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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.
Residential Flood Insurance in Canada and Learnings for the US
In the last two years, at least fifteen insurers in Canada have introduced new products to cover overland water. This cause of loss was previously excluded in policy wordings and losses would have been paid by government disaster relief funds. However, after a $2B fluvial loss in Calgary and a $1B pluvial loss in Toronto within a few weeks of each other in 2013, an appetite was created for the private market to explore options. This session will explore the current situation in North America, focusing differences in risks and modeling between countries, challenges in product development, implementation and management, market responses to date, and anticipated future developments in both the modeling and product space. This session will be of interest to US practitioners as the collective experiences of panel members will be relevant to the prospect of further privatization of the US flood insurance market.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Brant Wipperman, Deborah Upton, Frederick Guillot, Adam Podlaha
Beyond UBI – Commercial Insured Usage Data as a Customer Added Value
This session will explore ways in which data collected from commercial insureds may be used to provide added services such as expense reduction to the insured while also allowing insurers to assess risk and pricing as well as reduce claims. Examples include automobile fleet monitoring as well as water flow and electrical usage monitoring in commercial buildings.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Damon Lay, Jacob Rothfuss, Daniel Sterling
Increase Precision in Auto Territory Rating
Territorial rating is one of the key elements in auto insurance ratemaking. A territory is defined as a cohort of zip codes or adjacent geographic units with similar loss experience. Auto insurers analyze historical loss experience by garaging location to calculate territorial relativities. Often times, insurers are not allowed to use the indicated relativities due to regulatory constraints governing a territorial plan. This study examines the accident information, and related claim frequency, severity and loss cost by loss location as well as garaging location to calculate a score that can potentially be used in conjunction with insurer's existing territorial plan to improve rate adequacy for individual territories.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Hicham Elhassani, Prince Kohli, Joy Tang
Highway Loss Data Institute - Current Issues in Vehicle Safety
This session will provide a overview and discussion of current issues in vehicle safety.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Kim Hazelbaker
Vehicle History: Insurance Scoring for Your Car
To evaluate the risk associated with personal auto coverage, insurers have traditionally primarily used information about the driver, such as age, gender, marital status and location; the intended use of the vehicle, such as business or pleasure; and information about the vehicle when new, such as original cost new. Insurers then added detail to driver information using sophisticated credit scoring and demographic models. They added detail to vehicle use information with telematics and usage-based insurance pricing. Now, insurers have begun to add detail about the vehicle itself using vehicle history.
This session will discuss how carriers use the specific vehicle history to more accurately price and underwrite risks. We will discuss obvious data elements, such as salvage title brands, verified average annual mileage and severe damage. We will also discuss data that may not be as obvious, but has proven predictive of loss in the past. Finally, we will discuss using vehicle history as an entry point for UBI programs.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Don Hendriks, Michael Chen
Telematics & IoT: Proactive Protection Changes the Insurance Ecosystem
Many insurers want to change the conversation with their customers while increasing engagement and satisfaction. By leveraging sensor data, insurers can take on the burden of worrying about the care and wellbeing of the customer’s vehicle or home. Proactive protection services can assist with tasks such as:
- Auto repairs
- Property loss prevention/maintenance
- Recommendations for safer driving routes, parking locations
The Internet of Things is generating the data and the insights for insurers to offer these services and enhance customer satisfaction. During this session you will learn more about how proactive protection services can help both your customers and your company mitigate risks and reduce losses.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Adam Waldron, Dawn Mortimer
UBI Smartphone Apps: What's Hot and What's Not?
We have seen a proliferation of usage-based insurance (UBI) programs in recent years. Many of these use data collected with OBDII devices, but there has been an increase in activity on smartphone apps. Apps bring the promise of rich data at a low cost, but is this data source the real thing or too good to be true?
In this session, we will cover:
- How mobile apps are capturing driving data for UBI purposes
- What types of data can be captured, and how it differs from OBDII data
- The way mobile telematics apps complement connected cars to accelerate UBI adoption
- Trends in smartphone UBI programs
- A case study of a recent smartphone app implementation
Learn what is working and what is not with smartphone UBI.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Ryan Morrison, Peggy Brinkmann, Jim Levendusky, Jamie Cox
CS11: How to Identify and Capture Medical Provider Fraud in Workers’ Compensation
During this session, Kate, Ridhima and Chris will talk about how to identify suspicious patterns in medical bill and prescription data from workers’ compensation claims. The team will also discuss their interactions and collaboration with their business partners in claims, medical bill review, SIU and IT.
Source:
2017 Underwriting Collaboration Seminar
Type:
Concurrent Session
Panelists:
Ridhima Handa, Kate Jordan, Christopher Zittnan, Michael Griswold
Impact of PPACA on Workers Compensation Insurance
Please join Len Herk and Jerry Frye as they discuss the impact of the Patient Protection and Affordable Care Act (PPACA) on workers compensation insurers and access to care for injured employees.
