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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
But you may use the Capability Model now to help you identify topics. For example, if you want to move up one level under the content area “Functional Expertise,” you may search topics in the particular functional area to expand your knowledge.
Recorded content is searchable by Capability Model attribute and level in the CAS Online Library.
Emerging Issues in Personal Auto
Katie DeGraaf, Consultant at Towers Watson, will discuss emerging issues in personal auto including usage based insurance, self-driving cars and ridesharing.
Source:
2014 Regional Affiliate - BACE
Type:
affiliate
Panelists:
Katie DeGraaf
Emerging Risks and The Role of Insurance
Gerry Finley, Senior Vice President at Munich Re America, will discuss emerging risks including nanotechnology and climate change.
Source:
2014 Regional Affiliate - BACE
Type:
affiliate
Panelists:
Gerry Finley
The ABCDs of Counseling and Discipline
Mike Toothman, Consultant at Actuarial & Risk Consulting Services, a Past President of the CAS and a past Board member and Vice Chair of the ABCD, will describe the workings of the ABCD and answer your questions regarding the profession's discipline and counseling processes. The session is intended to be highly interactive. Case studies and illustrations will be used to emphasize key points of how the ABCD works and your role in helping the process to work optimally.
Source:
2014 Regional Affiliate - BACE
Type:
affiliate
Panelists:
Mike Toothman
Large Loss Distribution and Regression Analysis
Dr. Luyang Fu and Andrew Kwon from Cincinnati Financial Corporation discuss the estimation of loss distributions by using least-squares regression methods instead of maximum likelihood. This approach is flexible enough to handle various issues encountered when using real-world insurance data.
Source:
2014 Regional Affiliate - BACE
Type:
affiliate
Panelists:
Luyang Fu, Andrew Kwon
Quantifying an Enterprise Risk Management Framework (Members)
Marcus Aikin, Managing Director at Guy Carpenter, describes an economic capital model that can be used for enterprise risk management (ERM) and Own Risk and Solvency Assessment (ORSA) reporting.
Source:
2014 Regional Affiliate - BACE
Type:
affiliate
Panelists:
Marcus Aikin
The CAS: The Gold Standard for Property/Casualty Actuaries (Invited Students & Professors)
John Wade, Senior Consulting Actuary from Pinnacle Actuarial Resources, explains the path to membership in the Casualty Actuarial Society (CAS) and describes career opportunities for property/casualty actuaries.
Source:
2014 Regional Affiliate - BACE
Type:
affiliate
Panelists:
John Wade
Why Good People Do Bad Things
Professor Paul Fiorelli, Professor of Legal Studies and Co-Director of the Cintas Institute of Business Ethics at Xavier University, describes various types of rule breakers and the motives behind their actions.
Source:
2014 Regional Affiliate - BACE
Type:
affiliate
Panelists:
Paul Fiorelli
Using “Tiers” for Insurance Segmentation from Pricing, Underwriting, and Product Management Perspectives
Tier, as a composite variable based on multiple tier elements, has become popular over the last several years for the P&C insurance industry to segment business. It started from personal auto rating, as a new component for aggregating the pricing impact of nontraditional rating variables to expand price range and increase pricing points. Lately, it has been applied to commercial lines. Its application is also beyond pricing now. It appears to have become one of the critical strategic elements in assisting underwriting and product management to more effectively react to market competitions and regulations.
In this presentation, we will discuss several frequently asked questions regarding tier applications: • How to effectively design a tiering structure?
• How to integrate tier with pricing and/or underwriting? For example, should pricing oriented tiers be created for manual and class pricing or for underwriting driven pricing?
• How to decide the optimal number of tiers?
• For commercial lines, how to integrate tiers with some other pricing and underwriting components, such as schedule modifications?
• How to embed underwriting tiers for multiple writing companies?
• Should pricing tiers be developed based on a pure premium approach or based on a loss ratio approach?
• What are the differences between personal lines tier applications and commercial lines tier applications?
In this presentation, we will discuss the above through various design options with their pros and cons. We will use numerical examples to support the discussion.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Jonathan White, Jun Yan
Usage-Based Auto Insurance — Truth or Consequences?
