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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.
Introduction to Sustainable ERM
This Session is intended to provide an update on the work of the CAS Working Party on Sustainable ERM. As global trends —environmental, social, political, technological —continue to shift the foundations of our current business models, sustainability is becoming embedded in corporate behavior, metrics and strategy. This session will show evidence for a global Sustainability meta-trend and provide examples and best practices for insurance companies. It will directly serve the risk professionals with relevant, current and practical information on the new way of doing business and integrating Sustainability into ERM.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Brian Brown, Sandra Callanan, Fan Yang
Ratemaking, Product Management, Predictive Analytics- How does it all fit within an ERM Framework?
The Business of Insurance operates best under optimal collaboration of Marketing/Product Managers, Underwriters, Actuaries and Data Scientists. There is diverse talent on this team and expertise. There is also, of course, a likelihood of significant diversity of opinions on strategy and direction. The Predictive Models are subject to Model Risk. The Actuary adjusts for bias and credibility of data and considers "Change". Underwriting and Marketing may be at odds as regards incentives.
Most of the risks that potentially manifest are based on the decisions of human beings who are biased with their perspectives within their respective domains and incentives. Within an ERM perspective, how can one best align authority for decision-making with ultimate accountability among this Team of Experts? These considerations, and more, will be be discussed in the this session.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
James Guszcza, Christopher Monsour, Kimberly Holmes
Intro to Profit and Contingency Loading in Ratemaking
The Standard Ratemaking Formula is R=(P+F)/(1-V-Q), where
R= Rate per unit Exposure
P= Loss Cost (or Pure Premium) per unit exposure
F= Fixed Expense per Unit Exposure
V= Variable Expense Costs (% premium)
Q= Profit and Contingency Load (as % Premium)
This session is intended to be an introductory session on how to derive your "Q". There are many methodologies. Some methodologies are mandated by regulation. Some are subject to the actuary's discretion and rationale. Multiple answers can occur given the approaches and considerations in how to best reflect the cost of capital. This session is intended to provide discussions on advantages and disadvantages of alternative approaches.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Robert Wolf
Rate and Form Regulation – The Latest from the NAIC (Live Streaming)
State insurance regulators at the NAIC are discussing big data and other consumer data, generalized linear and other models used in insurers' rate filings, rate classification issues (capping -- what is price optimization and what is not-- and causation vs. correlation), private flood insurance, workers' compensation large deductibles, and other regulation of property/casualty insurance products. Hear about the latest activities and likely impact on actuaries and product managers in ratemaking and product development.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Nicole Elliott, Kris DeFrain, David Dahl, Charles Angell
Point Estimation Models vs. Ranking Models
Point estimation and ranking modeling are two types of predictive modeling approaches used in many industries. In P&C insurance, class plan rating, territory rating, and vehicle symbol rating are typical areas for point estimation, while underwriting automation, claim fraud detection, credit scoring and Telematics scoring are typical areas for use of ranking models.
The two types of modeling approaches are fundamentally different in many ways. In this presentation, we will discuss the major differences of point estimation and ranking modeling in the following areas:
• Model design—Business considerations and technical considerations
• Predictive variable creation and predictive variable structure
• Model development and model validation
• Business implementation and IT implementation
We will use class plan development and underwriting modeling as examples to demonstrate the differences in details.
In this presentation we will also list and describe many interesting applications of the two types of modeling approaches in life insurance, government affairs, and other industries.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Gary Wang, Jun Yan
Perspectives on Actuarial vs. Product Management Roles
Have you wondered if a product management role is for you? In this session we will hear from panelists who have held both actuarial and product management roles in their careers. The panelists will discuss topics such as contrasting experiences as a product manager versus an actuary, what it takes to be successful in a product management role, and how current marketplace developments are impacting product management.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Don Hendriks, Kelly Cusick, Scott Drab, Amy Juknelis
Wellness Data: The Next UBI?
Sleeping on the job has never been a fast track to success, but sleeping on the way to the job may lead to an early and unscheduled retirement. Research found that more than one-in-five fatal car accidents in the United States involves a drowsy driver.
P/C insurers have long offered discounts to policyholders who attend defensive-driving courses or submit to telemetric examination of their driving habits with usage-based insurance (UBI) devices. Unfortunately, those approaches achieve only limited success because they focus on behaviors surrounding the insured asset, and not a policyholder’s larger decisions about wellness. A more effective approach might address how to minimize underlying risk factors that cause or contribute to P/C losses.
