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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.
Claim Issues - Both Emerging and Perennial
This session will highlight claim issues - ranging from those that will not appear to subside or ever go away (like asbestos and pollution) and relatively newer issues (head injuries, settlements and law suits with the NFL). Asbestos reserve additions continue to plague the insurance industry as we witness a new surge of attorney advertising mostly for the purpose of bringing lung cancer claims against asbestos defendants. The panel will bring updates to the litigation environment affecting Asbestos and Pollution claims and the latest issues and emerging losses due to sports injury claims.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Constantin Cazacu
Panelists:
Steven Lin, Jullianne Callaway, Jon Cross
CAS Chairs – Leadership Skills Building
Leadership at the highest level requires a new mindset, and an understanding of the importance of empowerment – to engage those in their spheres of influence to perform at the highest level.
In this interactive session, sponsored by the CAS Leadership Development Committee, you’ll learn key people-skills and organizational practices that will result in a profoundly effective CAS Chair. It will teach you to inspire and influence others toward a common goal, raise your self-awareness to understand the circumstances and people around you, bolster integrity to make good decisions with confidence, and steer your volunteer committee forward to get the results you want with courage and accountability.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Constantin Cazacu
Panelists:
Marcel Schwantes
Capital Adequacy, Capital Allocation and Risk Pricing – The Current State of Play
Actuaries have been struggling with capital adequacy and allocation for one hundred years. Significant progress has been made over that time in clarifying the purpose, methods, and usage of the various techniques in play. However no clear winning technique has emerged and the game feel mired in the middle of the fifth inning rather than heading into the home stretch. This session will discuss historical developments from bureau rates, through underwriting betas, and option approaches, to the latest thinking on capital budgeting and coherent risk measures. It will review progress from a shareholder/owner, regulator, and policyholder perspective, and look at actuarial progress compared to advances in economics, finance, probability theory and risk theory. Understanding the different viewpoints and objectives helps explain why no single approach has been uniformly adopted. The session will highlight what consensus best-practices have emerged and describe lessons from various successful practical implementations.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Constantin Cazacu
Panelists:
Donald Mango, Stephen Mildenhall
Big Data – What It Is, and What It Means for the Insurance Industry
“The term itself is vague, but it is getting at something that is real… Big Data is a tagline for a process to transform everything.” -- Jon Kleinberg, Cornell University
Big data is one of the signature opportunities of the day, but also one of the most poorly defined. There is growing awareness that ever-expanding data sources can enable scientific advances, new product development, and business model innovations. Yet as the recent Google Flu Trends episode illustrates, sloppy methodological thinking about big data can lead to scientific errors. Analogously, sloppy business thinking about big data can lead to expensive strategic errors.
This session will begin by offering a variety of definitions and examples of big data in action. It will then sketch both the technologies and analytical methodologies that enable big data to be converted from a raw material to a strategic asset. With these prerequisites in hand, the session will focus on the strategic aspects of the topic: current uses of big data in insurance and beyond; promising future applications; ideas for product innovation; and ethical issues involving privacy and fairness.
Source:
2014 Annual Meeting
Type:
General Session
Moderators:
Constantin Cazacu
Panelists:
James Guszcza, Stephen Mildenhall
Automobile Enhancements in Safety and Autonomy
“Many new vehicles offer advanced crash avoidance features. The systems started out as options on a few luxury models and have steadily spread to more of the fleet. Advanced technologies assist the driver with warnings or automatic braking to help avoid or mitigate a crash. Advances also are being made in intelligent transportation systems that allow vehicles to communicate with one another or with road infrastructure to help avoid crashes.” (IIHS, HLDI). In recent years, much analysis has been done regarding the impact these technologies can have on the insurance industry as well as public safety and policy. In this session, the experts will provide an update on the rapidly changing technology advancements, the spread into the fleet of cars, and the potential impacts to insurance that should be considered by actuaries.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Constantin Cazacu
Panelists:
Kim Hazelbaker, Michael Stienstra, Sven Beiker
Auto Insurance Telematics: Where the Data Meets the Road
A growing number of auto carriers are monitoring driver performance for usage-based insurance policy underwriting and pricing—a trend likely to accelerate as more carriers gather telematic data via smartphone apps rather than devices installed in vehicles. What obstacles might insurers face in profitably leveraging telematics data while overcoming consumer, technological, and regulatory concerns? In this presentation, we’ll address:
• Drivers of telematics’ disruptive potential, including consumer segmentation, tech enablers, and opportunities to offer value-added services
• Critical capabilities and strategic decisions affecting products and pricing, customer service, and claims management
• Options to level the competitive playing field for smaller and regional carriers lacking a critical mass of data
• Quantifying the value of usage-based insurance analytics and its impact on ROI
• Data management and modeling concerns, including optimal level of granularity, handling overlaps, and quality control/clean-up
• Overcoming the tech challenge: On-board monitoring systems versus smartphone apps
Learn ways for insurers to put all the pieces together while navigating potential potholes or speed bumps on the road to telematics!
