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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.
CS19: Making Better Decisions with Risk Intelligence
Risk Intelligence is the intersection of experience, education, and analysis. This session will include a lively discussion of the relative importance of those three elements to an ERM program. We will concentrate on examples of Risk Intelligence in action, showing how it reduces the impact of the biases described in behavioral economics. Topics covered will include discussion of how risk intelligence helps a risk manager with:
• Identifying the difference between danger and fear
• How the 80/20 Rule applies to risk management
• Learning from losses: yours and others
• Shape of the loss distribution: fatness of tails
• Using stress rests to assess relative size of risks
• Analysis paralysis and over-reliance on models
Source:
2019 Enterprise Risk Management Symposium
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Robert Wolf, David Ingram, Tyson Mohr, Nicholas Silitch, Kendall Williams
CS15: How to Effectively Leverage Stress Testing in Decision Making
I will provide an underlying framework for how stress testing can be used by an organization, and what are the key considerations when designing and implementing a stress testing analysis to make it effective. I will provide some examples on how it can support decision making, and discuss the common pitfalls to avoid.
Source:
2019 Enterprise Risk Management Symposium
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Alietia Caughron, Carter Su
CS7: Insurance company asset management and valuation aspects of long dated cash flow
This session will merge investment policy and strategic asset allocation considerations with valuation of cash flows falling beyond the maximum yield curve
The first part will focus on management of the investments of an insurance enterprise has a long and distinguished history. Strategic asset allocation (SAA) and the robust optimization of an insurance enterprise across stochastic scenarios is accepted as the gold standard in the professional management of insurance company investments. But less sophisticated approaches may produce equally sound investment policy and could prevent a 2008 rerun. An overview of approaches to the management of the investments of an insurance enterprise in both the life and property-casualty contexts will be given. Advantages and disadvantages of the SAA approach will be compared with simpler investment approaches such as asset-only analysis and asset-focused analysis with simplified liability models.
The second part will be based on a recent research paper of the SOA, discuss current industry methods and approaches for extrapolation of the yield curve beyond the current investible universe, including details of how they are applied. This will include observations from a survey of industry experts on the benefits and drawbacks of the various methods and the prevalence of their use. One of the most fundamental concepts in actuarial practice is the time value of money. For any work where future cash flows are allowed for, such as reserving or pricing, it is natural to discount to present values so that an appropriate amount of money can be set aside today, allowing for future investment returns.
Source:
2019 Enterprise Risk Management Symposium
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Tricia Matson, Hal Pedersen
CS22: Best Practices in Managing Variable Annuity (VA) Financial Risk
The process of managing risk for variable annuities is a rapidly changing field. Whether it's due to new regulations (e.g. VM 21) or recent advances in technology that expand what's possible (e.g. cloud modelling), it can be difficult for actuaries to keep fully abreast of current best practices. This session will explain some of the new techniques for measuring and managing variable annuity financial risk. The impact of those changes on pricing and hedging methods will also be discussed.
Source:
2019 Enterprise Risk Management Symposium
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Andy Feng, Daniel Finn, Sean Hayward, Jeremy Lachtrupp
CS4: Asset Liability Management and Modeling in Life Insurance
In this session, presenters will discuss portfolio construction considering economic and regulatory capital constraints. Regulatory Capital is unavoidable and is usually a binding constraint for life insurance products. However, Economic Capital is a more reliable measure of risk and can be constrained at the all levels of the organization. The dilemma is how to come up with a business plan that optimizes appropriate objective measures while balancing these concerns. This session will look at several different approaches to address the risk-reward trade-off of different portfolios. It will also discuss the ways in which changes in the regulatory environment can impact a company's optimal portfolio.
Source:
2019 Enterprise Risk Management Symposium
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Andy Feng, Frank Cataldo, Daniel Finn
M-9: Automated Machine Learning for Insurance Applications
Automated Machine Learning is the process of automating the end-to-end procedure of applying machine learning to real-world problems, including steps like data pre-processing, feature creation and selection, algorithm selection and hyper-parameter optimization. The search for the optimal modeling pipeline is typically done using genetic algorithms.
We will investigate the feasibility of applying Automated Machine Learning to real-life insurance datasets and we will compare the results against standard insurance modeling pipelines, such as the one using GLMs plus residual boosted trees. How much does the domain expertise matter? Can Automated Machine Learning discover a new generally applicable modeling pipeline for insurance data? This new pipeline can also be supplemented with domain expertise, potentially leading to models that outperform those designed by hand.
