The first part of the presentation will give a basic overview of microinsurance, how it’s evolved, the current landscape, features that distinguish it from conventional insurance products and programs, and opportunities for actuaries to engage in the microinsurance space.
The second part will focus specifically on health microinsurance, and how it can be used in concert with public insurance schemes to achieve wider insurance coverage among low-income consumers in developing countries.
In May 2017, after 20 years in the making, the International Accounting Standards Board (IASB) adopted International Financial Reporting Standard (IFRS) 17 - Insurance Contracts, effective for IFRS reporting beginning in 2021. As most countries outside the US have or will adopt IFRS as their basis of financial reporting, IFRS 17 will transform financial reporting standards for many companies. IFRS 17 will rely on actuarial expertise much more than under existing financial reporting standards today: Requirements will include discounting for nearly all unpaid claim liabilities, a provision for uncertainty and a complex model for certain contracts with terms longer than one year. This session will provide a summary of IFRS 17 and its related impacts in particular as it affects property and casualty insurance and reinsurance companies.
This session will provide the latest information on the Actuarial Climate Index, which was launched in November 2016, and its companion index, the Actuarial Climate Risk Index. Session will focus on activity on the climate risk indices website: actuariesclimateindex.org. How much activity has been on the site? What are the highlights of published index values over the past year? What types of research can be done with the ACI data? What is the timetable for the ACRI launch and how might it be used?
Increasingly, actuaries are faced with pricing and reserving for insurance contracts that involve payments that are contingent on financial variables such as the performance of the stock market and the level of interest rates. In this session, the presenters will describe the methodology used by actuaries in pricing and reserving. The presenters will explain the concepts in simple terms and demonstrate to the students how to calculate premium and how much to set aside for indemnity. This will provide students with practical understanding of the theories and formulas with respect to pricing and reserving.
While we don’t build our models to have bias with respect to things like race, the data that they are often do. A representative of the Travelers Innovation Center will be demonstrating how Artificial Intelligence works, and how to approach some of the practical issues of training AI.
Several companies have successfully marketed, sold and valued PBR products. This session will walk through the challenges of implementation observed at several companies, highlighting the pain points and what went well. Topics will cover a broad range from actuarial (valuation/assumption decisions – including moving to the 2017 CSO table), to regulatory (reporting/auditing) to technology (automation/controls). This session is designed specifically for companies planning on implementing PBR in 2018 or 2019 - to learn from the challenges faced by early adopters.
In this session, we will discuss the current healthcare spending growth in the USA, its unsustainability, what it means for the consumers. We will also cover recent efforts & trends to solve the problem by: Providers of Care, Payers and Insurers, Employers, Government, and Consumers. What efforts seem to be working?
We are currently living in the age of big data where information is abundant and small technology helps to process it. If there is an industry to benefit from the golden age, it will surely be the insurance industry. However, is the insurance industry confident about risk management, fraud prevention, assessment and claims procedures? It will surprise you that the abundance of data does not necessarily mean more control. Occasionally, it means more confusion, inefficiency and more uncontrolled risks. In this session, we will learn where the insurance industry lost control and how we can get it back. This is where predictive analytics comes in. Predictive analytics is one of the components of Preliminary syllabi and readings for 2018 ASA Exams requirement and is also used by CAS in predictive modeling.
In this presentation, we will take a look back at the actuarial markets of yesteryear, and explore recent trends in hiring, salaries & disruptive business models. We’ll talk about how technology is creating new opportunities to gather data and manage risk, while also opening the door to new business opportunities and competitors. We will also discuss how the hiring process has evolved, what employers are looking for, and how you can improve your marketability in an increasingly competitive market.
The career outlook for actuaries is constantly evolving. This portion of the session will expound on the actuarial roles and career paths that some have chosen to take. Actuarial entrepreneurs who have successfully transitioned from traditional actuarial roles will discuss their journey. This panel presentation will include an interactive question and answer session.
Everyday, consumers make hundreds of decisions that impact the cost of insurance: from choices about the foods they eat to how safely they drive, to how they safeguard personal property. Insurance companies, and the broader business community, have a strong financial incentive to try to nudge consumers to make better decisions and adopt safer, healthier behaviors. What can be done to influence these choices and drive positive behavior change? This session will highlight research and practical examples from the fields of Behavioral Economics and Behavior Change Science to detail best practices in changing consumer behavior. Participants will discover surprising insights about how consumers make decisions and what well-intentioned businesses can do to drive lasting behavior change.
First Google and Walmart tried, Now Amazon has teamed up with Berkshire and J.P Morgan to try and disrupt the healthcare delivery system and contain the growth of healthcare cost. What does the recent trend of companies trying to disrupt the healthcare system mean and what’s next on the horizon?
This session focuses on interpersonal and decision-making skills to make sound financial and management advice. The session will also deep-dive into the eight core competencies, as outlined by SOA, to identify technical and non-technical skills needed to become an accomplished actuary.
This session will provide attendees with an opportunity to practice their public speaking skills, as we sample from a Toastmaster's favorite: the "Table Topics". As you may know, Toastmasters is a public speaking organization that encourages its members to become competent presenters, providing far reaching benefits, such as learning how to facilitate meetings and being able to respond well in impromptu situations. This session will serve as a platform for students to network with professionals as they collaborate to answer "Table Topics" questions on a variety of subjects, including actuarial exam techniques, IABA success stories, diversity and inclusion, and experiences in the Actuarial profession.
Financial well-being (for employees) is an increasingly hot topic and all the rules of thumb are likely to change, if they were ever right, in the wake of tax changes. There are important roles for actuaries to play in this space from software development to research. Also the emerging gig economy is important to understand in this area. The focus is much broader than just traditional retirement readiness.
The session will consist of a presentation and case studies, where attendees will have the opportunity to discuss the best way to approach real life situations.
In the world in which we live it's no longer enough just to be Good, we have to push the envelope to truly become Great! No longer can we hide behind our certifications and designations, it's time to step up to the plate and show the world who we are, what makes us different, unique and why companies and clients alike should compete to have us on board. In this live Interactive session, participants will: Explore what a Personal Brand is and why it’s so important for your career and the success of your company; Create a personal branding strategy to help your expertise standout in your niche; Learn what tools you can use to establish and measure your personal brand.