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Thomas Sullivan
Panelists:
Jim Weiss, John Lucker, Sam Friedman
Applications of Price Optimization: Rate Capping Strategies for a Changing Market
A growing number of North American insurance companies have recognized the need to advance their pricing sophistication and adapt to new business environments. Price Optimization –a systematic and statistical way to help insurers determine a rate plan that better fits the competitive marketplace – enables insurance companies to efficiently solve the question, “What are the best alternatives to achieve my business goals?” Insurers can apply Price Optimization to various processes to increase efficiency and reach their objectives. This session will review some of the fundamental principles of Price Optimization and focus on its application specifically to rate capping strategies.
With the introduction of new data each year, renewal prices need to change for existing customers. In order to manage any disruption this may cause to customer bases, insurers must determine the best possible path to move existing customers from their current rate structure to the new product. Insurers have traditionally employed rate capping, which allows a customer’s renewal rate change to be capped at a maximum percent increase – or decrease – at each renewal until an approved rate level is reached, to mitigate significant implications on their books of business. In this session the panelists will explore various rate capping strategies and structures and offer a more scientifically-based capping strategy, via Price Optimization, that may help companies to introduce more accurate pricing and better manage their customer base.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Thomas Sullivan
Panelists:
Reuven Shnaps, Somil Jain
An Introduction to Predictive Modeling
(This will be close in character to the presentation we made at the 2013 Annual Meeting.)
Learn about the basic steps of building, validating, and implementing a predictive model from 3 important viewpoints: • The practitioner -- how does one specify, refine, and validate a predictive model.
• The manager/executive -- for an actuary managing a modeling project, what are the important questions to ask and important considerations to keep in mind when embarking on a modeling project and evaluating results.
• The regulator -- what do regulators typically look for when evaluating a plan that was constructed using predictive models.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Paul Miotke
Panelists:
Dan Tevet, Anand Khare
Alternative Capital and the Evolution of Risk Transfer
Rapid growth in the supply of alternative capital is one of the most important developments to impact the insurance industry in many years. Industry participants are now focused on several concerns. Does alternative capital represent a "destructive innovation" that eventually will render the traditional reinsurance market obsolete? Is alternative capital here to stay or might it vanish in the wake of a large and unexpected catastrophe? Will the supply of alternative capital remain relatively modest in the long run due to limited demand?
This session will examine historical examples of "destructive innovation" in the financial industry and what these might imply for the survival of the traditional reinsurance industry. We will evaluate the capital impact of a significant catastrophic stress event to the reinsurance/ILS market and compare this with the experience of other financial market securities in past stress events. Lastly, we will examine how alternative capital opens up opportunities to grow insurance demand globally, led by public sector sponsorship of cat bonds in the developing world.
Todd Bault recommends reading this report in advance of the session, particularly pages 38-43:
https://www.citivelocity.com/citigps/ReportSeries.action?recordId=25
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Paul Miotke
Panelists:
Todd Bault, Parr Schoolman, Aaron Koch
Advancing Your Actuarial Career through the CAS: The New Associate Perspective
New Associates are invited to participate in this roundtable discussion about their decision to pursue a career as a casualty actuary through the CAS. As the CAS pursues an aggressive marketing strategy to attract students to the CAS career path, the input of new Associates is invaluable. Building on the State of the CAS discussion during the opening General Session session, we will invite new Associates to share their perspectives regarding how the CAS can position itself as the best career path for aspiring actuaries. In addition, we will discuss how the CAS can improve its connection to candidates sitting for exams and better engage new members in the CAS membership community. This roundtable is limited to new Associates only.
Source:
2014 Annual Meeting
Type:
Roundtable
Moderators:
Deborah King
Panelists:
Shane Barnes
A Risk Like No Other: What You Should Know About Cyber Threats
Cyber risk has been rapidly growing and affecting both our professional and personal lives. Examples of cyber risk range from potential acts of cyber terrorism to identity theft and data breaches continually reported by the press.
