AICT-SOA Joint Seminar

09:00 – 09:05 a.m.

Welcome Remarks – Actuarial Institute of Chinese Taipei

Presenter(s): Jay Ueng, President, Actuarial Institute of Chinese Taipei

09:05 – 09:10 a.m.

Welcome Remarks – Society of Actuaries

Presenter(s): Amanda Hug, FSA, MAAA, MBA, President and Chair, Society of Actuaries

09:10 – 10:00 a.m.    

Session 1 – The Actuary of the Future

Moderator:

Presenter(s): Darryl Wagner, FSA, MAAA, Principal, Deloitte Consulting LLP

This session will explore how we shape a stronger, more connected, and future-ready actuarial profession by:

• Strengthening the value actuaries deliver to our diverse stakeholders and forging new pathways to purpose and impact
• Equipping actuarial professionals with the evolving skill sets needed for the future and fostering deeper connections across the profession
• Strengthening global collaboration and raising awareness of actuaries’ wide-reaching contributions

10:00 a.m. – 10:50 a.m.

Session 2 – The Surrender Risk of Life Insurer

Presenter(s): Jason Tsai, Director of NCCU department of risk management and insurance National Chengchi University

10:50 – 11:15 a.m.

Morning Coffee Break

11:15 a.m. – 12:05 p.m.

Session 3 – Comparison of Regulatory Framework for Non-Discriminatory AI Usage in Insurance

Presenter(s): Xiao Xu, PhD, FSA, CERA, CFA, FIAA, CPA, FRM, Senior Lecturer & Nominated Accreditation Actuary, University of New South Wales; International Research Manager, Society of Actuaries

This session provides an up-to-date comparative analysis of AI regulatory approaches in four key jurisdictions: the United States, the European Union, Canada, and China, within the context of the evolving regulatory landscape. Although commonalities exist among the areas, likely driven by the cross-border nature of the technologies involved, the differences in general, regulatory approach and principles by jurisdiction, have resulted in critical dissimilarities. Common themes include a focus on transparency, traceability, governance, risk management, testing and documentation, and accountability. Differences appear to be primarily the result of the varied regulatory philosophies (e.g., the federalist model of state-led regulation in the U.S. vs. the centralized model in China), legislative approach (industry-specific vs. cross-industry regulation), and regulatory approach (e.g., a focus on protection of rights vs. a focus on fostering technological innovation).

As AI adoption accelerates, understanding regulatory frameworks is critical for professionals navigating compliance challenges and risk management in the insurance industry. Actuaries and risk professionals will gain insights into how differing regulatory models influence AI governance, operational risk and ethical considerations, helping them adapt to evolving industry standards.

12:05 – 1:30 p.m.

Lunch

1:30 – 2:20 p.m.

Session 4 - ERM focus on ESG topics (Present in Chinese)

Presenter(s): Monk Chiang, CRO, Head of Risk Management, Chubb Life Taiwan (Present in Chinese)

2:20 – 3:10 p.m.

Session 5 – Enhancing Voluntary Medical Insurance Sustainability: Insights for Taiwan from Asia

Presenter(s): Catherine Lu, FCAS, FASHK, Consulting Actuary, Milliman

This session will delve into case studies from various Asian markets, providing a comprehensive overview of successful strategies and practices that can be particularly relevant to Taiwan’s unique healthcare environment. The speaker will explore how product design innovations, advanced pricing techniques and government intervention are employed as important tools to navigate the evolving health insurance landscape and contribute to the development of innovative and sustainable VMI solutions.

In the rapidly evolving landscape of health insurance, ensuring the sustainability of voluntary medical insurance (VMI) is a critical challenge faced by many markets, including Taiwan.

3:10 – 3:35 p.m.

Afternoon Coffee Break

3:35-4:25 p.m.

Session 6 – Retirement Risk Attitudes and Readiness in Taiwan

Presenter(s): Xiao Xu, PhD, FSA, CERA, CFA, FIAA, CPA, FRM, Senior Lecturer & Nominated Accreditation Actuary, University of New South Wales; International Research Manager, Society of Actuaries

Asia’s aging population continues to reshape retirement security, financial preparedness, and risk management. Drawing on the latest findings from the SOA-RGA Asia Retirement Readiness Survey, this session presents key insights into how individuals perceive retirement, their concerns, and their approaches to risk and financial planning. By leveraging the 2018 Asia Spotlight Study, it provides a longitudinal perspective, examining key trends from the 2018 and 2024 survey results to highlight how retirement behaviors, financial literacy, and risk perceptions have evolved over time. The impact of COVID-19 is a critical element of this analysis, as the pandemic has influenced economic stability, employment security, and long-term financial planning. While some aspects of retirement preparedness have improved post-pandemic, concerns persist regarding income sufficiency, tax burdens, and access to annuities and insurance products. This session will explore how retirement considerations increasingly incorporate financial protections and insurance products, providing insights into how insurers and financial institutions can design more appealing solutions for the evolving retirement market.

This session is particularly relevant to the AICT-SOA audiences. At the conclusion of the session, attendees will be able to:

·       Identify the primary concerns individuals in Taiwan and Japan have regarding financial security, income sufficiency, and access to pension and insurance products.

·       Analyze the impact of COVID-19 on retirement planning, financial stability, and evolving risk perceptions in Asia.

·       Develop strategies for insurers and financial institutions to design innovative retirement solutions that address emerging market needs and evolving consumer expectations.

4:25 – 4:30 p.m.

Closing Remarks