Agenda

Friday, September 8
7:30 a.m. – 8:15 a.m.
8:15 a.m. – 8:30 a.m.

Presenter(s): Sangrae Park, President, Institute of Actuaries of Korea

Session Coordinator(s)

Facilitator(s)

8:30 a.m. – 9:20 a.m.

Presentation(s): View Presentation

Presenter(s): Winnie Liu, FSA, FCIA, FSAS, Head of Actuarial Modeling and Experience Study, Life Health 2, MunichRe.

Description : Predictive modeling is now a hot topic, more and more actuaries are involved in this new area. However, it is still in the very beginning stage for a lot of actuaries. It is valuable to share the experience with the audience in terms of projects that we have done and lessons learned from the failure/success, as well as the values brought by the predictive modeling.

Intent: to address the importance of the data and how it can be used to serve for insurance purpose

Value: introduce what predictive modeling can do to help insurance industry (underwriting, claim, experience study, etc.)

Issue/Problem: insurance data is there but the value of data is underestimated; shortcomings with traditional experience study when correlation of risk factors are not addressed.

Session Coordinator(s)

Facilitator(s)

9:20 a.m. – 10:10 a.m.

Presentation(s): View Presentation

Presenter(s): James Lin, FIAA, Senior Manager, Ernst & Young

Description: a) Use internal and external data to understand behavior of agents in order to drive production growth and optimize cost. b) Optimization of agency distribution structure and cost; Drive FYC growth by understand "stories" told by data

Session Coordinator(s)

Facilitator(s)

10:35 a.m. – 11:25 a.m.

Presentation(s): View Presentation

Presenter(s): Sara Goldberg, FSA, Regional Chief Actuary, Northeast Asia, Gen Re

This session will go through several mini case studies to show various applications of data mining, and how actuaries and can offer insights not just in pricing but in other functions, such as understanding policyholder behavior, fraud detection, and streamlining underwriting. With information sharing and data capabilities quickly evolving, it is important for actuaries to stay at the forefront of shaping insights from their data.

Session Coordinator(s)

Facilitator(s)

11:25 a.m. – 11:30 a.m.
11:30 a.m. – 12:30 p.m.
12:30 p.m. – 1:20 p.m.

Presentation(s): View Presentation

Presenter(s): Jenny Jin, FSA, MAAA, Consulting Actuary, Milliman

Many insurance products are designed to provide policyholder with attractive options and flexibility to use their benefits as they wish.  Examples include the option to keep or cancel their contracts, to start withdrawals right away or delay the benefit in exchange for bonuses, and so on.  In order for insurance companies and actuaries to value and manage these products, it is important to get a better understanding of how policyholders behave and the drivers behind those behaviors.  Predictive modeling goes beyond traditional experience study to explore patterns in the data, identify primary and secondary drivers, quantify significance of covariates and ultimately build statistical models fit to experience data.  In this session, we will explore common dynamic policyholder assumptions for annuity products and discuss how predictive models can be useful for setting these assumptions.

Session Coordinator(s)

Facilitator(s)

1:20 p.m. – 2:10 p.m.

Presentation(s): View Presentation

Presenter(s): Joseph (Hyun Tae) Kim, PhD, FSA, CERA, Professor, Yonsei University

Actuaries often deal with large claims that are (1) characterized differently than the center of the dataset (2) important for catastrophic risk management and solvency. This session will introduce some statistical technique to investigate and study large losses, along with real data illustration.

Session Coordinator(s)

Facilitator(s)

2:10 p.m. – 2:35 p.m.
2:35 p.m. – 3:25 p.m.

Presentation(s): View Presentation

Presenter(s): Lichen Bao, Data Scientist, RGA Reinsurance Company

Predictive modeling is becoming an effective tool in many industries. For life Insurance industry, it can also help actuaries on many business initiatives. Here we introduce the application of predictive modeling in life insurance, especially on upsell and cross sell, so that audience could learn the value of predictive modeling, also might leverage our experience in their work.

Session Coordinator(s)

Facilitator(s)

3:25 p.m. – 3:30 p.m.
3:30 p.m. – 4:30 p.m.