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Monday, September 13
9:15am Eastern Daylight Time RT-1: "Look Ma, No Hands!" A Discussion of Successful Uses of Automation for Reserving Processes Christina Gwilliam, FCAS, Willis Towers Watson show more Description Many reserving teams are using automation for mundane tasks to free up valuable actuarial resources to focus on value added activities. This roundtable discussion will be a moderated discussion about successful applications of automation, giving participants a forum to share their successes. Time Monday, Sep 13 9:15AM - 10:05AM Eastern Daylight Time Speakers Christina Gwilliam, FCAS Willis Towers Watson RT-2: Auto Data + COVID-19 = ??? Greg Frankowiak, FCAS, CSPA, State Farm Insurance Companies show more Description This roundtable discussion will be focused on aspects, including ASOPs, that actuaries should consider when dealing with auto data that has been impacted by the COVID-19 pandemic when performing their reserving and ratemaking activities. Time Monday, Sep 13 9:15AM - 10:05AM Eastern Daylight Time Speakers Greg Frankowiak, FCAS, CSPA State Farm Insurance Companies CL-1: Evolution of Health Insurance: Including Application of Lessons Learned from Healthcare to P&C Lines of Business Ryan Cichy, KPMG, LLP show more Description Join Ryan Cichy from KPMG for a lively conversation on the evolution of health insurance and discuss recent lessons learned from healthcare, and how they can be applied to Property and Casualty lines of business – including workers’ compensation, auto insurance, and structured settlement insurance. Discussion topics within this session will include: • Aspirations of healthcare’s triple-aim – lower costs, better care, and improved health – and how misaligned incentives can impact financial and health outcomes. • The evolution of healthcare payment models – from Fee For Service to Value Based Care – and how this shift is re-shaping traditional insurance operating models. • Re-thinking workers compensation/auto-insurance medical claim exposure through the use of healthcare “tools” – including targeted provider networks, Social Determinants of Health (SDOH) data, and a re-focus of Utilization Management efforts on quality. • The usage of new data sources (structured/unstructured) to enhance reserving through predictive analytics – building on claims-based reserving approaches. About the Presenter: Ryan Cichy is a Senior Associate in KPMG LLP’s Health Actuarial practice in the Radnor, PA office with over ten years of experience in the health insurance industry. He frequently serves as an Actuarial Subject Matter Professional for health insurance companies in support of actuarial analysis, strategic financial and operational risk assessments, and process optimization reviews. His clients include a wide-array of stakeholders across the insurance industry – including commercial issuers, state governmental entities, and the Federal government. Time Monday, Sep 13 9:15AM - 10:05AM Eastern Daylight Time Speakers Ryan Cichy KPMG, LLP RT-3: Mergers and Acquisitions Lise Hasegawa, ACAS, MetLife Auto & Home; Nicole Harrington, ACAS, Progressive Insurance Company show more Description M&A, two letters that can have a lasting impact on your company. Mergers and acquisitions are becoming a normalcy across the insurance industry, creating numerous growth and diversification opportunities. Seizing these opportunities can be one of the greatest challenges faced by organizations. Whether you are an expert or a novice at M&A, join us for a collaborative discussion. Those in attendance can expect a robust conversation on topics such as: • What is M&A • How to handle being acquired • What to do when you acquire • Getting to know the other side • Benefits and drawbacks • How to address both cultural and strategic issues Time Monday, Sep 13 9:15AM - 10:05AM Eastern Daylight Time Speakers Lise Hasegawa, ACAS MetLife Auto & Home Nicole Harrington, ACAS Progressive Insurance Company CL-2: Reputational Risk Melissa Huenefeldt, ACAS, Lockton Companies; Todd Hess, FCAS, Swiss Re show more Description Reputational Risk is a subject that should be of concern to all practicing actuaries. It not only affects you personally but reflects on your employer and the Casualty Actuarial Society itself. In this session we will start out by presenting guidance provided by the Office of the Comptroller of the Currency on Complex Structured Financial Transactions (CSFT). We will then introduce a brief case study on a reinsurance treaty with a commission that adjusts based on loss experience. Attendees will discuss questions, such as: Is the structure consistent with the CSFT guidance? What are the reserving actuary's responsibilities? Time Monday, Sep 13 9:15AM - 10:05AM Eastern Daylight Time Speakers Melissa Huenefeldt, ACAS Lockton Companies Todd Hess, FCAS Swiss Re
10:15am Eastern Daylight Time FS: Global Warning: How the New Rules of Innovation Can Transform Businesses, Propel Nations to Greatness, and Tame the World's Most Wicked Problems show more Description Vijay V. Vaitheeswaran, award-winning author and Energy & Climate Innovation Editor of The Economist, will deliver a provocative keynote address that surveys the megatrends reshaping the 21st century global economy, from the prospects for future pandemics to the disruptive and widespread impacts of climate change. Global warming in particular poses enormous challenges, and if left unchecked, could devastate significant parts of the global economy, turn low-lying and vulnerable parts of the world uninhabitable, spread disease and famine and fuel refugee crises. However, a much more open, accelerated and ambitious approach to climate innovation could also produce many solutions over the next decade as every industry in every geography is forced to respond to this existential threat. Time Monday, Sep 13 10:15AM - 11:45AM Eastern Daylight Time
