Description: The 1996 Valuation Actuary Symposium Proceedings, Session 15 looks at issues small companies face.

Description: LDTI’s introduction has forced many insurers to examine their existing operations and technologies. They must determine how to optimize compliance efforts while balancing data, analytics and system modernization considerations to achieve maximum value. This article will examine the four key facets—the data, technology, processes, and people—essential to any successful LDTI exercise. It will also touch on the various approaches for tackling LDTI and how a modernization mindset can help insurers realize much greater transformation for the business.

Description: FASB has provided broad guidance for application of long-duration targeted improvements (LDTI) in Actuarial Standards Update 2018-12 for U.S GAAP financial reporting. However, the broad guidance provided leads to several interpretations and technology, data and system implementation challenges. During this session, the presenters will focus on sharing the technology, system and data challenges and insights gathered from their FASB LDTI implementation journey, including lessons learned from collaboration with other discipline areas and stakeholders such as finance, investment and IT. The presenters will also discuss methods to overcome challenges and go beyond compliance.

Description: On August 15, 2018, the FASB issued Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI"). With its effective date, January 1, 2021, approaching fast, companies have begun the implementation process to prepare for this significant change. The three webcasts below will outline operational implications resulting from data and technology challenges.

Description: This discussion focuses on two question: First, How are the annual statement items such as reserves, dividends, insurance in force, etc developed and organized. Second, what new or unusual methods of calculating reserves, net premiums, and expected mortality have been developed through the use of computers?

Description: Implementing the new data and system requirements related to LDTI bring a renewed focus on the partnership between actuarial and IT teams. This session will discuss common challenges encountered in the past couple of years of LDTI implementation and propose ways on how to ensure a strong partnership between actuarial and IT teams to implement the necessary changes for LDTI.

Description: 2021 Life Meeting - Session 3F: LDTI - Disclosure Production Deep Dive 8.30.21 Recording

Description: An increasingly common question in our industry is - what should actuaries be doing and what should IT be doing? This gets at the difference between the self-service model, where actuaries have minimal reliance on ITand the shared-service model, where IT is a partner that helps with goals such as developing capabilities and running production models. The presenters will cover the unique value proposition of actuarial and IT functions and use that context to explore the pros and cons of the two models. They will ask what is going to drive the operating model in the future, considering the implications of trends in governance, technology toolkit and company culture. The presentation will be followed by interactive discussions on three case studies related to how IT and actuarial teams can work together most effectively, allowing the group to learn what works and what doesn't work from other companies approaching these challenges.

Description: 2021 ImpACT Conference -Session 9C: ABCs of Data Governance 10.28.21 Recording

Description: Implementation of GAAP Targeted Improvements will impact data, reporting, resourcing and governance. This provides an ideal opportunity to rethink some of the data and reporting processes currently in place and how they can be improved to create effective and scalable solutions for the future. With the transition date already behind us for public companies and preparation in motion, we will share insights into how organizations have started to tackle implementing the GAAP Targeted Improvements. The presenters will share insights on data and process challenges and possible solutions, as well as a 'smart compliance' approach to comply with the most valuable aspects of compliance. Resourcing strategies for successful implementation will also be discussed.