Description: This document is a call for essays issued by the Society of Actuaries Research Institute. It seeks submissions that explore the impact of Artificial Intelligence/Large Language Models on retirement professionals and retirees. The document provides background information, research objectives, and a list of illustrative topics and questions that the essays can address. The submission guidelines, timeline, and evaluation criteria are also outlined.

Description: At the end of December 2020, Congress enacted the Consolidated Appropriates Act, 2021, which included revisions to Section 7702. Effective for policies issued after December 31, 2020, the fixed 4% and 6% minimum annual effective rates under these tests were changed to refer to a market-based rate called the “insurance interest rate”. For contracts issued in 2021, the insurance rate was set to 2% - defined as the lower of the Section 7702 applicable federal interest rate based on the 60-month period ending December 2019 (2%) and the Section 7702 valuation interest rate in effect for 2020 (3.5%). This reduction in the rates used for compliance testing required significant product, operational, and technology changes for companies to reach product compliance. After 2021, the insurance interest rate is redetermined annually with a minimum change floor.

Description: This document is a call for essays issued by the Society of Actuaries Research Institute. It seeks submissions that explore the impact of Artificial Intelligence/Large Language Models on retirement professionals and retirees. The document provides background information, research objectives, and a list of illustrative topics and questions that the essays can address. The submission guidelines, timeline, and evaluation criteria are also outlined.

Description: As AI becomes more pervasive, we must consider the potential repercussions and risks associated with its widespread use. The SOA seeks essays that delve into the multifaceted risks posed by (AI) over both the short and long term.

Description: The actuarial profession is changing rapidly and the skills needed to be successful are also changing. In this session, we will debate key topics and questions, such as: What is the predominant future career path for actuaries? Specialists or generalists? Does the actuarial profession have a meaningful value prop outside our core domains e.g. insurance? What skills are needed for the actuary of the future? What’s the best approach to improve actuarial storytelling to non-actuarial audiences? What’s the role of actuaries to managing and predicting emerging trends and assumptions? What is the role of actuaries in relation to development and ownership of advanced modeling? Is the future actuarial profession smaller/larger than it is today? In either case, how does it differ from today in terms of make-up, deployment, function, purpose, value add, etc.?

Description: Creating a predictive model is one thing, but then taking that model and getting full stakeholder buy-in is another. Learn from presenters' experiences and insights on proving model effectiveness in the long-term care (LTC), life and annuity spaces. Explore various topics such as feasibility, model transparency, fairness and equity, ROI measurement, data assets and compliance, infrastructure and more. By the end of the session, you will gain an understanding of how to navigate the challenges of proving the effectiveness of predictive modeling and obtaining management buy-in.

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: There has been a shift in finance and actuarial modernization in the insurance industry over the past 2 to 3 years. Discuss the latest trends in the marketplace and the key changes we see actuaries and actuarial employers needing to make in the future of work. Learn how actuarial work is evolving and about the changing manner in which work is performed. Brainstorm specific ways actuaries can thrive in the future, including performing more strategic work.

Description: FASB published LTDI requirements in 2018. The effective date for insurers who are SEC filers to publish US GAAP financials under LDTI is January 1, 2023. The effective date for non-public insurers is January 1, 2025. LDTI requires insurers to identify a new category of benefits called market risk benefits (MRBs) in insurance products. Broadly, variable annuity (VA) and fixed indexed annuity (FIA) guaranteed minimum death, accumulation, withdrawal, and income benefits fall under MRBs. Valuing MRBs requires calculating the liability on a fair value basis. Valuing FIA MRBs on a fair value basis can be complicated as several aspects of FIAs such as option budgets and policyholder behavior are driven by company management decisions and the competitive landscape.

Description: Volatile interest rates, repositioned investment portfolios, and stress in the banking sector are driving insurers to manage market risk and counterparty credit risk. Our experts in investments, derivatives, and hedge accounting will discuss this new market environment and its impact on hedging. The conversation will include practical case studies, including hedging future bond purchases, hedging floating-rate CLOs, and counterparty credit risk management.