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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.
ERM Town Hall Debate
Join us for our annual interactive town hall discussion on current ERM hot topics. Bring your thoughts and opinions on what is working and what is not. Topics will be based on a survey sent to all registered attendees, but may include:
· Jumping the compliance hurdle of ORSA
· Overcoming actuaries' resistance to change
· Peeling the operational risk onion
Source:
2017 Enterprise Risk Management for the P&C Actuary
Type:
General session
Moderators:
Sarah Voit
Panelists:
Barry Franklin, Catherine Eska, Ned Tyrrell, Michael Demetre
Perspectives on Cyber Risk Management and Insurance
This general session will provide insights from actuaries with extensive experience in quantifying, insuring, and broking cyber risk. You will hear real stories of the speed at which the cyber market is growing, the challenges faced by underwriters, and innovations in modeling this risk in a very fluid environment. You will learn how this risk in particular has grown to impact every corner of our interconnected marketplace.
Source:
2017 Enterprise Risk Management for the P&C Actuary
Type:
General session
Panelists:
Jonathan Laux, Ridhima Kale
Accruals for Warranty
Actuaries establish accruals for both manufacturer warranties and extended service contracts. The panelists will first discuss the different issues and considerations for these two different types of exposure. Douglas Moses will discuss the accounting issues and analysis used to evaluate the accrual for manufacturer warranties and Christopher Holt will discuss the issues and considerations for evaluating the unearned premiums reserves for extended warranty programs.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Kim Kurban
Panelists:
R. Scott Cederburg, Christopher Holt, Douglas Moses
Hospital Captives and Self-Insurance Programs
Hospital self-insurance structures continue to become more important as the operations of the hospital system become more diverse and complicated. Panelists will discuss how hospital management evaluates the need for a captive, the potential uses for a captive and how the company evaluates the effectiveness of the program. We will also review how actuaries review the reserves across the entire self-insurance program.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Kim Kurban
Panelists:
Gregory Chrin, Edward Koral
Reserve Risk and the Economic Capital Model: Case Studies
Reserve risk is an important component of a company’s economic capital model. This interactive session will discuss ways that the understanding of reserve risk can influence business decisions in terms of strategy, financial reporting, etc. There are other components in the economic capital model that in turn inform reserve estimates. Audience participation is strongly encouraged!
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Sarah Voit
Panelists:
Krishaanth Shanthikumar, Pinkal Pandu, Daphne Morrissey
Navigating Uncertainty in the Individual Health Insurance Market
Find out how health insurers are managing the risk and uncertainty that comes with government payments, the potential for spiraling risk pools, and shifting medical and prescription drug costs. This will also be an informative session on the risks facing the U.S. health care system in general and the future of the Affordable Care Act."
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Sarah Voit
Panelists:
Brian Tajlili, Ryan Cichy
Challenges in Estimating Self-Insured Development Patterns
Actuaries encounter a number of issues when developing estimates for corporate self-insureds. The self-insured may change their retention, change their third party claim administrator (TPA), or establish their own case basis claim reserves using practices that differ from insurance industry standards. As a result, estimates using benchmark loss development factors or factors based on historical loss development limited to the self-insured retained limits may not be very accurate. This panel will demonstrate the potential errors in in the estimate using erroneous assumptions and offer tips on how to make adjustments to your estimates to account for these changes. A claims specialist will discuss TPA claims management practices for establishing proper case reserves and how working with the actuary to evaluate the claims data will ensure the validation of the case reserve adequacy.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Sarah Voit
Panelists:
Lynne Bloom, Matthew Shockley, Ursula Merten
Market Conditions of Specific States (DE, OH, PA and WA)
We will have panelists from these four states, including the Coal Mine Compensation Rating Bureau of Pennsylvania, discuss their current market, differences in reserving practices, and emerging trends.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Sarah Voit
Panelists:
John Pedrick, Christopher Carlson, Bill Vasek, Charles Romberger
IFRS 17 Insurance Contracts - the Final Standard is Here! (Live Streaming)
In May 2017, after 20 years in the making, the International Accounting Standards Board (IASB) adopted International Financial Reporting Standard (IFRS) 17 - Insurance Contracts, effective for IFRS reporting beginning in 2021. As most countries outside the US have or will adopt IFRS as their basis of financial reporting, IFRS 17 will transform financial reporting standards for many companies. IFRS 17 will rely on actuarial expertise much more than under existing financial reporting standards today: Requirements will include discounting for nearly all unpaid claim liabilities, a provision for uncertainty and a complex model for certain contracts with terms longer than one year. This session will provide a summary of IFRS 17 and its related impacts in particular as it affects property and casualty insurance and reinsurance companies.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
James Lynch
Panelists:
Marc Oberholtzer, Bob Miccolis, Gareth Kennedy
Reserving 2020 (or maybe sooner…?): A Follow-up to the Keynote Address (Live Streaming)
The digital evolution of the economy has been dramatic with unprecedented changes, such as cloud computing, machine learning, artificial intelligence, telematics, connected life,and industrial internet. Many of these changes will fundamentally alter the loss generating processes themselves, which traditionally have been known to actuaries only inferentially and indirectly when assessing financial impacts through the collection of claims data. Insurers, and therefore actuaries, have been operating behind an “underwriting curtain,” counting on statistical linkages between exposure and price metrics, economic trend measurements and claims history (both their own and industry).
