Individual Disability Claim Incidence & Termination Trends, 1990 – 2007, Relative to the 2013 IDI Valuation Table
This webcast will explore how Individual Disability Income (IDI) claim incidence and termination rates relative to the 2013 IDI Valuation Table changed from 1990 – 2007; this webcast will also discuss the current and future implications of key trends. The sources are two Society of Actuaries (SOA) research reports written by Robert Beal, published in 2017 and 2018. The 2013 IDI Valuation Table represents the combined experience over this study period, but the underlying claim incidence and termination rates changed significantly. Although this study period ended over ten years ago, there are many relevant trends that continue today. The webcast will provide a timely segue to the new study of IDI claims experience from 2006 – 2015, which is expected to be released in early 2019.
Robert W. Beal, FSA, MAAA
Robert Beal, FSA, MAAA was a Milliman actuarial consultant from 1995 – 2017, specializing in disability income insurance. Prior to opening the Portland, ME office of Milliman in 1995, Beal worked for 16 years at Unum (and Union Mutual prior to demutualization). He authored multiple papers and articles about disability insurance and has been a frequent speaker at industry conferences. Beal co-chaired the Individual Disability Experience Committee (IDEC) of the Society of Actuaries (SOA) from 2000 – 2017 and the Individual Disability Tables Working Group (IDTWG), that developed the new IDI valuation table. He retired in 2017 after an over 40-year actuarial career. He continues to be involved in disability insurance via the two SOA research reports, which are background for this webcast and publication of Milliman’s annual IDI Market Survey. Beal agreed to take over the annual noncan DI profitability study that was conducted by Mark Seliber since the early 1990’s, and released in The Disability Newsletter, a Milliman publication.
Carl Desrochers, FSA, FCIA, MAAA
Vice President and Actuary, Head of Individual Markets Valuation
Guardian Life Insurance Co
Carl Desrochers, FSA, FCIA, MAAA, as head of individual markets valuation, oversees all reserves for individual products for Guardian Life Insurance Company of America. He is also leading the PBR implementation and has been designated Guardian’s qualified actuary for PBR. Desrochers is also the appointed actuary for Berkshire Life Insurance Company of America, Guardian’s subsidiary that handles Individual Disability Income and Long-Term Care products. He served as a member of the Individual Disability Experience Committee (IDEC) of the Society of Actuaries (SOA) from 2007 – 2013, and chaired the sub-committee that produced the report from IDEC in March 2013. Desrochers was a member of the Individual Disability Table Work Group of the American Academy of Actuaries (AAA), where he chaired the Margins sub-committee. He is now the chair of the IDEC, which resumed its activities in the spring of 2015. Desrochers has spoken at numerous SOA meetings, principally on IDI topics. He holds a Bachelor of Science in actuarial science from Université Laval in Quebec City.
Joe Wurzburger, FSA, MAAA
Staff Fellow, Health
Society of Actuaries
Joe Wurzburger, FSA, MAAA, has been the health staff fellow with the Society of Actuaries (SOA) since 2014. Wurzburger’s responsibilities include section development and support (specifically for the Health and LTC sections), actuarial practice advancement and thought leadership, exploration of growth opportunities for actuaries outside of traditional roles, internal SOA consulting, networking and leadership development and actuarial knowledge development.Prior to joining the SOA, he managed the health valuation department in Chicago’s office of Bankers Life, primarily focusing on long-term care insurance and Medicare Supplement. With experience in pricing, valuation and projections, he has filled a variety of actuarial roles in consulting and insurance.Wurzburger is a member of the American Academy of Actuaries (AAA), and a member of the National Academy of Social Insurance.
1.50 SOA CPD