2024 ValAct Meeting - Session 1A: Modelling Long-Term Care: Past, Present and Future 8.26.24 Recording

As long-term care enters into its fifth decade, the product continues to evolve. Current trends, as well as innovative product designs, pose many challenges as carriers seeks to model long-term care. This session will discuss common challenges experienced within the industry, solutions observed in the industry, and the future of long-term care modelling. The panel will discuss several product challenges including modeling hybrid/combo long-term care products, modeling benefit options that are difficult to model using deterministic methods, modeling current situs of care versus original situs of care, monitoring assumptions, streamlining experience studies within the Long-duration Targeted Improvements (LDTI) framework, and model decision making with limited credible data. The panel will then move into solutions observed to address some of the aforementioned challenges and the future of long-term care modelling. The learning outcomes of this session include: - Understanding common challenges in modeling traditional long-term care - Understanding challenges in modeling hybrid/combo long-term care - Understanding challenges of modelling long-term care within the new accounting standards - Solutions to address long-term care modelling challenges, including monte carlo simulation - Future trends of long-term care modelling