Description: This paper outlines the limitations inherent in current actuarial pricing techniques and describes a product development process that can produce optimal decisions in competitive environments. From Product Development Section Monograph, M-AS99-3.

Description: This article is a response to the article Current U.S. Ordinary Life Mortality by Doug Doll and Mike Jones. The author offers his interpretation of the mortality improvements observed between 1980-85 and 1983-88.

Description: In this Forward to the Product Development Section Monograph M-AS99-3, the authors reflect on the changes that have occurred during the first 50 years of the SOA and introduce the selected articles that reflect the forces of change in product development work.

Description: Essay of using microeconomics and Embedded Value concepts to evaluate direct marketing programs.

Description: This is the third and final installment of an article about using microeconomics and the concepts of embedded value to better manage and understand the profitability of direct marketing programs. The article illustrates how traditional asset share calculations are not appropriate in this case.

Description: The management of the investments of an insurance enterprise has undergone a considerable evolution since the pioneering work of Redington in the mid 20th century. Best practices have evolved to incorporate ever more complex insurance liabilities, expanding investment asset classes and global market opportunities. Strategic asset allocation (SAA), liability driven investing, and other robust optimization approaches form the core of the professional management of insurance company investments.

Description: Feature article discussing what it means to be market-consistent and whether or not insurance products can be priced and valued in a market-consistent fashion. This article addresses the limits to market consistency by questioning whether there in fact can be a market-consistent level annual premium for a term life insurance contract.

Description: The purpose of this paper is to examine the various profit objectives used in the development of a new product for a stock life insurance company. From Product Development Section Monograph, M-AS99-3.

Description: This report summarizes the results of a mortality and pricing survey. It indicates significant differences between the mortality assumptions for different product lines and even between different companies within a single product line. Widespread differences in mortality expectations between products may give individuals an advantage by acting on inefficiencies in the financial services market.

Description: Accelerated underwriting programs continue to evolve at a rapid pace. Triage systems have become a key element in many of the newer accelerated underwriting programs in the market. Depending on the criteria used at the triage point, these programs can have residual effects on class prevalence and mortality which in turn affect the profitability of these programs. In this article we will explore some potential impacts on mortality and prevalence within these programs.