2016 Annual Meeting Presentations
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23rd Annual Meeting Presentations 

 

P&C Reserve Cycle, Reserve strengthening and the role of the Reserving Actuary
Tier:  All Industry:  P&C
Presenter:  Phil Natoli & Benny Yuen, Ernst & Young
Description:  In the past year, pockets of the P&C insurance industry have taken reserve strengthening actions, a contrast to the reserve releases of the last decade.  Does this mean we are approaching the end of the release phase of the reserve cycle and moving into a time of adverse development and onset of a harder market on the casualty lines?  We will look at the impact of reserve strengthening actions on companies that take actions both in sync and out of sync with the reserve cycle, and also discuss the role of the P&C reserving actuary during times of reserve strengthening.

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Life Insurance M&A
Tier:  Intermediate Industry:  Life
Presenter:  Prannoy Chaudhury, Milliman
Description:  Over the last few years there has been a significant amount of M&A activity in the US life insurance market.  This session will provide an overview of actuarial appraisals and give background and context to recent trends driving life insurance M&A in the US.

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Social Insurance – A Global Perspective
Tier:  Intermediate Industry:  Retirement
Presenter:  Alan Glickstein, Willis Towers Watson
Description:  In this session we'll explore variations in the taxes or contributions levied against workers’ earnings and the benefits they receive from their mandated pension participation of four countries—Australia, Canada, the United Kingdom and the United State. We'll discuss (1) the generational component to workers’ net benefits from pay-as-you-go pensions, (2) aging in the countries under study, (3) workers’ direct costs and benefits associated with mandated pensions in the various countries, and (4) the net lifetime benefits workers receive in each country relative to the contributions that are required against their earnings. We will also discuss a set of potential policy changes that might be used to return the under financed U.S. social security pension to fiscal sustainability in the future to show how alternative policies can create significantly different implications for different generations.

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Entering the Profession with impact
Tier: College
Presenter: Chris Cooper
Description:  College and high school session aimed at facilitating personal development towards setting and achieving goals in the workplace. This session also provides the opportunity for students and their respective annual meeting attendees to network and get acquainted with what to expect during the conference.



The Rise of Specialty Drugs
Tier:  All Industry: Health
Presenter:  Tyler Lester, CIGNA
Description:  After years of price stability driven by generic drug use, prescription drugs are once again the fastest growing component of healthcare in the United States.  Specialty drugs are the key driver of increasing costs and a majority of future research and development funds are focused on developing new treatments.  The costs of specialty drugs continues to make headlines and put strain on public and private financing of healthcare.  We will explore the market for specialty drugs, the cost of the drugs, and potential approaches to manage these costs.

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Actuarial Opportunities in Alternative (Capital Market) Reinsurance
Tier: Intermediate Industry: ERM/Risk
Presenter:  Achille Sime, SL Financial
Description:  The alternative risk transfer market began in the mid-1990s in an effort to expand and diversify the ability of primary insurers to transfer peak insurance risks. Alternative risk transfer is the use of techniques other than traditional (re)insurance that provide risk-bearing entities with protection from risks of loss. The objective is to
attract new, non-traditional capital willing and able to absorb peak insurance risk uncorrelated to their existing portfolios while seeking favorable returns. This presentation will briefly describe the insurance-linked securities (“ILS”) universe, followed by an overview of the impacts on reinsurance business model. The presentation will finally show the current (and prospective) involvement of actuaries in capital market reinsurance.

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Cyber Insurance Overview
Tier:  All Industry:  P&C
Presenter:  Wesley Griffiths, Travelers
Description:  During this session, we will explore the various exposures and risks covered by a traditional cyber insurance policy. Specifics on the various policy coverages will be highlighted using claims scenarios and industry trends will be discussed.

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Career Panel:  Leveraging the Actuarial Landscape
Tier:  College
Description:  This session will expose the main differences between the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), the updated exam structure, and a broad overview of the actuarial areas of practice. Panelists will share their experience-based advice and answer any questions you may have.



