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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.
China's P&C Insurance Market: New Era, New Challenges
After rapid growth during the past few years, China insurance market has become the second largest market in the world, following the US insurance market. However, as an emerging market, there are still many challenges and new problems for insurance practitioners to solve, such as innovative insurance products, automobile insurance reform, VAT taxation reform and the new solvency regulatory regime C-ROSS. In this session, a panel of senior actuaries from China will share with the audience their views on these challenges in the new era:
• China P&C market overview
• Innovative products in China P&C insurance market
• Update on automobile insurance reform in China
• VAT taxation reform and its impact on (re)insurance
• C-ROSS Phase II
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Jeff Blacker
Panelists:
Xiaoxuan (Sherwin) Li, Qian Tao
Neural Networks – Could We Actually File One?
Rather than dismissing Neural Networks as a technique to be used in rate filings, this session will throw caution to the wind. If we start with the assumption that they could work, acknowledge the difficulties inherent as legitimate problems, but then work to solve those problems…how far could we get?
This session will present enough theory for an unfamiliar audience to understand the workings and potential advantages of Neural Networks. The issue of model transparency will be discussed, particularly in contrast with GLMs, and options for explaining/presenting Neural Networks will be presented. In addition, a regulator will ruminate on what is actually required in a filed model. Do we make assumptions on this that may not be true?
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Emily Allen
Panelists:
Christopher Cooksey, Thomas Hess
Actuarial Applications of Deep Learning: Loss Reserving and Beyond
This session explores deep learning and how it can be relevant to actuaries. We begin with an overview of concepts in neural network architecture and model training -- just enough to have a working vocabulary to discuss applications. Together with the participants, we develop simple models to solidify our understanding*. We then demonstrate a neural architecture for forecasting losses using publicly available schedule P data and show that this novel approach outperforms a benchmark chain ladder model. We conclude by discussing, with the audience, possible extensions to the framework, additional data that can be utilized, and other potential applications in insurance of deep learning.
*Participants will be asked to bring a laptop; internet connection will be required as the programming environment will be hosted online.
Slides available at https://ibnr.netlify.com
MNIST repo: https://github.com/kevinykuo/cas-mnist
DeepTriangle repo: https://github.com/kevinykuo/deeptriangle
DeepTriangle paper: https://arxiv.org/abs/1804.09253
Source:
2018 Spring Meeting
Type:
Concurrent Session
Panelists:
Kevin Kuo, Joe Fang, Nicole Foster
Tax Reform and Impact on P&C Insurance Industry
Tax reform is now law, and sweeping changes will impact insurance companies beginning in the current fiscal year - including their financial reporting. Among the provisions: a lower corporate tax rate, immediate expensing of certain capital expenditures, an immediate charge for earnings and profits held overseas, increased limitations on interest deductibility, and a host of complex international tax rules and other tax reforms.
Our in-depth session details the provisions expected to have the most significant impact on US property casualty insurers, along with the potential accounting considerations.
Source:
2018 Spring Meeting
Type:
Concurrent Session
Panelists:
Ian Sterling, Lynne Bloom, Kevin Johnston
The Most Important Risk Measures You Never Heard Of: Sneak Preview
(Part 1 in a series)
Spectral risk measures (a.k.a. distortion or dual utility risk measures) use re-weighted probabilities to provide a rich palette for expressing risk preferences. They allow for “coherent” methods of calculating and allocating risk charges. They can be understood as extensions of TVaR (which is a fundamental building block).
This introductory session is aimed at ERM professionals who want an overview of the motivation for and mechanics of spectral risk measures. The session will touch upon some of the material that will be presented in more detail in subsequent sessions.
Source:
2018 Spring Meeting
Type:
Deep Dive Workshop
Moderators:
Emily Allen
Panelists:
John Major, Stephen Mildenhall, Jesse Nickerson
Explaining Actuarial Concepts to Non-Actuaries
Actuaries are often called upon by non-actuaries to explain the results of their work. A common criticism of our profession is that we have difficulty communicating effectively with non-actuaries. Accordingly, the results of our work may be deemed wizardry or simply not understandable.