12:00pm Eastern Daylight Time DV-1: Acknowledging and Addressing Invisible Struggles Within Diverse Teams Jessica Leong, FCAS, Zurich North America; Mallika Bender, FCAS, Casualty Actuarial Society; Simone Walker, ACAS, CNA Insurance Companies; Jacob Akstins, ACAS, Nationwide Insurance; Daniel Fernandez, FCAS, Partner Re show more Description The actuarial profession strives to function as a meritocracy, but barriers impacting some groups more than others often prevent us from achieving that ideal. Even for credentialed actuaries, being the only person like you in a meeting or among senior leaders presents unique challenges that may be hard for people from the majority to understand. These barriers can hinder their sense of belonging, ability to contribute fully, and limit opportunities for advancement. In this session, we will share data on representation in the actuarial profession, discuss key issues faced by underrepresented groups within the profession, and share strategies that both impacted individuals and allies can employ to address these issues. Time Monday, Sep 13 12:00PM - 1:00PM Eastern Daylight Time Speakers Jessica Leong, FCAS Zurich North America Mallika Bender, FCAS Casualty Actuarial Society Simone Walker, ACAS CNA Insurance Companies Jacob Akstins, ACAS Nationwide Insurance Daniel Fernandez, FCAS Partner Re
1:00pm Eastern Daylight Time AR-1: Claim-Level Reserving: From Theory to Practice Alexandre Boumezoued, Milliman show more Description In this session we will review individual claims reserving models from their mathematical foundations to their practical use. We will start by a critical study of the current reserving approach based on aggregate triangles, focusing on the advantages and drawbacks for both pure reserving deterministic estimation and stochastic assessment of the volatility. Then, we will provide an overview of the panel of parametric and non-parametric individual claims reserving models available in the actuarial literature, and discuss the potential gains in using such methods as well as the challenges to implement them in practice. Case studies will be presented on different P&C portfolios. Basic knowledge on standard reserving methods is required. Time Monday, Sep 13 1:00PM - 2:15PM Eastern Daylight Time Speakers Alexandre Boumezoued Milliman CP-1: Estimating Loss and ALAE Reserves in the Challenging World of Construction Defects (CD) Risks by Consideration of Closed Payment Segmentation James Kahn, FCAS, The Riverstone Group; Bradley Tumbleston, FCAS, The Riverstone Group; Wilson Townsend show more Description Accurately estimating future CD liabilities is often more challenging than estimating other commercial lines due to the complexity of construction, the nature of the litigation, and the number of parties involved, and evolving and changing contract terms and conditions throughout the building process. This presentation will include an interactive discussion including the descriptive background of various challenges and techniques, highlighting key findings and methodologies as presented and published in the 2020 CAS Reserving Call Paper Program. The Excel worksheet accompanying the published abstract will accompany the presentation itself, and findings from the audience members are expected to be shared at the presentation as well as following. Time Monday, Sep 13 1:00PM - 2:15PM Eastern Daylight Time Speakers James Kahn, FCAS The Riverstone Group Bradley Tumbleston, FCAS The Riverstone Group Wilson Townsend RM-1: Pandemic Risk Management: Resources Contingency Planning and Allocation Runhuan Feng, University of Illinois; Linfeng Zhang, University of Illinois at Urbana-Champaign; Alfred Chong, Heriot-Watt University show more Description Repeated history of pandemics such as SARS, Swine flu, Ebola, Zika and COVID-19 have shown that contingency planning for pandemics is a necessary component of risk management for all organizations in modern society. Today’s technology allows us to use epidemiological models to predict the spread of infectious diseases in the similar way that meteorological models are used to forecast weather. Taking advantage of epidemic models, we can project the dynamics of demand and supply for medical resources at different phases of a pandemic. Such predictions provide quantitative bases for decision makers of healthcare systems to understand the potential imbalance of supply and demand, and to address disparities of access to critical medical supply across different subsidiaries. Time Monday, Sep 13 1:00PM - 2:15PM Eastern Daylight Time Speakers Runhuan Feng University of Illinois Linfeng Zhang University of Illinois at Urbana-Champaign Alfred Chong Heriot-Watt University LOB-1: State of the Market for Directors & Officers Liability Insurance Ricardo Ramotar, FCAS, QBE Re; Peter Brinck, FCAS, Willis Towers Watson show more Description Directors & Officers Liability is a dynamic market experiencing large rate increases in recent years. This session will delve into the key drivers behind this, why it may continue and what challenges lay ahead. Time Monday, Sep 13 1:00PM - 2:15PM Eastern Daylight Time Speakers Ricardo Ramotar, FCAS QBE Re Peter Brinck, FCAS Willis Towers Watson IAI-1: The Future of Intelligent Claims Tom Korach, Safekeep; Mark LeMaster, Root Insurance; Jeffrey Capobianco show more Description Claims operations will be emerging from a post-COVID world facing a number of unrelenting challenges. Insurtechs are accelerating the evolution of digital claims experiences. Insurers face increased pressure to manage operating costs and loss ratios. Competitive pressures are accelerating the use of AI to cover blind spots in subrogation, salvage and fraud. Join our claims experts for discussion on how leading insurers are settling claims faster, and unifying siloed information to arrive at newfound insights that help automate workflows across departments. Time Monday, Sep 13 1:00PM - 2:15PM Eastern Daylight Time Speakers Tom Korach Safekeep Mark LeMaster Root Insurance Jeffrey Capobianco
