Agenda Day Three

Tuesday, August 29
6:00 a.m. – 3:30 p.m.
6:00 a.m. – 7:00 a.m.

Presentation(s): View Presentation

Moderator(s): Scott K. Randles, FSA, MAAA

Presenter(s): John West Hadley; Allan W. Ryan, FSA, MAAA

Relax, enjoy a buffet breakfast and get professionalism credit. Discuss real life leadership and professionalism case studies presented by the moderators. You will participate in an active discussion on the professional issues presented, and compare your thoughts to how the situation actually played out. This is a great opportunity to increase your facility in analyzing ambiguous situations!

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

Session Coordinator(s) Scott K. Randles, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Moderator(s): Mark C. Rowley, FSA, MAAA

Presenter(s): Mark C. Rowley, FSA, MAAA

Please join Smaller Insurance Company Section leaders for an update on recent section activities and preview Valuation Actuary Symposium sessions that will be of interest to the smaller company actuary. As we begin implementation of principle-based reserves, we will discuss lessons learned from those who are applying or planning to apply the new standards.

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

Session Coordinator(s) Bryan Neil Amburn, FSA, MAAA

Facilitator(s)

7:00 a.m. – 8:30 a.m.

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Alberto A. Abalo, FSA, CERA, MAAA

Presenter(s): Alberto A. Abalo, FSA, CERA, MAAA; Lauren M. Cross, FSA, MAAA; Erzhe Zhang, FSA, MAAA; Martin Snow, FSA, MAAA

Experience Level: All

This session will investigate the impact of PBR on innovation, pricing, and reinsurance, and how these in turn influence the valuation process. The session will focus on strategic, implementation, and regulatory issues that arise when valuation actuaries come across sections of the Valuation Manual that are ambiguous, or when changes to established processes appear to be necessary. Our panel of experts will draw from their collective experiences implementing VM-20 on behalf of direct companies, reinsurers, consultancies, and professional working groups. 

At the conclusion of the session, attendees will be able to: identify different approaches to interpreting and implementing the requirements of VM-20 based on real-life examples in innovation, pricing, and reinsurance.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Robert K. Leach, FSA, MAAA

Presenter(s): James R. Collingwood, ASA, MAAA; Robert K. Leach, FSA, MAAA

Experience Level: Beginner to Intermediate

Much has been written about how the new Valuation Manual will impact life insurance, but the impact doesn't stop there. Some chapters of the VM will also impact annuities, including VM-21, VM-31 and VM-G. This open forum will allow for an interchange of ideas on how PBR will impact annuities.

At the conclusion of the session, attendees have a better understanding of how to adapt financial reporting processes to new requirements for annuities found in the Valuation Manual.

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

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

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

Presenter(s): Samuel J. Keller, FSA, MAAA; Steven F. Malerich, FSA, MAAA; Jennifer Im Nam, FSA, MAAA

Experience Level: All

The Financial Accounting Standards Board released an exposure draft of targeted improvements for long-duration insurance accounting late 2016. This session provides an update on the status of the exposure draft and shares possible impacts to financial statements for sample products. Presented 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.

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

Facilitator(s)

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Dominique Lebel, FSA, MAAA, FCIA

Presenter(s): Dominique Lebel, FSA, MAAA, FCIA; Enid M. Reichert, FSA, MAAA

Experience Level: Intermediate

Embedded value and value of new business are being used by many companies for various purposes including: - internal and external financial reporting - incentive compensation - pricing - economic capital - M&A - comparing products or distribution channels or regions on a consistent basis - discussions with rating agencies. Attendees will discuss how embedded value and value of new business are used within their companies including some of the challenges in implementing EV and VNB, integrating EV and VNB within their business as usual processes and managing to EV/VNB.

At the conclusion of the session, attendees will be able to describe how companies are using embedded value and value of new business within other companies and some of the challenges in implementing EV and VNB, integrating EV and VNB within their business as usual processes and managing to EV/VNB.

