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

Agenda Day Two

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Monday, May 8
6:00 a.m. – 3:30 p.m.
6:15 a.m. – 7:15 a.m.

Presentation(s): View Presentation

Session Sponsor(s): Product Development Section

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

Presenter(s): James M. Filmore, FSA, MAAA; Donna Christine Megregian, FSA, MAAA

Enjoy a hot breakfast while networking with members of the Product Development section. During the breakfast, there will be an update from members of the section council regarding current research being sponsored by the section. Attendees will also be given the opportunity to recommend future research that the section may be interested in sponsoring.

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

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

Facilitator(s)

Presentation(s): View Presentation

Session Sponsor(s): Leadership and Development Section

Moderator(s): Abraham S. Gootzeit, FSA, MAAA

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

At the conclusion of the session, attendees will have made new contacts, and networked with senior leaders. Attendees will be able to seek leadership opportunities in their careers, and develop a more confident business approach.

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

Session Coordinator(s) Abraham S. Gootzeit, FSA, MAAA

Facilitator(s)

Session Sponsor(s): Taxation Section

Moderator(s): Jeffrey Thomas Stabach, FSA, MAAA

Presenter(s): Stephen Baker

Members of the SOA Taxation section and other meeting attendees interested in taxation developments can enjoy a hot breakfast while hearing the latest industry news and how it impacts Life Insurers.

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

Session Coordinator(s) Philip Ferrari, ASA, MAAA

Facilitator(s)

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

Joel Mitch Mitch Joel, Best-Selling Author and Digital Marketing Expert

Mitch Joel is one of the world's leading experts on new media and emerging technologies. He brings digital marketing and media insights from his always-on and always-connected world. He authored the books Six Pixels of Separation: Everyone Is Connected. Connect Your Business to Everyone and CTRL ALT Delete: Reboot Your Business. Reboot Your Life. Your Future Depends on It . Joel shares insights on the future of technology and business, including how to use big data to create brand loyalists, how to drive growth in a mobile world, and the five technology trends changing the face of business. 

Session Coordinator(s)

Facilitator(s)

9:15 a.m. – 10:30 a.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Anthony V. Ferraro, FSA, MAAA; Lauren Minches, FSA; Daniel J. Rueschhoff, FSA, MAAA

Experience Level: Beginner-Intermediate

Given the recent DOL fiduciary standard, there may be renewed interest in Deferred Income Annuities (DIAs) and qualified longevity annuity contracts (QLACs) as retirement income options.   In particular, the DOL ruling may make it harder to justify rolling over a 401(k) to an IRA.  In this session, the presenters will discuss these product types along with regulatory developments that may increase use of these products to address Americans' retirement needs.   They will also evaluate how different flexibility features can be positioned by annuity product manufacturers to enhance the appeal of these products.

At the conclusion of the session, attendees will:

  • Understand the product features of DIAs and QLACs; and
  • Understand recent regulation changes that may enhance the appeal of these products.

Country Relevance: U.S.

Session Coordinator(s) Daniel J. Rueschhoff, 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): Stephen S. Cameron, FSA, MAAA

Presenter(s): Curtis Matthew Clingerman, FSA, MAAA; Helen Colterman, FSA, CERA, ACIA

Experience Level: Intermediate

The presenters will provide an update on the life insurance product trends, product drivers, and regulatory changes. Attendees will better understand the sales environment and market drivers of the life insurance industry. This will allow attendees to identify the trends that are relevant to their organization and to react accordingly.

At the conclusion of the session, attendees will be able to identify the market trends which are relevant to their company so they can determine how to react to keep their products competitive while managing their risk appropriately.

Country Relevance: U.S.

Note: This session will be repeated on, Monday, May 8, from 3:00 to 4:15 p.m. See Session 34 PD.

