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

Agenda Day Two

Presentation(s): View Presentation

Session Sponsor(s): Product Development Section

Moderator(s): Lindsay Keller Meisinger, FSA, MAAA

Presenter(s): Jennifer L. McGinnis, FSA, CERA, MAAA

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

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

Session Coordinator(s) Lindsay Keller Meisinger, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Session Sponsor(s): Leadership and Development Section

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

Presenter(s): John West Hadley, BS

Relax, enjoy a buffet breakfast and discuss real life leadership and development 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) Abraham S. Gootzeit, FSA, MAAA

Facilitator(s)

Session Sponsor(s): Education & Research Section

Moderator(s): John K. McGarry, ASA, Ph.D.

Education and Research Breakfast to review current E&R topics including the ARC 2018.

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

Session Coordinator(s) John K. McGarry, ASA, Ph.D.

Facilitator(s)

Soren KaplanKeynote Speaker:   Soren Kaplan, Best-Selling Author

Soren Kaplan is the bestselling and award winning author of Leapfrogging and The Invisible Advantage, an Affiliated Professor at the Center for Effective Organizations at USC’s Marshall School of Business, a writer for FastCompany, and Inc. Magazine, a globally recognized keynote speaker, and the Founder of InnovationPoint and upBOARD. He has been recognized by the Thinkers50 as one of the world’s top thought leaders in business strategy and innovation.

As a leading expert in disruptive innovation, innovation culture, and business model innovation, he works with Disney, NBCUniversal, Kimberly-Clark, Colgate-Palmolive, Hershey, Red Bull, Medtronic, Roche, Philips, Cisco, Visa, Ascension Health, Kaiser Permanente, CSAA Insurance Group, American Nurses Association, and numerous other organizations.

Soren previously led the internal strategy and innovation group at Hewlett-Packard (HP) during the roaring 1990’s in Silicon Valley and is a co-founder of upBOARD, the world’s first Collaborative Dashboard software platform.

He has lectured at the Harvard Business School, Copenhagen Business School, Melbourne Business School, and with other MBA and executive education programs globally. His Wall Street Journal bestseller, Leapfrogging, was recognized as “Best Leadership Book” by the Axiom Book Awards and his latest book The Invisible Advantage was awarded “Best General Business Book” by the International Book Awards.

He has been quoted, published, and interviewed by Harvard Business Review, Fast Company, Forbes, CNBC, National Public Radio, the American Management Association, USA Today, Strategy & Leadership, and The International Handbook on Innovation, among many others. He holds Master’s and Ph.D. degrees in Organizational Psychology, resides in the San Francisco Bay Area, and possesses dual US-French citizenship.

Session Coordinator(s)

Facilitator(s)

Session Coordinator(s)

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Paul Fedchak, FSA, MAAA

Presenter(s): Paul Fedchak, FSA, MAAA; Donna Christine Megregian, FSA, MAAA; Randy D. Shaull, FSA, MAAA

Experience Level: All

U.S. life insurance is a mature market, but changing demographics, strong competition, changing regulation, and a difficult economic environment necessitate continued evolution. Presenters will explore key regulatory factors facing the market, popular products to meet the market’s changing needs, and distribution approaches to make life insurance more accessible to the consumer.

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

  • Identify environmental influences impacting product design;
  • Keep informed of latest market trends; and
  • Understand how recent regulatory changes impact the product actuary.

Note: This session will be repeated on, Monday, May 7, from 3:00 to 4:15 p.m. See Session 29 PD.

Country Relevance: U.S.

Session Coordinator(s) Paul Fedchak, 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): Julie A. Decker, FSA, MAAA

Presenter(s): Dustin Baran-Plotkin, FSA, ACIA; Joseph Taylor Pickett, FSA

Experience Level: Beginner-Intermediate

Accelerated Underwriting is a trend sweeping the industry. Fueled by a desire to better match the life insurance buying process with consumer expectations in a fast-paced, digital age, these programs seek to blend the nearly real-time, streamlined process of a simplified issue product with the mortality experience and pricing of a traditional fully underwritten program. Presenters will discuss leading edge best practices that fine tune the balance of manageable mortality risk and meaningful improvements in the buying process. A wide variety of functions will find value in this presentation, as it will touch on assumption development, product development, pricing, underwriting, and marketing.