Session Coordinator(s) Dominique Lebel, FSA, MAAA, FCIA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Missy A. Gordon, FSA, MAAA

Presenter(s): Missy A. Gordon, FSA, MAAA; Roger Loomis, FSA, MAAA

Experience Level: Intermediate

Under reserving, under pricing, and excessive growth are responsible for the majority of financial impairments in the insurance industry. What can the industry learn from stress testing and predictive modeling to alter future behavior? As the regulatory environment becomes more complex, the role of an analyst has expanded and is much than just reviewing financial statements. This session will discuss all the new risks that must be assessed and monitored to stay abreast of current trends.

At the conclusion of the session, attendees will be able to understand the intricacies of modeling future financial performance and assess the results of complex systems for use in future decision making.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Vikas Sharan, FSA, FIA, MAAA

Presenter(s): Robert Andrew Barg, FSA, MAAA; Brian Wallace Fomby, FSA, MAAA; Vikas Sharan, FSA, FIA, MAAA

Experience Level: All

This session will discuss the implication of PBR on various actuarial models used within an organization such as pricing, valuation, and projections. The session will discuss some of the challenges faced when it comes to implementing the requirements stipulated by PBR. The session will also share some of the lessons learns from work done by various companies so far. The session will also provide an update on ongoing activities related to simplified VM20 research project.

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

  • Understand the challenges of modeling PBR requirements;
  • Assess the changes needed to their current models to fulfill requirements; and
  • Design processes to calculate and analyze results in the most efficient manner.

Session Coordinator(s) Vikas Sharan, FSA, FIA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Mark Stephen Mennemeyer, FSA, MAAA

Presenter(s): Darren Chan; Xiaowei Han, FSA, MAAA; Mark Stephen Mennemeyer, FSA, MAAA

Experience Level: All

Insurers develop economic capital models for a variety of purposes, in particular to develop an internal view of risk unconstrained by regulatory or accounting prescriptions. ORSA reporting is one example where risk measurement is clearly meant to be the company's own view. At the same time, capital standards are under development by regulatory bodies at the federal and international levels. Though initially targeting larger companies, insurers of all sizes are taking note both to identify industry practices and to anticipate what might potentially become broader requirements in the future. This session will explore the reconciliation between these two concepts--are they complimentary or in conflict? If you already have an economic capital model, what additional effort, if any, is required to meet the developing standards? Alternatively, if you are reporting capital under these standards, is the model also suitable for internal use, or would methodology changes be likely? Targeting actuaries involved in financial reporting or risk management, this session will provide an overview of capital and reporting concepts plus a deeper dive into practical considerations and implications.

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

  • Relate basic economic capital concepts to company objectives;
  • Evaluate trends in capital methodology and reporting; and
  • Identify quick wins and challenges related to implementation of capital models or capital standards.

Session Coordinator(s) Mark Stephen Mennemeyer, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: Professional Values

Moderator(s): Corwin K. Zass, ASA, MAAA, FCA

Presenter(s): Charles K. Chacosky, FSA, MAAA; Brian D. Forman, FSA, MAAA; Thomas Edward Pyle, ASA, MAAA

Experience Level: All

Our 10 year old actuarial firm has worked in various "review" capacities - from actuarial audit support for non-Big 4 accounting firms in their audit of insurance companies (life, health and casualty) to a few where we act as recurring regulatory actuaries as it pertains to state financial examinations. During these review assignments we are to provide feedback relating to the selected reserving methods (where not already mandated) and respective reserve assumptions (economic or not) and whether in our opinion they appear appropriate and reasonable for their intended purpose. Over the years, the initially delivered "actuarial documentation" has appeared less than in full compliance with ASOP #21 and ASOP #41. While not surprising, the actuarial reserve documentation, and respective support, varies within and across the actuarial spectrum - from the large actuarial consulting firms to the single person 'firms' to the internal insurance company actuaries, while the quality stretches from our perceived gold standard to others not doing the bare minimum. In the latter case, we can only review after we challenge the responsible actuaries to substantiate their selections and assumption choice rationale.

At the conclusion of the session, attendees will be able to describe the appropriate level of actuarial documentation.