Cyber is an area where national security, crime and insurance issues are often intertwined and interdependent. Government policies and actions can affect industry exposure to cyber risk to a much greater degree than for most of the other types of risk we analyze. While subject to important legal constraints and natural limitations, the impact of such government actions on the private sector can be very significant. In (a) actuarial analysis of cyber risk, (b) its quantitative modeling and qualitative assessment, and (c) the development of appropriate corporate risk governance, we have to take into account the effect of government actions, industry initiatives, and public–private partnerships.
This interactive session will cover some of the fundamentals of cyber risk, the unique challenges it presents, and ways to analyze it. The speakers will discuss the work by the U.S. Department of Homeland Security, the FBI, and NIST to improve our capabilities for defending against malicious cyber activity, in particular where the critical infrastructure is concerned. Cyber risk exposure of the insurance and other industries is expected to be an important part of the conversation and include the discussion of traditional actuarial and other data science approaches to cyber risk analysis. This includes quantifying the significantly greater cyber risk assumed by the insurance companies underwriting cyber insurance.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Bouke Posthuma
Panelists:
Alex Krutov, Leo Taddeo, Gregory Touhill
A Model for University Engagement
In support of its Strategic Plan, the CAS has an objective to increase its presence on the campuses of colleges and universities.
Inspired by this objective, Pinnacle Actuarial Resources, Inc. (Pinnacle) created a groundbreaking event in partnership with Illinois State University (ISU), a Center of Actuarial Excellence. The event occurred on November 21st, 2013 at the Katie School of Insurance on the ISU campus.
The event comprised twelve 30-minute presentations plus a networking lunch. Each presentation was researched and developed by a team made up of one ISU actuarial student and one or two members of Pinnacle’s actuarial staff. Each team was free to select their research topic and the result was a broad array of relevant and timely topics, including anything from Medical Malpractice Apology Laws to Autonomous Cars: Actuarial Basics.
ISU actuarial students are typically busy studying highly technical advanced mathematics techniques for their university courses and actuarial exams. This event allowed them to: •
Research an actuarial topic relevant to practicing actuaries
•
Hone their presentation skills
•
Network with practicing actuarial professionals
The members of Pinnacle’s actuarial staff involved in presenting at Pinnacle U were more junior employees whose role is typically technical actuarial work as opposed to making frequent presentations. This event allowed them to: •
Research an actuarial topic relevant to their work
•
Make a presentation in front of a large audience
•
Take a leadership role within the team to produce a high quality work product
The firm was able to assess not only staff members’ progress in developing presentation skills, but also potential future candidates in the ISU students. In addition, it presented an opportunity to reinforce the already strong strategic partnership with the Katie School and ISU.
The presentations were broadcast live online.
If this type of event is emulated by other CAS members at other universities, it will go far towards building partnerships between CAS members and universities. In this session the panel will discuss the planning, execution, and results of Pinnacle U so that a broad array of CAS members will learn how to implement similar events and thus help accomplish this aspect of the CAS strategic plan.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Bouke Posthuma
Panelists:
Joseph Herbers, Darcie Truttmann, Krzysztof Ostaszewski
A History of the Statement of Actuarial Opinion in the United States
The first Statement of Actuarial Opinion (SAO) requirement was adopted by the NAIC in 1980, which led to a surge in the demand for casualty actuaries General Sessionly and consulting actuaries in particular. The developments in the SAO affecting the actuarial profession have been startling when viewed in retrospect.
From the formation of the Actuarial Standards Board (ASB), development of the CAS Statement of Principles regarding Loss and Loss Adjustment Expense Reserves to having the profession ranked #1 by USA Today, the work of casualty actuaries was thrust into the forefront of the public’s eye.
Actuarial Standards of Practice (ASOP) were developed providing guidance for our everyday work. Next, a rash of insolvencies in the property/casualty insurance industry in the late 1980s led to the infamous Dingell report “Failed Promises” which recommended, among other things, that independent audits and actuarial certification of reserve adequacy be required in every state.
