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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.
The Actuary's Role in Risk Focused Examinations
Several years ago, the NAIC changed the approach used by financial examiners to conduct the required statutory financial exams to an audit based approach. Melissa Greiner, P&C Actuary at the Pennsylvania Insurance Department, will highlight the importance of the actuary’s role in supporting insurance company processes and will provide the perspectives of the company actuary, the company’s appointed actuary and the exam team’s consulting actuary.
Source:
2013 Regional Affiliate - BACE
Type:
affiliate
Predictive Modeling for Workers’ Compensation Claims
Joe Anderson, Director of Analytic Services at Progressive Medical, Inc., will show how predictive modeling and data mining can be used in workers compensation, how to identify some of the early predictors of high cost claims, and how to gather and analyze data so that decision makers can apply resources to reduce the long-term claim costs.
Source:
2013 Regional Affiliate - BACE
Type:
affiliate
Business-Driven Implementation Strategies
Predictive models recently have become more sophisticated and are applied to more areas of the insurance business (pricing, underwriting, claims triage, etc.). Actuaries have become more involved and adept in model development, but rapid, high-quality model implementation remains a key challenge to obtaining value from the analytic work.
This session will be a case study of how a model was developed and implemented within 8 weeks. It will include a review of the data preparation for the model, the modeling, as well as the metrics that resulted from the model and could be used by business to determine the most profitable versus least profitable segment of business and distribution channels/agents. We will show how a loss ratio, retention, and overall book quality score was derived to be implemented on new and renewal business during the quoting and underwriting stages. Our case study will use a real insurance company selling homeowners insurance, but could be equally applied to other carriers
and lines of business.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Jayashree Ishwar
Panelists:
Sheri Scott
Health Care Reform
In 2010, the Healthcare Reform Act was signed into law. This session will focus on the trends emerging from the law and the impact it is having on the medical malpractice marketplace. Panelists will discuss potential unintended consequences that may affect other lines of business. The session will cover the inflationary and demographic trends that are emerging towards employed physician status and the like.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Workers Compensation Ratemaking - An Overview
The panel will review the essential components of a typical rate filing from the perspective of NCCI, other bureaus, and from the view of companies in loss cost jurisdictions. The discussion will highlight coverages, exposure bases, and data sources used for workers compensation ratemaking.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Chris Laws
Panelists:
Jay Rosen, Scott Charbonneau
Workers Compensation - State of the Market
An overview of the current state of the workers compensation line will be presented, including a review of financial results, recent trends, and a discussion of where the line might be headed.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Chris Laws
Panelists:
Tony DiDonato
Workers Compensation - Selected State Issues
The panel will present a summary of the key issues and challenges facing the workers compensation system in the states of
California and Montana.
The WCIRB of California will provide an update of the California system in the very early months of the implementation of the major reform legislation that was passed in late 2012. In particular, the presentation will identify the issues that have given rise to recent combined ratio estimates that are approaching 140% and how those issues are being addressed by the reforms. For over a decade, Montana’s workers compensation rates have been the highest in the western region. At January 1, 2010, Montana’s rates were ranked the highest in the nation based on the Oregon Department of Consumer and Business Services biennial rate study. Diagnosing the underlying causes was a daunting challenge for the technical experts. Equally challenging was translating that analysis to specific legislative policy actions, in a highly charged political environment, that led to an estimated 22.4% reduction in loss costs.
This discussion will examine how well the major benefit reforms enacted by House Bill 334 addressed the underlying causes of Montana’s high loss costs and the unique challenges created by these legislative reforms for actuarial rate and reserve indications going forward.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Chris Laws
Panelists:
David Bellusci, Dan Gengler
What Makes a Good Rate Filing?
The Council on Professionalism of the American Academy of Actuaries in the Applicability Guidelines for Actuarial Standards of Practice (2009) provide non-authoritative guidance that various ASOPs apply to the preparation of a rate filing. Each state has its own regulations and expectations regarding rate filing. Compliance with the appropriate ASOPs and with the state regulations and professional standards should result in a good rate filing.
In this session, we will examine:
How to stay out of the bottom one percent of filings,
How to prepare a good professional rate filing, and
How to do both these things easily and efficiently.