Session Coordinator(s) Corwin K. Zass, FSA, MAAA, FCA

Facilitator(s)

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Stefanie J. Porta, ASA, MAAA

Presenter(s): Mark William Birdsall, FSA, MAAA, FCA; Stefanie J. Porta, ASA, MAAA

Experience Level: Intermediate

This session will demonstrate how to use and how to apply the Scenario Generator Tool for Simplified Methodologies Under VM-20. The Scenario Generator Tool was developed under a research project cosponsored by the Smaller Insurance Company Section and the Financial Reporting Section. It has been built to provide assumption analysis and scenario reduction techniques for multi-risk models, while providing documentation that satisfies regulatory reporting requirements under principle-based reserves.

At the conclusion of the session, attendees will understand how to use the tool to create assumptions, develop margins, and provide output that meets requirements for use in VM-20 reporting.

Session Coordinator(s) Mark William Birdsall, FSA, MAAA, FCA

Facilitator(s)

8:30 a.m. – 9:00 a.m.
9:00 a.m. – 10:30 a.m.

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Stefanie J. Porta, ASA, MAAA

Presenter(s): Mark William Birdsall, FSA, MAAA, FCA; Stefanie J. Porta, ASA, MAAA

Experience Level: Intermediate

Session Coordinator(s)

Facilitator(s)

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Presenter(s): Nathan James Bernardi, ASA, CERA MAAA; Timothy C. Cardinal, FSA, CERA, MAAAA; Paul Fedchak, FSA, MAAA; Carrie Lee Kelley, FSA, MAAA; Leonard Mangini, FSA, MAAA

Experience Level: All

In this buzz group format session attendees will discuss assumption setting under VM-20.

At the conclusion of the session, attendees will be able to describe some of the issues and potential solutions in setting assumptions under VM-20.

Session Coordinator(s) James A. Miles, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Presenter(s): Guillaume Briere-Giroux, FSA, MAAA; Aaron Joseph Sarfatti, ASA

Experience Level: All

This session will cover assumption determination for annuities under VM-21 with emphasis on contractholder behavior assumptions, prudent estimate mortality assumptions, and measuring credibility.

At the conclusion of this session, attendees will be able to: describe approaches and considerations for assumption determination for annuities under VM-21.

Session Coordinator(s) James A. Miles, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Paul R. Vogel, FSA, MAAA; John R. Washburn, FSA, MAAA

Presenter(s): Joshua Liu, FSA, MAAA; Paul R. Vogel, FSA, MAAA

Experience Level: All

When a company is about to publish its GAAP income statement, mid or senior management teams would like to discuss financial results confidently. The first step is to review how GAAP income statement was assembled by various stakeholders. This session provides income statement reconciliation and some key features embedded in liability side that valuation actuary contributed.

At the conclusion of the session, attendees will be able to identify items listed on income statement and provide an explanation of some technical components such as DAC amortization and inter-relationship between operating and non-operating income driven by assets and liabilities.

Session Coordinator(s) Josh Liu

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Tara J.P. Hansen, FSA, MAAA

Presenter(s): Kathleen Kelly Bachman, FSA, MAAA; Tara J.P. Hansen, FSA, MAAA; Hui Shan, FSA, CERA, MAAA

Experience Level: All

The International Accounting Standards Board (the Board) is close to finalizing the new insurance contract accounting standard. The Board expects to publish the new IFRS Standard by mid-2017, called IFRS 17 Insurance Contracts. The new Standard will replace IFRS 4 Insurance Contracts from 1 January 2021. This session will cover some of the key changes from the final standard in comparison to the revised exposure draft and also the effects on insurance products sold in United States and Canada.

At the conclusion of the session, attendees will:

  • Have the overview of the difference between current IFRS reporting and IFRS 17 standard;
  • Know the effects of the final standard on insurance products sold in the U.S. and Canada by companies subject to IFRS reporting; and
  • Have an idea what needs to change to prepare for the implementation of the standard

Session Coordinator(s) Tara J P Hansen, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Presenter(s): Ashlee Mouton Borcan, FSA, MAAA; Jack Steven Keck, FSA, MAAA; Jacqueline Lee, FSA, MAAA; Joseph L. Wurzburger, FSA, MAAA

Experience Level: All

Attendees will discuss and share their experiences regarding current and anticipated challenges with respect to health reserves. Attendees will have the opportunity to ask questions and voice concerns to their peers to get real world feedback from actuaries with similar experiences. You don't want to miss this session!

