Session 82 - Model Architecture Case Studies: Are Your Models Ready for the Future?Session 82 - Model Architecture Case Studies: Are Your Models Ready for the Future? ... closely follow federal law. The Sherman Act, is the primary U.S. antitrust law pertaining to association activities ...
Description: External pressure on insurers is higher than ever, as new requirements take effect under PBR, GAAP targeted improvements, and IFRS 17. Financial reporting requirements are only becoming more complex and run time-intensive. Insurers are under pressure to meet these new requirements while maintaining effective governance and controls, which places strain on model infrastructure. More than ever before, insurers will benefit from a strong model architecture that supports efficient model updates, increases automation, integrates strong controls and shifts actuarial time from model runs to analytics and insight. Most of this session on model architecture will be devoted to an interactive case study discussion, with an introduction to cover the definition and principles of model architecture and a recap to summarize lessons learned from group discussion. There will be a case study for each area of model architecture: Inputs Calculation engine design Outputs and analytics Quarterly reporting process Model development cycle Each case study will include common pitfalls and best practices for the group to discuss. Attendees will also be encouraged to share observations of architecture within their organizations to give the group a sense for the current range of practice in the industry.Hide
- Authors: Corey A Carriker, Melanie Dunn, Gregory Mackenzie, Charles Frank Deak
- Date: Aug 2019
- Competency: Strategic Insight and Integration
- Topics: Modeling & Statistical Methods>Modeling efficiency