Description: The Academy Economic Scenario Generator is set to be replaced by a new ESG created in a partnership between the NAIC and Conning. This summer, we will present three separate webinars that will investigate the key features of the new ESG, examine the process through which it was created, and discuss what it all means for actuaries impacted by the change.

Description: Pandemic modeling and its impact on the insurance and reinsurance business have been the subject of scrutiny during the COVID-19 pandemic. As the World Health Organization (WHO) has declared its end as a global health emergency, the focus of insurers and reinsurers turns to the possibility of future pandemics. Key to considering possible future pandemics is assessing what is needed to model pandemic risks. Our presentation will focus on providing you with the following: - The main principles around creating a well-established pandemic risk modeling framework, what they are and how you should build them into your model (As a reinsurer, this is core to our business, and we have unique global insights into performing it.) - A review of pandemic risk modeling strategies as well as an understanding of the inherent uncertainties of pandemic events - Lessons learned from COVID-19 and how we can apply them in assessing the possibility of future pandemics - An understanding of the link between future pandemic risk and the capital requirements

Description: Dive into an integrative approach to Precision Medicine - how our modern capacity to interrogate a disease heterogeneity (from omics and phenotyping) and parallel advances in 'big data' together are driving to transform the practice of traditional medicine to precision medicine. After defining the relevant terminologies and the components of precision medicine, the speaker will walk through the spectrum in precision medicine and how it leads to personalized management of disease, which can impact underwriting approaches, product development and pricing. Diabetes will be used as a specific example.

Description: In this session, we will explore the innovative use of artificial intelligence in developing narrative scenarios to enhance life insurance investment strategy discussions. Participants will discover how developing comprehensive and imaginative scenarios can help identify potential future risks and opportunities, leading to more informed investment strategy planning. The session will cover practical approaches to creating and utilizing narrative scenarios, emphasizing their role in improving decision-making processes. Join us to learn how to craft compelling scenarios that provide a broader understanding of drivers of emerging trends and uncertainties, ultimately transforming traditional investment strategies in the life insurance sector. Learning Outcomes: - Understanding the role of AI in Scenario Development - Enhancing Investment Strategy Decision-Making - Writing comprehensive scenarios and using them for specific investment strategy decisions

Description: Value of new business (VNB) is being used by many companies for various purposes including: internal and external financial reporting, incentive compensation, pricing, capital management, and comparing products, distribution channels or regions on a consistent basis. Presenters will discuss how and why value of new business is used within their companies including: the various methodologies considered, some of the benefits and challenges related to implementing VNB, integrating VNB within their business as usual processes, and managing to VNB.

Description: Even though the 2018 Tax Cut and Job Act significantly simplified the tax valuation methodology, taxation can impact the valuation outcomes and financial decisions. This presentation will start with an overview of the key taxation topics relating to valuation work, and then dive into more complex topics, such as the deferred tax asset/liability handling and reinsurance implications.

Description: Indexed universal life (IUL) continues to be the most popular universal life (UL) product with sales reaching $1B in Q4 2023, according to LIMRA. There is little long-term experience for IUL and many companies value and model IUL just like UL, but there are material potential differences that need to be considered for valuation and projection purposes.

Description: Electronic health records continue to evolve and gain traction in the life insurance industry. But what exactly are EHRs and what are the impacts for actuaries? How they are being used today and what are the benefits and challenges of implementing EHRs in life insurance underwriting?

Description: Insurers have long relied on scenario analysis to understand the long-term impacts of potential business decisions, but the advent of rapidly changing market environments and a growing desire to optimize capital has spurred business leaders to leverage new tools in order to explore potential options. Companies are beginning to explore new analytical solutions that trade-off accuracy for speed for a more robust approach to impact quantification. In particular, they are looking at the use of additional what-if scenario models, built from the top down, to support decision-making processes. Actuaries can help take charge in the development of these top-down analyses by leveraging data and actuarial techniques to supplement their existing models. In this way, business leaders can simultaneously rely on the actuarial rigor of typical standalone cash flow projection models, while also receiving support for real-time business decision-making. The potential of what-if scenario modeling can help actuaries unlock a powerful new approach to scenario analysis to enable more rapid decision-making. Learning objectives: In this session we will discuss the fundamental concepts of what-if scenario modeling in an actuarial context, including: - Core principles and components of what-if scenario modeling - Common challenges and considerations around the implementation of what-if scenario modeling - Potential solutions to challenges and their implications

Description: According to Oliver Wyman's 2023 Asset-Liability Management (ALM) survey, long-term care (LTC), universal life, and whole life insurance products have among the longest liability duration profiles, often with material asset-liability duration mismatches. Deploying an optimal strategic asset allocation (SAA) framework for these products is particularly challenging due to their: - Long-tail profile. Liability cashflows for long-duration insurance products often extend beyond the investment horizon of currently available assets (e.g., 30-year U.S. Treasuries) - Liquidity needs. Depending on the type and age of the insurance product, achieving your desired levels of projected liquidity becomes instrumental Solution: A robust liability-driven SAA framework with an emphasis on minimizing cashflow mismatch while considering a company's risk appetite and investment guidelines aims to reduce interest rate and liquidity risks. Case studies: LTC and life-focused case studies will provide insights into hypothetical SAA frameworks, including ways companies optimize their fixed-income assets. We will also explore techniques used to extend asset duration beyond a typical fixed-income portfolio, using derivatives and alternative assets.