At the conclusion of the session, attendees will be able to identify potential problems and solutions regarding reserves for health products.

Session Coordinator(s) Ashlee Mouton Borcan, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Sean Michael Hayward, FSA, MAAA

Presenter(s): Sean Michael Hayward, FSA, MAAA; Joshua S Y Chee, FSA; Michael Porcelli, FSA, MAAA

Experience Level: Intermediate

In reaction to a spate of model conversion activity and rising acceptance of model risk management techniques, many companies have, or are in the process of centralizing their modeling function to accommodate both governance and efficiency demands. These operating model changes have produced a wide range of questions and issues, such as division of labor, roles and responsibilities, selection of tasks to keep decentralized, among others. This session will frame a series of key considerations around modeling function consideration, and share lessons learned with the audience.

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

  • Describe the recent activity in the industry around changes in modeling functions;
  • Explain the key considerations when evaluation a modeling functions; and
  • Develop an understanding of lessons learnt from firms which have moved to a centralized modeling function

Session Coordinator(s) Vikas Sharan, FSA, MAAA, FIA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Russell B. Menze, FSA, MAAA

Presenter(s): Brian Joseph O’Neill, FSA, CERA, MAAA; Russell B. Menze, FSA, MAAA; David J. Weinsier, FSA, MAAA

Experience Level: Intermediate

In an age of accelerating transformation-technological, financial, and regulatory -reinsurance continues to be an important component of capital management strategy across the insurance industry. This is true in spite of, and sometimes because of, the evolving ecosystems of ceding companies and reinsurers. Direct writers and reinsurance carriers are coping with a number of critical challenges that are undermining growth potential and threatening profitability. Waning demand and increased capacity for traditional products have, in some instances, led companies to struggle to achieve traditional profit targets. An increase in commoditized pricing, internal expenses related to increased regulation, inefficiencies in internal infrastructure, and the sustained low interest rate environment are additional factors impacting the top and bottom lines of reinsurers and primary carriers alike. In this session we will explore these critical challenges and highlight prevailing practices that organizations are using to deal with the changing landscape.

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

  • Understand the historical and current uses of reinsurance as a capital management tool;
  • Understand the evolving and future uses of reinsurance as a capital management tool; and
  • Discuss life Industry developments and challenges impacting the evaluation and use of reinsurance as a capital management tool.

Session Coordinator(s) Russell B. Menze, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

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

Presenter(s): Steven Lane Craighead, ASA, MAAA, CERA; Douglas L. Robbins, FSA, MAAA; Karen K. Rudolph, FSA, MAAA

Experience Level: Beginner to Intermediate

The modern valuation manual steps up the need for actuaries to know and apply statistics. If your recall of common actuarial statistical techniques is more than one standard deviation below the mean, this session will provide the lift you need.

At the conclusion of the session, attendees will be able to describe statistical techniques needed in applying the requirements of VM-20.

Session Coordinator(s) Douglas L. Robbins, FSA, MAAA

Facilitator(s)

10:45 a.m. – 12:00 p.m.

This is your opportunity to network with your peers during lunch. And don't forget to make new professional connections and explore fresh opportunities!

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)

10:45 a.m. – 2:45 p.m.

Credits: 4.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Jerry F. Enoch, FSA, MAAA

Presenter(s): Anthony Dardis, FSA, CERA, FIA, MAAA; Carl Desrochers, FSA, MAAA, FCIA; Kristina L. Kennedy, FSA, MAAA; Donald R. Krouse, FSA, MAAA; Steven F. Malerich, FSA, MAAA; David E. Neve, FSA, CERA, MAAA; Kory J. Olsen, FSA, CERA, MAAA; Paul R. Retzlaff, FSA, MAAA; Linda Whitmire, FSA, MAAA

Experience Level: Intermediate

This interactive forum is for appointed actuaries and other credentialed high-level valuation actuaries to discuss with their peers the issues of greatest interest to them in fulfilling their duties and responsibilities. Prior to the symposium, a survey is sent to session registrants to determine the issues they would like to discuss in a series of buzz groups. Results of the survey are used to help organize the session.