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

  • Identify key design levers for developing an accelerated underwriting program that meets both pricing and marketing targets; 
  • Evaluate tools and methodologies that can be used to mitigate risk in an accelerated underwriting environment; 
  • Explain how to develop assumptions to support pricing for an accelerated underwriting program; and 
  • Create an effective monitoring process to provide leading indicators of program performance and enable continuous improvements to the program design.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Reinsurance Section

Competency: Strategic Insight and Integration

Moderator(s): Joey Chi, FSA, CERA

Presenter(s): Matt Battersby, MSc; Ronald L. Poon-Affat, FSA, FIA, MAAA

Experience Level: Beginner-Intermediate

So what is the problem?… It’s really difficult to sell Life Insurance, So what is the solution?  Dare I suggest that we try to understand the customer? People do not make logical, rational, objective, dare I say “actuarial” decisions  What is behavioral economics? This is the study of how people will actually behave, under a given set of circumstances. This is not what they did in the past or what they say they will do in the future.  It is understanding how they will behave. This is the study of the rational and irrational parts of the brain, including the unconscious. What can we do? 

Traditional sales process assumes that consumers are rational. Reconsider `how we sell` insurance` to non-actuaries. Provide a `nudge` appealing to our protective instincts. Refer to Richard Thaler`s work (2017 Nobel in Economics). Reconsider how we package product offering. Consider providing services. Offer something tangible. Make people feel good.

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

  • Understand Behavioral Economics/Finance; 
  • Rethink the traditional sales process; and
  • Leverage BE to Insurance.

Country Relevance: International

Session Coordinator(s) Ronald L. Poon-Affat, FSA, FIA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Marketing & Distribution Section

Competency: Strategic Insight and Integration

Moderator(s): Geoffrey Keast

Presenter(s): William S. Bade, FSA, MAAA; Adnan Mohammed Haque; Matthew S. Wolf, FSA, CERA

Experience Level: All

Existing insurers are struggling to adapt to the changing needs of customers. New entrants are more nimble, offering flexible and personalized products for consumers to address gaps in the market.  Personalization effects a number of different back-office and consumer touch-points including:

  • Distribution
  • IoT
  • customer centricity
  • big data
  • underwriting
  • product development (including pricing) 

This is important for actuaries as we are not yet close to the market potential of current propositions, customer services, channels and marketing. Growth is becoming harder and harder to find. Competitors are more and more competing on price and high lapse rates tell us that for a large percentage of our customer we don’t stay relevant enough for consumers to remain our customers.  Actuaries need to understand how personalization will change the way they think about the customer, the different sources of data and what it will mean for developing and pricing new (and existing) products.

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

  • Identify the different data points that go into creating personalized policies for consumers; Determine the types of changes they will need to make to their process and systems in order to be capable of creating personalized products; and 
  • Explain to others in their organization why personalization is important and how it will affect their business in the coming years.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section; Joint Risk Management Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Michael L. Kaster, FSA, MAAA

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

Experience Level: Intermediate-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. Presenters 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 U.S. NAIC RBC; and
  • Explain how Bermuda could be an attractive jurisdiction in the life insurance industry.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Leadership and Development Section

Competency: Leadership

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

Presenter(s): John West Hadley, BS

Experience Level: Beginner-Intermediate

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:

  • Evaluate your current leadership and development abilities and skills; 
  • Determine appropriate next steps needed to enhance  your skills; and 
  • Establish specific steps to help you become an influential leader over the next three years.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Modeling Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Trevor C. Howes, FSA, FCIA, MAAA

Presenter(s): Dan (Danielle) Li, FSA; Andrey Marchenko

Experience Level: All

Models are essential for many critical purposes that demand fast completion and accurate results, yet runtimes are exploding with new stochastic methodology, stress testing, and the need to reflect individual policy characteristics. The costs of IT infrastructure and actuarial resource support are unsustainable.  Compression of business data files using techniques like data clustering can be an effective way to address this issue. Presenters will provide an overview to clustering as it is commonly applied in practice, discuss some of the roadblocks to implementing clustering in practice, and how these roadblocks might be overcome. Research into techniques including artificial intelligence methodologies that can help automate the implementation, configuration and validation of clustering algorithms will be presented.

