Description: The session will highlight trends in recent industry mortality and lapse studies that have been conducted, including areas where individual companies typically have limited data. The sources of data feature SOA studies as well as other industry studies conducted by consultants and/or reinsurers. Gain an understanding of current drivers of mortality and lapse experience for life insurance evidenced in industry studies, and an understanding of available data to supplement experience in areas where you may have limited internal experience.

Description: This session will present results of the most recent SOA/LIMRA studies of variable and fixed-indexed annuity policyholder behavior including withdrawal behavior, guaranteed living benefit elections and surrender activity. Conducted annually since 2006, a discussion on the results of these studies show how they have changed over time, as well as areas where the analysis will need to change or expand. After that, the presenters will focus on dynamic lapse for hot money businesses, which is an important topic for fixed deferred annuity. Key takeaways from this area will include an understanding how to differentiate between hot money and warm money, the different formulas used in the industry, and how to adjust an asset portfolio to protect against the risks associated with hot money businesses.

Description: Term products exhibit a wide range of behavior as policyholders can elect different term periods and conversion options. While term products have been around for decades, it's only recently that longer level term products are reaching the end of the level term period. Term conversions have historically been an afterthought and are rarely modeled. Discuss the use of predictive modeling techniques such as LASSO regression and cross-validation to build models for level term lapses and post-level term shock lapses, as well as the extrapolation of experience for shorter term products to longer term products (e.g., extrapolating 20-year term experience and applying to 30-year term). Explore the use of traditional techniques to develop term conversion rates and a framework for modeling the assumption. Challenges and limitations of setting lapse and conversion rates will be discussed. By attending the session, you will: - Understand the complexities of term policyholder behavior. - Understand the challenges in developing and implementing assumptions for lapses and conversions. - Understand the application of traditional and predictive modeling techniques for term policyholder behavior.

Description: Oliver Wyman will share results from their recent Fixed and Index Annuity experience studies. Discuss fixed annuity dynamic lapse experience and learn about cross impacts of mortality and lapse on GLWB utilization. By attending the session, you will: - Understandg industry experience trends. - Comprehendindustry dynamic lapse experience for fixed and index annuity products. - Learn about areas of cross impacts of mortality, lapses and GLWB utilization.

Description: Session 9B: Actuaries and Technology: Perspectives on Actuarial Workflow Automation The life insurance industry has experienced unprecedented growth in modernization efforts, with special attention paid to automating actuarial workflows. Companies are creating processes that are more scalable and maintainable, helping actuaries meet strict deadlines and deliver meaningful information to stakeholders. Discuss practical examples of automation, potential compositions of the modern actuarial toolkit, and different ways actuaries and technology teams interact during implementation and production states. Examine how automation can help actuarial teams shift from a quarterly to a monthly valuation process by overcoming challenges in traditional actuarial processes-long run times, the need for highly specialized legacy software skills, and inadequate control. Shifting to a monthly schedule can increase alignment on company objectives, deepen insurers' understanding of their business, and improve strategic decision-making. Leave with new ways of thinking about technology, from day-to-day best practices to full-scale actuarial transformation. By attending the session, you will: - Explain and understand the benefits of automating actuarial workflows with the purpose of operating on a monthly, rather than quarterly basis. - Describe the categories and purposes of several kinds of automation and supporting tools that might be used to accomplish this. - Understand different actuarial IT operating models and consider the application of such strategies at your organization. - Identify best practices for implementing automation based on the presented case studies.

Description: The most recent U.S. population data released by the Centers for Disease Control and Prevention (CDC) and from the U.S. Census at year-end 2021 includes the first ten months of the COVID-19 pandemic in the U.S. While we know the pandemic has had significant impacts on both the U.S. population and insured population mortality, we also see increased mortality due to many other non-COVID causes of death. Where are the biggest changes and what does this non-COVID excess mortality mean over the next few years? Take part as an expert panel hosts an interactive discussion to examine data from general population as well as from both individual life and group life experience studies to explore how these changes might spur innovation in underwriting, assumption setting and pricing.

Description: The COVID-19 pandemic has had an impact on all aspects of daily life and its impact extends to how disability incidence may play out in the future. Product profitability will be shaped by how morbidity patterns, interest rate levels and other key drivers will play out into the future. In this session, our panel will discuss COVID’s impact on IDI morbidity experience as observed over the past 18 months, offer comparisons and insights in light of other insurance lines of business, and share emerging information on the on-going effects of Long COVID. Highlights will also include how regional differences and implications for insurers as the industry moves further into the COVID vaccine era.

Description: Almost half of recent FDA approvals have been for orphan drugs. This trend is expected to continue in 2023. Orphan drugs are priced more than 30 times higher than non-orphan drugs, therefore their cost burden in aggregate has the potential to overwhelm the budgets of payers, especially that of smaller health plans. Hear how the cost impact analysis for smaller health plans require different considerations than for a larger health plan when modeling the impact of rare diseases.

Description: As the medicine practice continues to evolve, join us for this webcast to receive up-to-date information about the incorporation of scientific advancements and emerging evidence into the field. The creation of innovative treatments and the focus on improving patient outcome can cause information and price shocks, which will be one of the covered topics. Expect to utilize this webcast as an introduction to precision medicine, which is a genetics-based approach to healthcare. Speakers will share their experiences in demonstrating cost-effectiveness and promoting reimbursement with this new approach.

Description: Dive into the approach and adverse effects of the regulation of 3rd parties and advance consent by the proposed NAIC Consumer Privacy Protection Model Law #674. The regulation of 3rd parties through their contracts with insurers will be explained. Specifics will be provided on the negative effect on companies contracting with 3rd parties. The requirement for advance consent for use of personal data for actuarial and marketing studies will be explained, and two potential solutions will be presented.