Equity-Based Insurance Guarantees Conference

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Agenda Day One | Agenda Day Two

Monday, Nov. 5
7:30–8:30 a.m.
Registration & Breakfast
8:30–8:40 a.m.
Opening Comments by Chairman
8:40–9:30 a.m.

Presentation(s): View Presentation

Presenter(s): Matthew Coleman & Ken Lombardo, Willis Towers Watson

This session will provide an overview of the landscape of equity-based guarantee insurance products (examples of which include regulations and product features).

 

9:30–10:15 a.m.

Presentation(s): View Presentation

Presenter(s): Aziz Sunderji, Barclays

 

There will be no easy resolution to the current trade friction between the U.S. and China. If anything, the motivations for increasing protectionism are set to intensify. What are these motivations? Where is this trade war headed? And what impact could this have on economies and financial markets?

 

10:15–10:45 a.m.
Coffee Break
10:45 a.m.–12:15 p.m.
Concurrent Sessions
1A – Risk Management Track:

Presentation(s): View Presentation

Presenter(s): Sheldon Epstein, Agam Capital

Starting with an overview of risk-management strategies deployed by Variable Annuity (VA) traders to hedge their riders, the speaker will discuss some innovative and practical ways of managing VA contract risks more effectively in a cost-efficient manner.

Presentation(s): View Presentation

Presenter(s): Daniel Schobel, Numerix

The presentation will discuss insurance contracts with embedded guarantees. In addition, how ESGs should be set up for stochastic simulations and sensitivity analysis be done on a nested framework.

1B – Pricing/Valuation Track:

Presentation(s): View Presentation; View Presentation

Presenter(s): Kirk Evans, Sammons Retirement Solutions; Ari Lindner, Munich Re

 

Reinsurance has been available for VA Guarantees for over 20 years. During that time, the reinsurance market for VA Guarantees has undergone frequent and sometimes violent transformations. Where does the market stand today? What forms and structures of reinsurance are available? Which VA Guarantee designs and features are easier to reinsure? Is reinsurance offered on both newly issued policies as well as in force/legacy books, and which vintages are difficult to reinsure? In an age of sophisticated hedging programs, what role does a reinsurer play in helping a VA writer manage this highly volatile risk? In this session, we will hear from a reinsurer that is actively writing new VA Guarantee reinsurance treaties in the U.S. and around the world, and from a VA writer that has successfully partnered with a reinsurer to enhance its VA product offering.

 

12:15–1:30 p.m.
Lunch
1:30–3.00 p.m.
Concurrent Sessions
2A – Risk Management Track:

Presentation(s): View Presentation; View Presentation

Presenter(s): Jeff Greco, Milliman; Alex Zeng, Lincoln Financial Group

 

The speakers of this session will discuss the practical issues surrounding the uncovering of information from bid-offer option prices and how such information can be effectively used to understand exotic option premiums and hedging strategies.

 

2B – Pricing/Valuation Track:

Presentation(s): View Presentation; View Presentation

Presenter(s): Stephen Gruber, AXA; Tim Paris, Ruark Consulting

This session will explore several critical elements in developing a sustainable and coherent framework to translate complex annuity (VA and FIA) policyholder behavior experience data to assumption models using company- and industry-level data, as well as inforce management techniques to handle related risks.

 

3:00–3:30 p.m.
Coffee Break
3:30–5:00 p.m.
Concurrent Sessions
3A – Risk Management Track: Use of Neural Nets in Inforce Compression

Presentation(s): View Presentation

Presenter(s): Andrey Marchenko, Moody’s Analytics

Seriatim data compression is a technique insurance companies use to reduce exploding run times for models with new stochastic methodology, stress testing and the need to reflect individual policy characteristics. The speakers of this session will provide an overview of the problem, outline some known solutions and discuss cutting edge techniques involving artificial intelligence methodologies to help automate the implementation, configuration and validation of clustering algorithms.

Presentation(s): View Presentation

Presenter(s): Peter M. Phillips, Aon

In today’s age of accelerated computing, autonomous vehicles, artificial intelligence and deep learning are revolutionizing many industries.  What's clear is that these technologies are being used to help manage complexity. The speaker will examine and compare the relative performance of time and moved-based rebalancing strategies with those derived from artificial intelligence and machine learning algorithms.  The goal is to highlight the use of deep learning in hedge-strategy testing and development and think about how this technology might help others in understanding and managing hedging strategies for a variety of different retirement product risks with embedded financial guarantee risk. 

3B – Pricing/Valuation Track:

Presentation(s): View Presentation; View Presentation

Presenter(s): Ilan Birnbaum, Prudential; Shaio-Tien Pan, PricewaterhouseCoopers LLC

The speakers of this session are expected to discuss the landscape of fair value accounting within GAAP for Guaranteed Minimum Benefit (GMxB) riders, including changes associated with Targeted Improvements for Long-Duration Contracts. Other issues that will be discussed are challenges and implications associated with implementing these measures.

5:30–7:00 p.m.
Reception and Networking

Back

Legend

Communication

Demonstrating the listening, writing and speaking skills required to effectively address diverse technical and nontechnical audiences in both formal and informal settings.

Professional Values

Adhering to standards of professional conduct and practice where all business interactions are based on a foundation of integrity, honesty and impartiality.

External Forces & Industry Knowledge

Identifying and incorporating the implications of economic, social, regulatory, geo-political and business changes into the design and delivery of actuarial solutions.

Leadership

Initiating, innovating, inspiring, creating or otherwise acting to influence others regardless of level or role toward a common goal.

Relationship Management & Interpersonal Collaboration

Creating mutually beneficial relationships and work processes toward a common goal.

Technical Skills & Analytical Problem Solving

Applying the actuarial knowledge, skills and judgment required to provide value-added services.

Strategic Insight & Integration

Anticipating trends and strategically aligning actuarial practice with broader organizational business goals.

Results-Oriented Solutions

Providing effective problem solving that addresses relevant interests and needs.