Description: CMS provides ACOs with monthly claims data for members, including their medical visits and ACO program eligibility. This data can be divided into Membership and Claims tables through the ETL process. However, when calculating PMPY at specific levels of detail using these tables, issues arise due to unrelated dimensions, leading to inaccurate and understated results. This article presents a solution to this problem by utilizing Tableau's data blending capabilities.

Description: Article describes accomplishments as Chair during the year. Four accomplishments are mentioned: i) Actuarial Research Conference ii) Early Career Award, iii) Establishment of Outstanding Educator Award, iv) Push to create surveys from the section containing a reservoir of ideas that can be used for webinars, podcasts, etc.

Description: Whole life insurance nonforfeiture options may be actuarially equivalent at the time premium payments end. When the entire remaining lifetime of the policy is fully considered; however, significant differences emerge in expenses between paying the cash surrender value, converting to reduced paid-up, or converting to extended term insurance. This article explores how a company might manage its existing nonforfeiture options and consider what to continue to offer after a product refiling with that entire lifetime in mind.

Description: Emerging technologies like GenAI will be more disruptive than past technological developments, such as spreadsheets, low-code data and dashboarding tools, and cloud computing. This article will explore how how we can lead ourselves, our teams, and our organizations to thrive within a defined modern value proposition, using one of two archetype roles: actuaries as business partners or actuaries as developers.

Description: The article investigates the reasons behind non-zero financial implications for fully reinsured businesses within the regulatory frameworks of US GAAP Long Duration Targeted Improvements (LDTI) and International Financial Reporting Standards (IFRS) 17. It helps companies grasp the nuances of these standards, thereby enhancing their risk management strategies, improving regulatory compliance and optimizing their decision-making processes.

Description: The article discusses the critical role of Financial Planning and Analysis (FP&A) within insurance companies, particularly amidst changes in accounting regimes like USGAAP Long-Duration Targeted Improvements (LDTI) and International Financial Reporting Standard (IFRS) 17 and implications of these changes on FP&A activities.

Description: This article is the final installment of our three-part series on economic scenario generators (“ESGs”). Part I and II were published in the November 2019 and August 2020 issues of The Modeling Platform. Part III contextualizes the framework for selecting, building, and validating ESGs and focuses on the Academy Interest Rate Generator (“AIRG”), the most commonly used real-world ESG for US actuaries

Description: Recently the interest rates have been slowly trending up from the lowest point in August 2020. The focus of this article is on current market trends for long-duration products —including life insurance, annuities, and long-term care insurance —following an extended period of low interest rates, and lessons carriers can learn from similar historical periods of rising interest rates. Innovative and flexible product features will continue to be essential, as the current interest trend may not substantially increase insurers’ portfolio rates. When designing or modifying product features, insurers should consider profitability in a wide breadth of interest rate scenarios and be particularly mindful of the impact that crediting rates and asset durations will have on earnings.

Description: Actuaries and their IT counterparts are required to collaborate more frequently and on more complex projects than ever before. The recent accounting changes (LDTI, IFRS 17, PBR), investor demands for increased transparency, and competitive pressures have led to many insurers undertaking large actuarial and financial transformations. As a result, senior management is challenging their actuarial and IT leaders to develop new processes that use data in new and improved ways. The actuarial and IT functions are being tasked with not only delivering on changes to systems, processes, and data, but also with rethinking how their teams collaborate and interact

Description: The article summarizes some of the key changes in modeling, assumptions, underwriting, and design for long term care combo products over the past 30+ years. The objective is to inspire an innovative spirit that adapts to changing market needs, for example, dealing with long COVID