This session will bring various perspectives on the relationship between “Wellness Data” and property and casualty risk, and illustrate how P/C insurers may take a nod from life insurers and potentially apply modeling to new data sources such as wearables to help improve underwriting and marketing.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Dion Oryzak, Chris Stehno
Evolution in Technology and Demographics: An Impact on the Insurance Industry
Homeowners and Auto insurance are evolving in response to technological advancements and demographic changes. We will start with an overview of the evolution of insurance including how technology impacts the way we capture insurance exposure for homeowners and auto and how it impacts rates. We will then shift to the impact of the autonomous vehicle on insurance, then latest advancements in connected home products and potential impacts for insurance companies.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Sheri Scott, Thomas Smith
Where Cyber Security Meets Insurance: Challenges Presented and Opportunities Created
This session features a panel discussion offered by keynote speaker and former FBI agent Eric O’Neill, and Symantec Senior Principal Actuary Joshua Pyle. Panelists will discuss a series of interesting and timely questions pertaining to the dynamic cyber peril, including “What is the biggest cyber security risk in 2017?” and “What are the most significant challenges to successfully and confidently writing cyber insurance?" Please feel free to bring your own questions or simply come to enjoy the inspiring discussion.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Joshua Pyle, Kelli Broin, Eric O'Neill
Businessowners Policies in the Big Data Era
The era of big data and analytics has fundamentally changed the goals, business models, coverages and premium determination methodologies for small commercial multiple peril and businessowners policies (BOPs). This session will examine these changing influences and how leading BOP writers are adapting.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Robert Walling, Lin Xing, Thomas Kolde
Applying Big Data Analytics in the Insurance Sector
As the hype subsides and expectations begin to settle, leading insurers are now discovering tangible value from their advanced analytics projects. However, there are no shortcuts to identify valuable advanced analytics opportunities given that the critical factors for success vary by circumstance and, in some cases, are unknown at the project decision point. During this presentation we will set out the key challenges and the essential framework for finding value in advanced analytics from project initiation to deployment.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Jason Rodriguez
Demystifying Data Quality Tools
Data quality is a primary concern when you perform an actuarial analysis or undertake a predictive modeling project. Top among your concerns would be to review the data for accuracy, reasonability, completeness and consistency. A valid question is: when you write programs to perform data quality checks, are you reinventing the wheel? Perhaps your organization has a commercially acquired data quality tool that can aid you, or perhaps acquiring one may be worth considering. This session provides explanations and examples of data quality functions such as data profiling, entity resolution, pattern analysis, etc., that commercially available data quality tools perform. Even if you or your employer choose not to purchase a data quality tool from a vendor, knowing the kinds of tasks these tools perform can increase your awareness of things to look for with regards to data quality.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Tracy Spadola, Peter Bothwell, Jason Smith
Multi-Product Optimization: Challenges and Opportunities
"When trying to understand the customer decision making process it is easiest for us to break the customer decisions into independent, discrete choices: “Will I renew my auto policy?”, “Will I add my motorcycle this year?”, “Will I cancel my homeowners policy before renewal?”. These decisions are not made in a vacuum, even though that is the easiest way for us to model them. The real decision making process is a highly complex one which takes information across multiple products into account.
In this session we will dive into the complexity of multi-product optimization. We will begin by discussing the advantages of a holistic view for customer decision modeling and then analyze the barriers to adopting a multi-product optimization strategy. Attendees will leave with a practical roadmap of steps they can follow in order pave the way for multi-term optimization. "
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Drew Lawyer, Bruno Tremblay, Adi Bar-Lev
Where Will the Drones Take Us?
The skies are not (yet) full of drones but they are certainly becoming much more popular. Recreational and commercial users are growing in number and the technology is really taking off. We even have some regulations intended to provide some law and order. Imagination and enthusiasm are great and while the insurance industry needs to embrace new opportunities we also need to be mindful of new challenges. This session will bring us up to speed on the world of drones, with particular emphasis on the insurance impacts.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Robert Weireter, Timothy McCarthy
The Competitive Weapon: Alignment of Analytics and Commercial Underwriting
The interplay of predictive models, rate order calculations (“ROC”), rules, and risk appetite with field personnel knowledge is critical for a successful deployment of a predictive model to any part of the value chain. This is particularly true for commercial lines underwriting due to the latitude given to underwriters in applying schedule debits and credits and the resulting impact on premium.
In our session we will discuss typical challenges with an emphasis on active field involvement and participation throughout the process. The qualitative side will be illustrated with an industry case study narrative that speaks directly to the advantage of creating alignment of model scores, ROC, firing of rules, and quality of account knowledge as defined by the field. The quantitative side will illustrate the challenges of knowledge engineering and how to blend with data-driven decision making. The discussion will highlight choices made to incorporate field input and achieve "last mile" success.