In this session, we discuss two sets of considerations with respect to usage-based auto insurance programs. First we consider the extent to which today's technology and economics enable "truths" to be derived from telematics data, and various approaches to evaluating confidence in predictions. Second we evaluate potential "consequences" of different data strategies and implementations, for example, predictive benefits potentially foregone with lower levels of telematics data collection.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Sandra Callanan
Usage-Based Auto Insurance in the Current Market
Most major insurers are moving forward with implementation of usage-based insurance (UBI) products, and a number of smaller insurers are following suit. This session will focus on discussions of what is working well, what roadblocks still exist and the likely roadmap for UBI in the future.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Sandra Callanan
Usage Based Insurance from a Regulatory Perspective
The number of states with a competitive usage-based insurance (UBI) environment has tripled in the last two years. This session will focus on UBI from a regulatory perspective with representation from the Oregon Insurance Division. Oregon has approved unique UBI programs and offered tax incentives for mileage-based programs. We will discuss the requirements and considerations of filing a UBI program.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Sandra Callanan
Panelists:
Cara Blank, Jeremy Benson, Katie DeGraaf, Thomas Botsko, David Dahl
Usage Based Insurance Best Practices
This is a panel session with individuals who have broad based experience with usage-based insurance (UBI) and telematics. Hear their insights from experience both within insurance companies and as representatives of leading service vendors in the field. They will discuss best practices for the development and implementation of a successful UBI program and educate the audience on common pitfalls.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Sandra Callanan
Panelists:
Robin Harbage, Eric Shishko, Nate Bryer, John Kramer
Update on Latest Vehicle Changes and Safety Enhancements
The panelists will discuss recent changes in automotive design and safety characteristics and the latest developments in rating plans utilized for personal and commercial automobile insurance.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Leo Guelman
Panelists:
Kim Hazelbaker, Gary Wang, LeRoy Boison
University Engagement: How the CAS is Working to Enhance and Expand its Support of University Students and Faculty
The CAS has implemented a robust and comprehensive strategy to engage university students and faculty and to promote the CAS and the property/ casualty actuarial profession. This roundtable will discuss the CAS’s goals related to university engagement and how members can help the CAS achieve those goals.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Leo Guelman
Univariate and Copula Regression Models of Insurance Claims: A Personal Auto Case Study
In the past, it was common practice for insurers to determine insurance premiums using series of one-way analyses relating various rating dimensions to measures of profitability and loss propensity. This practice has rapidly given way to the building of statistical models that combine multiple risk-level predictors into estimates of pure premium or loss ratio. This presentation explores a next logical step in this evolution: simultaneously modeling a vector of outcome variables. This is a natural approach to explore for such applications as multiple coverages for auto insuance, multiple hazards for homeowners insurance, and multiple visit types for medical insurance. This presentation will include an auto insurance case study, comparing the univariate and multivariate approaches. Relative strengths and weaknesses of the various approaches will be compared.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
James Guszcza, Peng Shi
The Impact of Data Variance on Model Consistency
Data variance in insurance experience data is a well-known fact. It is commonly assumed that the error structures employed in General Sessionized Linear Models (GLMs) address this data variance and leads to consistent models being selected. In this session, the influence of data variance on GLMs is examined. Additionally, we compare GLM and ensemble methods, motivated by the machine learning research, and contrast their performance. As will be seen, data variance has significant implications for model builders.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Paul Beinat, Chris Cooksey
The First and Second Laws of Pricing
In an effort to improve profits, most companies have already implemented cost-cutting or reengineering initiatives, and instituted measures to improve productivity. Yet relatively little investment and innovation has gone into the one factor that can have a significantly larger impact on profitability—pricing. Topics we’ll cover include: • Customers don’t buy what, or how, they buy why
• The first law of pricing: all value is subjective
• The second law of pricing: all prices are contextual
• There is no such thing as a commodity
• How people buy
• Pricing Mr. Spock vs. Homer Simpson—the insights of behavioral economics
By gaining an understanding of these principles, attendees will receive a framework that will enable them to better match price to value, as well as experiment with various pricing strategies in order to drive profitability.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Carl Sornson
Panelists:
Ronald Baker
The Challenges Facing P&C Insurers in Implementing Price Optimization and the Basic Framework to Confront Them