The Committee on Property and Liability Financial Reporting (COPLFR) began developing guidance on how to prepare SAOs in the annual Practice Note publication. The Actuarial Board for Counseling and Discipline (ABCD) was formed. Seminal study by A. M. Best on asbestos and environmental (A&E) liabilities led to disclosures of held A&E reserves in the Annual Statement. Risk Based Capital was introduced and the Tax Reform Act was passed. Standard & Poor’s produced a scathing report on the actuarial profession and several inward studies were conducted to address an image problem for the actuarial profession in the United States. Significant enhancements for SAOs were made and the scope broadened considerably.
This session will provide a retrospective history of the evolution of the SAO in the United States, providing commentary and perspective how the responsibilities of the actuarial profession have come into the limelight, highlighting the value we offer to companies, regulators and the General Session public at large.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Vince Gonzales
Panelists:
Joseph Herbers, Mary Miller
Working in International Reinsurance
As the insurance business has become more global, US actuaries have had a greater opportunity to work on international US business. They have also been forced to reconcile their work with the approach of non-US actuaries, underwriters, regulators, and other professionals. This roundtable will give participants the opportunity to share their experiences with regard to issues such as the following: Cultural differences that US actuaries face when working abroad, reconciling US and international actuarial approaches, dealing with the lack of industry data and benchmarks outside the US, and other challenges, including Solvency II and difficult exposure such as UK motor.
Source:
2014 Annual Meeting
Type:
Roundtable
Moderators:
Vince Gonzales
Panelists:
Matthew Dobrin
Using Reserve Variability in Practice:  To Bother or Not to Bother?
To bother or not to bother, that is the question – Whether ‘tis nobler in the deterministic methods to suffer the Slings and Arrows of insurance fortune? Or to take up stochastic models against a Sea of troubles. And by understanding, end them? Whichever path you have chosen, gather to have an interactive discussion with other practitioners about the usefulness or uselessness of quantifying reserve variability. Will you bother or not bother to attend?
Source:
2014 Annual Meeting
Type:
Roundtable
Moderators:
Vince Gonzales
Using Open Source and Open Platforms to Build Your Company’s Own View of Catastrophe Risk
It’s no longer sufficient to rely solely on external third party models for managing catastrophe risk—Boards, CEOs, regulators and rating agencies require companies to take ownership of the risk and to develop their internal views of large loss potential. New, open loss modeling platforms now enable insurers and reinsurers to build their own proprietary views of risk more efficiently and scientifically than with the traditional vendor models. Open platforms are fully transparent and enable users to directly access and customize the model assumptions. This session will demonstrate through live, interactive examples: • How open source and open loss modeling platforms work
• How actuaries can customize damage functions using detailed claims data
• How actuaries can adjust hurricane assumptions to reflect a near term view and the potential impacts of climate change
• How to conduct sensitivity analyses of earthquake parameters and risk
• How to use an open platform to estimate convective storm losses
The audience will be encouraged to make comments and ask questions throughout the demonstrations to maximize the educational impact of this session.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Vince Gonzales
Panelists:
Karen Clark, David Futterleib, Roger Grenier
Trends in Insurance M&A - Reading the Tea Leaves
Mergers and acquisitions in the insurance industry are a major force shaping the insurance landscape. M&A has been responsible for the development of strong companies and for the elimination of weaker ones. Actuaries play important roles in M&A due diligence. In particular, they play a central role in evaluating whether target firms are over or under-reserved, whether reserving policies are adequate, conform to industry practices and are being followed, and assessing the likelihood of adverse reserve development prior to closing or following the acquisition.
In this session, three insurance M&A experts from different perspectives will discuss current trends in insurance M&A to discern patterns changing the insurance industry. An insurance analyst covering M&A, a runoff professional, and an attorney with experience in many M&A transactions will shed light on both macro trends and ground level realities at buyers and sellers to help read the tea leaves and limn a picture of tomorrow’s insurance industry.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Vince Gonzales
Panelists:
Jerry Theodorou, Geoffrey Etherington, Michael Terelmes
Town Hall with CAS Leadership
Come hear the most recent CAS news and ask questions of the CAS leadership.
