Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings, including implementation trends, analysis to date, model robustness and common simplifications.

Description: The article highlights key considerations as companies begin to reserve for their IUL products under PBR.

Description: Describes a process for identifying relevant industry experience to credibility-weight with relevant company experience to set modeling assumptions and margins.

Description: The last few years have seen a dramatic change in the way that insurance products are priced. If we traveled back in time 15 to 20 years, we would see a world where most insurance products were priced on the basis of a few static scenarios. In the last several years, pricing on a stochastic basis has become more mainstream—at least for contracts with embedded guarantees.

Description: This article discusses an update to a survey that focuses on how companies are trying to price for and understand the risks inherent in the products they sell.

Description: Analysis of Alzheimer’s Disease as a potential Critical Illness insurance benefit trigger.

Description: The author uses a reprint of an article from the very first edition of the “News from the Individual Life Insurance and Annuity Product Development Section” and assistance from the Taxation Section Council and Friends of that Council to decipher the changes between the life insurance tax environment back in the 1980s compared to today.

Description: Key findings from Milliman's 2019/2020 UL/IUL survey. Provides benchmarking for UL/IUL competitors relative to trends in the industry.

Description: This article describes how actuaries can get involved in research being conducted by the Society of Actuaries.

Description: Risk based pricing addresses some of the shortcomings of traditional pricing methods by providing a framework for understanding the tradeoffs between shareholder risks and rewards using a robust, transparent and objective economic methodology that is consistent across products.