Len Herk, a Senior Economist at NCCI, will discuss his recently published study "Impacts of the Affordable Care Act on Workers Compensation.” In the study, he addresses the frequently asked question, "Has the increase in demand for primary care services by people newly insured under the ACA crowded out access to the same services by workers compensation claimants?"
Jerry Frye, President and Founder of BSG Analytics, will focus on the reaction of the large health care systems to the PPACA which has led to many changes in the way care is provided. These changes have many implications to the workers compensation market, and may help to explain the findings in Len’s study.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Kevin Donnelly, Gerald Frye, Leonard Herk
Who Wants to Be an Actuary?
Come refresh your knowledge of actuarial professionalism in this interactive session! This trivia game will cover a number of topics including a review of the code of conduct and ASOPs, helping you determine what you know and what you might want to review. Who said professionalism can’t be fun? This session may provide attendees with Professionalism Continuing Education credits.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Peter Royek, Kendall Williams
Lights! Camera! Professionalism!
Come enjoy the acting of some fine fellow actuaries who will take on several skits involving professional dilemmas. The skits are new for 2017, 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:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Jennifer Vincent, Michael Chen, Brandon Shain
Rogue Actuary: A Professionalism and Predictive Modeling Story
During the past decade, predictive modeling has increasingly become part of many actuaries' job descriptions. Whether building predictive models, inserting them as inputs to the pricing decision-making and implementation process with business partners, or supporting them in rate filings, actuaries are often asked for their opinions on issues that relate to the ethics of the profession. This session has been given at several previous RPM seminars and the interactive format will remain the same, although the scenarios have been refreshed. Scenarios that touch on common issues around predictive modeling will be presented, including how those issues relate to the Code of Conduct, Statement of Principles, and Standard of Practice. Audience participation is highly encouraged. May the Professionalism be with you.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Nathan Hubbell, Brent Petzoldt
3D Printing: Hype or Reality? (Live Streaming)
There is no doubt that 3D printing is a very exciting technology, but what is it really all about? Is it as revolutionary as people say? We'll talk about what it is and why so many people are excited about it, including its application in various industries. This technology will impact society, business, our personal lives and the insurance industry. Come find out how and get a glimpse of the future.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Robert Weireter, Tong Xu
Price Optimization: Regulatory Overview and Permitted Practices
This session will provide an overview of the price optimization debate, including how price optimization is defined, the historical development of price optimization in insurance, NAIC and state activity, and other ongoing developments. The presenters will also discuss the development of price optimization ratemaking practices, how the practice has evolved, and some fundamentals of how price optimization works from a non-technical perspective, as well as regulators' reactions to this modern practice. Understand the current state of the price optimization debate. Know what price optimization is (and is not). Understand the mechanics of price optimization.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Fred Karlinsky, Ryan Purdy
Perspectives on Rate Filing Support for Predictive Models
While the use of predictive analytics to develop rate classifications has become a widely accepted technique in the insurance industry, they can create additional challenges during the filing process due to their apparent black box nature. While some insurance departments may only require indicated and proposed rating factors, others may require substantially more support including such items as confidence intervals, lift charts or comparisons to other insurance companies.
This session will provide different points of view on filing support for predictive models, including perspectives from those submitting rate filings (insurance company or consultant) and those reviewing the rate filings (insurance department or independent third party reviewer). In this session, we will discuss modeling topics as they relate to filing support such as volatile results and thin data, extrapolating and smoothing indicated relativities, and the use of actuarial judgment. We will provide perspectives on how to best submit rate filings that rely on predictive modeling techniques beyond GLMs.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Paul Anderson, Ryan Purdy, Eric Krafcheck, Edward Cimini
What Makes a Good California Filing?
Learn how to improve the quality of your California rate & class plan, form and rule filings. This session will also provide you with some common stumbling blocks that delay the approval of your rate filing.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Shawna Ackerman, Lynne Wehmueller
Using Predictive Analytics to Decompose Workers Compensation Loss Triangle Anomalies
Loss triangles often produce reserve estimates that are unusual for a particular evaluation. For example, where the previous three years might indicate a 1.25 change in reserves at a particular evaluation, the latest indication is a 1.40 change. Often such an anomaly requires checking with underwriters, claim adjusters, case managers, and other operations specialists to understand the unusual adverse loss experience. By contrast, advances in predictive analytics are allowing for much more granular decompositions of claim experience that permit isolating changes in claim frequency and severity for narrow subgroups of claims or claim characteristics. For example, a Segmentation Analysis might identify an unusually large number of claims for a high-cost segment, an unusually large increase in severity for a moderately-severe segment, or some combination of both. Segmentation analysis can tease-out changing associations between specific claim characteristics (increasing or decreasing opioid utilization, cumulative trauma and attorney involvement) and their associated outcomes.