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

  • Identify suitable opportunities for the application of business data compression to improve model efficiency;
  • Evaluate the potential costs and benefits of applying clustering; and
  • Develop techniques or select tools that will assist in improving the usefulness of data clustering.

Country Relevance: Non-Nation Specific

Session Coordinator(s) James Stuart McClure, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Predictive Analytics and Futurism Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Ricardo Trachtman, FSA, MAAA

Presenter(s): Brian D. Holland, FSA, MAAA; Yara Rogers-Silva

Experience Level: All

Predictive Modeling inherently involves various trade-offs. Actuaries have balanced those trade-offs since the smoothness vs. fit issue in graduation if not before. Presenters will look in depth at the trade-offs between smoothness and fit; accuracy and communicability; and also description and prediction, the bias and variance trade-off from machine learning.

At the conclusion of the session, attendees will have:

  • An appreciation for the competing goals inherent in model construction, how to approach them, and how to plan for communication of their work product; and
  • An understanding of balance within a class of models and between classes of models such as regression models and tree-based models.

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): Taxation Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Cindy D. Barnard, FSA, MAAA

Presenter(s): Cindy D. Barnard, FSA, MAAA; Mark S. Smith, Esq, CPA; Peter H. Winslow

Experience Level: All

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, including the implications as the result of the newly enacted Tax Cuts and Jobs Act. The panel will also describe the purpose of the Internal Revenue Service’s Industry Issue Resolution program. Presenters will 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 tax reserve issues; and
  • Identify PBR taxation issues the IRS has yet to resolve.

Country Relevance: U.S.

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

Facilitator(s)

lombardi-mike2Mike Lombardi, FSA, CERA, FCIA, MAAA
2018 SOA President

This is your opportunity to learn about important issues facing the SOA and its members from the SOA president, Mike Lombardi, FSA, CERA, FCIA, 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 $80 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)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Allen M. Klein, FSA, MAAA

Presenter(s): Lori L. Helge, FSA, MAAA; Allen M. Klein, FSA, MAAA

Experience Level: Beginner-Intermediate

Presenters will begin by discussing the recent trends in U.S. population mortality and explore the drivers behind these trends.  Different age groups, lifestyle behaviors, socioeconomic differences, the opioid epidemic and much more will be explored.  They will then move to a study of Structured Settlement mortality.  Structured Settlement mortality assumption setting has largely been a theoretical exercise over the last several decades. Experience has emerged slowly. The 2009-2013 SOA Structured Settlement Mortality study results suggest that typical industry tables and approaches may not be the best fit. Where do we go next, and how can population mortality help us?

At the conclusion of the session, attendees will be able to identify what mortality trends we are seeing in the U.S. population and why they are happening.  They will also have a better understanding of some possible new approaches to determining Structured Settlement mortality.

Country Relevance: U.S.

 

Session Coordinator(s) Lindsay Keller Meisinger, 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): William Gus Mehilos, FSA, MAAA

Presenter(s): Genevieve D. Knight, FSA, MAAA; Gerald Nicholas Sontheimer III, FSA, MAAA; Andrew G. Steenman, FSA, MAAA

Experience Level: Intermediate

A Principle-based approach towards life insurance reserves has been a hot-topic in the industry for years. The updated valuation manual has adopted VM-20 to turn this into even more of a reality, as well as introducing the 2017 CSO Mortality table. Presenters will discuss the basics of VM-20 and the 2017 CSO table, and how profit measures may be evaluated under PBR. They will also cover impacts and considerations specific to the pricing actuary so that participants can apply impacts to their own strategy around product development and in-force product management.

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

  • Describe impacts of VM-20, 2017 CSO and profit measures to the pricing actuary; and
  • Evaluate the impact of VM-20 and 2017 CSO towards strategy around product development and in-force product management.

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): Product Development Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Michael Sherris, FSA, FIAA, FIA, MBA

Presenter(s): Michael Sherris, FSA, FIAA, FIA, MBA; Andrés Villegas, Ph.D.; Jonathan Ziveyi, Ph.D.

Experience Level: Intermediate

The challenge of providing life annuity products in an environment of low interest rates and increased capital costs has attracted the attention of practitioners and researchers. Presenters cover innovations in annuity products in the form of pooled annuities, where risk sharing of longevity and investment risk is mutual and transparent, as well as variable annuity designs that can manage costs and risks. Presenters will address practical approaches to designing these products and how to effectively incorporate mortality heterogeneity, multiple cohorts and equity exposure. The presentation is based on results from a research program under the SOA-CAE research grants.

