Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings, including implementation trends, analysis to date and recent discussions and decisions on the treatment of non-guaranteed reinsurance.

Description: The need for the rapid evolution, or maybe a revolution, of the Insurance business platform is a necessity in the new economy. The key drivers are technology combined with rapid improvements in customer experience, or more accurately the expectations of the customer’s experience. For Insurers that have begun the transformation to a digital business they will recognize the opportunity to take advantage of their head-start with a platform business, while others will see the evolution as an opportunity to “leap frog” into the digital business leadership.

Description: Universal Life/Indexed Universal Life trends based on the 6th annual Milliman survey of leading UL carriers. Reveals the current dynamics of the UL/IUL market and provides carriers with competitive benchmarking to see how they stand relative to their peers.

Description: Written in reaction to the AG49-A "quick-fix" passed, this article covers the history of IULillustration regulation. It begins by covering major product development and regulationmilestones to date, with numerical examples to show their impacts on illustrations. It thenexplains how the "quick-fix" works and what its impact on illustrations is. Lastly, the articlelooks forward to what could be in store in the future for IUL illustrations.

Description: Milliman was engaged by the SOA to conduct two Accelerated Underwriting (AU) surveys, one of direct companies and another of reinsurers. The surveys explored actual results from 2019–2021 and expected results from 2022.

Description: Against the backdrop of low interest rates, rapidly expanding data analytic capabilities, and increased consumer demand for better products, many life insurers struggle to innovate their product development initiatives. RGA conducted an online survey in the third quarter of 2018, asking 30 leading life insurance companies in Japan to identify current and future product development trends. A complementary survey of approximately 4,800 policyholders of life products in Japan was also completed in 2018. The findings highlight the product trends for risk, savings and living benefit products being developed, the market segments being targeted, and how insurers are differentiating product offerings through unique features and value-added services. Companies indicated they focused new product development efforts on substandard and standard risk segments, with only 20% pursuing the preferred market. Respondents indicated the Key Performance Indicators (KPIs) being used to measure successful product development are predominantly topline – premium, face amount and number of policies.

Description: The article summarizes 2013 survey results of company assumptions for term products in the post-level period. The focus is on product design, shock lapse assumptions, and mortality deterioration assumptions. This article features highlights from the larger SOA-sponsored research project on this topic published in 2013 that compiled end-of-2012 assumption data from 41 companies. This content may prove useful to product development actuaries as they consider their current post-level term assumptions.