Description: This article contains a summary of some of the presentations given at the May 2013 SOA Life & Annuity Symposium. This article does not cover all sessions that are related to product development, but shares observations that have been made by various members of the SOA Product Development Section Council.

Description: Article Description * “Agile” development is all the buzz in the IT world. You may have heard your IT teams talk about scrums, sprints, and the war room and wondered if they were playing a strange new sport. Or perhaps you are already applying agile techniques in your product development. This article will discuss what agile methodology is, pros and cons, and how you might apply it to insurance product development.

Description: A new wave of life insurance buyers is finally here - but are we ready? In this article, Richard De Sousa shares proprietary research about the Millenial generation, its beliefs related to life insurance, and its preferences when it comes to learning about, purchasing, and engaging with life insurance products, advisors and companies. Also explored is the foundational role that technology and wellness play in driving the kind of experience that will attract millenial buyers. After reading this article, you will better understand the characteristics of this new generation as well as the innovative companies that are targeting them, and learn about different and novel ways to better engage with customers and enhance the value of your own products and services.

Description: The need for the rapid evolution, or maybe a revolution, of the Insurance business platform is a necessity in the new economy. The key drivers are technology combined with rapid improvements in customer experience, or more accurately the expectations of the customer’s experience. For Insurers that have begun the transformation to a digital business they will recognize the opportunity to take advantage of their head-start with a platform business, while others will see the evolution as an opportunity to “leap frog” into the digital business leadership.

Description: The article summarizes some of the key changes in modeling, assumptions, underwriting, and design for long term care combo products over the past 30+ years. The objective is to inspire an innovative spirit that adapts to changing market needs, for example, dealing with long COVID

Description: This article summarizes the findings of the 2020/2021 Milliman UL/IUL/VUL survey. The survey covers a range of specific product and actuarial issues and the results provide a good tool for benchmarking

Description: Recently the interest rates have been slowly trending up from the lowest point in August 2020. The focus of this article is on current market trends for long-duration products —including life insurance, annuities, and long-term care insurance —following an extended period of low interest rates, and lessons carriers can learn from similar historical periods of rising interest rates. Innovative and flexible product features will continue to be essential, as the current interest trend may not substantially increase insurers’ portfolio rates. When designing or modifying product features, insurers should consider profitability in a wide breadth of interest rate scenarios and be particularly mindful of the impact that crediting rates and asset durations will have on earnings.

Description: This article describes how Long-Term Care products and riders may be filed with the Compact, and provides an update on current regulatory trends.

Description: Near the end of a pension plan's lifespan, after benefit accruals have ceased and the plan has reached fully funded status, a plan sponsor has the option to begin the plan termination process immediately or to maintain the plan for an extended period of time (often referred to as 'hibernation' as an alternative to termination). While immediate termination appeals to some plan sponsors, others choose hibernation for a number of reasons, including paternalism, fiduciary obligations, perceived cost differentials or simple inertia.

Description: Accelerated underwriting is changing the world of consumer engagement. The newness and overhaul of these programs creates challenges for development, coordination and management. This seminar will take attendees through how the market is developing, the major pricing, underwriting, and marketing considerations, and what regulators are considering with regard to these programs. At the conclusion of this seminar, attendees will: • Discuss trends in accelerated underwriting • Understand the issues that arise when developing an accelerated underwriting program • Understand best practices in developing an accelerated underwriting program • Explain the impact of accelerated underwriting on underwriting, pricing, marketing and compliance