The new technologies and analytics will drive fundamental changes in how insurers conduct business and engage with clients. Many insurers are moving “upstream in time,” beyond impact analysis to causal analysis. Causal analysis will allow feedback loops that sanction loss mitigation and prevention on an unprecedented scale. The most immediate implication for reserving function is, therefore, how to reflect fundamental changes in the loss process in our reserve estimates. If the past is no longer predictive of the future, what can we do?
The concurrent session will be a breakout of the general session with a focus on shortcomings of current methods and tools available today with scalability for the future.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
James Lynch
Panelists:
Christopher Gross, Philip Schwartz
Reserving 2020 (or maybe sooner…?)
The keynote address will explore the impact of dramatic changes in the underlying loss generating processes on reserving functions. The digital evolution of the economy includes dramatic, unprecedented changes such as cloud computing, machine learning, artificial intelligence, telematics, connected life, and industrial internet. Many of these changes will fundamentally alter the loss generating processes themselves, which traditionally have been known to actuaries only inferentially and indirectly by assessing financial impacts through the collection of claims data. Insurers, and therefore actuaries, have been operating behind an “underwriting curtain,” counting on statistical linkages between exposure and price metrics, economic trend measurements, and claims history (both their own and industry).
Attendees will also learn how the new technologies and analytics will drive fundamental changes in how insurers conduct business and engage with clients. Many insurers are moving “upstream in time,” beyond impact analysis to causal analysis. Causal analysis will allow feedback loops that allow loss mitigation and prevention on an unprecedented scale.
Immediate implications for a reserving function include these questions:
-How do we reflect fundamental changes in the loss process in our reserve estimates?
-If the past is no longer predictive of the future, what can we do?
Speakers will explore these questions and more during this high-level General Session, and encourage attendees to join in a more in-depth, follow-up Concurrent Session.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
General Session
Moderators:
Sarah Voit
Panelists:
Christopher Gross, Philip Schwartz
An Actuary’s Outside Perspective on Innovation
Aaron Fezatte will discuss the principles of innovation from an actuary’s perspective working outside the insurance industry. Aaron currently works at Expedia, Inc., one of the largest travel companies in the world, with an extensive brand portfolio that includes some of the world’s leading online travel brands. Besides its namesake website, Expedia also owns other travel brands including Orbitz and Travelocity, and a majority stake in Trivago.
Source:
2017 In Focus Seminar
Type:
Concurrent Session
Panelists:
Aaron Fezatte
Cyber Cat Modeling
The session will focus on the current state of the market, as well as current and future cyber modeling development. More in depth views of potential long term modeling goals such as probabilistic, emerging risks and accumulations will be discussed while drawing parallels to the historical modeling industry.
This session will focus on:
• Cyber insurance landscape – opportunity vs. threat, direct vs. silent cyber
• Evolution of cyber modeling and where cyber models stand today
• Model development (drawing parallel between cyber model and natural cat model)
• User case discussion: main cat accumulation concerns from insurers who have been traditionally focused on property cat but are now keeping their eyes on cyber accumulation as well
• AIR case study: how AIR addresses accumulation of cyber risk
Source:
2017 In Focus Seminar
Type:
Concurrent Session
Moderators:
Sarah Voit
Panelists:
Nicole Hackett, John Elbl, HongTao Wang, Yan Lap (Jess) Fung
Challenges in Flood Modeling and in Utilizing New Models for Rating/Underwriting
During its creation, each new catastrophe model presents challenges that vendors must address. This session will present some of the challenges to modeling flood in the U.S. Attendees will learn methods for translating model output into a rating plan for commercial flood coverage.