Source:
2014 Annual Meeting
Type:
Roundtable
Moderators:
Vince Gonzales
Panelists:
Gary Josephson, Pat Teufel
The Role of Government Insurance Programs in Medical Professional Liability Insurance
A wide variety of government insurance mechanisms are used in medical professional liability insurance. These include joint underwriting associations, insurers of last resort, patient compensation funds (PCFs), and birth-related neurological injury compensation programs (birth funds). This session will examine the goals and design features of the various types of programs, as well as the impact they have on the availability and affordability of coverage in the states they serve.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Vince Gonzales
Panelists:
Robert Walling, Ted Zubulake
The Marginal Cost of Risk in a Multi-Period Risk Model
This report is part of a research project on “Allocation of Costs of Holding Capital” sponsored by the CAS. In this report, the authors review the various approaches to capital allocation and identify the circumstances under which pricing based on capital allocation is economically optimal. They perform numerical analysis using simulted data to understand the differences between the methods and to assess their stability. They also consider the theoretical impact of extending the canonical model of a profit maximizing insurer beyond a single period and in particular consider the effect having opportunities to raise external financing in future periods and they then compare the capital allocations and RAROC generated by those traditional techniques to the economically correct values based on the above model. Areas for future research are identified.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Vince Gonzales
Panelists:
George Zanjani, Daniel Bauer
The Challenges of Pricing International Business
The CAS touts itself as a global organization; approximately 750 of its members work outside the United States, accounting for well over 10% of the CAS’s total membership. In spite of these numbers most American actuaries have little to no experience with the international property-casualty insurance marketplace.
This session, which will be conducted as a roundtable discussion among the panelists, will give attendees an overview of the issues actuaries face in pricing property-casualty insurance business in countries outside the United States. Primary topics that will be covered are • How does the international property-casualty insurance market differ from the U.S. market?
• How do U.S.-based actuaries learn about country-specific issues that may affect their pricing recommendations?
Attendees will gain a basic understanding of how the international property-casualty insurance market works and some of the specific challenges actuaries face in pricing this business. This session will also make use of the Live Polling feature on the CAS’ meeting app – if you’d like to participate, please bring a tablet, smartphone, or laptop and download the meeting app prior to this session.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Derek Jones
Panelists:
Esther Becker, Laura Stevens, Alfred Bergbauer, Michael Rodgers
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 Annual Meeting
Type:
Concurrent Session
Moderators:
Lise Hasegawa
Panelists:
Patrick Gilhool, Pat Teufel, Terry Klodnicki, Mindy Steichen, Michael Chen, Kathryn Walker, David Kaye, Brian Donlan
Survey Says – Professionalism Edition
A number of actuaries was surveyed on professionalism questions; can you guess what they said? Come refresh your knowledge of actuarial professionalism in this interactive session!
This trivia game will cover a number of topics, helping you determine what you know and what you might want to review. Who said professionalism can’t be fun? This session may count as professional continuing education.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Rachel Dolsky
Panelists:
Karen Terry, Jeffrey Casaday, Rebecca Williams, Ryan Hartman
Solvency II Insights for North American Insurers
Solvency II will be implemented in the EU starting January 1, 2016. Insurers right now are busy preparing for this implementation either by adopting the standard model or completing their applications for implementation of an internal model. However, SII is much more than just modeling. The three Pillars of SII are • Risk Quantification
• Risk Management and Governance (including ORSA)
• Risk Disclosure
North American insurers can benefit from each of these, but this presentation will focus on Pillar 1 and Pillar 2. The session will not focus on technical issues. Specific discussion will include
Pillar 1 • Basic concept around risk capital and variation on Solvency II
• Risk types
• Measuring risk capital for key risk types (insurance and business risks)
• Diversification • Different diversification types
• Risk type aggregation and correlation
Pillar 2 • Governance test. Good risk governance practices
• Use test. How to use the Pillar 1 quantitative work in every day decision making for an organization. Integration of risk function into the organization and extracting business value from the risk function
• ORSA – US vs EU ORSA. The importance and value of the ORSA and ORSA process to an organization
How has Solvency II affected the way American subsidiaries of European insurers operate in the US?
What practices evolving from the development or implementation of Solvency II might be valuable for US or Canadian insurers to adopt?
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
E. Thomas
Panelists:
Melissa Salton, William VonSeggern, Damon Paisley, Dogan Kaleli
Ride Sharing and the Impact on the Private Passenger Automobile Insurance Industry
Ride Sharing services are growing and states are concerned about the insurance gap between the driver's personal automobile coverage and the transportation network company's commercial excess insurance. This session will discuss the insurance gap, current state regulations and the increase in personal automobile insurance exposure.
Source:
2014 Annual Meeting
Type:
Concurrent Session
Moderators:
Bradley Andrekus
Panelists:
Frank Chang, Laura Maxwell, Diana Lee, Gus Fuldner
