Description: As an increasing number of insurance companies, both traditional and startup, attempt to attract new customers, we see waves of product innovation ideas with goals to break into the under and un-insured markets. Some of these ideasare intended to be served as alternatives to traditional insurance focusing on adding enhancements to existing products ranging from flexible benefit design to accelerated underwriting. Others look to engage and attract new customers through a streamlined sales process in order to cultivate customer relationships and increase brand recognition. Explore how innovative companies break through obstacles from both the actuarial and compliance standpoint to bring new solutions to the marketplace. By attending the session, you will: - Understand types of innovation taking place in the life insurance industry. - Provide ideas for product of the future. - Learn different aspects of innovation on life insurance such as distribution, cost and compliance.

Description: Zero-Knowledge Proofs (ZKPs) represent an innovative suite of cryptographic algorithms that empower the insurance community to validate the accuracy of sensitive information without revealing the actual information itself. Mutation with the use of non-traditional data entering the insurance processes of customer acquisition and in-force management is currently taking place. A shift toward using non-traditional data in insurance customer acquisition and in-force management processes is currently taking place. This evolution is captured in the Australian market through surveys and interviews. Come and join us to learn about these two new research studies that open up the possibilities for the insurance industry to be more efficient in delivering its value to the society.

Description: Discover the rapidly developing health and wellness industry during the Use of Health and Wellness Data in L&H Risk Assessment webcast. Our discussion includes the maximization of data usage through several different means, including current risk selection, creation of a dynamic ongoing assessment offering or substitution of traditional underwriting information to shorten the underwriting process. Come explore these different approaches as they affect the health and wellness industry. We will express the importance of a constantly changing data usage environment in order to better prepare insurers to maximize their data and drive health and wellness forward.

Description: Generative artificial intelligence (AI) tools like ChatGPT will redefine the nature of work across industries in coming years, What does this mean for the actuarial profession? Delivering generative AI tools to actuaries capable of leveraging them effectively will dramatically modernize how actuaries work and contribute to organizational growth. In this educational session, explore how generative AI can accelerate actuarial model development. Gain an introduction to generative AI and its implications for actuarial modeling. Learn how it specifically helps actuaries improve accuracy, reduce errors and save time in model development. Then explore use cases, including how generative AI can improve data cleaning, model building, as well as simulate scenarios and test model robustness. Close with a discussion on how to integrate generative AI into actuarial modeling workflows effectively, including common challenges actuaries may face during implementation and tips to overcome them. You will come away with a deeper understanding of how generative AI can accelerate actuarial model development.

Description: Focus on the importance of achieving complete and accurate technical reviews of work products that contribute to decision making. As actuaries, we often face tight deadlines and the demand is high for our team members to provide results in a timely manner. Through investing upfront time into a quality review of our work product, with an added focus on professional excellence and ethics, overall time savings can be gained and an overall higher quality work product can be achieved, not only of the technical work being performed, but of the decision making that is influenced by the result of the work. At the conclusion of this session, you will be able to understand the value of technical reviews and the methods of preparing for and implementing technical reviews across a team.

Description: Dr. Kimberly Harden helps organizations shift from a traditional diversity model to one that emphasizes diversity, interpersonal communication, and talent management. She will discuss topics on bias and how to be your authentic self in the workplace.

Description: Risk adjustment in government regulated health plans has been around for over two decades. Yet the strategies for promoting risk score accuracy haven't varied much during that time. Most health plans, physician groups, and vendors promote chart reviews and/or in-home assessments as the primary vehicle for collecting data not perceived to be present in the routine claims submission and adjudication stream. We know that most organizations trying to coalesce encounter data from multiple sources often fail to ensure that all relevant data is ultimately submitted to CMS or a state Medicaid agency. Crucial data, often with significant financial value, frequently gets lost in the data pipeline, somewhere between the provider's billing system and the health plan and/or its vendors. Because 837-formatted data is difficult to read, it complicates payers and vendor’s abilities to track encounter data so that every service delivered to patients is credited to the applicable risk adjustment formula. It is incumbent upon successful risk-adjusted entities to be able to track encounter data, identify processes and/or vendors which may be mangling or losing data, in order to ensure that risk scores are sufficiently accurate to be compliant with plan sponsor requirements and to ensure appropriate revenue to the health plan or provider group.

Description: Innovation in technology is being leveraged throughout the entire customer journey. The presenters will focus on solutions that affect both the client experience, the productivity of the agent and the efficiency of the life company. Some InsurTech companies that have developed solutions across the value chain - beginning with front-end solutions to improve the productivity and expertise of agents. These include cloud-based product illustration, advanced sales concept systems, financial calculators, e-applications and e-signature technology. Solutions that improve the efficiency of policy underwriting and issue include automated underwriting systems, expert requirement systems and underwriter workbenches. Finally, solutions that automate inforce policy management and compliance include anti-money laundering AI systems, in-force illustration systems to satisfy annual statement compliance and claims processing systems. There is a race to gain competitive advantage by getting to a digitally transformed future first.

Description: Last year, the COVID pandemic significantly increased the pace of change in the life insurance industry, particularly in Accelerated Underwriting (AU). In the past, underwriting process changes occurred relatively infrequently and over a matter of years. Now, with new data sources and predictive models constantly evolving, the frequency of underwriting enhancements and decisioning changes, particularly in AU programs, is occurring every few months. With so much change occurring quickly, how can a company effectively monitor and understand the effects of these changes to make continuous adjustments with confidence and agility? Well-designed data visualizations allow a reviewer to navigate and comprehend detailed results quickly because our brains can process data in a picture format more than 15 times faster than text. Today’s advanced BI tools can make AU program monitoring more efficient and help companies adjust quickly to the results from program changes.

Description: Learn how modernization of data, models, and technology are influencing workflows. This webcast will address how workflows are changing in response to new regulatory requirements and the impacts the changes have on modeling and end-to-end future state operating models. Industry leading actuaries will discuss: How team collaboration can increase quality and speed of reporting to internal and external stakeholders How to strengthen controls and compliance frameworks across finance and actuarial departments How to modernize actuarial input/output for strategic analysis and insights How to attract and retain top talent by improving opportunities for actuaries There will also be dedicated time to ask questions of those who have made the transition.