Source:
2017 In Focus Seminar
Type:
Concurrent Session
Moderators:
Sarah Voit
Panelists:
John Elbl, HongTao Wang, Raymond Tobias
The Innovation Mindset
We hear a lot of buzz around innovation, but wonder how this applies to an actuary. Is there a particular mindset that spurs innovation? What can actuaries learn from the tech world on innovation? Most of the Insuretech innovation seems to place focus on the distribution/underwriting aspects, but roughly 2/3rd of the premium dollars go to losses and LAE. Actuaries have a key role in managing losses and LAE and can bring innovation to help better manage losses and LAE. This session will be a panel discussion on the mindset that spurs innovation. The actuaries on the panel have broad experience in traditional and/or non-traditional actuarial roles and some have also had roles outside of the insurance industry. They will share their thoughts on (1) innovations in the insurance and non-insurance world, (2) what skillsets actuaries need in addition to traditional actuarial skillsets for bringing innovative ideas to market (or to their work products)
Source:
2017 In Focus Seminar
Type:
General Session
Panelists:
Frank Chang, Vinu Kuriakose, Aaron Fezatte, Scott Henck
Why did THIS Future Emerge? – Integrating the Downstream Effects of Shaping Ideas Using Holistic Assessment to Forecast Change
Why did this, and not some other, ‘future’ emerge? We cannot ever be certain, but it is also not necessary to be clueless, surprised or lost. Human societies chose to shape ideas, institutionalize them, and pursue them via policies and goals, and reap their desired and undesired consequents. This talk explores two major 20th-century shaping ideas and examines how they brought us to this 21st-century backlash against globalization with these particular accompanying political, societal, and cultural impacts. The focus is on how holistic assessment enables such foresight from nearly a decade prior.
Source:
2017 In Focus Seminar
Type:
General Session
Panelists:
Guntram Werther
InsTech - Disruption and Innovation in the Insurance Space
The insurance market is ripe for disruption and new companies embracing advanced technology and the growing millennial customer base are making a play. How are these startup entities breaking into the insurance space, and should we be concerned? Explore the latest research on the InsTech space and what this means for long-standing traditional carriers and get an inside view from a recent start-up geared toward the “sharing and on-demand economy”.
Source:
2017 In Focus Seminar
Type:
Concurrent Session
Panelists:
Thomas Ryan, Michael Visintainer
iCAS Session
This session will discuss recent and upcoming developments in The CAS Institutes (iCAS). Rather than perpetuate the perception that there is a "great divide" between actuaries and data scientists, iCAS envisions a collaborative, multi-disciplinary approach of complementary skill sets.
Source:
2017 In Focus Seminar
Type:
Concurrent Session
Moderators:
Sarah Voit
Panelists:
Christopher Monsour
Cyber Risk Quantification: Methods, Models and Applications
This session provides a thorough introduction to cyber risk quantification. Beginning with the language of cyber risk, attendees will gain an understanding of key terms and concepts. This will be followed by examples of interrelationships between these terms and concepts within the context of a cyber risk ontology. Building from this foundation, multiple sources of cyber risk data will be discussed along with a summary review of three cyber risk assessment frameworks prevalent in the field. The second part of this session will delve into the application of cyber risk models through the exploration of two case studies – an insured entity and a cyber insurance portfolio. The challenges of such modeling and quantification, as well as the impact of single points of failure and cyber risk aggregation will also be discussed.