The panelists will describe a general framework for the predictive analytics and provide a detailed example of a Segmentation Analysis that uses claim characteristics to segment (or to some, cluster) claims into mutually exclusive subgroups, and then analyze frequency and severity changes for these subgroups across different evaluations in the loss triangle. The panelists will also describe information the actuary should consult to determine whether the changes to the subgroups is systemic to the book of business or due to external changes. The external changes may include public policy changes, change in adjudication practices, or changes in market claim trends.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Philip Borba, Alex Swedlow, Lori Julga
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 Florida.
In Florida, major philosophical shifts in the operation of the workers compensation system have recently been experienced as a result of the Castellanos and Westphal decisions, related to attorney fees and temporary total maximum claims duration, respectively. NCCI will present a summary of the associated legislative issues and related cost-impact analyses.
Despite several attempts to reform the system over the last several years, California continues to be a very high cost state with respect to workers compensation—with a very high frequency of permanent disability claims, a long average claims duration, and exceptionally high benefit delivery costs. WCIRB of California will present a summary of the key factors driving California cost levels as well as a prognosis for future changes in those drivers.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
John Deacon, David Bellusci
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:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Jay Rosen, Nancy Treitel-Moore
Business Planning Within a Capital Management Framework
As the P&C insurance industry is becoming increasingly more complex and fluid to adapt to the continuous changes in the markets, there is an increasing need for companies to reflect risk within their strategic planning framework. In this session we introduce a capital management framework and explore how a P&C insurance company can leverage this framework to assist management with its business decision-making process including strategic growth, pricing, and portfolio management. By having an integrated risk-based approach towards managing the business, a company is ensured to be better prepared for the future, remain competitive in the market, and ultimately provide value to its customers and shareholders.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Robert Wolf, Berna Beekman, David Shleifer
GLM - III - The Matrix Reloaded
This session will consider new techniques and refinements to the basic GLM which can add material value to the modeling process. It will specifically consider amendments which address some of the purported failings of GLMs in comparison to emerging methods such as machine learning techniques.
The session will include a discussion of:
• An innovative approach to detecting subtle and higher dimensional interactions in an efficient way, potentially eliminating
the need to consider alternative, harder-to-implement model forms such as nonlinear models.
• The role of such automated methods in comparison with a more manual construction of composite explanatory variables.
• Ways to mitigate the risk of over-parameterization through the use of modifications which incorporate elements of credibility within the GLM framework.
• Simple practical modeling steps that can be used to remove distortions created by combining models across claim types.
• Innovative ways of modeling bodily injury claims and other miscellaneous refinements.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Brent Petzoldt
GLM - II
GLM I provided the case for using GLMs and some basic GLM theory. GLM II will be a practical session outlining basic modeling strategy. The discussion will cover topics such as overall modeling strategy, selecting an appropriate error structure and link function, simplifying the GLM (i.e., excluding variables, grouping levels, and fitting curves), complicating the GLM (i.e., adding interactions), and validating the final model. The session will also include a discussion on diagnostics that help test the selections made.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Ernesto Schirmacher, Paul Bailey
GLM - I
Do terms such as “link function,” “exponential family,” and “deviance” leave you puzzled? If so, this session will clarify those
terms and demystify generalized linear models (GLMs). The session will provide a basic introduction to linear models and GLMs. Targeted at those who have modest experience with statistics or modeling, the session will start with a brief review of traditional linear models, particularly regression, which has been taught and widely applied for decades. Session leaders will explain how GLMs naturally arise as some of the restrictive assumptions of linear regression are relaxed. GLMs can model a wide range of phenomena, including frequencies and severities as well as the probability that a claim is fraudulent or abusive, to name just a few. The session will emphasize intuition and insight in addition to mathematical calculations. Illustrations will be presented using actual insurance data.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Ernesto Schirmacher
And the Winner Is: How to Pick a Better Model
You have just finished running some data through a predictive modeling package. Now all you need to do is summarize the results, send them along, and you’re done, right? Wrong. At the absolute minimum, the modeler should understand and demonstrate the goodness of fit of the model. In most cases, the modeler should also prove that the constructed model provides lift over the existing rating structure. After all, what good is a new model if it cannot outperform the competition? In this session we will explore, in significant detail, three often overlooked components of the modeling process: measuring goodness-of-fit, assessing lift, and internally validating a predictive model. Model development is usually a major investment. We should make sure our models are performing well to get the best bang for the buck.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Hoi Leung, Hernan Medina, Dan Tevet
Nonparametric GLMs
GLMs provide a powerful modeling framework but often their rigid structure does not allow for an optimal model. Learn how to build basic nonparametric models with a limited number of variables and how to apply nonparametric techniques to improve existing GLMs with an unlimited number of variables.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Ryan Morrison
