Description: An application of GLM trees to mortality modeling using the Individual Life Experience Committee 2009-2015 dataset. GLM trees are a hybrid of GLMs and decision trees which are analogous to the way actuaries have analyzed data. The major benefits include speeding up actuarial analytic workflows, improving data understanding, and improving data visualization.

Description: This year’s Life Meeting was unable to take place in person as planned in New York City. We are looking forward to the Life Meeting returning to New York City in 2024!

Description: S&P reissued a second Request for Comment (RFC) in May 2023 that proposed changes to their insurer capital adequacy methodology and assumptions, and suggested these proposed changes may become effective at the end of 2023. This paper is to highlight the notable changes between the current capital model criteria and the proposed model. We also discuss major changes from the first RFC and the second RFC, as well as several key items that still require enhanced guidance and clarification. Our analysis is based on information gathered from S&P's public comments, conversations with industry participants, and publications released by S&P Global as of July 2023 when this paper was written. Most U.S. life insurers are rated by S&P using their U.S. Life Statutory Capital model, while other insurers use the GAAP/IFRS Capital Model. Statutory financials will remain the starting point for U.S. life insurers under the proposed model, however there will be additional adjustments made to these numbers in an effort to create consistency and comparability with other accounting and solvency regimes.

Description: Data analytics is changing insurance industry and will fundamentally change how we run insurance business. Actuaries could and should be on top of it and lead the change. This practical session would provide a technical overview about GLM and describe how GLM can be applied as a business tool in life insurance. The session would also focus on case-studies across different functional areas like pricing, fraud detection, underwriting and product development.