At the conclusion of the session, attendees will be able to describe issues facing valuation actuaries and potential solutions.

Session Coordinator(s) Jerry F. Enoch, FSA, MAAA

Facilitator(s)

12:15 p.m. – 1:45 p.m.

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

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

Presenter(s): Karen K. Rudolph, FSA, MAAA; Uri Sobel, FSA, MAAA; Andrew G. Steenman, FSA, MAAA

Experience Level: Intermediate

Companies can implement VM-20 as early as 2017. While there have been research and educational materials produced to help actuaries and others better understand the implications and implementation of the new requirements from a financial reporting perspective, little has been developed emphasizing the product development actuary perspective. This SOA research project examines the impact of VM-20 from a product development actuarial perspective. The research will help actuaries and others enhance current practices to optimize pricing and product development activities within a VM-20 framework as well as enhance intracompany communication and efficiencies related to VM-20. This session is a follow-up to the session at last year's symposium and will focus on Phase 2 of the research project.

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

  • Understand how VM-20 concepts apply to pricing processes;
  • Evaluate the impact of changing to VM-20 on profitability and pricing; and
  • Identify areas in which the pricing and financial reporting areas will need to coordinate.

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

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Kendrick D. Lombardo, FSA, MAAA

Presenter(s): Kendrick D. Lombardo, FSA, MAAA

Experience Level: All

It is often said that valuation and regulatory considerations impact our industry's product development efforts, and this is true. However, it is also quite often the case that product development efforts impact statutory valuation requirements - especially when a new product design is unusual or unique. Such a new product, once sales become material, can cause regulatory agents to have to respond quickly, often in unpredictable ways. This session will discuss how revolutionary product designs in the past have been adapted to in terms of statutory valuation. It will cover approaches that have been used successfully in attempting to ensure that the valuation approach desired is the one actually implemented. It will also educate attendees on best practices, in terms of helping guide product design departments to create prototypes that are flexible enough to be successful regardless of the valuation treatment that is finally prescribed.

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

  • Understand fully how revolutionary product designs of the past have influenced statutory valuation requirements; and
  • They will be familiar with best practices in terms of achieving satisfactory valuation and regulatory outcomes, when new products are introduced.

Session Coordinator(s) Douglas L. Robbins, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Presenter(s): Matthew P. Clark, FSA, CERA, MAAA; Laura S. Gray, FSA, MAAA

Experience Level: All

In this workshop format session attendees will discuss and share their experiences regarding current and anticipated challenges with respect to US GAAP valuation for life insurance and annuity products.

At the conclusion of the session, attendees will be able to issues and potential solutions related to US GAAP valuation.

Session Coordinator(s) James A. Miles, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Jacqueline Lee, FSA, MAAA

Presenter(s): Holly Blanchard; Angela Nelson; Peter Williams

Experience Level: All

This session will highlight the latest changes to the NAIC's Market Regulation Handbook that relate to the Affordable Care Act and other health insurance products. The session will also discuss what standards of the Market Regulation Handbook should be tested? What products does the company write (Disability Income, Long-Term-Care, etc.)? Do complaints indicate a problem in a certain area? Are NAIC standards for health reviews adequate? Should there be more specific procedures added? What examiner tools are useful to assess the value of products? Find out what regulators will be looking for in upcoming market conduct examinations and how these things apply to actuaries and their work.

At the conclusion of the session, attendees will be able to: understand when market conduct examinations are performed; understand how pricing of health products and actuaries' roles apply; discuss the importance of sound, high quality data for insurers; and understand how market conduct actions have changed in recent years.