When presented properly and in the right context, many actuarial concepts are fairly simple to explain and easily comprehended by those unfamiliar with jargon-filled world of actuaries.
This session will provide a hands-on demonstration of several such concepts (IBNR, ratemaking, risk margins, confidence levels and the impact of inflation on excess losses) by experienced practitioners. Further, the session will provide examples of some actuarial concepts fraught with snares and detours that should be approached with considerable care when presented to non-actuaries.
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Peter Tomopoulos
Panelists:
Joseph Herbers, Ann Conway, Meagan Mirkovich, Beverly Phillips
Is there Demand for Insurance On-Demand?
The 'On-Demand economy' has been defined as 'the economic activity created by technology companies that fulfill consumer demand via the immediate provisioning of goods and services'. The corresponding annual economic activity has been estimated to total 57.6B USD (and has been characterized as 'changing the face of business' via its technology driven emphases on speed, flexibility, and personalization. The insurance industry has felt many of the impacts of this emerging economy as carriers evolve to address the coverage needs of its participants, who characteristically sport new age businesses along with exposures that blur the lines between personal and commercial activity.
Members of the CAS Insurance On-Demand Working Party will discuss their findings on work done in the Insurance On-Demand (IoD) Space. Some trade articles are in the works now that cover 3 key aspects of IoD, all of which truly influence each other:
• Behavioral economics – The people side of it all. What do consumers want? What will attract them? What do insurers what? What will guide their decisions?
• Product Design – What do these products look like? What coverage or lines or features make the most sense?
• Actuarial approaches – How do we price these? What about risk loads, incurred but not reported (IBNR) provisions, and economies of scale attained.
And to put some icing on the cake, we have some analytical results of a consumer-based survey the team issued related to this topic.
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Peter Tomopoulos
Panelists:
Stephanie Rabin, James Weiss, Scott Swanay, Bryan Butler
Asia: Opportunity Knocks for P/C Actuaries
Across Asia, property/casualty actuaries are playing increasingly visible roles in pricing, loss reserving, and capital management -- and the demand for experienced P/C actuaries is outpacing the supply. Could this be opportunity knocking on your door? We will discuss the types of opportunities that are becoming available, and what it is like to live and work in some of the vibrant cities of Asia. Please also attend the companion session on Tuesday, “Livin’ the Dream in Asia.”
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Peter Tomopoulos
Panelists:
Robert Conger, Nurul (Syuhada) Nurazmi, Blanca Qin, Victor Li, Alex Butensky
ERM and Capital Modeling - Are We Achieving Intended Purposes
Economic Capital Modeling is currently a key tool used in assessing a Company's Own Risk Solvency Assessment (ORSA) as current mainstream best practices have evolved extensively over the past 20 years. How are the results of internal company models being used in conjunction with the results of other regulatory and or rating agency models (i.e. BCAR, NAIC RBC, etc.). How can the use and results of such models be integrated with the soft side of ERM, day to day risk management, and multi-year strategic planning. Have we evolved our standards of practice to an acceptable level or is there More work to do? These and other questions will be addressed by the panelists
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Peter Tomopoulos
Panelists:
Robert Wolf, David Ingram, Micah Woolstenhulme
A.M. Best New Rating Methodology
This session will examine the critical rating drivers and highlight the potential impacts of the new Best's Credit Rating Methodology (BCRM) on financial strength ratings of the property casualty insurance sector. Particular emphasis will reflect the enhancements to the BCAR model, the "building block" approach to develop an issuer credit rating ("ICR"), the quantitative and qualitative considerations and evaluations of balance sheet strength, operating performance, business profile and enterprise risk management. The overall assessment of the new methodology reflecting year-end 2017 financials will be considered.