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

  • Describe the different forms of pooled annuity products and how they pool mortality and investment risk; 
  • Explain and compare methods for implementing pooled annuity funds so that they are equitable and transparent; 
  • Describe methods for determining fees for variable annuities that include efficient computational methods; and
  • Compare hedging methods for investment and longevity risks embedded in variable annuities.

Country Relevance: International

Session Coordinator(s) Paul Fedchak, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Entrepreneurial & Innovation Section

Competency: External Forces & Industry Knowledge

Moderator(s): Eric T. Sondergeld, ASA

Presenter(s): Scott Kallenbach, FLMI; Eric T. Sondergeld, ASA

Experience Level: All

Disruption is among today's most misused buzzwords. People frequently use it to describe innovations regardless of their impact, as well as anything that presents even a mild challenge to an organization. But disruption is more than that. Disruptors can severely impact revenue or have a crippling effect on a business or an entire industry.

Join this thought-provoking interactive discussion to learn what forces truly pose the greatest disruptive threats to manufacturers, distributors, and financial professionals and what you can do to not only guard against them, but go on the offensive and even be the disruptor.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Shehreen Zaman, ASA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Long Term Care Insurance Section

Competency: Strategic Insight and Integration

Moderator(s): Ronald R. Hagelman, Jr., CLTC, CSA, LTCP

Presenter(s): Anthony C. Laudato, FSA, MAAA; Matthew Hugh Morton, FSA, MAAA

Experience Level: Beginner-Intermediate

"Contrariwise,” continued Tweedledee, "If it was so, it might be; and if it were so, it would be; but as it isn't, it ain't. That's logic ."-Through the Looking Glass

Perhaps we got it all wrong from the beginning. The correct answer was how little, not how much insurance was needed and how do we now leave all those we were unable to help and therefore failed to plan ahead remain completely exposed to the risk? The market is now responding to its failures. New directions in product development and marketing strategies specifically responding to the 90 percent who continue not to buy and the 40 percent who were declined when they tried.

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

  • Describe Middle Class Combo product alternatives, including reinsurance and technology support; and
  • Describe "Point of Care" market alternatives, including medically underwritten SPIA's, secondary market care funding and planning options to leverage assets and income at a time of claim.

Country Relevance: U.S.

Session Coordinator(s) Ronald R. Hagelman, Jr., CLTC, CSA, LTCP

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Smaller Insurance Company Section

Competency: Professional Values

Moderator(s): Scott D. Haglund, FSA, MAAA, FLMI

Presenter(s): Charles K. Chacosky, FSA, MAAA; Ryan Joel Stowe, FSA, MAAA

Experience Level: All

Presenters will share situations where professionalism related decisions are critical. Viewpoints from both a smaller and larger company perspective will be presented. Opportunities for the audience to discuss will be provided and provide comments are encouraged. Applicable sections from the Code of Professional Conduct, Actuarial Standards of Practices, etc. will be presented.

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

  • Better apply actuarial standards;
  • Evaluate situations where the standards come into play; and
  • Better determine appropriate actions during challenging situations.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Jacqueline F. Yang, FSA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

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

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Paul Fedchak, FSA, MAAA

Presenter(s): Art Dunlavy; Alison R. Peak; Craig W. Reynolds, FSA, MAAA

Experience Level: All

Presenters will cover recent developments affecting the U.S. federal tax qualification of life insurance, annuities, and other insurance products.  Presenters will provide insight into how these products are taxed in the hands of policy owners and issues that may impact how companies develop and administer policy owner tax policy. Presenters will also discuss the implications of the recently enacted Tax Cuts and Jobs Act on pricing and product design.  

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

  • Describe changes affecting the administration of policy owner taxation;
  • Identify how 2017 CSO mortality will impact life insurance limits; and
  • Determine where to seek greater understanding of recent developments.

Country Relevance: U.S.

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Technology Section

Competency: External Forces & Industry Knowledge

Moderator(s): Han (Henry) Chen, FSA, ACIA, MAAA

Presenter(s): Carl Ghiselli, FSA, MAAA; Marshal Lin, FSA, MAAA

Experience Level: All

Presenters at this session will discuss a couple of components of the future of insurance: blockchain and automation. They will not only cover the basics of these new technologies, but also applications within insurance, in particular within the actuarial function–which is arguably the most complex and expensive function with insurers.