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

Presenter(s): Patti Arellano, FSA, CERA, MAAA; Robert T. Eaton, FSA, MAAA; Patrick Sugent

Experience Level: Beginner

The industry has rapidly been incorporating analytics into all aspects of their business, especially in marketing and distribution. The SOA and LIMRA recently collaborated on an industry survey to understand the range of uses of advanced analytics to improve marketing and distribution effectiveness and the perspective of actuaries and non-actuaries on the role actuaries can or could play in these efforts. After a brief presentation of the survey results, we will explore how companies are seeking to apply analytics to drive client acquisition and how actuaries are involved in this process.

At the conclusion of the session, attendees will gain ideas on how industry colleagues are looking to use analytics in acquiring customers. Whether it involves improving current practices and processes or implementing new ways to do things, we'll explore how actuaries can participate actively as their organization evaluates tools that can influence a lift in sales, an increase conversion rates or a decrease in costs.

Country Relevance: U.S.

Session Coordinator(s) Patti Arellano, FSA, CERA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: External Forces & Industry Knowledge

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

Presenter(s): Donna Christine Megregian, FSA, MAAA; Kristin R. Norberg, ASA, MAAA; Martin Snow, FSA, MAAA; Chris Whitney, FSA, MAAA

Experience Level: Intermediate

The presenters at this session will share information on VM-20's impact on the life insurance market, focusing on regulatory, tax, and strategic issues important to pricing actuaries based on the most up to date information on the new Valuation Manual. The panel will include industry experts on valuation, implementation, reinsurance and tax issues.

At the conclusion of this session, attendees will have a better understanding of VM-20 implications for existing products, and how VM-20 will impact product design going forward.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): International Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Wilbur Wai Keung Lo, FSA

Experience Level: All

Recently the insurance business volume across the border of mainland China and Hong Kong special administrative region is rapidly increasing. There are mainly two types of business involved: 1) The Chinese yuan (RMB) denominated short term endowments started to become popular in Hong Kong; and 2) Mainland Chinese citizens flooded to Hong Kong to purchase insurance products.

It is a great opportunity for actuaries and other insurance professionals to learn the dynamics in China cross-border insurance markets. The learning outcomes of this session include:

  • Helping marketing actuaries especially the ones who are particularly interested in Chinese insurance markets understand the different needs of mainland Chinese citizens and Hong Kong citizen;
  • Helping pricing actuaries and other insurance professionals design life/investments products that meet the special risk appetite and diversification benefits;
  • Inspire actuaries outside China to generate innovative ideas for product design and market developments; and
  • Helping them explore cross-border opportunities that are similar to the situation described here.

Country Relevance: International

Session Coordinator(s) Xu Xuan, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Education & Research Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Cynthia MacDonald, FSA, CFA, MAAA

Presenter(s): David B. Atkinson, FSA, MBA; John K. McGarry, ASA, Ph.D.

Experience Level: All

The presenters will discuss a paper, initiated by the SOA's Experience Studies Executive Committee, that presents the various rate calculations used in experience studies for different lines of business.  The paper was created as an educational tool or resource for SOA members who perform experience studies for the SOA or for their clients or employers.

At the conclusion of the session, attendees will:

  • Learn the terminology used in describing rate calculations;
  • Determine the types of exposure and rate calculations used in various types of experience studies; and
  • Understand the practical considerations in selecting appropriate rate and exposure calculations for experience studies.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Ying Zhao, FSA, MAAA

Presenter(s): Nick A. Komissarov, FSA, FCIA, MAAA; Mark Welchmeyer, FSA, CERA; Ying Zhao, FSA, MAAA

Experience Level: Intermediate

The presenters will focus on advanced modeling techniques currently used for life and annuity products.  The topics will include:

  • A discussion of the Dukes-MacDonald method used to determine post-level term mortality as well as the key parameters of this formula and how to set parameters with limited experience
  • A case study that focuses on post-level term profitability and the mortality patterns following the initial shock lapse
  • A discussion of state-based modeling for variable annuity withdrawal behavior

