Description: Statutory and GAAP metrics are useful for external audiences such as regulators and investors since they provide a consistent framework for viewing and comparing multiple companies at a point in time. However, their uses are more limited for managers who require more real-time information in making strategic decisions. Many insurers are developing internal metrics such as Value of New Business (VNB) for better profitability insights at the point of sale, to understand how new business profitability changes over time and to allow for quicker decision making. By leveraging existing models and reporting processes, insurers can reduce the additional effort involved in applying VNB toward applications such as pricing, capital allocation and risk management. Find out more about key considerations for developing and using VNB.

Description: What learnings and challenges did 2023 Long Duration Targeting Improvement (LDTI) adopters experience? What's ahead for 2025 adopters? And how do companies leverage LDTI to improve data and analytics and benefits operations? Join the session for a deep dive into what's next on the horizon.

Description: This session will delve into the valuable lessons learned from recent accounting change implementation, covering both model and process optimization. Attendees will gain industry knowledge as we explore optimization decisions made by others, highlighting both successful strategies and areas for improvement. We will discuss key decision points throughout the entire actuarial process, including data manipulation, actuarial calculation engine, and post-model reporting.

Description: Asset liability management is an important task for any insurer, where tools like Excel play an important role from an analytics perspective. Dashboard tools like Power Bi and Tableau can supercharge an organization’s ability to perform ALM with real-time precision and monitoring of risk/imbalances. The dashboard can provide insights into potential risks posed by asset allocation and concentration, allowing for informed decision-making to mitigate those risks. The presenters will walk the audience through an example of ALM use case, including how to build key performance indicators such as cash flow, asset allocation, and risk exposure. Additionally, we will demonstrate how these types of dashboards can be customized to fit the specific needs of your organization.

Description: Internal modernization initiatives and external changes of the financial reporting regulations (e.g., LDTI, IFRS 17) increase the amount of validation activities for actuarial models. In addition, the use of predictive analytics in actuarial modeling requires a different set of validation skillsets/techniques in model validation. These internal and external forces call for a structured, streamlined and robust model validation practice.

Description: Actuarial Standards of Practice (ASOPs) are critical to an actuary's work, but staying abreast of changes to ASOPs could be challenging. Several ASOPs have been created or updated in the last few years while ValAct was on hiatus. Are you up to date? This session will focus on ASOPs 7, 11, 28, 41 and 57. Come ready to play, as we challenge your knowledge of these ASOPs in a fun game show format. By the end of this session, attendees will learn the major provisions included in ASOPs that have been recently updated or created and understand how their work may be impacted by these recent changes.

Description: Occasionally, in the financial reporting world the stars align, and insurers get the opportunity to leverage their financial results and cashflows across multiple reporting use cases. Such opportunity came about with implementation of the U.S. generally accepted accounting practices (GAAP) long-duration targeted improvements (LDTI) accounting standard, that required companies to move away from locked-in assumptions for traditional life and limited-pay products and produce best estimate liability cashflows for these business lines.

Description: This session will provide an update on regulatory changes and current hot topics in Bermuda. The speakers will update you on the most recent Bermuda regulatory reforms, including targeted enhancements to its regulatory capital framework, Own Risk and Insolvency Amendment (ORSA)/Commercial Insurer's Insolvency Self Assessment (CISSA) enhancements for climate risk assessment, and Bermuda corporate income tax changes to align with Global Minimum Tax.

Description: This session will provide an update on regulatory changes and current hot topics in Bermuda. The speakers will update you on the most recent Bermuda regulatory reforms, including targeted enhancements to its regulatory capital framework, Own Risk and Insolvency Amendment (ORSA)/Commercial Insurer's Insolvency Self Assessment (CISSA) enhancements for climate risk assessment, and Bermuda corporate income tax changes to align with Global Minimum Tax.

Description: The NAIC is in the middle of their GOES (generator of economic scenarios) project to change the real-world economic scenario generator (ESG) prescribed for principle-based reserve and capital calculations.