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

  • Describe how Blockchain and Automation fit into the future of insurance pillars; 
  • Identify current areas of use for these new technologies; and
  • Determine where might such technology be of use within their day to day jobs.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Han (Henry) Chen, FSA, ACIA, MAAA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Paul Fedchak, FSA, MAAA

Presenter(s): Paul Fedchak, FSA, MAAA; Donna Christine Megregian, FSA, MAAA; Randy D. Shaull, FSA, MAAA

Experience Level: All

U.S. life insurance is a mature market, but changing demographics, strong competition, changing regulation, and a difficult economic environment necessitate continued evolution. Presenters will explore key regulatory factors facing the market, popular products to meet the market’s changing needs, and distribution approaches to make life insurance more accessible to the consumer.

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

  • Identify environmental influences impacting product design;
  • Describe the latest market trends; and
  • Understand how recent regulatory changes impact the product actuary.

Note: This session is a repeat of Session 8 PD.

Country Relevance: U.S.

Session Coordinator(s) Paul Fedchak, 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): Andy Ferris, FSA, FCA, MAAA

Presenter(s): Andy Ferris, FSA, FCA, MAAA; Jennifer L. McGinnis, FSA, CERA, MAAA; Joel David Phillips, FSA

Experience Level: All

Do you manage your Inforce business? Inforce management is becoming a full time job for many actuaries and non-actuaries. There may be more value in managing the inforce than in writing more new business. Presenters will discuss options for companies to explore how to do inforce management and think of how to build a team and measure success.

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

  • Describe inforce management options;
  • Describe how to develop inforce management teams; and
  • Identify ways to measure success.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Donna Christine Megregian, 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): Andrew G. Steenman, FSA, MAAA

Presenter(s): Devin Marie LaPlant, FSA, MAAA; Steven J. Rueschhoff, FSA, MAAA; Robert P. Stone, FSA, MAAA

Experience Level: All

Product actuaries think about the products they design and price in a different way than their "customers" in distribution who are responsible for selling the products to the end customer.  Actuaries may find themselves pressed to satisfy both of these customers and rarely have the opportunity to speak to either of them. During this session, presenters will discuss life and annuity products from the perspective of distribution professionals, i.e., actuaries working in distribution roles, agents, and other financial services professionals. Specific discussion will compare and contrast views of the actuarial technician with views of those in distribution.

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

  • Apply a better understanding of how actuarial perspectives do/don't align with sales perspectives; and
  • Understand  actuarial issues from the perspective of those responsible for putting products in consumer hands.

Country Relevance: Non-Nation Specific

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

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Actuary of the Future Section

Competency: Leadership

Moderator(s): Curtis Lee Robbins, ASA, ACA, MAAA

Presenter(s): Richard J. Junker, FSA, MAAA; Mike Lombardi, FSA, FCIA, MAAA, CERA; Margaret Resce Milkint

Experience Level: All

Strategies for growing your career: 

  • Identify your areas of strength;
  • Design continuing education with intentionality; and
  • Enhance your brand, your value and your impact in the workplace (and beyond). 

The Competency Framework is the key to help grow your career.  Creating a toolkit for career success is the foremost objective of this session. Learn the steps to “Design Your Future,” using the Competency Framework tool. Presenters will share their perspectives and passions on continuous learning and the benefits of career development. They will focus on career enhancement strategies for the workplace, in volunteer roles and entrepreneurial endeavors. The Competency Framework’s value is holistic, benefiting career goals and life goals.

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

  • Design their career for maximum satisfaction; 
  • Determine their goals over a five-year career horizon; and 
  • Identify how the Competency Framework can be integral to their career path.

Country Relevance: U.S. and Canada

Session Coordinator(s) Woolford Lennox London, ASA, 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, MAAA

Presenter(s): Hezhong (Mark) Ma, FSA, MAAA; John K. McGarry, ASA, Ph.D.

Experience Level: Intermediate

Further to the SOA’s Experience Study Calculations educational tool published last year, the authors will present further research on the absolute and relative errors arising from the main study methods, how these errors accumulate in a calendar year study, and a method that largely eliminates the errors, as well as user feedback on the original paper.

