Description: With many complex regulatory changes on the horizon as well as pressures to ensure model accuracy from auditors, regulatory requirements and new actuarial standards of practice, the importance of robust model validation is coming to the forefront of actuaries’ minds. What was previously a day-two task for many companies is becoming just as important as model development! In this session, you will hear from those that have been deeply involved in building model validation frameworks and tools in responses to regulatory changes GAAP Long Duration Targeted Improvements (“LDTI”) and Principles Based Reserves (“PBR”).

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: Claims are insurers deepest and richest transactional data – yet we rarely unleash the full potential of this data. In this session, we will discuss potential sources and attributes of claims data, traditional approaches alongside new analytic techniques and how to integrate models into existing claims management processes. During this session, the presenters will discuss different areas of how machine learning can drive significant value unleashing the potential in claims data, these include data capture, claims management and workflow design as well as behaviour prediction. In addition, the audiences will also have opportunity to learn different use cases of how claims models taking advantage of machine learning, such as foreign death fraud detection and critical illness triage.

Description: The Mortality Improvement subgroup of the American Academy of Actuaries’ Work Group and the Society of Actuaries’ Mortality and Longevity Oversight Advisory Council released a recommendation for a set of improvement factors that vary by gender and attained age to be used in conjunction with the 2008 Valuation Basic table or the 2015 Valuation Basic table for AG-38 purposes. This recommendation has been adopted by the NAIC’s Life Actuarial Task Force.

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 mortality - Limited Fluctuation Method. Please see the SOA website research section for the full report on Credibity Theory Practices.

Description: Reunite with members and non-members in the China actuarial community to discuss recent topics and related issues in areas such as macroeconomic sharing, IFRS 17, product strategy, cross-border communication and discussion, and more. Advance your career through learning and networking opportunities, and share your experiences in the finance and insurance industries, as well as other fields related to actuarial science.

Description: This article is the first in a series of articles on insurance applicant mortality risk analytics. From Small Talk Newsletter, Issue 37, January 2012.

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. This excel spreadsheet is a numerical example relating to the application of Credibility for lapses. Please see the SOA website research section for the complete research report on Credibility Theory Practices.

Description: LIMRA, Reinsurance Group of America (RGA), the Society of Actuaries (SOA) Research Institute, and TAI have collaborated on an ongoing effort to analyze the impact of COVID-19 on the individual life insurance industry’s mortality experience and share the emerging results with the insurance industry and the public. This report documents a high-level analysis of the claims that have been reported.