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

  • Define the two most commonly used Dukes-MacDonald methods
  • Understand the dynamics of key parameters of the Dukes-MacDonald formula
  • Develop a mortality assumption following the initial post-level term shock lapse
  • Explain state-based modeling for VA policyholder behavior

Country Relevance: U.S. and Canada

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Society of Actuaries

Competency: Results-Oriented Solutions

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

Presenter(s): Allen M. Klein, FSA, MAAA; Francisco Javier Orduna, FSA, MAAA; Marianne C. Purushotham, FSA, MAAA

Experience Level: Intermediate

Life expectancy has dramatically increased over the past century. What does the future hold for life expectancy? This is just one of the questions that is discussed every three years at the Society of Actuaries Living to 100 Symposium, which brings together thought leaders from around the world to share ideas and knowledge on aging, increases in survival rates and the resulting increase in aging populations together with its implications to social, financial, retirement and health care systems. The symposium also examines possible solutions to the challenges and opportunities created. In this session, the presenters summarize the latest insights from the 2017 Living to 100 Symposium on longevity and its societal and business impact.

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

  • Describe the latest theories on future increase in survival at the older ages to consider in modeling future mortality and future rates of improvement;
  • Develop a better understanding of new mortality modeling techniques; and
  • Identify the needs of future aging population to help create new or enhance products to support this increasing population.

Country Relevance: U.S. and Canada

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

Facilitator(s)

10:45 a.m. – 12:00 p.m.

brown-jerry Jeremy J. Brown, FSA, MAAA

2017 SOA President

This is your opportunity to learn about important issues facing the SOA and its members from the SOA president, Jeremy J. Brown, FSA, MAAA. Attendees will gain insight on various SOA and industry topics.

The luncheon is included in your registration fee. You may register your guest(s) for the luncheon by including $75 per person with your registration fee. Admission tickets are available for purchase at the meeting as space permits. Refunds will not be given.

Session Coordinator(s)

Facilitator(s)

12:15 p.m. – 1:30 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Kevin W. Rabin, FSA, MAAA

Presenter(s): Aatman Naresh Dattani; Yuan Tao, FSA, CFA, MAAA; Judith Zaiken, CLU, ChFC

Experience Level: Intermediate

In this session, annuity product experts will discuss the latest trends in product design, how the market is evolving, and the impact of regulatory changes. Attendees will better understand the sales environment and market drivers of the annuity industry so they can evaluate their own portfolio of annuity products and modify if needed.

At the conclusion of this session, attendees will be able to identify the changes in the annuity market. This will allow them to evaluate their company's annuity portfolio and determine how their products and features compare.

Country Relevance: U.S.

Note: This session will be repeated on, Monday, May 8, from 3:00 to 4:15 p.m. See Session 35 PD.

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

Facilitator(s)

Credits: 1.50 CPD

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

Competency: Strategic Insight and Integration

Moderator(s): Michelle Lynn Lerch, FSA, MAAA

Presenter(s): Gregory A. Brandner, FSA MAAA; Eric J. Carlson, FSA, MAAA; Nathan E. Eshelman FSA, MAAA; Matt Mylroie

Experience Level: Intermediate

The presenters will address the current state of Accelerated Underwriting (AU) programs in the U.S. life insurance market.  The expert panel will investigate challenges, emerging experiences, and lessons learned.  Questions to be covered include the following:

  • What are the challenges when pricing accelerated underwriting programs? What are best practices for a well-designed AU program? 
  • What considerations around predictive models and big data should be incorporated? What business analytics are being implemented? 
  • What experience is emerging? 
  • Is the mix of business as expected? 
  • Are there any early indications that anti-selection is occurring? 
  • How does the distribution channel (i.e. career agent vs. broker vs. direct to consumer) impact the success/results of an AU program? 
  • What innovative new ideas are out there? 

At the conclusion of the session, attendees will develop a better understanding of challenges and emerging trends for accelerated underwriting programs.

Country Relevance: U.S.

