Actuarial Workflows with AI

Join us for a 50-minute session designed for actuaries looking to understand and implement AI in their daily work. This session will provide:

• A clear overview of AI's current capabilities in actuarial practice
• Practical techniques to enhance your workflows using AI tools
• Strategies to overcome common challenges, such as dealing with AI-generated hallucinations
• Automating processes with AI

• A balanced perspective on AI's potential and limitations in actuarial work
• Real-world case studies
• Opportunity for Q & A

Whether you're skeptical about AI or eager to explore its potential, this session will equip you with valuable insights to navigate the evolving landscape of actuarial technology. Register now to learn how AI can enhance your actuarial practice.

Learning Objectives:

1. Have a clear overview of AI's current capabilities in actuarial practice.
2. Understand some practical techniques to enhance your workflows using AI tools.
3. Understand strategies to overcome common challenges, such as dealing with AI-generated hallucinations.

• Sergey Filimonov, Matrisk AI
• Drew Whitney, Matrisk AI

Underwriting a Greener Future and ESG+R

Corporations, governments, and non-governmental organizations are increasingly mandated by investors and regulators to disclose and manage the risks that their operations and value chains pose to various stakeholders. Risk transfer has emerged as a tool that plays a deliberate role in advancing (E)nvironmental, (S)ocial, and (G)overnance initiatives and investments by increasing economic and climate (R)esilience (which we collectively refer to as ESG+R). For example, institutions are executing risk transfer products to create value through expanding uptake of sustainable technologies; accessing more attractive financing for projects and investments; and protecting balance sheets and earnings; amongst other applications. This presents a growing opportunity for the re/insurance industry to extend existing underwriting frameworks and create novel risk transfer products that enable sustainable growth. In this session we will discuss ESG+R from the perspective of an MGA, a reinsurance calculation agent, and a risk capacity provider.

Themes covered through case studies and discussions with practitioners will include:

• Developing, promoting, and measuring the impact of innovative risk transfer products
• Increasing economic and climate resilience via risk transfer products
• Leveraging scalable technology to underwrite and reinsure climate risks typically retained by insurers

Learning Objective:

1. Develop, promote, and measure the impact of innovative risk transfer products.
2. Increase economic and climate resilience via risk transfer products.
3. Leverage scalable technology to underwrite and reinsure climate risks typically retained by insurers.

Presenters:

• Celeste Bremen, New Energy Risk
• Jaesung Park
• John Su, Managing Director, Demex

Professional Standards for Risk Classification and Modeling

We will discuss professionalism requirements with respect to Risk Classification (ASOP 12) and Modeling (ASOP 56) in Pricing and Underwriting including draft revisions to ASOP 12 and recent changes to ASOP 56. The instructors both have decades of experience in various roles including leading pricing and underwriting functions, Chris in insurance and Todd in reinsurance.

Learning Objective:

1. Apply ASOPs 12 and 56 to their actuarial work
2. Understand how the ASOP revision process works by seeing it in practice with the draft ASOP 12 proposals
3. Think of ASOPs in context of Pricing and Underwriting.

Presenters:

• Christopher Monsour, CompScience
• Todd Hess, Swiss Re

Location, Location, Location: Importance of Geocoding Accuracy in Pricing Natural Catastrophe Risk

We will demonstrate the importance of accurate geocoding in classifying catastrophic risk, including the particularly sensitive perils of wildfire and flood. This will include exploring how geocoding works, why not all geocoding results are “created equal,” and how to address limitations with geocoding. We will also discuss why wildfire and flood are such localized perils, with risk varying greatly between relatively close locations.

Finally, we will consider other implications of understanding an exposure’s accurate location, such as underwriting and managing concentration.

Learning Objective:

1. Understand the geocoding process, how to interpret the results, and important limitations.
2. Evaluate drivers of flood and wildfire risk, particularly small-scale, local factors.
3. Describe the importance to property insurers of knowing accurate location information for their insured risks.

Presenters:

• Greg Dietzen, FCAS, MAAA, Milliman, Inc.
• Garrett Bradford, GISP, Milliman, Inc

Advancing Cyber Underwriting Through Security Signals

Underwriting cyber risks in today’s environment can be challenging due to the uncertainty in claims occurrence. Leveraging predictive analytics and security signals can provide guidelines to cyber underwriting and pricing for optimal risk selection.

Learning Objective:

1. Identify key uses for cybersecurity controls in cyber underwriting strategies and ratemaking.
2. List the most impactful cybersecurity controls in predicting claims and in turn price policies.
3. Describe how cyber controls can push the industry towards more certainty in underwriting and pricing cyber risks.

Presenters:

• Jess Fung, Guy Carpenter
• Carol Aplin, Cyber Risk Analytics Center
• Jeff Sergio, Cyber Center of Excellence, Guy Carpenter