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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.
Balancing Expectations: Actuaries Who Are Also Executives
Come and join our speakers for this fireside chat. We will probe into some of the intricacies of leading an actuarial operation, leading non-actuarial units along with interacting with the leaders of the other operating units within an organization as the face of the actuarial world. What are the demands on actuaries who begin to trade in their spreadsheets for personnel files, media kits and higher level decisions? How might being in the public or corporate eye change the way you approach your communications? What are some of the political ramifications as you move up the ladder or serve your post at the discretion of the Governor? What are the nuances in selecting management’s estimate of reserves as compared to providing actuarial estimates? In this session, the speakers will respond to a series of prepared questions and topics, and will also field questions from the floor. You may find out that executive life is meant for you, or maybe not so much.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Gregory Cote
Panelists:
Eugene Connell, Christopher Carlson, Kevin Murphy
Actuarial Users' View On Reserve Ranges and Variability
Reserving actuaries keep busy producing loss reserve ranges and distributions of loss reserves. Oftentimes other insurance functions only need or want a point estimate. This session will feature the opinions and views of non-actuarial functions as it regards loss reserve ranges and variability.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Dan Tevet
Panelists:
Paul Smith, Timothy Wiebe
Actuarial Reserving Practices and Investment Priorities: Live Pulse Survey and Panel Discussion
Given the CAS is celebrating its 100 year anniversary, this session will focus on expectations for the future. The session will start off with the assessment of the current reserving environment, as evidenced in our survey and real time results from the live pulse survey. A panel discussion with intermixed live pulse questions will follow highlighting current trends and future expectations for reserving: specifically, where companies are looking to improve processes in the future and where they are investing heavily.
Survey participants will enjoy an interactive session, get the chance to observe the viewpoints of prominent reserving actuaries and discuss potentially controversial findings from the survey about the direction of actuarial reserving.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
General Session
Moderators:
Arthur Randolph
Panelists:
Bill Wilkins, James Lynch, Bob Giambo
Actuarial Opinion and Report: Are You Meeting Regulator Approval?
In this roundtable, participants will be able to discuss and ask questions about the actuarial opinion and the actuarial opinion summary. What does the regulator look for? The facilitator for this discussion is a member of COPLFR and a former regulator.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Beverly Phillips
Panelists:
Wendy Germani
Actuarial Functions: What Kind of Improvements to Face Future Challenges?
Insurance companies are looking to improve their actuarial functions due to a variety of reasons. Some of the reasons include cutting costs, reducing reporting times, improving controls, better communication, addressing impending accounting, risk, and regulatory changes. During this session, the speakers will discuss what is transforming the actuarial functions, why companies are doing it and the benefits. Case studies will be shared to help drive our discussion.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Loic Grandchamp
Panelists:
Anita Sathe, Ian Sterling, Nathan Root
Accountants, Auditors, and Actuaries, Oh My: Speaking the Same Language
Please join us for a lively and interaction discussion of the roles and responsibilities of the various actuaries, accountants and auditors in the loss reserving process. An expert panel consisting of a company Chief Actuary, a large audit firm actuary and a mid-sized audit firm CPA and a moderator who is a consulting actuary will provide real life examples of their experiences. The real life examples will include: • companies that record the actuarial estimate as well as companies where management's best estimate is not the same as the actuarial estimate;
• small companies that do not have their own actuaries;
• requirements for testing the actuarial data;
• dealing with carried reserves that move around in the actuary's range;
• responding to auditor's questions.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Vijay Manghnani
Panelists:
Lisa Slotznick, Matthew Kunish, Magali Welch
831(b) Captives and Tax Issues
Panelists will discuss the growing popularity of the "831(b) captive" by examining its formation, use and abuse. The presentation will start with an examination of captive insurance company taxation in General Session, with attention to the alternative tax for small captive insurance companies. Attention will be given to the growing use of risk pools and the factors associated with increased IRS audits. The panel will cover the captive formation and administration process, together with a discussion of premium calculation and its importance for both insurance regulator and federal tax purposes.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Vijay Manghnani
Panelists:
Derek Martisus, David Slenn
Workers Compensation: Current Issues
What trends have you noticed in the world of workers’ compensation? Does your trend/data match or diverge from what the industry trend/data seems to be indicating? Have you made or researched ideas for adjustments to your reserve analysis (methods/models) in workers compensation? Has the Affordable Care Act impacted your trends, data or analysis at all? Are there other changes/underlying issues going on within the various states that are causing you concern? Come to this roundtable discussion and share your concerns, frustrations and triumphs.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Vijay Manghnani
Where's the Smoke?  Medical Marijuana and Workers' Compensation
The legalization of medical marijuana in approximately two dozen states has the workers' compensation industry prepared for a potential surge of claims seeking payment for the drug. The lack of approval from the U.S. Food and Drug Administration and a federal law banning its use has been thought to preclude most workers' compensation insurers from paying for marijuana as a treatment for injured workers. However, federal law has not been enough to stop more marijuana claims from creeping into the workers' compensation system. Workers’ compensation administrative law judges have been approving the payment of medical marijuana as a workers’ compensation benefit, even when their state of jurisdiction has not legalized marijuana.