Session Coordinator(s) Michelle Lynn Lerch, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Strategic Insight and Integration

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

Presenter(s): Robert T. Eaton, FSA, MAAA; William Gus Mehilos, FSA, MAAA; Michael W. Santore, FSA, MAAA

Experience Level: Beginner-Intermediate

A worksite voluntary life broker, an actuarial consultant, a reinsurer, and an insurance carrier's national account manager discuss their experience during the recent surge in worksite life sales. The panel will discuss salient product features such as acceleration riders and underwriting concessions, aspects of the worksite market which make life products attractive, and the future trends in the life space for this market.

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

  • Describe the latest trends in worksite life insurance products;
  • Design or begin to design similar life products for sale in the worksite; and
  • Explain why sales of life products in the worksite are increasing.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: Results-Oriented Solutions

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

Presenter(s): Mark E. Alberts, FSA, MAAA; R. Dale Hall, FSA, CERA, MAAA; Ronora E. Stryker, ASA, MAAA

Experience Level: Beginner

The Financial Reporting Section, Smaller Insurance Company Section, Modeling Section, and the Committee on Life Insurance Research are sponsoring a research project to develop deterministic scenario sets reflective of the current life insurance industry environment. The researcher will compare and contrast these sets to other sets that are commonly used in asset adequacy testing such as the New York 7 scenarios. Results will be summarized into a report to be published on the SOA website. The presenters at this session will give an update on how this project is progressing and results to date. Panel members and the audience will have an opportunity to interact with the researcher on this important topic. In addition, the panelists will invite audience participation in a discussion of the current interest rate environment, the prospects for change in that environment, and the impacts on pricing and product design.

At the conclusion of this session, attendees will be able to assess the impact of the current interest rate environment on product development and pricing.

Country Relevance: U.S.

Session Coordinator(s) David M. Ruiz, FSA, FIA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Dennis Radliff, FSA, MAAA

Presenter(s): Dariush A. Akhtari, FSA, FCIA, MAAA; Jean-Philippe Larochelle, FSA, CERA; David Moreno Jr., FSA, CERA; Jonathan A. Mossman, FSA

Experience Level: Beginner-Intermediate

The presenters in this session will explore the economic scenario generators commonly used to model risks, price products and evaluate hedging strategies. Discussion will include a comparison of two Risk-Neutral interest rate models, their pros and cons and how they impact pricing results. We will also cover advantages and disadvantages of using a stochastic pricing methodology and present possible solutions to some of the challenges. The presenters will use case studies to explore the application of scenario generators for pricing and how the choice of scenario generator affects results and decisions.

At the conclusion of this session, attendees will:

  • Understand the fundamental concept of ESG
  • Understand the choices in ESG models and calibration; and
  • Understand the impact of these choices on the results and business decision.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Suhrid Swaminarayan, FSA, FIA

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Leadership and Development Section

Competency: Leadership

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

Presenter(s): Mary Beth O'Neill

Experience Level: Intermediate

You can create an effective and productive impact with others by attending to two integrated needs that people have of you:

  1. You are clear about your position on a given topic, while at the same time
  2. You stay connected to them, even when they disagree or challenge you.

This session will explore the balance of clarity and connection, and how to regain that balance when stress causes you to let go of one or the other, or both. The material covered is highly relevant for leaders of teams, team members with each other, and even environments outside of work -- with your family and community relationships.

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

  • Recognize the 4 ways that people fall out of being clear with and connected to others.
  • Identify the unique way you lose your backbone and heart balance.
  • Learn the 4 actions to take to regain that balance.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Predictive Analytics and Futurism Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Ricardo Trachtman, FSA, MAAA

Presenter(s): Mary J. Bahna-Nolan, FSA, CERA, MAAA; Yara Rogers-Silva

Experience Level: All

Today life insurance carriers are turning to predictive analytics to gain a competitive edge in a rapidly changing market. However, any statistical model used in underwriting or pricing must be carefully and transparently validated. In this session the presenters discuss the selection of appropriate validation datasets. They consider factors that include population size, data quality, age, gender balance, and study duration. They present how vast data resources can be leveraged to aggregate comprehensive validation data for both insured and general populations. Additionally, they discuss approaches to model validation which leverage actuarial tables to measure increased or decreased risk, and compare these method to a naïve approach based on simple mortality rates.