Source:
2017 Enterprise Risk Management for the P&C Actuary
Type:
Concurrent session
Moderators:
Sarah Voit
Panelists:
Ben Goodman, Alex Krutov
Recent Notable Adverse Development Covers and Transfer Pricing Considerations
Recently, there have been many notable adverse development coverages placed by sizable insurance carriers and reinsurers. The session will describe these coverages and the impact they have on the marketplace. This session will also describe the proper pricing and transfer pricing documentation that should be implemented when insurance carriers buy reinsurance internally.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Sarah Voit
Panelists:
Brian Ingle, Anna Lam
International Strategic Planning, Enterprise Risk Management, and the use of Captive Insurance Companies to Drive Corporate Value
The growth of Enterprise Risk Management (ERM) is due in part to globalization and the increasing complexity of risk. A growing number of firms are integrating ERM into its strategic planning process to address risks associated with international expansion. Moreover, there is a growing number of cases that provide evidence of the efficacy of captive insurance companies to build a holistic risk management program to address exposures associated with globalization as well as the emergence and evolution of new and more complex risks. Traditionally captive insurance companies have been employed to fund traditional regional exposures to loss such as workers' compensation, professional and products liability, and first party property exposures. This session will discuss how multinational firms are integrating ERM into its international strategic planning process, and how this is driving the use of captive insurance programs to address a growing myriad of global risks. The session will also demonstrate how captive insurance companies, in turn, are driving ERM within its member/insured organization, and enabling it to more effectively address evolving threats such as cyber related first party and third party exposures. The role of the actuary will be discussed focusing on their role with assisting program design, evaluating the captive’s ability to retain risk, forecasting expected losses for premium calculation, and certifying casualty loss reserves.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
General Session
Moderators:
Tim Paddock
Panelists:
M. Michael Zuckerman, JD, MBA, ACI
Multi-Year Capital Modeling: The Management Decision Question
Historically, many companies have developed ERM models to evaluate a single question: how much capital do we need to support our business over the next year? While this is a useful task, companies are questioning whether this approach is overly simplistic. In reality, most companies are looking for a level of capital that will allow them to survive for many, many years to come. The simplistic approach would be to simply bolt on additional years of business onto existing systems and observe the results. While this might align better with the company thinks of risk, it has the potential to miss a key risk mitigation component: management’s ability to react to deteriorating results. Specifically, management has the potential to change underwriting or pricing or even capital levels to help stem the tide in slowly deteriorating scenarios. So, how should we incorporate these management decisions into the extended framework? And, how should we evaluate the effectiveness of one approach relative to another? This session will help address attendees understand how these questions can be answered as well as how this work can give them a better understanding of their company’s true risk profile.
Source:
2017 Enterprise Risk Management for the P&C Actuary
Type:
Concurrent session
Panelists:
Daniel Finn, Bill Jones
Enterprise Risk Management for Insurance Companies: Trends and Best Practices
Some of the legal and regulatory requirements will be provided as a framework, such as the Corporate Governance Annual Disclosure (CGAD), Form F, and Own Risk and Solvency Assessment (ORSA) requirements. The panelists will then discuss how these requirements interact with companies’ actuarial, modeling, and other risk management decision-making processes as they pertain to corporate governance.
The panelists will share their views on trends and best practices in the enterprise risk field. They will describe some of the processes that should be in place to adequately document a company’s ERM framework. The various assumptions, methodologies, and controls that should be in place will all be considered. The panelists will also look at the use of capital models to make risk-informed decisions, from portfolio management to underwriting strategy development and execution.
Source:
2017 Enterprise Risk Management for the P&C Actuary
Type:
Concurrent session
Panelists:
Fred Karlinsky, Matthew Nielsen, Derek Chapman, Benjamin Zellner
Actuarial Modeling of F/X, Commodities & Equity Price Risks
Why are markets so difficult to predict? To borrow a phrase from physicists, its because they demonstrate “unstable aperiodic behavior in deterministic nonlinear dynamism.” For example, weather is aperiodic — it may be colder in the winter than in the summer, so there is a degree of cyclicality. But the day-to-day changes are never exactly the same year after year. The same dynamic applies to the markets: There are similarities from one era to another, but it’s never identical.
The markets also act with a surprising degree of instability. Small forces can create disproportionately large reactions. A surprising economic report, an off-the-cuff comment by a Fed official, a small change in earnings by any one of 1,000 companies; any one of these data points can roil the markets.
Consequently, we explore a projection methodology that embraces a deceptively simple idea: The wisdom of the crowd is often more accurate than the forecasts from experts.
Source:
2017 Enterprise Risk Management for the P&C Actuary
Type:
Concurrent session
Panelists:
James McNichols
Wheels Down: Issues Continue with Commercial Auto
This session will address the continuing commercial auto issues. We will break the overall results into the latest frequency and severity trends, rate changes, pressures on increased limits factors, lengthening development factors, and resulting profitability issues. Cross-line comparisons including reviewing the commercial auto component of umbrella will also be addressed. In addition, panelists will discuss tests devised to spot outlier companies early on and qualitative and quantitative features addressing the results through the underwriting cycle.
Source:
2017 Casualty Loss Reserve Seminar (CLRS)
Type:
Concurrent Session
Moderators:
Tim Paddock
Panelists:
John Buchanan, Kirsten Hernan