Can herbal Cannabis be developed into modern prescription medication? The FDA has now approved a cannabinoid for Investigational New Drug studies, and another, already in Phase 3 trials, has been granted fast track designation. As with opioids, once approved by the FDA for a given disease or medical condition, it can be expected that physicians will prescribe the medications “off – label.” What is the risk that cannabinoid medications will result in abuse and diversion, as with opioids? Will they partially supplant opioids with a less costly alternative that has diminished side effects?
The session will present an update on the use of medical marijuana within the workers’ compensation system, present scenarios of what might be expected to change given the recent activity by the FDA, and postulate on the financial impact of such changes.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Vijay Manghnani
Panelists:
Phil Natoli, Alice Mead
What's Next for Medical Professional Liability Writers?
The past decade has seen medical professional liability (MPL) tort reform measures in at least twenty states, MPL claim frequency cut in half, relatively benign trends in indemnity severity, and the tripling of surplus for specialty companies. But are adverse trends beginning to work against this history? Several states have seen tort reform overturned, defense cost severities are rising by double-digit percentages for many writers, and frequency is beginning to increase in certain locales. This session will explore these new developments together with possible risk management measures that insurers may consider.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Vijay Manghnani
Panelists:
Christopher Gross, Susan Forray, Bruce Williams
What To Do When the IRS Comes Calling: Lessons from the Acuity Court Case
In a 98-page opinion issued last year, the United States Tax Court upheld the carried loss reserves of Acuity, A Mutual Insurance Company, as “fair and reasonable” under IRS regulations. This victory for Acuity, and for the property & casualty insurance industry in General Session, followed several years of challenges by the Internal Revenue Service to the loss reserve tax deductions of many property & casualty insurers. The panelists, who served as the consulting actuary and the tax counsel to Acuity, will discuss what the court’s opinion may mean for other property & casualty companies. The panelists will also address what loss reserving issues and procedures are most affected by IRS audits and how companies can best prepare for and respond to IRS enforcement activity in this area.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Vijay Manghnani
Panelists:
Susan Forray, Richard Riley
Understanding Changes to the New York Workers Compensation System
Significant changes to the New York Workers Compensation system were implemented in 2007 intended to address the accelerating cost of claims, a maximum weekly benefit of $400 that had been in place since 1993, and the increasing cost of assessments used to fund various cost shifting mechanisms in the state (Second Injury Fund, the Reopened Claim fund, and others). Expected cost savings did not emerge. In fact, the cost of benefits and assessments increased to levels greater than those in place prior to the law change. In 2013, additional changes to the system were made intended to primarily address the extraordinarily high costs of assessments. The purpose of this session is to educate participants on the system that had been in place prior to the 2007 law change, the impact of the 2007 law change, the reason assessments increased, the impact of the 2013 law change, and expectations going forward, and in the context of an actuary attempting to estimate the final cost of a book of claims.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Alex Korb
Panelists:
Scott Lefkowitz, Steven McKinnon
The Role of the Actuary in Risk-Focused Exams
The financial examination of an insurance company by its domestic insurance regulator has changed in the last few years. The regulators now carry out risk-focused, on-site exams (at least every 5 years) in which the insurer's corporate governance, management oversight and financial strength are evaluated, including the system of risk identification and mitigation. Find out your role as either the company actuary or the individual acting on the behalf of the regulator. What are the issues in either performing the exam or receiving the exam?
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Marina Vaninsky
Panelists:
Robert Walling, Karen Adams, Patrick Glenn
Roll-Forward Reserve Estimates
As technology has allowed claim data to become more readily available, the need for the actuary to roll forward reserve estimates and the art of rolling forward the estimates of unpaid claims has changed. While some companies, such as reinsurers and assuming carriers, still depend on rolled forward estimates to support their recorded reserves, other carriers incorporate detailed roll-forward estimates in their planning process or their MIS systems to allow management to track the actual versus expected loss emergence. This session will explore how roll-forward estimates are used today, discuss the accounting and regulatory issues related to using roll-forward estimates to support the recorded reserves, and present some of the methods and techniques used by actuaries to forecast future loss emergence.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Marina Vaninsky
Panelists:
Michael Starke, Michele Raeihle, Pixi Sofian
Rethink Your Workers Compensation Reserve Analysis to Use Predictive Modeling
Historically, actuaries have failed to take full-advantage of the vast amount of claim information that is General Sessionly captured by workers compensation insurance carriers. This session will cover how predictive modeling, which has gained popularity in the pricing environment, can be used to leverage workers compensation data for two claim-related purposes: claims triage and unpaid claim estimation (i.e. reserving).