3:00pm Eastern Daylight Time ST-1: Application of Blockchain and Smart Contracts in Parametric Insurance Siddhartha Jha, Arbol Inc.; Hong Guo, Arbol Inc. show more Description Data quality and accessibility are at the core of parametric insurance. In this session, Sid Jha, founder & CEO of Arbol, an insurtech specializing in parametric protection will discuss its data-first approach in developing and executing parametric products. Sid will explain how Arbol uses IPFS, a fully distributed data infrastructure to create tamper free datasets and how Arbol executes smart contracts using Chainlink technology that allows feeding of off-chain data into on-chain data. Time Monday, Sep 13 3:00PM - 4:15PM Eastern Daylight Time Speakers Siddhartha Jha Arbol Inc. Hong Guo Arbol Inc. PD-1: Coffee Klatch for Opinion Writers Joseph Herbers, ACAS, Pinnacle Actuarial Resources, Inc.; Kathleen Odomirok, FCAS, EY; Michael Toothman, FCAS, Actuarial & Risk Consulting Services; Miriam Fisk, Texas Department of Insurance show more Description So, you have a few questions about your upcoming or recent opinion. You probably won't find a better place to get your answers than this session. Or maybe you have resolved an interesting issue in your opinion. Come and share your knowledge and help your fellow practitioners avoid similar problems. Need help making a better presentation to your board or senior management? These panelists are sure to have helpful insight, along with your fellow attendees. The same can be said about interacting with regulators, auditors and even lawyers. Bring your questions and take advantage of the collective experience that will be in this session. Time Monday, Sep 13 3:00PM - 4:15PM Eastern Daylight Time Speakers Joseph Herbers, ACAS Pinnacle Actuarial Resources, Inc. Kathleen Odomirok, FCAS EY Michael Toothman, FCAS Actuarial & Risk Consulting Services Miriam Fisk Texas Department of Insurance AR-2: Credibility Weighting for Reserving via Bayesian MCMC Michael Larsen, FCAS, Retired show more Description This session will present a couple of short case studies illustrating how to apply Bayesian MCMC concepts to common reserving problems where credibility weighting can help: • Estimating reserve need by business unit within a line of business (Annual Statement Line). • Estimating the reserve need when the data on hand is sparse or incomplete. Time Monday, Sep 13 3:00PM - 4:15PM Eastern Daylight Time Speakers Michael Larsen, FCAS Retired FR-1: Reserving and Financial Reporting for Non-Insurance Company Entities George Levine, KPMG, LLP; Eszter Polecsak, KPMG LLP show more Description In this session you will learn about the differences that exist for reserving and reporting for non-insurance company entities. Time Monday, Sep 13 3:00PM - 4:15PM Eastern Daylight Time Speakers George Levine KPMG, LLP Eszter Polecsak KPMG LLP LOB-2: State of the Commercial & Personal Auto markets Greg Fears, FCAS, Pinnacle Actuarial Resources, Inc.; Roosevelt Mosley, FCAS, CSPA, Pinnacle Actuarial Resources, Inc.; Dalesa Bady, ACAS, Pinnacle Actuarial Resources, Inc. show more Description The automobile insurance industry has experienced significant changes over the past 18 months. This session will discuss how the events of 2021, including the COVID-19 pandemic and the social justice movement, have impacted personal and commercial lines insurance. For personal lines insurance, the discussion topics will include: • The impact of COVID-19 on driving behavior • New “normal” driving behavior • The impacts of social distancing and remote work on insurance company operations • How environmental and operational changes have impacted rates and loss reserves • Big data: insurance company use and regulatory focus For commercial lines insurance, we will discuss: • History of the market (loss ratio, frequency, and severity trends) • Insureds shift to alternative risk financing (risk retention groups, captives, self-insurance) • The uneven impact of COVID-19 on commercial miles driven (delivery drivers vs. taxi drivers) • Social inflation • The impact of attorney advertising on commercial severity • Continued increase in sophistication of commercial auto rating plans • New technology Time Monday, Sep 13 3:00PM - 4:15PM Eastern Daylight Time Speakers Greg Fears, FCAS Pinnacle Actuarial Resources, Inc. Roosevelt Mosley, FCAS, CSPA Pinnacle Actuarial Resources, Inc. Dalesa Bady, ACAS Pinnacle Actuarial Resources, Inc.
5:00pm Eastern Daylight Time LOB-3: After the Wind Blows: Property Reserving in Gulf Coast States Arthur Randolph, FCAS, Pinnacle Actuarial Resources, Inc.; Aaron Koch, FCAS, Milliman; Lee Knepler, FCAS, United Property and Casualty Insurance Company show more Description The last several years have brought back catastrophes as a major factor in homeowners reserving. While Florida has gotten much of the press, impacts to other Gulf States such as Louisiana and Texas have also been noteworthy. Texas in particular has borne the brunt of Winter Storm Uri, which will redefine expectations of the potential loss impacts from large freeze events. Combining with these catastrophe challenges are a range of attritional property trends that produce quite a bit of interest in a traditionally short-tailed line of business. In this session, panelists will take an industry-level view of Gulf Coast property reserving, while also diving into its impacts on the primary companies and reinsurance players navigating today’s market. Time Monday, Sep 13 5:00PM - 6:15PM Eastern Daylight Time Speakers Arthur Randolph, FCAS Pinnacle Actuarial Resources, Inc. Aaron Koch, FCAS Milliman Lee Knepler, FCAS United Property and Casualty Insurance Company FR-2: Scalars: Aggregating Capital Requirements Across Regulatory Frameworks Steven Jackson, American Academy of Actuaries; Maryellen Coggins, FCAS, PricewaterhouseCoopers show more Description Scalars are a central part of efforts to develop capital adequacy measures for financial groups that operate businesses in more than one country and/or more than one industry. They provide a way to effectively “translate” capital requirements that are not strictly comparable and vary across jurisdictions into a common regulatory framework. In this session, we will discuss the American Academy of Actuaries’ recently released research paper on scalar methodologies to aggregate capital requirements across regulatory frameworks. The Academy’s research describes four families of scalar methodology and assesses them based on four independent, general criteria. During the session, we will review several of the major results presented. Time Monday, Sep 13 5:00PM - 6:15PM Eastern Daylight Time Speakers Steven Jackson American Academy of Actuaries Maryellen Coggins, FCAS PricewaterhouseCoopers AR-3: Smarter Segmentation for the Lazy Actuary Kacie Kiel, ACAS, CNA Insurance Companies; Serhat Guven, FCAS, Willis Towers Watson show more Description Segmentation in reserving is often informed and limited by time pressures, resource constraints, and “classic” definitions of segmentation. By using advanced modeling techniques, actuaries can identify different cohorts of claims – those most likely to develop