At the conclusion of this session, attendees will learn methodologies to evaluate model performance and select the best model from a Life Insurance perspective.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Ricardo Trachtman, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Strategic Insight and Integration

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

Presenter(s): Donna R. Claire, FSA, CERA, MAAA; Laura Alden Hanson, ASA, MAAA; Leonard Mangini, FSA, FALU, FRM, MAAA; Donna Christine Megregian, FSA, MAAA

Experience Level: All

Many actuaries may not be aware of all of the activities and latest discussions going on through the American Academy of Actuaries' Life Practice Council. The life practice council includes areas such as life capital adequacy committee, life products committee, life experience committee, life financial reporting committee, life valuation committee, PBR strategy subgroup, stress testing workgroup, tax workgroup and lifetime income risk joint task force. The presenters at this session will review actions and discussions taking place among some of the groups of the life practice council.

At the conclusion of the session, attendees will:

  • Learn about current topics being discussed at the American Academy of Actuaries;
  • Identify practice area concerns directly applicable to their company; and
  • Select potential volunteer/interested party opportunities to know more about the matters being discussed.

Country Relevance: U.S.

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

Facilitator(s)

1:30 p.m. – 2:00 p.m.
2:00 p.m. – 3:15 p.m.

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Stephen S. Cameron, FSA, MAAA

Presenter(s): Curtis Matthew Clingerman, FSA, MAAA; Helen Colterman, FSA, CERA, ACIA

Experience Level: Intermediate

The presenters will provide an update on the life insurance product trends, product drivers, and regulatory changes. Attendees will better understand the sales environment and market drivers of the life insurance industry. This will allow attendees to identify the trends that are relevant to their organization and to react accordingly.

At the conclusion of the session, attendees will be able to identify the market trends which are relevant to their company so they can determine how to react to keep their products competitive while managing their risk appropriately.

Country Relevance: U.S.

Note: This session is a repeat of Session 12 PD.

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

Presenter(s): Aatman Naresh Dattani; Yuan Tao, FSA, CFA, MAAA; Judith Zaiken, CLU, ChFC

Experience Level: Intermediate

In this session, annuity product experts will discuss the latest trends in product design, how the market is evolving, and the impact of regulatory changes. Attendees will better understand the sales environment and market drivers of the annuity industry so they can evaluate their own portfolio of annuity products and modify if needed.

At the conclusion of this session, attendees will be able to identify the changes in the annuity market. This will allow them to evaluate their company's annuity portfolio and determine how their products and features compare.

Country Relevance: U.S.

Note: This session is a repeat of Session 23 PD.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section; Reinsurance Section; Education & Research Section

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Julie A. Decker, FSA, MAAA; Jean-Marc Fix, FSA, MAAA; Chris E. Stehno

Experience Level: All

A number of vendors have developed mortality scoring systems through various predictive modeling algorithms. They significantly alter the underwriting and mortality assessment landscape. You have been charged with evaluating these scoring systems. How should you go about doing it to maximize the value of your analysis and minimize the disruption to your product?

At the conclusion of the session, attendees will:

  • Learn about the types of scoring systems now available;
  • Learn to create an action plan for evaluation; Learn how to navigate the pitfalls of evaluating something entirely new; and
  • Learn how to integrate the score in your existing processes.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Mary J. Bahna-Nolan, FSA, CERA, MAAA

Presenter(s): Mary J. Bahna-Nolan, FSA, CERA, MAAA; Leonard Mangini, FSA, FALU, FRM, MAAA

Experience Level: Beginner-Intermediate

Mortality is a critical assumption in life insurance projections. Compared to other actuarial assumptions, VM-20 has additional prescription on how to formulate a prudent estimate mortality assumption including:

  • Setting up mortality segments;
  • Allowable experience;
  • Determining credibility and the significant data period;
  • Using the Relative Risk Tool and other methods to determine the applicable industry table;
  • Applying a margin; and
  • Mortality improvement to the valuation date.

