for important differences within a classroom of students-differences in knowledge, in learning styles, or the rate at which students learn. 

At the conclusion of the session, attendees will be able to understand how this program came to be, our initial successes, and our plan to expand and scale the program.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Holly Monahan

Facilitator(s)

4:00 p.m. – 6:00 p.m.
6:00 p.m. – 7:30 p.m.

Enjoy food and drinks while you make professional connections and talk with industry leaders during the networking reception. Meeting badges are required for attendees and their registered guests.

Session Coordinator(s)

Facilitator(s)