poorly – and reserve for them separately. This session will look at how machine learning approaches can allow a reserving team to improve their reserve estimates, not by segmenting more, but by segmenting smarter. Time Monday, Sep 13 5:00PM - 6:15PM Eastern Daylight Time Speakers Kacie Kiel, ACAS CNA Insurance Companies Serhat Guven, FCAS Willis Towers Watson ST-2: Social Inflation William Wilt, FCAS, CFA, Assured Research, LLC; William Finn, FCAS, Hanover Insurance Group; Dana Franzetti, Swiss Re show more Description The topic of this session is the drivers of social inflation and the impact on casualty results. Panelists will approach this issue from several different perspectives. The first panelist will review evidence of increased social inflation and the socio-economic drivers. It will include a review of the trends in court statistics and in jury verdicts. He will then discuss drivers including increased legal advertising, developments in litigation financing, and income inequality. The second panelist is an attorney and reinsurance claims department leader. Based on her experience working on large cases, she will discuss the increased effectiveness of the plaintiff’s bar and some of the tactics they have been employing to drive their success; thereby, causing strong challenges to the insurance industry. The third panelist is a Chief Actuary who will examine the impact of social inflation as it manifests within industry data for the Commercial Auto Liability line. He will go on to discuss how actuaries can assist their organizations in managing the impact of social inflation. Time Monday, Sep 13 5:00PM - 6:15PM Eastern Daylight Time Speakers William Wilt, FCAS, CFA Assured Research, LLC William Finn, FCAS Hanover Insurance Group Dana Franzetti Swiss Re LOB-4: State of the Workers Compensation Market David Bellusci, FCAS, W.C. Insurance Rating Bureau of California; Christian Lemay, FCAS, EY; Mark Priven, FCAS, Bickmore Actuarial show more Description CA WC has always been an interesting market. This session will cover the market dynamics and legislative environment moves and their impacts, from a rating bureau, a self-insured entity as well as auditors' perspectives. Time Monday, Sep 13 5:00PM - 6:15PM Eastern Daylight Time Speakers David Bellusci, FCAS W.C. Insurance Rating Bureau of California Christian Lemay, FCAS EY Mark Priven, FCAS Bickmore Actuarial
6:20pm Eastern Daylight Time RT-4: "Hey Ma, I flunked" A Discussion about New Techniques that Didn't Pan out and the Value of Failing Fast Christina Gwilliam, FCAS, Willis Towers Watson show more Description Thomas Edison said, "I have not failed. I've just found 10,000 ways that won't work." As the pace of innovation within reserving practices accelerates, failures are inevitable. The CLRS concurrent sessions are filled with success stories, but the value of our failures are often overlooked - it is an opportunity to learn! This roundtable will be a moderated discussion about participants failures to extract learnings from the efforts. Time Monday, Sep 13 6:20PM - 7:10PM Eastern Daylight Time Speakers Christina Gwilliam, FCAS Willis Towers Watson RT-5: COVID-19's Business Interruption and DIC Claim Impact Jordan Paszek, ACAS, Pinnacle Actuarial Resources, Inc.; Nicholas Gurgone, FCAS, Pinnacle Actuarial Resources, Inc. show more Description In this roundtable session, we will discuss Business Interruption and Difference In Conditions claims resulting from the COVID-19 pandemic. Included in the discussion will be claims experience that has been observed, potential claims that might not have been covered (and why), how these policies might change moving forward as a result of the pandemic, and other general actions taken by insurers as a result of the pandemic. Time Monday, Sep 13 6:20PM - 7:10PM Eastern Daylight Time Speakers Jordan Paszek, ACAS Pinnacle Actuarial Resources, Inc. Nicholas Gurgone, FCAS Pinnacle Actuarial Resources, Inc. RT-6: Diversity: The Conversation Continues Jessica Leong, FCAS, Zurich North America; Mallika Bender, FCAS, Casualty Actuarial Society; Simone Walker, ACAS, CNA Insurance Companies; Jacob Akstins, ACAS, Nationwide Insurance; Daniel Fernandez, FCAS, Partner Re show more Description This roundtable will be a forum to continue the conversation from the Diversity general session, Acknowledging and Addressing Invisible Struggles Within Diverse Teams. Participants should bring an open mind and a willingness to share their personal perspectives as we discuss improving representation in the actuarial profession and strategies that both impacted individuals and allies can employ to become part of the solution. Presenters from the earlier general session will be on hand to also answer any additional questions you have that were not previously addressed. Time Monday, Sep 13 6:20PM - 7:10PM Eastern Daylight Time Speakers Jessica Leong, FCAS Zurich North America Mallika Bender, FCAS Casualty Actuarial Society Simone Walker, ACAS CNA Insurance Companies Jacob Akstins, ACAS Nationwide Insurance Daniel Fernandez, FCAS Partner Re RT-7: Surviving a State Financial Exam Miriam Fisk, Texas Department of Insurance show more Description Is there a risk-focused financial examination in your future, or have you recently been through one and survived? This roundtable discussion, facilitated by regulatory actuary, will focus on how you (as a company actuary, consultant, Appointed Actuary, or regulator) can help the examination process go smoothly and efficiently. Join us to share your experiences from past examinations or to learn what you can expect and how to prepare for one in the future. Time Monday, Sep 13 6:20PM - 7:10PM Eastern Daylight Time Speakers Miriam Fisk Texas Department of Insurance RT-14: The Potential of Rate Filings: Industry Benchmarking and Considerations for Reserving Actuaries Brittany Henrich, ACAS, Pinnacle Actuarial Resources, Inc. show more Description This session will show how rate filings can be useful to reserving actuaries for benchmarking purposes. A coverage search demonstration and discussion of various considerations, resources and items to look out for will open the session, followed by a discussion of professionalism considerations when using this benchmark data. Time Monday, Sep 13 6:20PM - 7:10PM Eastern Daylight Time Speakers Brittany Henrich, ACAS Pinnacle Actuarial Resources, Inc.