Insuring the Next Generation – Making Life Insurance More Relevant to Millennials

Tier:  All Industry:  Life
Presenter:  Stephen Abrokwah, Swiss Re
Description:  In a few years, millennials—those born between 1981 and late 1990s will be the segment of the population with the largest need for mortality protection. Research also shows that they are still currently a group largely underserved. Reaching millennials to help them address their protection needs is a huge opportunity for insurers, and life insurers need to understand the characteristics and expectations of this generation to successfully engage and serve them. As it stands today, millennials are not being reached the right way—they're digital natives, yet most life insurers are still using traditional broker and agent channels to reach these consumers." The fact is that millennials have the most to gain—they're most likely healthy and will qualify for lower premium rates for life insurance coverage when they apply early in life."
This presentation will highlight what life insurance companies can do to make life insurance more relevant to millennials by utilizing digital technology and predictive analytics tools to complement the protective value of the traditional underwriting process.



Unconscious Bias
Tier:  All Industry:  All
Presenters:  Christal Morris & Kezia Charles, Willis Towers Watson
Description:  According to diversity experts, everyone unwittingly favors certain types of people based on their upbringing, experience and values – it’s a natural occurrence. For example, you may prefer fellow graduates from your alma mater. However, having an implicit preference for certain groups – or an unconscious bias toward others – often influences important workplace decisions, such as hiring, assignments, promotions, evaluations and dismissals. As we continue to make strides in diversifying our work places, it is important for all of us to be conscious of our unconscious biases. During this session, through videos and small and large group exercises, you will come to understand the many different kinds of bias, the implications of unconscious bias in the workplace and an introduction to how to address these biases when you witness them. Participants will: (1) Understand how we process information and how our lenses, layers, legacies and cultural identity can shape our reactions to colleagues and impact management decisions, (2) Discuss the meaning of unconscious bias with examples from global research and how they play out at work, (3) Identify unconscious bias and learn a skill-based methodology to respond to these instances.


Panel Discussion on Leadership Development
Tier:  All Industry:  All
Presenter: Lincoln Financial Group Panel, moderated by David Ramthun
Description:  After this session, you’ll have a better understanding of the skills needed to transform beyond management to effective leadership, as an actuary, as a minority, and in general.



Residual Markets:  Last Resort Coverage
Tier:  Intermediate Industry:  P&C
Presenter:  Jim Rowland, Allstate and Arthur Randolph, II, Pinnacle Actuarial Resources
Description:  Residual markets exist to provide insurance to those who cannot otherwise obtain insurance in the private market.  This can occur due to market dysfunction, restrictive regulation, or risk characteristics that the voluntary market cannot adequately price.  This session will provide attendees with insights into how the residual markets for auto and homeowners insurance operate in the United States.

Presentation 1

Presentation 2

U.S. Statutory Reserving – Universal Life
Tier:  Intermediate Industry:  Life
Presenter:  James Collingwood, Ernst & Young and Arthur Riley, Transamerica
Description:  Theory and shortcomings underpinning UL statutory reserving; leading to the advent of Principles Based Reserving.


Corporate Culture in 2016: The Relevancy of a Company’s DNA and the Professional’s Place in It
Tier:  All Industry:  All
Presenter:  Kevin Carrington, The Segal Group
Description:  The pervasive beliefs and attitudes that characterize a company can inspire and motivate the employees, other companies, and even the industry.   A strong company culture can affect employee retention, productivity, quality of life, and reputation—and the culture can be leveraged to execute the overall strategy.  This idea has never been more prevalent in industry as it has spurred the ideas of millennials in the workplace, branding, flexibility, and engagement.  In an era of consolidation and growth, the idea of corporate culture will be at the forefront for all job seekers, including actuarial professionals.

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Soft Skills in a Hard Field
Tier:  College
Presenter:  Danielle Chabot, Travelers
Description:  It is widely known that actuaries have to understand the numbers. This session will help students develop their abilities to present and convey those numbers to any audience. Students will leave this session understanding core techniques to own their analysis and communicate effectively in any role.

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Diversity in the U.S. Actuarial Profession
Tier:  All Industry
Presenter:  Gloria Gilliam, PwC, Deitrich Davidheiser, Humana, Kwame Davis, Willis Towers Watson & Linda Shepherd
Description:  The goal of the panel discussion is to share personal experiences that will shed light on how diversity initiatives can be improved in the profession and IABA.



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