Description: Suited for students, newly minted ASAs/FSAs, or those venturing into the realm of reserving, as well as seasoned actuaries in need of a recap, this session is a gateway to the mysteries of IBNR reserving, unraveling various methods and assumptions. Embark on a journey through the construction of claims triangles and the crafting of completion factors, delving into the enigmatic realms of seasonality, trend analysis, and outlier claims. Harness the principles unveiled to dissect a myriad of case studies spanning diverse products like major medical inpatient, outpatient, pharmacy, Medicare Supplement, dental, and critical illness. This session is your guide through the intricate world of reserving!

Description: Generally accepted accounting practices (GAAP) reporting frameworks are more involved than ever before. From disclosures, to assumption changes, to interest rate movements, uncovering the drivers of income emergence can prove hard to do, and even trickier to communicate. This session will revisit how the updated standards create layers of complexity and offer ways to side step these obstacles to generate useful earnings analysis by various drivers.

Description: This session will explore governance considerations for insurance carriers leveraging machine learning models. During the session, panelists will share insights on the evolving predictive model and AI regulatory landscape, as well as techniques for developing or enhancing AI governance frameworks that comply with emerging regulatory guidance.

Description: Sustainable operations under changes in accounting principles and solvency standards

Description: Modeling Approaches and Challenges focuses on approaches to real world simulation and the challenges and considerations in real world simulation. Topics include: A frequency domain approach to build realistic multi-horizon scenarios. (Ortec approach) Cascade models structure linking models for major asset classes and economic variables. (Moody’s approach) Overview of models, calibrations & approaches within the context of different use cases. Deterministic & stochastic approaches. Importance of model re-calibration flexibility. We will also discuss specific insights into considerations and challenges in real world simulation, which include topics like: Setting capital market assumptions and/or calibration targets. Assumptions about correlation and causality. Calibrating the model to capital markets assumptions. Validating the model against capital market assumptions. Role of history, market data and stylized facts. Importance of back testing. Calibrating the model to multiple investment horizons. Inclusion of alterative asset classes such as private equity, infrastructure, and direct real estate. Associated issues of limited data, illiquidity and greater uncertainty about calibration targets.

Description: Emerging Applications of ESG Methods offers ground-up insights on cutting edge applications of economic scenario generation. The course will focus on the incorporation of climate change risk in scenario modeling and investment applications of ESGs. The following topics will be covered: Approaches to climate risk modeling. Climate risk is very different than classical financial economic risk. Radical uncertainty is amenable to scenario analysis and lack of data. Building special deterministic scenarios that go beyond NGFS requirements as well as bespoke scenarios. Holistic Approach to Climate Risk Modeling. Overview of different Climate Risk Modeling Applications. Use of ESG scenarios for Strategic Asset Allocation (SAA). Liquidity risk management.

Description: As the portion of inforce business valued under PBR grows, it becomes increasingly important to not only calculate reserves for point-in-time valuation but to also project reserves. This is especially critical for actuarial functions such as pricing, business strategy/forecasting, and asset adequacy testing. In this session, we will review PBR projection techniques based on work completed by the American Academy of Actuaries when developing the PBA Projection Practice Note. In addition, this session will examine specific challenges that can arise when actuaries use models to project reserves at future dates. Topics covered include mortality improvement, credibility, scenario generation, starting asset projections, and various other technical issues related to nested modeling requiring both inner and outer loop projections.

Description: This PBA Implementation Guide provides verbal summaries and visual flow chart overviews of various VM-20 and PBA components and requirements, six Case Study Road Maps, and action items to bridge the gaps and implement PBA. During the Guide’s development these templates and exercises were vetted with more than 15 participants selected from a diverse group of companies

Description: The Society of Actuaries Smaller Insurance Company Section, the Financial Reporting Section, and the Committee on Life Insurance Research are pleased to make available new research investigating simplified methods for determining reserves under VM-20.

Description: Why More U.S.A. Life Insurance Companies Are Considering Economic Value as an Additional Internal Accounting System by Armand de Palo from The Financial Reporter, December 2001, Issue No. 48.