Tuesday, September 14
9:00am Eastern Daylight Time RT-8: Data Issues: Frequent Problems and Your Solutions Trenton Lipka, ACAS, Pinnacle Actuarial Resources, Inc.; Darcie Truttmann, FCAS, Pinnacle Actuarial Resources, Inc. show more Description When performing reserve analyses, we often encounter data issues. In this roundtable, we will discuss how we work through them. Time Tuesday, Sep 14 9:00AM - 9:50AM Eastern Daylight Time Speakers Trenton Lipka, ACAS Pinnacle Actuarial Resources, Inc. Darcie Truttmann, FCAS Pinnacle Actuarial Resources, Inc. CL-4: Discussion of Cyber Insurance Norman Niami, FCAS, American Academy of Actuaries; Eduard Alpin, Resilience Insurance; Samuel Tashima, FCAS, Aon; Wanchin Chou, FCAS, CSPA, State of Connecticut Insurance Dept.; Lewis Guignard show more Description From the Colonial Pipeline to SolarWinds, cyber-crime and cyber insurance have become daily news items. Today cyber risk impacts just about every line of business to varying degrees and in different ways. It also affects many aspects of actuarial work, from pricing and risk management to product development. A better understanding of cyber risk and the relevant issues will improve understanding of this ever-changing landscape. The panel will discuss some of the more critical issues impacting cyber risk and cyber insurance. Time Tuesday, Sep 14 9:00AM - 9:50AM Eastern Daylight Time Speakers Norman Niami, FCAS American Academy of Actuaries Eduard Alpin Resilience Insurance Samuel Tashima, FCAS Aon Wanchin Chou, FCAS, CSPA State of Connecticut Insurance Dept. Lewis Guignard RT-10: Professionalism Case Studies Kendall Williams, Casualty Actuarial Society; Martin Menard, FCAS, PricewaterhouseCoopers show more Description In this interactive session, we will discuss the CAS Code of Conduct and apply it to several different business scenarios. Discussion will include which parts of the Code of Conduct would apply to the situations, and what steps to take if you feel you or another CAS member is having trouble interpreting the Code of Conduct. Time Tuesday, Sep 14 9:00AM - 9:50AM Eastern Daylight Time Speakers Kendall Williams Casualty Actuarial Society Martin Menard, FCAS PricewaterhouseCoopers CL-5: Risk Transfer Practice Note: 2021 Updates Ernest Wilson, FCAS, Munich Re America, Inc.; Eduardo Esteva, Deloitte Mexico; Derek Freihaut, FCAS, Rose-Hulman Institute of Technology show more Description Various regulatory activities, including new reporting requirements, occurring from 2002 to 2005 have provided the impetus for various papers on risk transfer. The American Academy of Actuaries published two: Risk Transfer in P&C Reinsurance: Report to the Casualty Actuarial Task Force of the National Association of Insurance Commissioners in 2005; and Reinsurance Attestation Supplement 20-1: Risk Transfer Testing Practice Note in 2007. This current update builds on the work done a decade and a half ago and adds to the bases of FAS 113 and SSAP 62R within these papers the requirements of Solvency II, which became effective in 2016, and the anticipated implementation of IFRS 17 in 2023. Time Tuesday, Sep 14 9:00AM - 9:50AM Eastern Daylight Time Speakers Ernest Wilson, FCAS Munich Re America, Inc. Eduardo Esteva Deloitte Mexico Derek Freihaut, FCAS Rose-Hulman Institute of Technology RT-11: Underwriting and Reserving Cycles: Causes and Cures David Clark, Munich Re America Services, Inc. show more Description Not long ago we heard that underwriting cycles were a thing of the past. Today we are again seeing cyclical patterns in loss ratios, price movement and prior years’ reserve changes. Our roundtable will look at the numbers and discuss some of the causes of cycles and how we, as actuaries, can measure and steer through them. Time Tuesday, Sep 14 9:00AM - 9:50AM Eastern Daylight Time Speakers David Clark Munich Re America Services, Inc.
10:00am Eastern Daylight Time FR-3: Company Specific Risk Factor Disclosures Greg Fears, FCAS, Pinnacle Actuarial Resources, Inc.; Erich Brandt, FCAS, Pinnacle Actuarial Resources, Inc.; Carolyn Rice, Johnson Lambert & Company show more Description This session will explore the company-specific risk factor disclosures in the Statement of Actuarial Opinion (SAO) with a focus on current practice and how the profession is documenting uncertainty caused by the COVID pandemic. The information in these disclosures is used by several stakeholders including company management, members of the board, auditors and regulators as they assess a company’s reserve position. The panel will discuss current background and practices regarding company-specific risk factors as documented in the SAO with several slides comparing this information over time. An Insurance Company auditor will be providing insight into how CPA’s view these disclosures and how they interpret and view materiality of significant exposures Time Tuesday, Sep 14 10:00AM - 11:15AM Eastern Daylight Time Speakers Greg Fears, FCAS Pinnacle Actuarial Resources, Inc. Erich Brandt, FCAS Pinnacle Actuarial Resources, Inc. Carolyn Rice Johnson Lambert & Company LOB-5: MPL Market Update William Burns, ACAS, Conning show more Description The MPL market is in a state of flux both in terms of financial results and the key drivers underlying these results. This session will provide (Conning’s) perspective on challenges MPL insurers are facing, including changes in healthcare that are impacting these insurers, as well a view of what the future might hold for the MPL market. Time Tuesday, Sep 14 10:00AM - 11:15AM Eastern Daylight Time Speakers William Burns, ACAS Conning ST-3: Significant Transactions - How an Actuary can Drive the Truck Keith Palmer, FCAS, PricewaterhouseCoopers; Melissa Holt, FCAS, PricewaterhouseCoopers; Alice Czajkowski, PricewaterhouseCoopers LLP show more Description A case for how and why actuaries should involve themselves in strategic decisions including novations, other reinsurance transactions, sales and acquisitions, and even restructuring within an organization. Time Tuesday, Sep 14 10:00AM - 11:15AM Eastern Daylight Time Speakers Keith Palmer, FCAS PricewaterhouseCoopers Melissa Holt, FCAS PricewaterhouseCoopers Alice Czajkowski PricewaterhouseCoopers LLP AR-4: The Actuary and IBNR Techniques: A Machine Learning Approach Ronald Richman, AIG; Caesar Balona show more Description Significant