Description: The Committee on Life Insurance Company Expenses is currently seeking life insurance company data submissions to the 2012 Individual Life and Annuity Expense Study.

Description: The purpose of this paper is to understand characteristics of a household that drive life insurance demand with more sophisticated analytical techniques. The analysis is based on the Survey of Consumer Finances data, a probability sample of the U.S. population. Household demand of two types of insurance, term life insurance and whole life insurance, is examined jointly. We model both the frequency and the severity of demand for insurance building on the work of Lin and Grace 2007 by using covariates that they developed.

Description: In this report, we consider high-level results from provisional mortality data released from the U.S. Centers for Disease Control and Prevention (CDC) for 2021, including looking at changes by sex and age group.

Description: Authored by a MIB Solutions team of Tom Rhodes, Stuart Klugman, Marianne Purushotham and Stacy Gill, the report summarizes the results of a study on the application and adoption of credibility theory within the life insurance and annuity industry. In addition to the report, numerical examples related to the application of credibility to company mortality and lapse data are provided in the four Excel files. This excel spreadsheet is a numerical example relating to the application of Credibility for lapses by policy for limited fluctuation. Please see the SOA website research section for the full report on Credibility Theory Practices.

Description: Global trends in both technology and regulation are causing U.S. insurers to reflect more deeply on their model risk management frameworks. The world has seen a rapid proliferation of AI-based tools accompanied with an overall increased usage of machine learning models, exacerbating model risk and reducing transparency in an unprecedented manner.

Description: Technology now supports customized non-level death benefits which help consumers optimize their coverage and cost. Creating individual policies and individually pricing them for a level premium quote is the start of personalizing and optimizing coverage and cost for consumers and pricing life insurance policies at the individual consumer level --- a revolution for actuaries.

Description: While European insurers are subject to Solvency II and some Asian insurers adopted IAIS ICS, Bermuda enhanced its BSCR capital framework on 3/31/2024 and Japan has customized IAIS ICS to create Economic Value-Based Solvency Ratio (“ESR”). ESR will replace the existing capital framework from 3/31/2026. The ESR implementation brings significant changes to life insurers in Japan as it did to European insurers at the time of the Solvency II implementation. This session will discuss the background of the ESR framework, under which Japanese life insurers will be subject to increased governance, supervision will be also enhanced, and provide key comparisons to IAIC ICS and BSCR. Panels will also discuss potential implications to business such as strategy, risk management, and reinsurance for the viewpoints of Japanese life insurer with US and/or Bermuda subsidiaries.

Description: This session will explore the mortality implications of reaching new markets, leveraging unique analysis that directly compares the mortality experience of the general populations and insured populations. Experts will explore how the industry can responsibility reduce the insurance gap, effectively employ digital data to assess new markets, and tackle the challenge with eyes wide open. At the conclusion of the session, attendees will be able to: •Understand differences in mortality experience between various populations – general, insured and uninsured •Articulate the challenges the industry may face in closing the insurance gap •Appreciate the role digital evidence can play in managing and accessing new marketing segments

Description: This session will review what is going on in the life insurance market. Make sure you are up to date on sales, distribution, product innovations, regulations, inforce management and changes happening in the life insurance space. At the end of the session, attendees will be able to identify what's happened in the life insurance market, explore where the market is heading and identify areas of risk that are opening up due to changes occurring the life insurance space.