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 would describe the methodology used by actuaries in pricing and reserving. The presenters would explain the concepts in simple terms and demonstrate to the students how to calculate premium and how much to set aside for indemnity. This would provide students with practical understanding of the theories and formulas learned in school 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 and 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 we the consumers, and 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 help 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 means more control, occasionally it means more confusion, inefficiency and more uncontrolled risks. In this session, we would learn where the insurance industry lost control and how we can get it back. This is where predictive analytics comes to the picture. 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.
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.
Every day consumers make hundreds of decisions that impact the cost of insurance, from choices about the foods they eat to how safe they drive or 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. The speaker for the session will be David Johnson, Vice President at The Segal Group and Adjunct Professor in the Department of Psychology at Towson University.
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?
Focuses on interpersonal and decision-making skills to make sound financial and management advice, as well as a deep-dive into the eight core competencies, as out-lined by SOA, to identify technical and non-technical skills needed to become an accomplished actuary.
I have access to some interesting software as well as research that will be used to stimulate an engaging discussion on a topic that touches everyone.
The Toastmaster will provide IABA members an extraordinary opportunity to improve their public speaking skills, make members become competent presenters, learn how to run a meeting or think faster on their feet. It will also serve as a platform for students to network with professionals as they collaborate to answer table topics ranging from Actuarial exams techniques, IABA success stories, Actuarial profession experiences, recruitment topics on diversity and inclusion
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.
Insurers and actuaries are used to handling large volumes of data and looking at patterns to establish risks. In fact, this has been the basis of insurance going back to the origins of the industry. But it has become clear recently that with the rise of telematics, big data and supercomputing the industry is transitioning into a new age. As a result, statistical learning has become a very hot field in insurance, finance and other business disciplines. During this session we will concentrate on the application of statistical methods to actuarial concepts and techniques. The presenter would work students through practical business cases using statistical programs such as SQL, and Access.