Source:
2018 Spring Meeting
Type:
Concurrent Session
Panelists:
Raju Bohra, Jennifer Marshall
What You Don't Know about Wildfires…Can Cost You
The subject of wildfires continues to be shrouded in misinformation. Recent trends such as rising temperatures, changing precipitation and weather patterns, longer growing seasons and increasing population in areas exposed to wildfire have elevated wildfire activity and risk. In this session, two wildfire experts review the mechanics of structural wildfire losses, how wildfire exposure can be quantified before a loss event, why wildfires respond well to pre-event mitigation actions and what people still need to know.
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Jeff Blacker
Panelists:
Howard Kunst, Michele Steinberg
Expanding Role of Actuaries in Captive Insurance
For decades, actuaries have been actively involved in ratemaking and loss reserving for captive insurance companies. Captives are insurance companies owned by their insured(s) or another organization with close ties to the insured.
A number of recent trends and developments in the captive industry have substantially increased both the role of the actuary in captive operations and the scrutiny they face.
This session will examine issues including:
• The exponential growth of captives, particularly enterprise risk captives (ERCs)
• The expansion in the number of captive domiciles and the variety of regulatory approaches
• The impact of the Protecting Americans from Tax Hikes (PATH) Act on captives
• Recent US Tax Court decisions, particularly the Avrahami ruling
• The applicability of the Acuity case to actuaries practicing in the captive industry
These changes have impacted the role of the captive actuary. In particular, there is substantially increased scrutiny of whether or not a captive:
• uses generally accepted ratemaking methods and assumptions that result in reasonable premiums
• has sufficient risk transfer
• has sufficient risk distribution
• uses a reinsurance facility with a non-tax business purpose
• operates as a bona fide insurance company.
This session will explore these issues and their impact on actuaries. Mr. Walling and Mr. Angelina are both currently active as expert witnesses in the U.S. Tax Court defending captives and their actuaries.
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Eric Hornick
Panelists:
Michael Angelina, Rob Walling
Regulatory Trends in the Age of Big Data
New administrations can bring a new approach to regulation at both the state and federal levels. At the same time, there is heightened national attention on big data, data analytics, and privacy issues surrounding data. As a result of these trends, regulatory interest in big data has evolved over the last decade at tremendous speed and may affect various aspects of the insurance product life cycle. Join this session to learn the latest regulatory challenges and trends, see how insurers can navigate the regulatory landscape given the emphasis on big data insights and analytics
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Peter Tomopoulos
Panelists:
Robert Curry, Dorothy Andrews, James Weiss
Improved Efficiencies Through Automation and Robotics Process Automation Can Lead to Innovative Solutions
The role of the actuary has evolved quickly in the last couple of years. Margin pressure has companies looking for ways to maintain/gain a competitive advantage. Along with improved data and technology capabilities management has increased expectations of the actuarial function to provide more information, sooner. Intellectual capital needed to perform deeper dives is primarily tied up with repetitive and manual tasks. Investment in transforming the actuarial process can free up current talent, through automation and actuarial Robotics, and provide a structure for deeper dive reserve analyses, including claim-level actuarial reserving.
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Peter Tomopoulos
Panelists:
Ian Sterling, Marcela Granados, Jason Nikowitz, Jeffrey Drew
ERM and Strategic Planning - Balancing Growth, Profit, Risk and Capital
ERM is intended to be integrated with strategic planning to achieve strategic goals of an organization. Keeping risk and capital in balance is a key goal that is then chosen by many insurers within their strategic plans. In planning, ERM can help management to recognize the constraints on growth and profitability that come with balancing risk and capital. In managing, ERM's role to keep risk taking to within planned risk tolerances is now seen to be supporting strategic goals, not just "business prevention." This session will discuss ways that ERM can play a key role in planning and managing to achieve that goal. Results from an extensive survey of ERM and Strategy within insurers will be used to show how insurer's ERM programs may or may not be consistent with their strategy
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Peter Tomopoulos
Panelists:
Robert Wolf, David Ingram, Michael Mahaffey
InsurTech – Helpful or Hype/Is Predictive Modeling Modeling InsurTech?