Insurance ratemaking is evolving as data availability, predictive modeling, big data, and advanced technology transform the risk selection process and the process used to price insurance products. As insurers attempt or have attempted to optimize their rates, during strategic discussions or implementation of price optimization techniques they have begun to identify challenges that are becoming critical for companies to address to incorporate these techniques in their rating structures. Our presentation will delve into the key challenges P&C insurers are facing to implement price optimization including those arising from (1) internal operations and infrastructure, (2) data collection and analysis, and (3) regulatory and external concerns. We will describe the key concepts and drivers behind these challenges, and provide solutions on (1) how insurer’s operations and technological infrastructure can be designed to accommodate the flexibility and capacity needed to optimize rates, (2) how insurers’ operations will need to progress to ensure effective implementation, and (3) how the optimization process should accommodate regulatory and other external concerns. We will also describe a basic framework insurers can use as part of the solutions to simplify price optimization while further advancing insurers’ rating structures.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Carl Sornson
Panelists:
Jun Yan, Peter Tomopoulos, Somil Jain, Kelli Broin
The Actuary as an Expert Witness
This session will introduce a mock expert witness testimony of an experienced ratemaking Actuary. Commentary will be provided by the moderator while the plaintiff's attorney cross-examines the Actuary. Both positive and negative aspects of the testimony will be highlighted and audience participation will be highly encouraged.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
James Waller
Panelists:
Sheri Scott, Timothy Muth
Terrorism Pricing Demystified
Terrorism coverage and pricing have been the subject of much controversy and discussion in recent years. The IRS has publicly criticized captives providing the coverage and sometimes using it as a pooling mechanism. Insurance regulators have expressed concerns about the reasonableness of filed premium rates. This session will accomplish several things, including: • An update on the latest information on TRIPRA
• An overview of the Marsh terrorism benchmarking study
• Comparisons between captive insurer and admitted carrier approaches on terrorism coverage pricing, and
• Regulatory perspectives and concerns regarding terrorism coverage.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Harry Rhulen
Panelists:
Aaron Koch, Erick Gustafson
Take 2: Lights!  Camera!  Professionalism!
Come enjoy the acting of some fine fellow actuaries who will take on several skits involving professional dilemmas. The skits have been refreshed, but as always they will lead to some lively and educational audience discussions. You will walk away from this session with a better understanding of the ASOPs, codes of conduct and how to apply them when you face your own professional ethical dilemmas. This session may provide attendees with Professionalism Continuing Education credits.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Harry Rhulen
Panelists:
Therese Klodnicki, Jennifer Vincent, Emilee Kuhn, Dan Tevet
Survey of External Data Possibilities for Commercial Insurance
The landscape of available external data that can be used to augment commercial lines pricing models is constantly evolving. This session will attempt to provide a comprehensive overview of longstanding options, new enhancements, and the latest and greatest options. The presentation will be completely vendor neutral and will focus on what data is available and how it can be used. Data options for all major lines of commercial insurance including auto, property, workers compensation medical professional liablity, and General Session liability will be addressed.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Harry Rhulen
Panelists:
Rob Walling
Signal in Noise
In the era of big data, new information is constantly emerging. While predictive, often this data can’t be used for various reasons. To enhance these data sources and build new data elements, smoothing techniques have been developed across multiple disciplines. In this talk, we will survey a variety of approaches from actuarial science, numerical analysis and geospatial statistics. Specifically, we will briefly present methods that may be applied to territorial factors, environmental elements and property characteristics. We will then show how these approaches can be used for predicting Wind & Hail Homeowner’s losses, though they are General Session approaches that apply more broadly. The methods presented will include hierarchical credibility theory, IDW averages, kernel smoothing and kriging.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Scott Zrebiec, Hicham Elhassani
Severe Weather Workshop - Part VIII: Panel Discussion – A Filing Perspective on Severe Weather Methodologies
As severe weather concerns draw attention from consumer advocate groups, many regulators continue to be cautious with regards to accepting new methodologies. In this panel discussion, participants will hear about filing considerations for incorporating severe weather exposure, both from a company and regulatory perspective. Participants will gain insights into methods that may be more likely to be approved by Departments of Insurance and techniques for supporting their selections.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Harry Rhulen
Panelists:
Martin Simons, Richard Moncher, Minchong Mao
Severe Weather Workshop - Part VII: Location-Level Pricing
Although the use of catastrophe models has been widely adopted in the industry, the literature contains relatively little on how to use catastrophe model output to construct a rating plan. In practice, the pricing of this peril is often based on Average Annual Loss by territory, with territorial definitions that do not adequately differentiate risk. Class factors may be determined without consideration of correlation among them or between class factors and territory. This session will consider a more sophisticated method by describing an approach to constructing a pricing structure by performing a multivariate analysis using cat model output combined with Geographic Information Systems (GIS) data. It will include discussion of how to incorporate GIS elements, such as distance-to-coast and surface roughness, into a rating plan and how to incorporate a provision for flood into rates for hurricane-exposed Homeowners business, or to manage storm surge risk through underwriting.
Source:
2014 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Harry Rhulen
Panelists:
Matthew Chamberlain