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Robert Harnatkiewicz
Panelists:
David Otto, Gary Ciardiello
Reserving for Weird and Odd Things
Share with others the weirdest thing you have ever had to reserve for. Examples include Fracking, Loyal Rewards and others. Also, gain some helpful hints on how to reserve for a special business you haven't encountered before.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Matthew Killough
Panelists:
Anita Sathe
Reserving for Loyalty Rewards Programs
The explosion of loyalty programs in the airline, hospitality, financial services and other industries has resulted in the significant growth in associated liabilities on loyalty program sponsors’ financial statements. This session will provide participants with an introduction on how companies financially measure and report the loyalty program liabilities that they have made to their loyal customers. We will discuss the characteristics of loyalty rewards programs, the unique circumstances and environment that must be considered when reviewing these programs, and the basic methods used by actuaries and statisticians to estimate the cost of these promises.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Micah Lenderman
Panelists:
Rachel Dolsky, Tim Gault, Albert Zhou
Working with Claims
In this roundtable, participants will be asked to share best practices when working with claims. The reserving process is dependent on the work our claims partners perform. How can we maximize that partnership?
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Simon Lee
Part IV — The Actuarial Report on Reserves
This session will focus on the communication of the results of an actuarial reserve study to stakeholders. Essential elements to a written report will be examined, including discussion of situations that may require additional elements to be included. Included in the session will be discussion of what a stakeholder should look for in a report, and what things might be considered red-flags that require further questions. Participants will continue to work through the hands on examples with guidance from experienced actuaries to gain a working knowledge of these methods.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
John Lower
Panelists:
Kurt Johnson, Alexander Alimi, Sally Levy, Scott Lamb, Ellen Edmonds
Reserving After the Underwriters Leave Town
What does the reserving actuary for discontinued operations do differently when compared to live business? You may think it's simple, but this session's presentations will enable you to understand how one's life changes when dealing with the topic "when the underwriters leave town." The session speakers include a Senior Vice President and Chief Actuary of a large discontinued operations unit, a former company actuary and current consultant with discontinued operations experience as a company actuary. The panelist's experience also includes consulting on primary business, reinsurance companies and run-off pools, as well as a consultant working with run-off of multiple companies.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
John Lower
Panelists:
Jason Russ, Scott Anderson, Ernest Wilson
Reserves Call Paper Program
Select papers from the 2014 Reserves Call Paper Program will be presented during this session: • Mark Shapland, The Analysis of “All-Prior” Data
• Rajesh Sahasrabubbhe, Applying Credibility Concepts to Develop Weights for Ultimate Claim Estimators”
• Tom Struppeck, “Combining Estimates”
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
John Lower
Panelists:
Rajesh Sahasrabuddhe, Mark Shapland, Thomas Struppeck
Reserve Variability and the Use of Ranges in Practice
This session will explore the use of reserve variability ranges in practice. Panel members will discuss implications of variability ranges in connection with communicating financial results and assessing financial strength/solvency. Reserve variability will be viewed from the perspective of various stakeholders across the industry.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Jun Yan
Panelists:
Mark Shapland, Thomas Conway, Jonathan Evans
Regression Based Testing of the Assumptions of Underlying Loss Development
The Committee on the Theory of Risk (COTOR) developed a syllabus and materials for a class on testing the assumptions underlying the estimates of loss development factors. Some of the topics in the class are also covered in the Limited Attendance Seminar on Loss Reserve Variability. Many of the tests are regression based. This session will provide a summary and key elements of the one day class including: • The data sets used
• The Excel regression functions needed
• The assumptions underlying chain ladder
• How to test these assumptions
• How to obtain and use the facilitator’s guide to the class
This session will have a practical focus and the data sets will be available prior to the seminar. In addition we recommend reading Venter’s “Testing the Assumptions of Age-to-Age factors” (PCAS 1998).
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Jun Yan
Panelists:
Louise Francis, Jane Taylor, Mark Shapland
Redefining Risk in a Future World Where Technologies are Hell-Bent on Eliminating It
Insurance exists today as a well-refined science, providing coverage in areas where the risks are well understood. But emerging technologies, changing demographics, disruptive innovators, shifting cultural norms are continually rewriting industry rulebooks.
Driverless cars have the potential of eliminating virtually all car accidents. Flying drones with infrared scanners have the potential of eliminating most forest fires before they start. The Internet of Things has the potential of eliminating most kinds of theft. And 3D printed houses have the potential of making most homes instantly repairable with minimal loss. At the same time, nearly all new technology comes with its own set of unintended consequences. Driverless cars will make it far easier for 9-year-old kids to run away from home. The same flying drones that can deliver packages can also be loaded with bombs and poison. The Internet of Things will make it possible to have our privacy invaded in ways we can't even imagine. And the same 3D printers capable of printing new organs will someday allow us to print our own replacement bodies. What could possibly go wrong with that?
It is in this world of rapidly shifting risks that the world will turn to the insurance industry to provide safety nets for the unforeseen calamities lurking behind every new innovation. Hidden deep within these risks are the foundational openings that will define the insurance industries of the future. Join us as Futurist Thomas Frey takes us on a colorful journey into the land of tomorrow, and the golden opportunities ahead.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Featured Speaker
Moderators:
Jun Yan
Panelists:
Thomas Frey
Professionalism - Confidentiality
During this roundtable, participants will describe the issues of confidentiality and how it relates to the professional standards.
Source:
2014 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Jun Yan
