Description: Contemporary ERM has moved from an event-based view of risk to a hierarchical, systems-based approach. In order to operationalize such an approach, a methodology is proposed in this paper that draws on phylogenetic approaches that have been successfully developed for biological evolution. The technique and process provide an insight into the lineage, pace and impact of external conditions on the evolution of risks. They also provide a unique and rational classification of risk in an enterprise that can be used to optimize risk management resources. An example of a fictitious insurance company is used to illustrate the approach. Presented at 2010 Enterprise Risk Management Symposium, Society of Actuaries, April 12-15, 2010.

Description: The author constructed the efficient frontier of new business sales by modeling the embedded value and economic capital against a universe of possible growth rates of the three lines of business in a typical three-year planning horizon. The ERM function can use the efficient frontier of new business to provide a more rigorous analysis of the impact of growth rates on the firm’s overall capital efficiency and value creation, hence forming a feedback loop with the businesses in the planning process to optimize the growth strategy.

Description: We analyze how volatility management techniques in VAs affected policyholders and insurance companies

Description: The article is a case study of various actuarial concepts invovled in the design and implementtion of the AQC - a global budget provider payment arrangement implemented by Blue Cross Blue Shield of MA.

Description: The Life Insurance industry is undergoing significant change and the Product Development Section provides our members with tools to help navigate this change.

Description: Exploration of sources of volatility in retiree health valuations, noting how volatility arises and might be mitigated, with discussion of valuation parameters more problematic for retiree health benefits than for pensions. Three significant influences on retiree health valuation volatility are covered-- changes in benefit level, fluctuations in cost level, and alterations in eligibility for, or duration of, benefit – and attention focused on the last two. Specific conclusions result in recommendations, which are supported by practical examples contrasting volatile measurement results with those likely from the recommended practices. Theoretical discussion includes health claim variation, health trend usage, financial economics, option pricing, discount rates, and deterministic vs. stochastic modeling.

Description: Three papers use sophisticated actuarial methods to develop a straightforward retirement income strategy that can be implemented in virtually any IRA or 401(k).

Description: This 2000 word essay won the Joint Management Risk Section 2016 Essay Prize, summarizing the present challenges, potential solutions and Actuarial opportunities.

Description: Article is about a new course developed in actuarial science taught at Columbia University. Course covers traditional health actuarial projects but is expanded to cover issues for a health insurance company executive (e.g., CEO, CFO, etc.). The course also includes studying of other international healthcare systems plus healthcare reform (PPACA). Students were involved in research projects, including healthcare reform and international health systems. Students also had to teach a course as part of their final exam.