Description: Future mortality improvement has been a common assumption in life insurance and annuity pricing and forecasting for many years. However, experience over the last decade suggests this might be an assumption that merits reconsideration in the United States. This article will take a closer look at factors that impact mortality improvement trends and discuss why insurers may want to reevaluate product designs to better manage the associated mortality risk. We then introduce a product idea with this in mind, where premiums are based on a life expectancy index and insurers share the risk (and opportunity) or mortality improvement with policyholders.

Description: This article discusses challenges in innovation, governance, and balancing the tension that naturally arises between them. Company culture is often a driver of success or failure in innovation. This article outlines a new dynamic to address this challenge.

Description: Constant Proportion Portfolio Insurance (CPPI) performance is assessed on realistic assumptions and dynamic strategies to mitigate the so-called ”gap risk”.

Description: Read the October 2018 issue of Product Matters published by the Product Development Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Read the June 2018 issue of Product Matters published by the Product Development Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: How Vitality's Shared Value insurance model aligns the incentives of policyholders with insurer to improve health and create and share actuarial surplus.

Description: Read the February 2018 issue of Product Matters published by the Product Development Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Read the June 2017 issue of Product Matters published by the Product Development Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Read the July 2016 issue of Product Matters!

Description: Six years after the global financial crisis, the reshaped contours of the market for the life insurance industry are coming into focus.

Description: February 2016 issue of Product Matters!

Description: Compares how other industries (in this case, Fast Food) researches and tests new products. Provides examples of how the insurance industry can efficiently research and test new product concepts before going to market.

Description: Universal Life/Indexed Universal Life trends based on the 6th annual Milliman survey of leading UL carriers. Reveals the current dynamics of the UL/IUL market and provides carriers with competitive benchmarking to see how they stand relative to their peers.

Description: This article discusses sessions from the product development section post symposium seminar on product development - beginning to end. Sessions included product specific topics like term, universal life with secondary guarantees, and indexed products. Panel discussions included inforce management and advanced modeling issues.