Like the box office, big buzz comes with big expectations, And just like the box office, big buzz doesn’t always mean big results. That is the current state of InsurTech. The hype cycle is almost complete investors, entrepreneurs, and incumbents have embraced it. The need for innovation is real. The opportunities where innovation can make an impact are real. In other words, we know the hype. What we don’t know yet and what will ultimately shape the future of both InsurTech and Insurance is where the impact will be. This interactive session will explore the fun but perhaps unenviable task of separating the hype from the hyperbole. This session will explore some baseline questions to open the veil: What is the definition of InsurTech? What is InsurTech realistically going to look like in the near future? What is in the pipeline that currently has legs to move the dial? How will it affect Commercial vs. Personal lines insurance?
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Eric Hornick
Panelists:
Matt Perlman, Phil Edmundson, Russ MacTough, Charles Svirk
Game of Drones
The term "Drones" brings to mind images of small flying aircraft surveying the landscape and deliveries of pizza, beer, and various goods from Amazon. This emerging technology continues to capture the interest of professionals and the general population. The insurance industry has had a hot-cold response to the drones both hailing their capabilities in claims and underwriting and stalling on the risk management and privacy implications.
The culture of drones is complex with opportunities to advance industry data and processes and with challenges to overcome. In this session, our speakers will discuss the applications of drone data in complex forensic investigations and underwriting processes, the current regulatory and acceptance landscape, and what's yet to come.
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Greg Fears
Panelists:
Steven Fargo
Cyber Insurance Pricing
Cyber insurance is currently a growing line of business. However, insurers are just dipping their feet in the complexity of writing this coverage. With no prior insurance data, it is a challenge to price for cyber insurance without making numerous presumptions. Cyber insurance coverage also differs by industry and size of the insureds' operations. How do insurers differentiate pricing between different risks? Can cyber insurance coverage and rates be standardized, and what are the implications of doing so?
Source:
2018 Spring Meeting
Type:
Concurrent Session
Moderators:
Peter Tomopoulos
Panelists:
James Lynch, Eduard Alpin, Michael Doyle, Peter Del Prete
US Flood Insurance: How Modeling and Recent Events are Transforming NFIP and the Market
The landscape of the US Flood insurance market has been changing tremendously over the last few years, and has become a very hot topic in the Insurance industry. As the NFIP begins a process of developing a newer, up-to-date flood rating manual, more flooding events have occurred, and scientifically based flood models have entered the industry to help quantify the potential losses. In this session, we will discuss the FEMA/NFIP rating enhancement project, how flood models are being utilized and how events like Hurricane Harvey are being analyzed.
Source:
2018 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Greg Fears
Panelists:
David Smith, Mitchell Waldner, John Kulik, David Evans
What is Real? Unlocking the Positions of Business Partners to Create Winning Conditions and Achieve Maximum Impact
As actuaries and other professionals advance throughout their careers, they can achieve greater levels of success and faster progression by being able to identify ‘What is Real?’ In this presentation, Christine will help attendees diagnose and respond to the real motivations and positions of colleagues and business partners both internal and external to their organizations and professional circles for more effective communication, stronger relationships, and increased likelihood of success. Christine will share personal stories drawn directly from her professional actuarial career and her participation on the reality television show 'SURVIVOR' to illustrate various considerations for optimal interactions and outcomes. We can all create winning conditions if we can learn to recognize, identify, and understand ‘What is Real?’
Source:
2018 Ratemaking, Product and Modeling (RPM) Seminar
Type:
General Session
Panelists:
Christine Hofbeck
Underwriting's New Reality – A Case Study of Automated Integration of Analytics and Rules
With increasing competitive pressure and higher consumer expectations, the leading insurance companies are leveraging advanced technology, adopting complex predictive models used in pricing and simultaneously automating underwriting rule execution to minimize the required underwriter touch and decisionmaking time. This is especially true in the small commercial insurance landscape where straight through processing (STP) is expected to lower operational costs while maintaining or improving profitability and enhancing the customers’ experience. To achieve this, a well-de?ned process for integration of analytical solutions and rules architecture in the underwriting process that leverages the latest technology and data platform is critical.