At the conclusion of the session, attendees will be able to understand how this work can be performed and other considerations when setting prudent estimate mortality. The presenters will walk through a case study to give an example of each step involved in the process.

Country Relevance: U.S.

Session Coordinator(s) David M. Ruiz, FSA, FIA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Marketing & Distribution Section

Competency: Results-Oriented Solutions

Moderator(s): Eric T. Sondergeld, ASA

Presenter(s): Timothy L. Rozar, FSA, CERA, MAAA; Daniel L. Shinnick, FSA, MAAA; Eric T. Sondergeld, ASA

Experience Level: Intermediate

Life insurance ownership has been flat or declining in North America and sales trends paint a similar picture. On the positive side, the opportunity continues to grow through targeted product design and distribution channel selection. The presenters at this session will explore these trends and raise questions regarding how the industry:

  1. determines adequacy and what is life insurance really for,
  2. communicates with consumers, and,
  3. designs its products.

Potential solutions such as simplified life products for online sales and direct to consumer selling to Millennials will be discussed and the audience is welcome to share their own ideas and experiences.

At the conclusion of the session, attendees will leave with a better understanding of life insurance ownership and sales trends, how big the opportunity is and where it is largest, and hopefully their view of the world will have been challenged, resulting in new ways of approaching the market.

Country Relevance: U.S. and Canada

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

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Entrepreneurial & Innovation Section; Actuary of the Future Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Christopher Meredith; Lori Weyuker, ASA, MAAA

Experience Level: All

The presenter will navigate us through the innovative and fast growing market of pet insurance. The session will help actuaries better understand what pet insurance is and how actuarial principles are applied. In addition to mechanics, attendees will gain insights into the forces behind the rapid growth and excitement of pet insurance for both actuaries and traditional insurance organizations.

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

  • Explain what an actuary in pet insurance does;
  • Understand the mechanics and actuarial work of pet insurance; and
  • Describe the competitive landscape and growth opportunities for pet insurance.

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): Joint Risk Management Section; Modeling Section

Competency: Strategic Insight and Integration

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

Presenter(s): Arnold I. Behrmann, FSA, FIA; James M. Hedreen, FSA, MAAA; Zohair A. Motiwalla, FSA, MAAA

Experience Level: Beginner-Intermediate

There has been strong recent industry focus on model risk, model validation and model governance, typically at the behest of company management and regulators. The presenters will discuss these topics, especially pertaining to the production process, in a panel discussion format.  The presenters will also cover best practices for how companies can adopt a well-structured model governance framework that can help to mitigate financial risk.

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

  • Apply the learning from the session in their production processes,
  • Identify high risk models, and understand how to create a model inventory; and
  • Design an effective model governance framework.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Zohair A. Motiwalla, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Technology Section; Smaller Insurance Company Section

Competency: External Forces & Industry Knowledge

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

Presenter(s): Hunt M. Blatz, CFA; Stephen J. Bochanski, FSA, CERA, MAAA; Kelly M. Hennigan, FSA, CFA; Tracey J. Polsgrove, FSA, MAAA

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 insights needed to help steer the business. Panelists 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 make a case for the actuarial transformation effort.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Kelly M. Hennigan, FSA

Facilitator(s)

4:30 p.m. – 6:00 p.m.
Don't miss this networking opportunity. Relax, mingle and build professional connections and new friendships. Share your professional experiences with your peers and meet potential clients at this fun and useful event. Meeting badges are required for attendees and registered guests. 

Session Coordinator(s)

Facilitator(s)