Description: The session will talk about Management expectation and key development areas of Big Data, overview of big data application in the life insurance industry.

Description: A flipped classroom moves the traditional lecture component of teaching outside of normal classroom time, so that lectures can be replaced with active learning activities during class time. In this talk, I first present a brief overview of flipped classrooms, with strategies for implementation and resources provided. Second, I will discuss the details of its application replacing two lectures in my third-year Life Contingencies course. Students’ responses to the technique are also provided in the form of data from anonymous post-activity surveys.

Description: As the use of predictive models and novel datasets becomes more prevalent, a focus on consumer protection is being highlighted by regulators, ethicists, and industry insiders. Over time, increased rigor should and will be applied in model development and implementation. These issues are not new. Hundreds of individuals have worked on these issues in the laboratory, the board room, and the court room. The Civil Rights Act of 1964, Uniform Guidelines of the US EEOC, the Principles for the Validation and Use of Personnel Selection and other sources are intended to protect the rights of citizens and consumers and provide guidance to professionals in the development and use of decision-making tools. Drawing heavily on examples and parallels from psychology and employment practices as well as other disciplines, concepts such as model bias, fairness, adverse impact, disparate treatment and the like will be presented. Suggestions to ensure model validity, demonstrate model and data relevancy and minimize the potential for adverse impact to protected classes will also be offered. Each of these considerations will be linked to recent dialogue and concerns in the Life Insurance sector.

Description: This actuarial standard of practice ASOP provides guidance to actuaries when performing professional services with respect to designing, reviewing or changing risk classification systems.

Description: This note presents a review of calculator financial functions for the Texas Instruments BA II PLUS calculator. This note, including a number of the examples used as illustrations, is reprinted with permission from the 3rd edition of the book Mathematics of Investment and Credit, by S. Broverman. Also, several examples from SOA/CAS math of finance exams old Course 2 will be presented illustrating the use of the calculator.

Description: Spreadsheets that define the examples shown in Chapter 8 of the US GAAP 2nd Edition Textbook. Examples of GAAP accounting development for Variable Universal Life, Variable Payout Annuities, Equity Index annuities, and Variable annuities including GMDB and GMAB. Please see the book US GAAP for Life Insurers for more detatils on US GAAP accounting.

Description: Chapter 4 of Models for Retirement Policy Analysis. The PRISM Pension and Retirement Income Simulation Model is a dynamic microsimulation model designed to simulate the retirement income and long term care utilization and financing of the elderly population. The strengths and limitations of the approach are addressed as well as accessibility and ease of use.

Description: We devise an approach, using tobit models for modeling annuity lapse rates. The approach is based on data provided by the Society of Actuaries’ Risk Management Task Force. Kim [2005a] models annuity lapse rates using a logit model and the same US data (he also used Korean data separately). We find that the tobit model is a more than suitable approach for all levels of the explanatory variables including interest rates, unemployment rates, and GDP growth rates. Specifically, policyholder behavior in the tail of the distribution of lapse rates is explained as well as it is in the normal range of lapse rates.

Description: Presents some elementary and down-to-earth calculations for the optimal dividend strategy that maximizes the expectation of the discounted dividends until the possible ruin of a company.

Description: This paper considers a dependent classical risk model with diffusion, in which the premium rate is determined by the amount of the previous claim. From the Actuarial Research Clearing House, 2008, Vol.1.