Description: This article provides an overview of activities that should be considered by an actuary when validating a predictive model. It describes several components to consider when validating a predictive model and provides an examination of various methodologies that can be implemented in the validation process.

Description: A recounting of all the accomplishments the Joint Risk Management Section had in 2021 crediting those responsible for their successful completion.

Description: This article focuses on the market risk benefit (MRB) measurement model and will examine a generic guaranteed minimum death benefit (GMDB) in the context of LDTI and its impact from both the ceding entity and the reinsurer standpoints.

Description: This article offers ways to make use of Excel more efficient, by applying software development and design principles

Description: Persuasion is as much about heart as facts and figures. Find out what you can do to develop your powers of persuasion.

Description: One major concern about the rapid move to online teaching is the increased potential for academic integrity violations. Instructors and institutions have proposed many solutions, but some can be expensive, unfair, easy for students to circumvent, and overly focused on punishing the symptom. This article focuses instead on addressing the causes of cheating, while encouraging student learning and growth.

Description: The LTC insurance sector faces a crisis of credibility due to recent company failures. Market evidence indicates reduced confidence in the reserve sufficiency of companies with large legacy LTC exposures. Disclosures show the persistence of problematic actuarial and investment return assumptions. Institutional backstops exist but vary by jurisdiction and have elements which can exacerbate rather than ameliorate problems. Fortunately, LTC liabilities accrue over long time periods. An industry supported incentive structure can be conceived that would establish stronger standards and encourage greater reserving in exchange for a more reliable and rational backstop.

Description: A special issue of the Annals of Actuarial Science, focusing on insurance data science, was published on July 1. As explained by the editors—Katrien Antonio (KU Leuven), Christophe Dutang (Université Paris Dauphine), and Andreas Tsanakas (City, University of London)—the theme of this issue grew out of the rapid and transformative developments in the field, with the increased use of computational statistics, machine learning and artificial intelligence models in insurance applications. While the special issue has been associated with the Second Insurance Data Science Conference, held in June 2019 at ETH Zurich, the published papers come from a wider and very distinguished pool of authors.

Description: InsurTech has been expanding rapidly in the life space over the past few years. However, far from being just a recent buzzword, it has a long history rooted in FinTech.

Description: Best practices for a successful model conversion or transformation. It details the key stakeholders involved and the processes and tasks across various stages of the model conversion.