Source:
2019 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Ying Andrew
Panelists:
Eliade Micu
M-8: The Predictive Modeling Cooking Show (Livestream)
The “Predictive Modeling Cooking Show” is a window into the kitchen of master chefs as they work, except the chefs are whipping up something different: a predictive model. Join real modelers as they showcase their data engineering and modeling skills, live and on stage. The two teams will go head to head on a classic real-world prediction problem. You'll learn basic modeling concepts including data "scrubbing," the basic steps used to build a model, and how to measure the effectiveness of a model. This is a great chance to gain a better appreciation of modeling concepts in a new and different way.
Source:
2019 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Edward Yao, John Burkett, Pamela Sealand Reale, Su Wash, Brett Nunes
Panelists:
Chad Wilson, Richard Sutherland, Nathan Hubbell, Megan Camanocha, Melissa Schenck
PM-3: Pricing New Lines of Business
With the rapid changes in technology and accompanying emergence of new sources of risk, the need to be able to price new lines of business is more important than ever. But where do you start? What are the significant elements that require your consideration? This presentation will discuss various methods and approaches that can be utilized to develop an appropriate, reasonable premium for emerging lines of business.
Source:
2019 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Chris Fievoli
Panelists:
Brian Johnson
PM-2: SESSION CANCELLED: Why Disrupting Insurance is Harder than it Looks
Perhaps AirBnB did it best, or Uber. These two companies introduced a new way of conducting very old businesses, transforming the experience where most would never think transformation was possible. If taxis and hotels are vulnerable, isn’t insurance? Isn’t everyone? A study of startup insurance businesses will likely reveal dissimilar ideas fail for similar reasons. This session will explore issues one needs to overcome to leave a dent in the insurance universe – not by fighting against the basics of insurance, but by using them to one’s advantage instead.
Source:
2019 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Garrett Bradford
Panelists:
David Wright
IET-10: The Impact of Shifts in Mobility on Insurers
With the ridesharing industry currently at 9 million users worldwide – and growing eightfold by 2030 (reaching $285 billion) – challenges are mounting. New forms of risk that would benefit from new data are emerging: from insurance coverage and customer engagement, whether to insure a ride or car share driver or the passengers on these trips, to the technology companies enabling mobility platforms. This session sets the stage on the issues, identifies the problems and offers actions for insurers to take.
Source:
2019 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Jason Abril, Houston Cheng
Panelists:
Katie DeGraaf, Ross Reichardt
IET-9: Innovation Inspired
Can Kenya's insurance challenges learn from Cleveland? Can Melbourne's experience speak to Madagascar? How context can take us from incremental innovation to stepped change?
We will showcase examples of how developing countries came up with innovative ideas to solve their unique challenges. From these examples, we will discuss with the audience on what lessons we can learn for US insurance carriers’ own challenges. We will also talk about some existing challenges that the developing countries have and have a group discussion on how we can address them.
Through this session, we want to show the audience what’s happening around the world and encourage them to think about innovation outside of their comfort zone.
Source:
2019 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Laura Doherty, Kristen Dardia Turner
Panelists:
Kiki Wang, Craig Thorburn
IET-8: Insurance On-Demand - What Does it Mean for You?
It could be anything from a ride to the airport, to an episode of Black Mirror, to a home or cyber insurance policy. Whatever "it" is, consumers increasingly expect it to be provided exactly when and how they want it, and for exactly what they're willing to pay for it. Insurance may be more complicated than your average it, but (according to a recent consumer survey conducted through the CAS) many consumers would still like it to be more simple to consume. To help understand what it all means for you, this session combines perspectives from the CUO of a startup offering insurance on-demand for several years, and from actuaries on the CAS Working Party researching the same topic. Presenters will share lessons learned from launching an on-demand product, and from interviewing industry participants and conducting a consumer survey. Attendees will find out just how much demand there is for insurance on-demand, and possible ways to address it.
Source:
2019 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
David Shleifer, Betty-Jo Walke, Brett Nunes
Panelists:
Michael Fitzgibbon, Khanh Luu, Jim Weiss
IET-7: Artificial Intelligence in Insurance: Theory and Practice
Artificial intelligence capabilities and applications continue to expand within insurance. As actuarial and data science teams start to apply these tools to solve business problems, they are continually confronted with the same set of practical challenges and technological limitations. One of the key challenges is model interpretation. In this session, we will introduce two insurance-related AI applications and demonstrate how (and to what extent) we can we understand the relationships captured by these complex models.
