ORSA (Own Risk and Solvency Assessment) is a prescribed analysis that provides insurers with an opportunity to consider the various risks that may impact the company's future performance and develop strategies to address those risks. The NAIC model regulation requires an ORSA when an insurance company reaches a certain size or certain other events occur. An ORSA may also be a valuable tool for insurance companies that are not required by regulation. This session would provide attendees with an overview of ORSA, when it is required, what is involved in performing the assessment, the types of risks that are often addressed, and some potential strategic actions that might be taken to address risks addressed by ORSA.
Presenters will provide:
A regulatory framework that describes what ORSA is, when it is required, and the role actuaries can/should play in the assessment.
An overview of stress testing of key health plan strategies and risks along with the application of Artificial Intelligence (AI) in the scenario development process.
Uses for ORSA and how it can be utilized to drive health plan risk mitigation strategies.