Description: Insurers are now in a better position than ever to both understand and enhance their customers' health and well-being. A key avenue for this is through developing health and wellness offerings for clients—for mutual benefit. Around the world, the proliferation of lifestyle and health data continues to gather pace.

Description: Due to increasing financial reporting complexity and growing expectations from external auditors and regulators, insurers are exposed to a greater risk of reporting errors and consequences thereof. Insurers that implement and practice a strong actuarial governance framework can substantially reduce these risks while simultaneously increasing process efficiency. Yet, the range of actuarial governance practices found currently in the industry is large. More established insurance organizations may be updating long-standing (and possibly outdated) frameworks, while newer companies may not even have a formal governance framework in place. Regardless of the situation, many insurers could benefit from refreshing actuarial governance objectives and from exploring methodologies that can be employed to meet these goals. Explore the world of actuarial governance as it pertains to models, assumptions and data. Outline some key considerations for the development of governance frameworks that balance pragmatism and the complexities faced by insurers today, including references to relevant ASOPs where applicable. As an illustrative case study, considerations for an actuarial governance process from LDTI financial reporting requirements will be examined.

Description: Health care continues to move from a fee-for-service model to a value-based care model. Hear from our expert panel on how actuaries can play a key role in the design and contracting of value-based agreements, monitoring experience and driving results, as well as measurement of value. The discussion will cover different structures currently in use, types of services covered (total cost of care, claim service lines, specialties, condition based, pharmacy products, etc), as well as nuances by market (Medicare FFS, MA, Commercial, Medicaid). The panel will discuss latest innovations in the value-based care space, as well as how COVID-19 has impacted these contracts. This interactive session will also allow you to ask your questions to our diverse group of panelists.

Description: With more technology than ever to assist in communicating, the method of communication is only one hurdle to clear. Explore from various perspectives the changing dynamics of communications for actuaries. Hear from an actuary in a non-traditional role with remote team members on how to effectively (and ineffectively) create urgency and work toward a common goal. Listen to a consulting actuary discuss how to change communication style depending on the audience (external vs. internal, senior vs. junior, etc). Hear from an actuary navigating an insurance company in a remote environment where information can be disjointed between in office and remote employees. Uncover stories of what has gone well and what has not.

Description: Hop into a panel discussion between InsurTech Advisory Council and a startup, followed by a demo of life event prediction and analyses with multiple applications across financial services. You will also learn about: the SOA office hours program and member participation, the startup ecosystem filled with incubators, company contests, opportunities and outcomes, how to build a data set providing additional insights for customization and enhanced user experience, and - actuaries' engagement with startup strategic advisory boards.

Description: This article is the second in a series that offers a concise summary of an extensive body of SOA Research Institute work focused on improving retirement planning and management. The article summarizes findings from consumer research and other reports at different life stages to help the reader understand what households actually do with regard to retirement planning. It points out the challenges of groups such as the financially fragile and those who do not have employer sponsored retirement plans. A repeated finding from this work is that individual actions fit patterns that are different from what the planning methodologies and professional advisors believe they are or should be, creating gaps and significant opportunities to help improve retirement planning and management, particularly since individuals have so much responsibility for their own financial security.

Description: The SOA Research Institute has executed research for over twenty years on some repeating themes and topics. The reports build on each other and add content. This article summarizes and discusses a summary report on long-term care, caregiving and housing linked to long-term care and caregiving.

Description: Inspired by other financial savings products available to Canadians, this article describes a potential solution for financing future health expenses with the creation of a Registered Health Savings Account (RHSA). This solution has been thought on the basis of four premises : 1- Individual Accountability for Health Expenses; 2- Early Savings Leads to More Accumulation; 3-PreferredTax Treatment for Personal Health Savings; 4- Complementing current public and private health systems; Main elements of the RHSA are described (Contributions, Accumulation, Utilization of account, Management by financial institutions).RHSA'S expected balances and some other results under three scenarios (a person in good health, one in poor health, and one with unexpected death at age 45) are summarized in a table. Health expenses deducted yearly from RHSA's balance were estimated using total, per capita, provincial government health expenditures by age-band for Canada, in 2020, from the Canadian Institute of Heath Information’s (CIHI), which account for 71.8% of total expenditures, that is public + private. Thus 28.2% of total expenditures were used for private health expenditures, then forecasted to 2024 and projected using a 4% annual trend. Some objections to the solution explored were anticipated as well as some refutations to these objections.

Description: This webpage has links to materials that have been produced by the Society of Actuaries on aging and retirement issues with the goal of helping consumers more effectively understand and consider them.

Description: Learn more about the Catastrophe and Climate Strategic Research Program Steering Committee as well as other research committees and volunteer opportunities at the SOA.