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

Facilitator(s)

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Experience Level: Intermediate

In order to remain competitive in dynamic markets, health and life companies are replacing obsolete administration systems with new, best in class systems. These long term projects can create headaches for valuation actuaries. This session will help actuaries in both health and life companies understand why new administration systems are becoming increasing popular. This session will also help actuaries prepare for the conversion process as well as provide concrete tips for avoiding typical mistakes.

At the conclusion of the session, attendees will be able to identify the forces driving activity in the replacement of admin systems, apply best practices to conversion projects, and describe features of newer admin systems.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): David Sherwood; Josh Windsor, FSA, FIA, MAAA

Presenter(s): Russell Erwin Davis, FSA, MAAA; John T. Dieck, FSA, MAAA; Josh Windsor, FSA, FIA, MAAA

Experience Level: All

The International Association of Insurance Supervisors (IAIS) continues its development of the Insurance Capital Standard (ICS) with the introduction of ICS 1.0 in summer 2017 and plans for ICS 2.0 in 2019. This session will provide updates on the development of the standards and summarize insights from Field Testing and ICS Consultations. This session will deliver an overview of the framework and provide industry and regulatory perspectives on potential implications and next steps.

At the conclusion of the session, the attendees will be able to explain the ICS framework and the latest developments and evaluate the potential impact on their organizations.

Session Coordinator(s) Sara Veit Kaufman, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Leadership

Moderator(s): Louis Broadrick Posick, FSA, MAAA

Presenter(s): John West Hadley

Experience Level: All

The exams gave you a clear roadmap for progress, now how do you create that same roadmap for your career? How do you become and be seen as an influential leader? Even seasoned FSA's can struggle, sometimes feeling credentials and specific experiences lock them in instead of opening up new opportunities. Join us for an engaging, interactive session to provide you strategies and tools to become an influential leader.

At the conclusion of the session, attendees will be able to describe important, practical skills that actuaries can develop in order to be more influential and impactful in their actuarial career.

Session Coordinator(s) Scott K. Randles, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Bryan Neil Amburn, FSA, MAAA; Pamela A. Hutchins, FSA, MAAA; Stefanie J. Porta, ASA, MAAA; Mark C. Rowley, FSA, MAAA

Experience Level: Intermediate

This forum has a unique format and will focus on issues faced by actuaries in leadership positions a smaller insurance companies. Attendees will be surveyed in advance to ensure the topics are fresh and relevant. By discussing critical issues with your peers, you will leave with ideas to incorporate in your business environment.

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

Session Coordinator(s) Mark C. Rowley, FSA, MAAA

Facilitator(s)

2:15 p.m. – 3:45 p.m.

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Presenter(s): Martin Snow, FSA, MAAA; Rostislav Kongoun Zilber, FSA, MAAA

Experience Level: Intermediate

Join us for the sequel to the 2016 workshop: PBR is Coming! In this workshop format session attendees will discuss how actuaries are implementing PBR. This workshop is intended for those who are at an advanced point in the implementation.

At the conclusion of the session, attendees will be able to explain some of the issues in implementing PBR and potential solutions.

Session Coordinator(s) James A. Miles, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: Professional Values

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

Presenter(s): Ashlee Mouton Borcan, FSA, MAAA; Robert A. Hanes, FSA, MAAA; Joseph L. Wurzburger, FSA, MAAA

Experience Level: All

Health actuaries work in a dynamic environment in which there is no such thing as "business as usual." That's why it's essential - now more than ever - for health actuaries to be mindful of their professional obligations as well as how to apply professionalism principles in their ever changing day-to-day roles. This session will feature a facilitated conversation with industry experts representing several different key perspectives. Come with your own questions or learn by listening to the experts as we discuss and debate some of the most pressing professionalism topics for health actuaries.

At the conclusion of the session, attendees will be able to: apply actuarial professionalism concepts; identify key ASOPs for health actuaries; and explain significant aspects of the US Qualification Standards.