time is spent adjusting triangles and selecting parameters when calculating IBNR reserves. However, these choices are often made using subjective “expert judgement” with limited to no scientific basis and no measure of predictive accuracy. In this session, we will demonstrate how machine learning techniques can be used to provide an automated, scientific, and rigorous basis on which to choose parameters that maximize predictive accuracy and stability of reserves. We demonstrate this framework on several real-world triangles and show that it improves predictive accuracy while ensuring reserves are adequate. Time Tuesday, Sep 14 10:00AM - 11:15AM Eastern Daylight Time Speakers Ronald Richman AIG Caesar Balona RM-2: The Dynamics of Actuarial Reserving Departments – Past, Present and Future Brian Brown, FCAS, Milliman; Lori Julga, FCAS, Milliman; James Merz, FCAS, Westfield Insurance; Jieqiu Fan, ACAS, A.M. Best show more Description The presenters will discuss the key categories in evaluating an actuarial reserve department, current reserving practices, interactions with others, common reserving challenges and red flags as well as how the reserving department is viewed. We will provide our thoughts on Best Practices and tips on how a company can improve its reserving function. Time Tuesday, Sep 14 10:00AM - 11:15AM Eastern Daylight Time Speakers Brian Brown, FCAS Milliman Lori Julga, FCAS Milliman James Merz, FCAS Westfield Insurance Jieqiu Fan, ACAS A.M. Best
12:00pm Eastern Daylight Time GS-1: General Session on Professionalism: "I didn't know the ABCD does THAT!" Michael Toothman, FCAS, Actuarial & Risk Consulting Services; Albert Beer, FCAS, St. John's University show more Description The Actuarial Board for Counseling and Discipline (ABCD) is often mistakenly perceived as solely the disciplinary arm of the U.S. actuarial profession. In fact, ABCD members spend the majority of their time in that role responding to requests by fellow actuaries to engage in informal discussions regarding professionalism issues that they confront each and every day. It is not surprising that, as the breadth of issues in which actuaries are involved continues to dramatically expand, this aspect of ABCD work has increased significantly over the past few years. One area that will be specifically touched upon in this session is the applicability of the Actuarial Standards of Practice and the Code of Professional Conduct to actuarial practice in emerging practice areas. In this session, current and past members of the ABCD will conduct mock counselling sessions to illustrate the value actuaries can derive from this important responsibility of the ABCD. Time Tuesday, Sep 14 12:00PM - 1:15PM Eastern Daylight Time Speakers Michael Toothman, FCAS Actuarial & Risk Consulting Services Albert Beer, FCAS St. John's University GS-2: Modeling the COVID-19 Pandemic Deirdre Hollingsworth, University of Oxford show more Description This session will look at modeling the COVID-19 pandemic from the perspective of an infectious disease epidemiologist. The presenter, Professor Deirdre Hollingsworth, uses mathematical models and statistical analyses to study the evolution and transmission dynamics of infectious diseases with the aim of informing the design of more effective control interventions. The session will introduce some of the basic mathematics used in studying COVID-19 transmission within a population. Using live-polling, basic information will be collected from the virtual audience to inform a simple model of COVID-19 transmission within a hypothetical in-person instance of the Casualty Loss Reserve Seminar held during the pandemic. Time Tuesday, Sep 14 12:00PM - 1:15PM Eastern Daylight Time Speakers Deirdre Hollingsworth University of Oxford
2:15pm Eastern Daylight Time HC-1: Healthcare Trend Monitoring and Forecasting Maxwell Krueger; Bryan Kwiatkowski; Erin Wessling, Optum Advisory Services show more Description Healthcare expenditures have been rising in the United States at what has been described as “unsustainable” levels for a sustained length of time. In 1960 in the United States 5% of GDP, or only about $27 Billion, was spent on Healthcare. In 1995, the US went over $1T in healthcare expenditures for the first time which was then 13.4% of GDP. A mere 10 years later and we topped $2T. In 2019, we were at $3.8T, which is almost 18% of GDP! How do we make sense of it, plan for it, and remediate? Join Erin Wessling, Bryan Kwiatkowski, and Max Krueger from Optum’s Trend Analytics team as they give the background on how we’ve arrived where we are today. They will dive into methods for monitoring and measuring trends, as well as methods for forecasting future trends and intersection with reserving. The effects of COVID-19 are present throughout trend monitoring, measuring, and forecasting and the discussion will include COVID-19 observations and considerations. Finally, most importantly they will describe steps that can be taken to help mitigate the forecasted trends. Time Tuesday, Sep 14 2:15PM - 3:30PM Eastern Daylight Time Speakers Maxwell Krueger Bryan Kwiatkowski Erin Wessling Optum Advisory Services AR-5: Measuring Changes in Inflation: A Non-Technical Discussion of Two Techniques David Clark, Munich Re America Services, Inc.; James Ely, FCAS, Convolved, Inc; Chao Guo, Munich Re America Services, Inc. show more Description The session will present two approaches to modeling inflation and its variability. One approach uses a spline to smooth a severity index. The other approach measures the variability in a triangle associated with cyclical changes in the severity trend. Time Tuesday, Sep 14 2:15PM - 3:30PM Eastern Daylight Time Speakers David Clark Munich Re America Services, Inc. James Ely, FCAS Convolved, Inc Chao Guo Munich Re America Services, Inc. LOB-6: Practical Considerations for Reserving for Emerging Mass Tort Exposure Eric Pince, FCAS, EY; Dawn Fowle, FCAS, EY show more Description The session will summarize recent developments in mass torts (e.g. sexual abuse/molestation, opioids, etc.) as well as explain the challenges that reserving for these events poses due to the lack of credible development history. Also, the session will discuss some methods that the industry is using to leverage information from the claims, legal, and underwriting departments to estimate IBNR for