Description: The future holds many changes. We've already dealt with major changes over the last few decades. This article goes through tips to embrace change effectively.

Description: This presentation is a general session from the 1991 Meeting of the Society of Actuaries, held May 16-17 in New York. The speaker comments that actuaries are well suited for strategic thinking by what they do, noting that “clearly strategy is very heavily involved in trying to understand the external environment and trying to forecast the future in some fashion.” The speaker also sees that “three fundamental factors that will have to be built into everything that we do. These three factors are internationalization or globalization, an understanding of quality, and an understanding of human resource management.” From the Record of Society of Actuaries, Volume 17, No. 2.

Description: Summary of the Insurance Market Behavior and Health Insurance Seminar Held in Beijing. The purpose of the seminar was to introduce the special characteristics of health insurance markets and health insurance to actuaries and insurance executives in countries where health insurance products are in their formative stages.

Description: Risk management and capital budgeting are two critical components of the corporate decision process. They often need to be considered jointly at the corporate level because of their natural interaction through the dependent risk exposures and other synergetic relationships within an intricate corporate structure in a dynamic business environment. . This paper develops an integrated framework that aligns these two important corporate strategies across business divisions to optimize the streamlined enterprise strategic goal in a multi-period setting. The proposed integrated framework can serve as a practical guideline for corporate executives to optimally coordinate capital budgeting and risk management at the enterprise level.

Description: Summarizes articles in this edition of the newsletter, which focus on insurance industry transformation and how actuaries can provide assistance in the process.

Description: The NAIC Innovation work group has set out 10 ideas for improving the LTC insurance market. This article discusses and critiques those ideas.

Description: Employers who offer financial wellness programs that help younger employees plan for major life events could see improved employee retirement preparedness.

Description: The paper discusses the arguments supporting the need for risk culture to transition into ERM culture to be embedded across financial organizations. Creating and maintaining strong ERM culture is paramount to a lasting and meaningful ERM program. It is essential for organizations to understand what ERM culture is, how it gets established and in what way affects the process of ERM implementation. Often, the implications of financial enterprises not focusing on the significance of ERM culture manifested in severely compromised ability to generate sustainable value and market competitive advantage. This paper calls for rethinking the role of ERM culture in the context of managing risks.

Description: Explores the open vs. closed systems debate with regards to actuarial modeling and exposes the over-simplification. Valuable for anyone who uses models.

Description: Presentation at October 1985 Annual Meeting. This session will discuss trends in medical technology as they affect health care benefits programs, including: life extension, organ transplants, high-cost procedures, and plan design.