Source:
2019 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Stephen Watkins, Timothy McCarthy, Peter Lowth
Panelists:
Jason Rodriguez, Liam McGrath
CS8: Analytics in Action – The Provision of Underwriting Decision Support
Advanced analytics can unlock the insights from both internal and external data assets to enable the underwriter to become both more efficient and more effective. Improving the pace and quality of decisions across the underwriting value chain. This session will explore where analytics can be deployed to improve both the process and science of underwriting. We will examine advances in the pricing of commercial accounts, but also business process engineering improvements through information ingestion and delivery, automated issuance, intelligent intervention, guided decision making, business intelligence, and portfolio management. These capabilities can empower front line underwriters with the insights from analytics to drive more consistent underwriting and pricing outcomes aligned with management strategies, increase process effectiveness, drive down costs, and increase the ownership and accountability for portfolio growth and profit while increasing underwriting career satisfaction.
In this session, we look at the problems and opportunities from an underwriters perspective.
Source:
2019 Underwriting Collaboration Seminar
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Jeffery Hay, David Ovenden
CS2: The "Nitty Gritty" of Developing Valuable Microinsurance Products
This presentation will introduce the microinsurance product development process and how microinsurance pricing differs from the traditional market. Speaker Michael J. McCord will take the audience through the pricing process and provide real-world casualty microinsurance product development examples drawn from his 25+ years working in the field. Participants will walk away with practical examples and a more concrete understanding of how valuable casualty microinsurance is developed.
Source:
2019 Underwriting Collaboration Seminar
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Michael McCord
CS5: Catastrophe Modeling 101
Within the Insurance Industry, there has been a lack of documentation about catastrophe models, how they work and how they are used. As these models become more popular and gain more usage, it is important that the insurance industry get more familiar and more comfortable with them. In this session, a catastrophe modeling actuary will provide information around the various types of Catastrophe models available, looking at their inputs/outputs and the various use cases for each of them.
Source:
2019 Underwriting Collaboration Seminar
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Howard Kunst
CS7: Predictive Modeling Cooking Show
The 'Predictive Modeling Cooking Show' is a window into the kitchen of master chefs as they work, except the chefs are whipping up something different: a predictive model. Come to watch real actuaries and data scientists showcase their modeling skills, live and on stage, as they compete to solve a classic real-world prediction problem. You'll learn basic modeling concepts including data "scrubbing," the basic steps used to build a model, and how to measure the effectiveness of a model. This is a unique and entertaining presentation that will enhance your appreciation and understanding of analytics and modeling, whether you're an underwriter, an actuary, or a master chef yourself.
Source:
2019 Underwriting Collaboration Seminar
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Chad Wilson, Richard Sutherland, Nathan Hubbell, Megan Camanocha, Melissa Schenck
CS4: The Present and Future of Cyber Loss Modeling
This session will cover both the state of the art of cyber modeling as well as what the future of this developing field holds. The audience will leave with a better sense of what modeling tools exist, how underwriters and portfolio managers are utilizing the modeling tools available, and the extent to which brokers and insureds are utilizing these same tools. The panelists will also discuss particular cyber insurance trends and the future of the cyber insurance market.
Source:
2019 Underwriting Collaboration Seminar
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Kara Owens, Emily Lowe
CS1: Changing Role of Insurance Professionals in the Face of Disruption
Many jobs across the economy are quickly becoming disrupted as a result of advanced technologies like cognitive automation and artificial intelligence, as well as alternative workforce arrangements. Are underwriters and actuaries next? This session will introduce the concepts underlying robotics and cognitive automation, and will also explore alternative talent models such as the use of off-balance sheet resources. Using a process called Pixelation, this session will explore the many tasks that insurance professionals perform and what parts of our roles could be automated, augmented or replaced. At the same time, we will discuss how this disruption can have a positive impact, how insurance professionals are thriving in this emerging environment by embracing new technologies and an innovation mindset, and how the profession can ultimately provide even more value to our constituents.