Session Coordinator(s) Joseph L. Wurzburger, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Presenter(s): Robert R. Haack, FSA, MAAA; Antonio D. Johnson, ASA, MAAA; Jagan Sukumar

Experience Level: All

Digitization of "white collar" jobs via robotic and cognitive automation and advances in data science have sparked a new business revolution. Crowdsourcing and other innovations in operating and talent models will have wide-reaching implications for actuaries within the insurance world-specifically, what activities (e.g., data management, financial reporting, inforce management) will continued to be owned by actuaries and how those activities will be completed using emerging technologies. Actuaries are in prime position to take advantage of these innovations to streamline the way they do business and provide more value-added services. Focused topics include: Key disruptors for actuarial / insurance (Robotic Process Automation (RPA), Natural Language Generation and Cognitive Automation, Crowdsourcing: Internal vs. External Crowds, Workforce planning and operating model implications); Deeper dive into practical applications of robotic and cognitive automation (Data Processing, General Ledger / Financial Close, and Inforce / Customer Management); Deeper dive into implementing robotic and cognitive automation (Implications for actuarial departments (i.e., how will actuaries create additional value through increased strategic activities now that processes have been streamlined), Common challenges and success factor, and Examples of robotic and cognitive automation (e.g., RPA automated process - Actuarial Valuation, Natural language generation, Cognitive)).

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

  • understand some key disruptors in their profession and will be able to explain what Robotic Process Automation is, in particular the differences between RPA, Cognitive Automation, and Artificial Intelligence;
  • Identify opportunities to implement robotic and cognitive automation and these innovations in their organizations, to streamline work and allow actuaries to perform more value add activities; and
  • Evaluate their own companies, to determine if there are existing processes/roles whose work is easily replaced/augmented by these innovations.

Session Coordinator(s) Nathan Dennis Pohle, FSA, CERA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.80 CPD

Competency: Technical Skills & Analytical Problem Solving

Presenter(s): Scott D. Houghton, FSA, MAAA; Patrick Christopher Ledlee, FSA

Experience Level: Intermediate

PBR projection analyzes the interaction of assets and liabilities as both are projected over the horizon. Starting portfolio selection, reinvestment strategies and all these approximations may have an impact on overall reserve and capital. One should probably not be grossing up the corporate bond portfolio as a way to model these alternative asset classes that the company has been investing in to look for yield. This session will discuss the options facing the valuation actuary in modeling assets in the PBR projection system.

At the conclusion of the session, attendees will be able to explain the potential options for valuation actuaries in modeling assets in PBR projections.

Session Coordinator(s) Stephen G. Smith, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Bryan Neil Amburn, FSA, MAAA; Pamela A. Hutchins, FSA, MAAA; Stefanie J. Porta, ASA, MAAA; Mark C. Rowley, FSA, MAAA

Experience Level: Intermediate

This forum has a unique format and will focus on issues faced by actuaries in leadership positions a smaller insurance companies. Attendees will be surveyed in advance to ensure the topics are fresh and relevant. By discussing critical issues with your peers, you will leave with ideas to incorporate in your business environment.

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

Session Coordinator(s) Bryan Neil Amburn, FSA, MAAA

Facilitator(s)

Credits: 1.80 CPD

Competency: External Forces & Industry Knowledge

Moderator(s): Elizabeth A. Todaro, FSA, MAAA

Presenter(s): Anna V. Apgar, FSA, MAAA; Dan Kim, FSA, CERA, MAAA

Experience Level: Intermediate to Advanced

Over the years, Bermuda has come to be known as a destination for financial institutions seeking robust but proportional regulation, a tax efficient environment and strong business infrastructure. The BMA's multi-year solvency modernization initiative has recently culminated in the successful granting of solvency II equivalence from the European Union. As part of this process, there have been some recent key regulatory and solvency changes. This session will provide an opportunity to understand the changes and how these impact insurance companies looking to do business in the island.

At the conclusion of the session, attendees will be able to: Determine the impact to the required capital due to the solvency changes in Bermuda; Compare the Bermuda solvency regime to US NAIC RBC; and Explain how Bermuda could be an attractive jurisdiction in the Life insurance industry.

Session Coordinator(s) Anna V. Apgar, FSA, MAAA

Facilitator(s)