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

  • Understand the nature of rate errors that occur for partial ages in a calendar year study; 
  • Understand how these accumulate in the full study; and
  • Better understand the original SOA Calculations paper given user feedback.

Country Relevance: Non-Nation Specific

Session Coordinator(s) John K. McGarry, ASA, Ph.D.

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Entrepreneurial & Innovation Section

Competency: Results-Oriented Solutions

Moderator(s): Eric T. Sondergeld, ASA

Presenter(s): Steve Fretwell; Anthony C. Laudato, FSA, MAAA; Ari Ramdial, MEng

Experience Level: All

Presenters will focus on the more practical application of new digital and technological capabilities along the insurance value chain. Presenters will address areas of the business model that attract the most disruption. Discussions will include how technology is dramatically altering the traditional methods of operation. Attendees will have a better understanding of what areas within insurance will experience the most change from technology in the near future.

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

  • Understand how technology can simplify the process of taking personal risk management solutions to the policyholder; 
  • Identify potential opportunities that Insuretech provides for actuaries; and 
  • Describe how software is creating risk transfer.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Shehreen Zaman, ASA

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Financial Reporting Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Daniel Dvorin, ASA, MAAA

Presenter(s): Brian George Michael Bayerle, FSA, MAAA; Kelly J. Rabin, FSA, MAAA; Nathan P. Schelhaas, FSA, MAAA; Chris Whitney, FSA, MAAA

Experience Level: All

Companies are spending a significant amount of time and resources to implement principle-based reserves (PBR) with a handful of companies reporting reserves under PBR in 2017. Once the initial implementation is done and the models are built, the company will begin to face several questions from interested parties, including management, internal audit, their model governance committee, external audit and regulators. Presenters will describe the testing that should be done post implementation to satisfy the requests of the key stakeholders and be in compliance with VM-G. Topics include assumption, data, and model validation, cell testing, attribution of change and controls.

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

  • Explain how model validation procedures will change when looking at principle-based calculations;
  • Describe what changes need to be made to controls and documentation to be in compliance with VM-G; and
  • Describe how to be prepared for questions from internal/external audit.

Country Relevance: U.S.

Session Coordinator(s) Kevin Piotrowski, FSA, CERA, MAAA

Facilitator(s)

Credits: 1.50 CPD

Session Sponsor(s): Joint Risk Management Section; Product Development Section

Competency: External Forces & Industry Knowledge

Moderator(s): Martin Snow, FSA, MAAA

Presenter(s): Sheldon Epstein, FSA, MAAA; Raghu Ramachandran; Martin Snow, FSA, MAAA

Experience Level: Intermediate-Advanced

As risk management matures across the insurance industry, an established formal risk management process for product development becomes common among insurance companies. Presenters will provide an introduction on the current product risk management framework and how it worked well for financial risk assessments. They’ll also explain the challenges on implementation of such process for new and complicated initiatives with more customization and continue to evolve at faster and faster speed.

With regulatory demand impacting resourcing, increased scrutiny around conduct and compliance as well as continued cyber attacks in multiple industries, the current risk management process might start to lag. Presenters will describe how the process can adapt to current product innovation and some of the best practices. This will include operational risk and cyber/IT risk aspects as well as around conduct, reputational and regulatory risks management in today’s environment.

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

  • Identify the current product and new initiative risk management framework;
  • Understand the challenges the current process faces with innovation and product development; and
  • Explain how the 1st and 2nd lines of defense in risk management can better work together in product development and new initiatives.

Country Relevance: Non-Nation Specific

Session Coordinator(s) Fei Xie, FSA, FCIA

Facilitator(s)

Presentation(s): View Presentation

Credits: 1.50 CPD

Session Sponsor(s): Taxation Section

Competency: Technical Skills & Analytical Problem Solving

Moderator(s): Rob E. Baldwin, FSA, CERA, MAAA

Presenter(s): Jean Baxley, JD, LLM; Sheryl Flum

Experience Level: All

Presenters in this session will discuss recent developments in the taxation of life insurance companies, including recent Internal Revenue Service guidance affecting the calculation of tax reserves, changes as a result of the Tax Cuts and Jobs Act and other related tax topics.

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

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

Country Relevance: U.S.

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

Facilitator(s)

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)

Monday, January 1