In our session, we will discuss typical challenges with models and underwriting rules integration such as misalignment, dispersion, and lack of feedback loop. We will present a holistic approach that will help overcome these challenges. This will include a discussion on a portfolio management framework and a well-defined feedback loop. To illustrate how one can operationalize the approach, we will demonstrate a working tool that extracts data from the policy administration system, executes an integrated predictive models/underwriting rules platform and delivers recommended underwriting actions.
The session is designed to feature a moderated dialog with the participation of an industry-leading executive who is wrestling first-hand with the challenges of commercial lines modernization. Audience participation and active question & answer are encouraged.
Source:
2018 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Greg Fears
Panelists:
Benny Yuen, Gary Ciardiello, Rebecca Freeman
PTBA: Risk Selection in Cyber Insurance Underwriting
Cyber is an emerging line of insurance that has demonstrated tremendous growth, with even more potential for growth over the next decade. Since it is an anthropogenic peril with rapidly evolving threat landscape and coverages, it poses a unique challenge to underwriting. Here, we propose a simple to calculate new measure, Propensity to be Attacked, or PTBA, which is driven by the interplay between attacker motivation and cybersecurity defense. Producing a single number as an output, PTBA can serve as a practical, quantitative risk score easily applied to individual risk underwriting.
Source:
2018 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Joshua Merck
Panelists:
Raveem Ismail, Aritra Chatterjee
Distribution in the 21st Century
Managing general agents (MGAs) and comparison shoppers may not seem like fast friends at first glance, but a deeper look reveals similarities in how they are changing the art of insurance distribution. Both play a substantial role in making insurance available to the global insurance buying masses, and they even present the potential for insurers to achieve efficiencies in other core functions such as policy administration and claims handling. In this session we explore successes and roadblocks in the evolution of these distribution channels, growth opportunities and relevant constraints, and how actuaries can become more involved over the entire life cycle of a policy.
Source:
2018 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Greg Fears
Panelists:
Emily Gilde, Neil Chapman
The Evolving Role of User Experience in Insurance
Is it possible to make insurance faster? simpler? more personalized? more transparent? more visual? more portable? more relevant? more enjoyable? In this session two InsTech participants will share their perspectives on how new technologies and approaches are redefining the insurance experience, and how you can too.
Source:
2018 Ratemaking, Product and Modeling (RPM) Seminar
Type:
Concurrent Session
Moderators:
Frank Gribbon
Panelists:
Alex Mobashery
CS4: Insurance in the Zettabyte Era: Understanding the Impact of IoT, Big Data and Artificial Intelligence
The Internet of Things (IoT) is becoming increasingly important in our data driven world. The proliferation of sensor-enabled, connected “Smart Devices,” is geometrically increasing both the potential business opportunities and the complexity associated with when and how we use data. As IoT is continuously evolving, the challenge of differentiating what’s hype versus reality can be no small feat.
In our session, we will examine two real-world case studies from two different sectors: (1) In the heavy industrial equipment sector, data from IoT sensors and machine learning predictive maintenance insight can be used to build superior risk models and price insurance and warranty products on a per asset basis without time consuming underwriter client site inspection of assets; (2) In the smart community sector, smart assets (e.g. common area lights, HVAC, solar power systems, pool maintenance, landscape irrigation, security systems) provide real-time information to help meet regulatory requirements, enhance safety and security, optimize management of infrastructure and improve forecasting of “reserve fund” requirements.
Source:
2018 Underwriting Collaboration Seminar
Type:
Concurrent Session
Moderators:
Emmanuel Bardis
Panelists:
Dean Hamilton