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 is encouraged.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Gary Ciardiello, Christine Heiderich, Pam Reale
Competitive Analysis: Know the Data, Know the Market
Competitor data is a powerful ingredient of rating algorithm development, predictive modeling, and measurement of product performance in the marketplace.
While the use of this data is widespread, the benefit received by insurers depends on the extent and manner in which it is utilized. To utilize the data to its full extent, actuaries should be familiar with the types of data available, the assumptions that underlie them, and strategies to incorporate competitive intelligence into decision-making.
Competitive data is available from different sources, including batch rating companies and agency software companies. In this session, representatives from each of these provider types, plus consultants who specialize in competitive analysis, will illustrate the spectrum of competitive offerings in the marketplace and how each of them can be used. This will include specific ways to evaluate key metrics such as conversion, retention, market penetration, and segmentation.
Session attendees will become apprised of the lay of the land for competitor data. They will leave with an in-depth understanding of what is available, and specific steps that can be taken to utilize it fully.
Source:
2017 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Cody Webb, Nancy Watkins, Mike Weitermann, Joann MacCaul
CS15: Actuaries and Regulators 4Ever 2Gether
The hallmark of every lasting relationship is communication. This is none truer than the relationship between those who file insurance products for approval and those who review what has been filed and must give an approval. Actuaries and product managers are hard pressed to ensure the products they develop can get to market. Regulators, in most states, have to approve products and underlying complex actuarial models, often relying on external actuaries to scrutinize the latter. Regulators are not opposed to actuarial models, however, when models are shrouded in complex modeling mystique, it becomes increasing difficult for regulators to blindly approve them. Regulators are becoming increasingly dependent upon consulting actuaries to make sure insurance companies are designing products that serve a public need, while protecting the public from potentially discriminatory practices. Participants in this session will gain a broader understanding of how the regulatory function evaluates actuarial filings with predictive modeling content. The regulatory scrutiny of predictive models will be discussed with a strong focus on the variables regulators view as unfairly discriminatory. Participants will also gain an in-depth understanding of how to structure regulatory filings to increase the likelihood of getting them approved when they contain complex actuarial modeling components. The ultimate goal of this session is to help those who summit filings to regulators do a better job of explaining their models so regulators, with an enhanced understanding of predictive modeling, can ensure the interests of the public is equitably served by the insurance industry.
Source:
2017 Underwriting Collaboration Seminar
Type:
Concurrent Session
Panelists:
Dorothy Andrews, J. Fricks
CS7: Underwriting against a Backdrop of Enterprise Risk Management
Underwriters decide the risks to put on an insurer's books and the terms of the coverage. (Some) actuaries evaluate enterprise risk of which underwriting risk is a major component. How is enterprise risk management translated to an influence on the individual account decisions an underwriter makes?
Source:
2017 Underwriting Collaboration Seminar
Type:
Concurrent Session
Panelists:
Kevin Madigan, Miles Allkins, Chris Dougherty, Catherine Duffy
CS14: Underwriting and Managing Cyber Risk
Everyone is talking about cyber risk. Often the discussion is about the lack of historical data and lack of exposure information. In this environment, how does an underwriter evaluate cyber risk, shape coverage terms, price the cover, and manage aggregations of risk to protect the enterprise risk?
Source:
2017 Underwriting Collaboration Seminar
Type:
Concurrent Session
Panelists:
Fred Karlinsky, John Elbl, Mark Synnott
CS6: Predictive Modeling and Regulatory Concerns
It's been over 10 years since predictive modeling was first utilized in actuarial pricing work. How do we view predictive modeling today? Have regulators fully accepted predictive modeling? What are the new and current challenges in implementing predictive modeling findings? Are there implementation differences between personal insurance and small commercial risks?
This session aims to provide attendees an update of regulatory views on predictive modeling.
Source:
2017 Underwriting Collaboration Seminar
Type:
Concurrent Session
Panelists:
Chester Szczepanski, Wanchin Chou, George Bradner
CS17: Geographic Data for Property Insurance: Location based Analysis for Pricing and Underwriting
The use of Geographic Information Systems (GIS) has become increasingly prevalent in the pricing and underwriting of personal and commercial property insurance. Analysis of an insurer's portfolio with accurate location information can reveal areas of risk or opportunity that are hidden when data is summarized at the territory or ZIP code level. GIS presents an opportunity for collaboration between actuaries and underwriters because its benefits to either discipline. This session will explore the benefits of GIS analysis for pricing and underwriting, and will discuss specific techniques that insurers can use to achieve more accurate rating or better portfolio management. These techniques include implementation creation of by-peril rating territories, portfolio strategies based on spatial layers, and geocoding processes to improve data quality.
