Description: In the insurance industry, machine learning models are increasingly used to make decisions that affect people's lives. In order to ensure that models are fair, they should be audited for bias. There are no hard and fast rules for bias audit; metrics that can be used to evaluate fairness vary depending on the context in which the model is deployed. In this session, we present a flexible framework that highlights key considerations in bias evaluation that can be adjusted to suit your process. In this session, we will learn about different metrics to assess fairness, discuss open source tools that can be used for bias audit, and walk through a case study.

Description: it discusses the framework and modeling of the market consistent valuation of fixed indexed annuity, against the backdrop of the convergence of accounting standards and internal risk management.

Description: The speaker will share his insights into the hedging challenges faced by FIA and VA business in the current market environment.

Description: Multiple perspectives will be provided on the factors that are driving global interest rates in today's economic environment. Presenters will discuss the historical evolution of interest rates in developed markets, the shifting landscape in the current environment and what savers (particularly insurers and annuity providers) can do with this information. There will also be some discussion on the general macroeconomic environment and credit condition

Description: The speakers will discuss the replication of long-term options, including a discussion of issues such as liquidity, transaction costs, slippage, impact of policyholder behavior, and machine learning algorithms to improve hedge effectiveness.

Description: An exploration of drivers, cohorts and dynamics for policyholder behavior for VA and FIA based on industry experience data, including changes in recent years and the emergence of long-term data in key areas. We will also discuss critical elements to developing a sustainable and coherent framework to translate this complex experience data into assumption models.

Description: An overview of the evolution of equity-based guarantees (e.g. VA, FIA, etc.) over the last few years and discussion the current lay of the land as it relates to the regulatory, issues, capital markets environment in which these products are offered.

Description: There is no “industry standard” approach to managing the vega (volatility) risk inherent in Variable Annuity Guarantees, Fixed Indexed Annuities and other equity-linked obligations. In this session, we will introduce and analyze a range of reinsurance solutions, including full vega risk retention, full vega risk transfer and more sophisticated or custom structures that split the vega risk between the insurer and the reinsurer in various ways. We will also explore other approaches in bespoke risk coverage and show the impact of different assumptions on a generic “VA Guarantee Cost Estimate” that has been developed by Munich Re.

Description: The SOA recently launched the Mortality and Longevity Strategic Research Program with the release of a new study on the economic impact of opioid abuse. In this session, results of this study will be presented along with insights and plans for the future of the Program.

Description: Retirees will face the societal issue of inadequate savings with likely insufficient time to rectify the situation. They need immediate growth, but also the disciplines of risk management. They typically do not know how to engage with these two aspects in a harmonious manner on their own. Insurance companies are in the business of providing the solution but regulators have been clamping down in favor of simpler and more transparent products. In addition, the market reality over the last decade has been that insurers have stock betas at a multiple to the general markets with PE ratios well below. A panel of senior professionals from writers of retirement product business will present their vision of how the insurance industry can address the above dilemma, including the risks underlying the writing of the business, impact of financial markets, and regulations in the development of the business.