Description: The internal rate of return (IRR) for a policy is a single interest rate that discounts all policy cash flows back to the issue date of the policy, such that the sum of discounted cash flows equals zero. “Cash flows” include statutory income, taxes, required capital, and imputed interest on required capital. An insurer will often require thatproducts be priced to achieve a certain minimum IRR threshold.

Description: Complete issue of Product Matters!, Issue 83, June 2012

Description: This article covers the importance of a system peer review within the systems change control process and offers suggestions for creating more robust controls.

Description: An interview with Joe Gilmour to share his views on the future innovations in underwriting that will help grow the individual life insurance business.

Description: An introduction to the Product Development Section's new subgroup supporting interested in the practice of in force management.

Description: Hear from the chairperson on themes in the June 2018 issue of Product Matters published by the Product Development Section.

Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings, including implementation trends, analysis to date and recent discussions and decisions on the treatment of non-guaranteed reinsurance.

Description: This article discusses the concept of Conservation of Mortality ("Conservation"). Conservation is the modeling principle that ensures consistency between assumptions of the total mortality of a population and mortality among population subsets. This article discusses the use cases for Conservation and the many ways that one could implement it in a model or an experience study. This article also discusses the potential issues that arise when using Conservation, and how one might solve or alleviate these issues.

Description: This article discusses challenges in innovation, governance, and balancing the tension that naturally arises between them. Company culture is often a driver of success or failure in innovation. This article outlines a new dynamic to address this challenge.

Description: Read the March 2017 issue of Product Matters published by the Product Development Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.