This training session will include lessons learned in 2021 and revisit a presentation given last year, discussing the new Actuarial Standard of Practice (ASOP56), which fills in the gap for guidance on Actuarial Modeling. Prior to ASOP 56, actuarial judgement reigned where standards and guidance lacked. Learn the foundation for designing, developing, modifying and validating a model according to SOA guidelines.
By attending this session, you will:
• Learn how to identify model’s intended purpose.
• Strategically extract input data and assumptions.
• Use the level of detail required in output data as a consideration for model design.
• Choose from SOA recommended validation techniques.