Source:
2017 Underwriting Collaboration Seminar
Type:
Concurrent Session
Panelists:
Cody Webb, Garrett Bradford
CS3: Optimizing an Efficient Underwriting Process with Data and Workflow
Underwriters need a combination of speed, scale, and efficiency to make their business profitable; but don't want to compromise their underwriting guidelines. Fortunately, none of these needs are mutually exclusive. Companies demand simplicity and immediate responses from their business vendors - this is no different from what they expect from their insurance providers. We must evolve to meet this need by leveraging capabilities that are available to us.
This session will outline market trends as being driven by insureds, the insurance market, and emerging capabilities. It will identify today's challenges with commercial business underwriting and how underwriting guidelines can be supported and enhanced with reliable data and new analytics; information that can objectively describe a risk with quantifiable and actionable measures and can be indicative of specific concerns or objective proxies for a business's management competency.
Implementing a process with good data and the latest best practices evolves the underwriting paradigm from one that is manual and lengthy to one that is fast and accurate, ensuring proper business selection and the right price for the right risk. Doing so efficiently reduces premium leakage, addresses adverse selection, and helps control costs.
Source:
2017 Underwriting Collaboration Seminar
Type:
Concurrent Session
Panelists:
Fiona Ha, Rick Stoll, Sanford Brown
CS13: Data Accuracy in Commercial Lines
The current downward pressure in pricing of Commercial Insurance presents challenges for insurers to achieve their internal Return on Equity goals. Key to maximizing returns is to ensure accurate pricing at an individual account level which is achievable through accurate classification. This session will demonstrate how high quality data assists companies in meeting their ROE targets on a sustained basis. Topics include the impacts of misclassification in the following areas: exposure measures, ratemaking and modeling, workflows, reinsurance, regulation, and effective business processes.
We will present empirical evidence of the wide spread and significant degree of misclassification in the Commercial Insurance marketplace and demonstrate how this leads to Adverse Selection and/or Lost Market Share. A discussion of the solutions which have been successfully implemented and our views of emerging trends will ensue.
Source:
2017 Underwriting Collaboration Seminar
Type:
Concurrent Session
Panelists:
Kristen Turner, Peter Freitas
CS10: Getting Rid of Email: Modern Underwriting Workflow Tools
Effective communication between underwriters and actuaries is critical for the successful implementation of an insurance company's business plans. Emails have traditionally served as an important communication tool/channel between these two groups. Even though emails are useful for external communication, they have been proven less effective for internal communication, particularly when very complicated topics such as pricing, risk selection, and underwriting decisions, are involved. Leading industry practices suggest there has been a trend away from using emails for internal communication. In this session, we will demonstrate several modern and efficient underwriting workflow tools that don't rely on email for internal communication. By using these new tools many companies have reported positive changes in the effectiveness of internal communication and the speed decisions can be made, particularly between underwriters and actuaries.
Source:
2017 Underwriting Collaboration Seminar
Type:
Concurrent Session
Panelists:
Kevin Huang, Fiona Ha
CS2: Peer to Peer Insurance: What is the Hype About? - The Peer-to-Peer (P2P) Transformation of the Insurance Industry
Recently, interest and activity in the peer to peer (P2P) insurance space by InsureTech start-ups and VC firms has increased dramatically. A major reason for this interest is the worldwide movement towards a shared economy. P2P insurance embraces this movement by borrowing the well-known concept of mutual insurance and adopting the P2P terminology.
Is P2P insurance simply old wine in a new bottle or is something revolutionary happening? How will the role of underwriters and actuaries be impacted by P2P insurance?
This session will explain the current market trends in P2P insurance, including major players and key features offered through various platforms. Several case studies will be used to illustrate the pros and cons with P2P insurance. We will offer our views on the future of P2P insurance.
The days of thinking the World Wide Web is a fad are long gone. We depend on the internet for just about everything, including how we shop for insurance. We are constantly shopping for the best rate rates from companies with the best ratings, ensuring claims will be paid with the least amount of bureaucratic pain. The bureaucracy most of us encounter in dealing with the insurance claims process is a key reason Peer-to-Peer insurance companies are gaining momentum and prominence in the insurance industry. All it takes is a group of people with a common risk they need to insure and presto a peer-to-peer insurance company is given life. Realistically, it is a little more complicated than that, but this new insurance company formation is very attractive to consumers because it is a cheaper and more bureaucracy free alternative to traditional insurance companies. This session will discuss the process involved in setting up a P2P, the benefits of a P2P over traditional insurance formations, the concerns for consumers and the regulatory hurdles.
Source:
2017 Underwriting Collaboration Seminar
Type:
Concurrent Session
Panelists:
Dorothy Andrews, Kevin Huang, April Yu
