Description: Accounting Standards Update No. 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) has been effective for most large, public business entities since 2023 and will be effective for other insurers in 2025. While the guidance clarifies the need for incorporating claim liabilities and premium accrual balances in the liability for future policy benefits (LFPB) under LDTI, companies may still have questions given there are limited details available around the techniques used in practice. In this article, we demonstrate the need for incorporating claim liabilities and premium accrual balances in the LFPB under LDTI. We also look at two potential approaches of incorporating these accrual balances.

Description: We discuss an event that was hosted on the Georgia State University campus with the support of the Society of Actuaries. The purpose of the event was to introduce nearly 300 high school students, teachers and career counselors to the actuarial profession through presentations, an industry panel, and fun activities.

Description: Stefanos Orfanos shares his perspective and priorities for this year as the incoming chair of the SOA Education and Research Section.

Description: This month, Expanding Horizons had the opportunity to interview Tim Boonen, the winner of the Society of Actuaries’ (SOA’s) second Actuarial Science Early Career Award.

Description: As the insurance industry continues to evolve due to a pandemic and rapidly changing economic and regulatory conditions, the role of data scientists and actuaries has become increasingly important. In an interview with the Atidot data science and actuarial team, we discuss what it is like to work at an InsurTech, how data scientists and actuaries can collaborate, and look at some concrete technical examples of where the innovation is having an impact. This article explores what collaboration can look like and how the role of data science and actuary may evolve in the InsurTech industry in the future.

Description: Joint Risk Management Section chairperson's corner, June 2023

Description: Actuaries are Known as highly ethical. Data Science poses ethical challenges for our profession.

Description: A long-running Japanese TV show asks the question -- "What is a Professional?". In reviewing a handful of recent profiles - Okonomiyaki chef, a bus driver, Granny Mochi, and a fish broker - we find out various aspects of what makes a professional. These can apply to actuarial work as well as any field of endeavor

Description: In this article, we aim to outline the advantages of smaller programs and gather opinions on the challenges these programs face in their efforts to emphasize these strengths. For our purposes, we define small actuarial programs as those with a relatively low student enrollment count. The following are three key advantages of small programs, which are similar to those of small colleges:(a) Enhanced benefits from small class size; (b) Adaptable curriculum; (c) Increased opportunities for each student. A variety of similar other issues are also discussed with recommendations, challenges, and invitations for further dialogue.

Description: This article is about the little things that impact your personal brand, and how that personal brand helps you influence others.