A significant portion of this session may qualify as professionalism topics for continuing education requirements.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Chris Laws
Panelists:
Carl Sornson, Patrick Cobb
Using Cat Bonds to Develop Risk Loads
The volume of Insurance Linked Securities (ILS) available in the capital markets is growing. Catastrophe Bonds are one form of ILS. In this interactive session, available Catastrophe Bond data from the capital markets will be used to quantify the cost of catastrophe risk for property insurance. Several applications will be presented, including quantifying risk loads and evaluating the cost of catastrophe reinsurance.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Chris Laws
Panelists:
David Chernick
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:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Chris Laws
Panelists:
Jonathan White, Jun Yan
Usage-Based Insurance from a Regulatory Perspective
This session will focus on usage-based insurance from a regulatory perspective, with speakers from the Ohio Department of Insurance and Towers Watson, a company that has filed a usage-based insurance driving score in several states.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Chris Laws
Panelists:
Katie DeGraaf, Thomas Botsko
Update on Latest Vehicle Changes and Safety Enhancements - Vehicle Rating Developments
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:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Panelists:
Gary Wang
The Frequency of Severe Weather Events
Although developing and validating the severity aspects of catastrophe models is a critical area with its own challenges, establishing the appropriate frequency for each stochastic event and the appropriate arrival model is probably at least as critical and challenging. This session will explore some of the key concepts and latest developments in the modeling of the frequency of severe weather events, including event frequency distributions and their derivation from historical data; spatial and temporal clustering; the development of near term frequency models; and supplementing the historical record through the use of numerical weather modeling to derive event frequency information.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Heidi Wang
Panelists:
David Smith
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 liability, and general liability will be addressed.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Heidi Wang
Risk Load/Cost of Capital for Property Cat: Reinsurer and Primary Insurer Perspectives
The panel will discuss how risk load and/or the cost of capital is considered in rates for property cat covers. This will be done from the perspective of a reinsurer and also from the perspective of a primary company. This session should be of interest to attendees that have direct insurance on property exposed to the potential of significant losses from catastrophe events.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Heidi Wang
Panelists:
Ronald Wilkins, John Lower
Risk and Return Considerations in Ratemaking: Calculating the Profit Provision
After you have the projected loss costs and expenses, the final step in deriving the indicated premium is to load in the underwriting profit provision. But what is the right number? This session will supply not one, but several answers to that question. It will survey different approaches, from those mandated by regulators to those used by corporate pricing actuaries for internal profitability analysis. The assumptions and parameter selections for each method will be discussed and the sensitivity of results to key parameters will also be explored. The session will have a practical focus with an emphasis on clarifying basic concepts and highlighting key distinctions between different methods.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Heidi Wang
Panelists:
Ira Robbin
Regulation
Depending on the products, the regulatory concerns can be substantial. During the session, key questions and how their answers affect filing strategy, will be discussed. For example, is the company making a new filing or revising a current one? What is the impact on existing customers? Will the change improve the potential for more customers to be written, thus reducing state pools? How were rates substantiated?
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Heidi Wang
Panelists:
Patrick Causgrove
Product Monitoring
After the product has been designed and is being sold in the marketplace, our focus needs to turn to its performance. Participants will discuss early indicators of a new product's success.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Heidi Wang
Panelists:
Kelly McKeethan
Product Managers and Actuaries: A Comparison of Professions
Over the past few years, more and more Commercial Lines insurance companies have been hiring product managers. What roles do these product managers serve, and how do they interact with Commercial Lines actuaries? What makes a successful commercial actuary? What makes a successful commercial product manager? We’ll discuss these questions and more with a panel of individuals who have been both Commercial Lines product managers and actuaries.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Heidi Wang
Panelists:
Damon Lay, Donna Glenn
Product Development: From Conception to Execution
This session will illustrate the product manager’s role in developing new product offerings, as well as measuring and monitoring performance once such products are in place. Topics to be covered will include an overview of “agile project management”, making use of new technology such as (at present) smart phones and tablets, problem solving, and, when necessary, implementation of corrective actions.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Heidi Wang
Panelists:
Damon Lay, Scott Drab
Product Design
Attendees for this session will explore the different considerations for the product design. Panelists will cover elements of pricing, claims, legal, marketing, operations, and IT.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Heidi Wang
Panelists:
Robin Harbage
Product Architecture
Product Architecture is a product management concept rapidly gaining popularity in the commercial lines space. It is a comprehensive mapping of the components, dimensions, and rules of an insurance product with a focus on isolating the reusable assets. Especially when combined with leading product management practices and emerging technologies, the use of product architecture can greatly enhance a company’s flexibility in launching new products and reducing the workload associated with product enhancements.
The session will focus on what product architecture is and why it is important, as well as illustrative case study examples of how products are decomposed, how market offerings are built, and expected benefits.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Heidi Wang
Panelists:
Kelly Cusick
Pricing Analytics for the Small- and Mid-Sized Insurance Company
More and more companies are competing on analytics, putting pressure on small and mid-sized insurance companies who don’t have the resources or data to do many of the advanced analyses that bigger companies are performing. This session discusses pricing analyses that small and mid-sized insurance companies can use to fight adverse selection and maintain their competitive position. The session will also include a case study of real world implementation issues from the perspective of a mid-sized insurance company.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Mike Covert
Panelists:
Lenard Llaguno
Price Optimization for the U.S. Market: Techniques and Implementation Strategies
Over the past year, with an increase in integration of customer demand information into the ratemaking process, there has been a significant increase in the adoption of price optimization approaches in the U.S. This session will consider the technical aspects of price optimization, from establishing an understanding of elasticity to deriving rating structures that best meet corporate objectives. The incorporation of practical business and regulatory constraints will also be discussed. The session will also examine the advantages and disadvantages of optimizing the rating relativities directly as opposed to modeling individually optimized premiums.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Moderators:
Mike Covert
Panelists:
Duncan Anderson
Predicting the Unpredictable Commercial Line Business – Predictive Modeling Applications for Excess Loss and Specialty Lines
In the last several years, people have begun to apply predictive modeling techniques to commercial business. The commercial line applications have been focused on the primary lines of business, including Auto, BOP, WC, and Package. In this session, we will discuss how predictive modeling can be further applied to more difficult and volatile commercial business. Two topics will be presented, one on specialty business such as D&O and EPL, and the other on excess loss.
Source:
2013 Ratemaking and Product Management Seminar
Type:
concurrent
Panelists:
Matthew Carrier, Mark Hoffmann