these exposures. Time Tuesday, Sep 14 2:15PM - 3:30PM Eastern Daylight Time Speakers Eric Pince, FCAS EY Dawn Fowle, FCAS EY ST-4: Reserving for Loyalty Programs Emmanuel Bardis, FCAS, Willis Towers Watson; Alexander Turrell, FCAS, Willis Towers Watson show more Description Loyalty Programs issue points or miles to members, rewarding them for being loyal to their Hotel Brands and Airlines. These points/miles serve as a currency and represent an obligation to the programs that need to cover the cost of a potential award stay or flight into the future. Estimating future redemption rates is a non-trivial exercise; for programs that do not have expiration rules, members can redeem today points/miles that were earned 20+ years ago. For actuarial models to accurately estimate the liability associated with Loyalty programs they need to properly reflect changes in members’ redemption behavior over time, in light of programs evolution and rapidly changing external economic conditions. Our session will describe at a high level the structure of Loyalty programs, and present different models that can be used to assess these estimates, from simple to complex. Time Tuesday, Sep 14 2:15PM - 3:30PM Eastern Daylight Time Speakers Emmanuel Bardis, FCAS Willis Towers Watson Alexander Turrell, FCAS Willis Towers Watson PD-2: The Problem with Communication is the Illusion that it has occurred Brian Brown, FCAS, Milliman; Bradley Kiscaden, FCAS, Markel Corporation; Katherine Antonello, FCAS, Employers Holdings, Inc; Steve Wilson, Freelance; Katherine Pipkorn, Milliman show more Description Actuarial work is complicated and difficult to understand and so it is hard for non-actuaries to understand our work. The problem is often exacerbated by actuaries having spent 10,000 or more hours studying technical matters but probably less than 1,000 hours developing communication skills. As actuaries advance in their careers, effective communication becomes more important than analytical work (which can be delegated to capable staff). Also, as actuaries we likely have even less experience in dealing with confrontation which can be critical when communicating bad news. The presenters are writing a paper on this subject. Time Tuesday, Sep 14 2:15PM - 3:30PM Eastern Daylight Time Speakers Brian Brown, FCAS Milliman Bradley Kiscaden, FCAS Markel Corporation Katherine Antonello, FCAS Employers Holdings, Inc Steve Wilson Freelance Katherine Pipkorn Milliman
4:15pm Eastern Daylight Time FR-4: IFRS 17: I can’t hide from it anymore, so what do I need to know?! Ernest Wilson, FCAS, Munich Re America, Inc.; Lela Patrik, FCAS, PricewaterhouseCoopers; Isabelle Guerard, FCAS, Desjardins Groupe d'assurances Generales show more Description This session will provide guidance on the areas that an actuary will be called upon by accounting and finance in the preparation of IFRS 17 financial statements. In particular: 1) How the financial statements come together; 2) The questions you could be asked to answer (e.g., drivers of changes in estimates, disclosures on methods & assumptions, reasons for distortions in the profit emergence); 3) The types of disclosures that will be needed and the information that you will need to draw from. Time Tuesday, Sep 14 4:15PM - 5:30PM Eastern Daylight Time Speakers Ernest Wilson, FCAS Munich Re America, Inc. Lela Patrik, FCAS PricewaterhouseCoopers Isabelle Guerard, FCAS Desjardins Groupe d'assurances Generales LOB-7: Impact of COVID 19 on Workers Compensation and General Liability Kyle Walker, Willis Towers Watson; Jonathan Sappington, FCAS, Willis Towers Watson; Ashley Wohler, FCAS, Willis Towers Watson show more Description Modeling/projecting WC losses from COVID infections & an examination of COVID impacts on calendar year 2020 data for WC & GL Time Tuesday, Sep 14 4:15PM - 5:30PM Eastern Daylight Time Speakers Kyle Walker Willis Towers Watson Jonathan Sappington, FCAS Willis Towers Watson Ashley Wohler, FCAS Willis Towers Watson RM-3: State of the Reinsurance Market Erick Mortenson, ACAS, CSPA, Pinnacle Actuarial Resources, Inc.; Nicholas Alicea, ACAS, Pinnacle Actuarial Resources, Inc. show more Description An overview of the current events and recent shifts in the reinsurance market. A high-level overview will be discussed across both property and casualty lines, with a deeper dive into Florida homeowner insurers. Time Tuesday, Sep 14 4:15PM - 5:30PM Eastern Daylight Time Speakers Erick Mortenson, ACAS, CSPA Pinnacle Actuarial Resources, Inc. Nicholas Alicea, ACAS Pinnacle Actuarial Resources, Inc. IAI-2: Trends in Reserving Methodologies in the Sharing Economy François Morissette, FCAS, S & F Actuarial Consultants; Jessica Zhu, FCAS, Lyft, Inc.; Katrina Jennings, FCAS, Litany Consulting show more Description Intro to reserving challenges in the sharing economy, including individual claim reserving for a delivery company. Time Tuesday, Sep 14 4:15PM - 5:30PM Eastern Daylight Time Speakers François Morissette, FCAS S & F Actuarial Consultants Jessica Zhu, FCAS Lyft, Inc. Katrina Jennings, FCAS Litany Consulting ST-5: Way of Working: How the Pandemic has Changed How Actuaries Work James Merz, FCAS, Westfield Insurance; Christina Gwilliam, FCAS, Willis Towers Watson; Philip Baum, Grange Mutual Casualty Group show more Description The pandemic has impacted insurance prices, products, processes and its people. Ways of working during the pandemic shifted – but where will it head in the future? During this moderated discussion, industry leaders will discuss how actuarial departments will function in the future with the aim of raising awareness to changing “ways of working” so that individuals and companies can be best prepared.The discussion will focus on three areas: organization of teams, talent management, use of technology, and will include audience polling to hear from you and gauge broader industry views. Time Tuesday, Sep 14 4:15PM - 5:30PM Eastern Daylight Time Speakers James Merz, FCAS Westfield Insurance Christina Gwilliam, FCAS Willis Towers Watson Philip Baum Grange Mutual Casualty Group