Source:
2019 Underwriting Collaboration Seminar
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Stefan Peterson, Robert Galbraith
CS3: How Emerging Risks are Managed
A variety of industry professionals will discuss how to create value out of an emerging risk program. They will describe the importance of converting information into actions. This challenge falls at the intersection of risk, actuarial work, underwriting, claims, and other insurance functions; hence, the response generally varies for each emerging risk.
Source:
2019 Underwriting Collaboration Seminar
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Kevin Madigan, James Kaufmann, Prateek Chhabra
CS6: Data Science/Data Analytics Powers Decisions
Discussion of the myriad of ways the application of data science/data analytics enhances decision-making throughout the insurance industry.
Source:
2019 Underwriting Collaboration Seminar
Type:
Concurrent Session
Moderators:
Peter Lowth
Panelists:
Brian Fannin, Michael Elliott
GS2: Evolution of InsurTech
InsurTech companies are flooding the landscape of the insurance industry. These innovators seek to challenge traditional business models for insurance, leveraging advancements in technology and creative thinking to deliver new products and differentiated levels of service to customers. We will hear from industry experts who are shaking up the insurance landscape, exploring new business models for the sharing economy and peer to peer insurance, and consider the implications of these innovations on the actuarial community.
Source:
2019 Underwriting Collaboration Seminar
Type:
General Session
Moderators:
Peter Lowth
Panelists:
John Peters, Martha Notaras
GS1: Geospatial Intelligence Center: How it’s Transforming the Insurance Industry
When a natural disaster strikes, the lives of thousands of citizens are affected. Insurance companies understand that there’s nothing more important than helping those in need to recover from losses. With families relying on their insurers to respond instantaneously, this presents the challenge of identifying and prioritizing response efforts based on areas impacted the most.
Thus the National Insurance Crime Bureau created the Geospatial Intelligence Center in partnership with Vexcel Imaging, a leading provider of geospatial data, and has since revolutionized how insurers handle claims. Founded in 2017, the GIC is an industry consortium modernizing how insurers approach claims management, underwriting, and disaster response through geospatial data and technology.
Our approach is rapid and effective. When a natural disaster occurs, the GIC immediately mobilizes to impacted areas with an aircraft fleet equipped with state-of-the-art digital aerial sensor systems.
Within 24-hours of aircrafts landing, ultra-high resolution 360° imagery is available to GIC members along with tools to provide rapid insight into damaged properties and claims. The program has the ability to save lives with its innovative approach to disaster response in addition to significantly reducing insurance fraud. We’ve successfully deployed to several natural disasters here in the United States and will to continue to provide location-based insights to ensure the fastest and most complete catastrophe response.
Source:
2019 Underwriting Collaboration Seminar
Type:
General Session
Moderators:
Peter Lowth
Panelists:
James Schweitzer, Robert Carroll
IET-6: Insurance Claims Prevention Using New Predictive Analytics (Livestream)
Insurers have creatively and insightfully used, and continue to use, big data to answer questions about risk. Yet despite progress, we still face significant, unanswered questions in segmenting risk for perils causing over $20 Billion in annual losses in homeowners, and an equal amount in auto. One of the most vexing questions is how to use data to predict, and subsequently avoid, insurance claims, particularly for complex perils driven by many causes. With connected risks, insurers are able to detect, in real-time, situations that could likely lead to a claim, allowing them to develop mitigating strategies. This panel session will focus on demonstrating the application of new approaches in risk assessment to predict auto, and non-weather fire and water claims, with an emphasis on what insurers can do with this new information to avoid or mitigate the risks of such claims.
Source:
2019 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Fred Karlinsky, Pamela Sealand Reale, Brent Petzoldt
Panelists:
Charles Dugas, Andrew Schiller
PM-1: Implement a Strategic Early Warning Program to Mitigate Risk and Seize Opportunities
Does your leadership team want to avoid unpleasant surprises and identify future opportunities? If so, establishing a Strategic Early Warning program to monitor emerging competitive threats, disruptive strategies, and tracks specific indicators, “weak signals”, and other market forces that may impact your company’s current market assumptions and future-based scenarios is essential for your organization to add greater business value.
Strategic Early Warning programs help protect businesses against upcoming, even unexpected, market and competitive developments, and alert decision makers of critical external market shifts, allowing businesses to seize opportunities before others, proactive blunts, and minimize threats.
Source:
2019 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Christopher Gross, Chris Fievoli
Panelists:
David Kalinowski, Jeffrey Jablonski
