The health insurance market is filled with cookie cutter products that look just like the next one on the shelf. What does it look like to innovate in health care? What is the role of the actuary in product innovation? How can you measure risk and opportunity when you’re changing the rules of the game? In this session, we’ll explore the process of product innovation from defining a market need to developing market pricing.
This session will cover the basics on various tax related considerations for actuaries under insurance product and company taxation. This will include a discussion of the definition of life insurance, modified endowments, withholding and reporting. The session will also cover company tax considerations such as tax reserves and the DAC tax, including the impact of the Tax Cuts and Jobs Act on these tax return deductions. We will also cover the tax treatment of certain foreign subsidiaries under US tax law.
Given the recent events in the Western U.S., and especially California, we have been working with clients to develop new techniques and ideas on how to manage (and mitigate) this risk. Wildfire catastrophe models are fairly new and not as claims tested as a peril like hurricane, so looking to alternate sources of information, and innovative ways to use the vendor model output, has been a critical focus for our team following the 2017-18 seasons. This can include everything from accumulation management to pricing analysis and creative reinsurance solutions.
In a world where our attention is distracted in a millisecond with a simple swipe or an alert. It's imperative that we make genuine connections from the start. Certifications, Designations, and Degrees aside, you only get one chance to make a first impression and that impression is lasting and can determine your ultimate success or failure. Personal Branding, Networking, and Authentic Connection Building are the keys to win in life. In this live interactive session, participants will: • Explore the New Rules of Networking and How times have changed • Create a personal branding strategy to help you stand out from the crowd • Learn the Art of Connectology and how you can cultivate and create connections that last
Test and refresh your knowledge of professionalism in this entertaining and interactive session! This trivia game will cover a number of topics that apply to all actuarial areas of practice, including a review of the code of conduct, applicability guidelines, and ASOPs that apply to all actuarial areas of practice. This session will help you determine what you know and what you might want to review. Who said professionalism can’t be fun? This session may provide attendees with Professionalism Continuing Education credits.
With insurance companies shifting their technology to enable more digital offerings to customers and agents, it raises the question of whether actuaries should change their approach to insurance product design as well. This session will explore how technology-centric companies normally design their digital first products and what techniques might apply to a digital insurance offering. The speakers will share their experience designing digital first products and how they have worked with actuaries to apply those methods in insurance. At the end of this session, you will be familiar with many techniques of digital product design and how they can be applied in the heavily regulated world of insurance.
The world is changing at an increasing pace: everything from how one buys goods (have you been to a mall lately?), reserves lodging (AirBnB), or hails a cab (Uber) has been digitized. Increasingly, this disruption is affecting the workforce. Initially the trend to automate work started with manual labor, but is increasingly impacting knowledge workers. Will Actuaries be impacted? The simple answer is a resounding yes. And the pace of this disruption will increase quickly, shifting the profession toward the new paradigm of the Exponential Actuary™—an actuary that exploits tools like robotics, natural language processing/generation, and machine learning to take on the influx of increased demands on his or her time.
Time management is key to success in the working world, particularly during times when multi-tasking is needed and we have to manage not just multiple, but also constantly changing expectations. In this session, we will share tips on time management and how to manage expectations. We hope that after this session, End of Day delivery will not be at 11:59pm of the day anymore!
The National Aeronautics & Space Administration (NASA) and the Johnson Space Center's Safety and Risk Assessment team will join with IABA to deliver a session targeted towards the actuarial profession. NASA has consistently been a foremost pioneer and influencer of humankind's innovation and progress for over 60 years. NASA understands that there is an integral role the Space and Risk Assessments team has in analyses and mitigation of risk. A representative of NASA will share the team's work and relationships with internal and external partners help to optimize quality, reliability, safety and profitability, and to show how this type of engagement fosters growth of knowledge, and provide an opportunity to advance the future of the actuarial and risk professions.
Insurance companies are required to be capitalized to certain regulatory levels. They also maintain capital levels that are adequate to support strong rating agency standards. In addition, property and casualty insurance companies are increasingly employing internal economic capital models that provide a more complete view of risk for internal decision making affecting multiple facets of the business model. This session will look at how different companies perform internal capital modeling and will touch on several considerations that factor in the determination of internal required capital.
Robotic Process Automation (RPA) receives a lot of attention in the insurance industry. While many companies have successfully implemented RPA in other functional areas such as tax and operations, successes within Actuarial have been limited. Why is this the case? What can we do differently, and how can the lessons learned help actuaries embrace today’s technology-driven environment? This session will explore these questions.
The first part of this session will offer solutions to address the 85% of health care costs that are attributable to chronic illness. The scientific evidence showing how chronic disease can not only be prevented, but actually reversed will be presented. The presentation will discuss how actuaries can assist payers develop financial incentives for health care providers based on improved patient quality of care metrics that will increase the use of treatments to reverse heart disease, diabetes, obesity, hypertension, and other chronic health conditions and reduce overall health care spending. The second part of this session will provide an overview of alternative payment models in healthcare. Government and insurance payers are designing a wide range of models to address cost and quality. We will give an overview of those models and discuss how they address quality.
This session is targeted towards college students and recent graduates who are looking to learn more about the transition from internships to full time employment in the insurance industry. Learn from two early career professionals who have successfully transitioned from roles as interns to full time employees. Topics will include setting goals, finding mentors, maintaining a positive work life balance, and more, all delivered in a fun and lighthearted analogy to a budding romance!
With the rapid growth of data and analytics as critical enterprise functions, unique challenges have arisen – ethical, organizational, and technical. We’ll explore key considerations and opportunities for effectively navigating these challenges to create lasting business impact through the intelligent use of data.
The future of insurance is not only predictive but it will also be heavily mediated by emerging technology. Analytics and artificial intelligence algorithms are leveraging credit data, social media data, self-tracking data, and other external datasets warehousing lifestyle data and data collected through electronic devices, such as drones, to figure out who you “really” are. These algorithms want to know what you are buying, where you are going and how you are driving to get there, how much you exercise, what secrets your DNA contains, who your love interests are, how well you sleep and for how long, and your positive and negative personality traits all before you wake up in the morning. Never before has a sensation of being “watched” ever been more pervasive until now. Data privacy concerns have heightened the interest of regulatory agencies in the use of massive amounts of data by insurers to gain a competitive edge through differential pricing algorithms that can potentially create disparate impact and take advantage of individuals more inelastic to price increases than others because of their psychological DNA. This presentation will look at the “state of the art” of emerging technology and how it is being deployed and address a number of regulatory issues which may impede continued innovation if not addressed.
There is a general understanding that data visualization is an effective aid in the communication of numerical findings. But why is this so? This session will explore the connection between symbology, mathematics and human cognition. We will examine how geometric shapes – decoupled from numerical symbols – may express a higher density of information than numbers alone. Finally, we will look at how visualization can represent statistical models and hypothesis tests. The presenter will also share information about the CAS’s new working party on data visualization.
This session discusses the intersection of leadership, professional development and personal growth with diversity and inclusion. Challenges and barriers to inclusion will be reviewed. Innovative strategies by which leaders can advance inclusion and diversity within their organizations are discussed. A framework for a comprehensive and reflective approach to driving inclusion within diverse teams will also be addressed.