Description: In this session a panel of industry experts from the life insurance industry will examine the modeling challenges created by increased investment in more esoteric assets.

Description: "As digitization and automation rapidly progress in today’s life and health industry, issues with misrepresentation during the insurance application process are also becoming a growing concern for insurers around the globe. A recent survey finds that misrepresentation in application forms costs the average insurance customer an estimated 5% to 10% in higher premiums. In order to reduce this risk, insurers must find and correct areas of misrepresentation, consult post-issue sampling, review the automated underwriting processes, and monitor the quality of financial advisory firms. Learn how predictive disclosure modeling detects and reduces misrepresentation by harnessing readily available underwriting data to analyze issues, helping insurers understand various drivers for disclosure rates and areas of misrepresentation.Advantages of this modeling to various stakeholders in the life insurance journey include improved risk selection, claims experience, and reinsurance terms for insurers. For customers, it leads to increased certainty of coverage, payout of the claim, and ultimately lower premiums on average. By the end of the session, attendees will understand: The disclosure modeling process at a high level The technical details of a standard approach to disclosure modeling: data cleaning, standardization, visualization, and predictive modeling Success stories about how predictive disclosure modeling has impacted insurers"

Description: The rapid and persistent rise in rates has increased many insurer's concerns around liquidity, disintermediation, and overall ALM risk management. Learn an overview of ALM, including the goals and reasons for performing it, common approaches, and real-world examples of common pit falls and mistakes that have been made in the industry. Explore the differences in approaches, and the pros and cons of these various approaches.Learn about the importance of understanding the ALM approach, with clearly defined strategic objectives. Additionally,discover an understanding of the value to both managing risk and optimizing enterprise value. Come away with a deep appreciation for the value that a well-constructed ALM program can bring to valuation/capital planning/asset adequacy testing/pricing (life and annuity).

Description: Guarenteed Minimum Benefits of type x (GMxB) riders under ASU 2018-12, the Long Duration Targeted Improvements (LDTI) guidance, are now classified as Market Risk Benefits (MRBs). There are several acceptable approaches for calculating the MRB balance on a block of GMxBs. Depending on the product provisions, certain approaches may be more desirable than others. IThis session will give you the opportunity to examine different strategies for calculating the MRB liability for GMxB riders under LDTI.By the end of the session, you will understand the pros and cons of the several approaches permitted for calculating the MRB balance on a block of GMxBs.

Description: Learn about prevalence-induced concept change and other cognitive biases. And find out how such biases can be linked to common actuarial practices (e.g., the application of the bias to stringency of enterprise risk management frameworks, in the case of prevalence-induced concept change). You should leave the session with the ability to understand how these biases could affect your work.

Description: Operationalizing Generative AI for Actuaries

Description: The Society of Actuaries Research Institute’s Aging and Retirement Strategic Research Program is pleased to release three essays addressing the actuarial impact of mental health issues in retirement.

Description: Prescription drug affordability remains a critical concern for consumers, payers and policymakers alike. This paper discusses an alternative to policy solutions: reimagining commercial pharmacy financing using a value-based reimbursement model to increase transparency, encourage pharmaceutical competition, align stakeholder incentives and mitigate total cost of care (TCOC) increases.

Description: Go over how the actuarial processes have changed over the past 10+ years with the move to PBR, US GAAP LDTI, IFRS 17 and other emerging requirements.

Description: The pension risk transfer market has increasingly expanded to include the complexity of deferred participants whom have additional optionality available to them that does not exist for a retiree already receiving their benefit. Assumptions on the timing of benefit commencement and form of payment elected are highly dependent on specific pension plan provisions and the census population. These assumptions can have significant impact on the reserves and cash flows affecting not only the initial price but the future profitability of the deal and require a balance of both pension experience and annuity pricing. Discover more about pension actuaries working in the PRT market and who specialize in the assumption setting process for deferred lives provide considerations for assumptions fit for purpose.