5:35pm Eastern Daylight Time RT-12: A&E Trends Update Sandra Santomenno, Willis Towers Watson; Terri Kremenski, ACAS, Willis Towers Watson show more Description Discussion of recent asbestos and environmental financials/trends including trends with other mass torts. We will discuss the YE 2020 Industry statistics and roundtable participants’ observations of how COVID lock-downs may or may not have impacted Industry experience. Time Tuesday, Sep 14 5:35PM - 6:25PM Eastern Daylight Time Speakers Sandra Santomenno Willis Towers Watson Terri Kremenski, ACAS Willis Towers Watson RT-13: ABCD Roundup Michael Toothman, FCAS, Actuarial & Risk Consulting Services; Albert Beer, FCAS, St. John's University show more Description This round table discussion is intended to allow the participants to ask their questions and have the experts on professionalism provide guidance on how actuaries can use the ASOPs and Code of Conduct to resolve their professionalism concerns. The attendees should prepare their own issue to be discussed and explored during the session. Time Tuesday, Sep 14 5:35PM - 6:25PM Eastern Daylight Time Speakers Michael Toothman, FCAS Actuarial & Risk Consulting Services Albert Beer, FCAS St. John's University CL-6: Modeling the COVID-19 Pandemic: US Perspectives Wen Liew, United Healthcare show more Description In this session, Wen Liew, a reserving actuary with UnitedHealthcare, will give a brief presentation demonstrating some publicly available data sources that he has used to help his company anticipate the impact of the pandemic on utilization. The session is intended to provide an opportunity for follow-up discussion of the General Session by Deirdre Hollingsworth but from a US perspective. Wen has some great anecdotes on where he got things right, as well as the places he got it wrong, over the past year and is happy to share them. But we want to hear from the audience – how are property/casualty actuaries measuring the impact to their businesses? What data sources have you used? Where have you gotten it wrong, and how have analyses improved over the past year? How are you expecting COVID to play out over the next year? Please come prepared to speak to your experiences, ask questions, and contribute to a lively discussion. Time Tuesday, Sep 14 5:35PM - 6:25PM Eastern Daylight Time Speakers Wen Liew United Healthcare
Wednesday, September 15
9:00am Eastern Daylight Time WS-3: IFRS 17: Measurement and Implementation Complexities Lela Patrik, FCAS, PricewaterhouseCoopers; Nathan Luketin, FCAS, Zurich North America; A. Carver Roya, FCAS, PricewaterhouseCoopers; Adam Kallin, FCAS, PricewaterhouseCoopers show more Description This workshop will provide a brief overview of the IFRS 17 guidance and then build upon that to do deep dives into key complexities of measurement (including around reinsurance held), additional data/estimation requirements, and operational considerations. While doing so, we will focus on how this will impact P&C actuaries, primarily in reserving roles. Comparisons to current practice will be focused on what is done today under US GAAP. Time Wednesday, Sep 15 9:00AM - 12:30PM Eastern Daylight Time Speakers Lela Patrik, FCAS PricewaterhouseCoopers Nathan Luketin, FCAS Zurich North America A. Carver Roya, FCAS PricewaterhouseCoopers Adam Kallin, FCAS PricewaterhouseCoopers WS-1: Reserving Bootcamp Jane Taylor, FCAS, Huggins Actuarial Services, Inc.; R. Scott Cederburg, FCAS, BDO; D. Scott Lamb, FCAS, McKee Risk Management show more Description Ready to go back to basics and review the fundamentals of reserving? There is no better way to jump start your knowledge or refresh your loss reserving skills than this one day loss Reserving Bootcamp. This session will enhance your basic and intermediate skills using the traditional methods of reserving. Participants will work with experienced loss reserving professionals, using realistic loss and expense claims data. The session goals are: • To build loss triangles; • Compute and select loss development factors; • Perform a variety of loss and loss adjustment expense reserving methods; • Compare the results of the various methods and evaluate their strengths and weaknesses; • Review additional information and take that into consideration in the methods and estimates; and • Make final reserve selections. This workshop is appropriate for actuaries as well as non-actuaries. It is recommended to have dual monitors or split screen monitors to more effectively participate in this workshop. The workshop will be hosted from 9:00 am to 12:30 pm EDT for the morning session, and 1:00 pm to 5:30 pm EDT for the afternoon session. Time Wednesday, Sep 15 9:00AM - 5:30PM Eastern Daylight Time Speakers Jane Taylor, FCAS Huggins Actuarial Services, Inc. R. Scott Cederburg, FCAS BDO D. Scott Lamb, FCAS McKee Risk Management
10:00am Eastern Daylight Time WS-2: Maximizing the Value of Your Actuarial Report and Opinion Kathleen Odomirok, FCAS, EY; Michael Toothman, FCAS, Actuarial & Risk Consulting Services; Derek Freihaut, FCAS, Rose-Hulman Institute of Technology; Susan Andrews, FCAS, State of Connecticut Insurance Dept.; Richard Gergasko, FCAS, Texas Mutual Insurance Company show more Description Your actuarial opinion and reports are reviewed and analyzed for appropriateness to different stakeholders, including company management, auditors, regulators, court officials and jurors. Each group has different needs for information and you will want to be able to communicate effectively to all. This workshop will deepen your expertise on the latest requirements for P&C Statements of Actuarial Opinions with a review of actuarial qualification standards, standards of practice and interactive case studies. The workshop will offer attendees the opportunity to: • Gain an understanding of regulatory/company/auditor perspectives and expectations. • Remain up to date on the latest regulations and standards. • Delve deeper into subjects such as RMAD, ranges, documentation, data and report writing. • Focus on communicating effectively to various stakeholder groups. Time Wednesday, Sep 15 10:00AM - 5:00PM Eastern Daylight Time Speakers Kathleen Odomirok, FCAS EY Michael Toothman, FCAS Actuarial & Risk Consulting Services Derek Freihaut, FCAS Rose-Hulman Institute of Technology Susan Andrews, FCAS State of Connecticut Insurance Dept. Richard Gergasko, FCAS Texas Mutual Insurance Company
1:30pm Eastern Daylight Time WS-4: Triangles Reimagined Christopher Gross, ACAS, Gross Consulting; Steven Lacke, FCAS, Gross Consulting show more Description This workshop will focus on the use of Actuarial Case Reserves to solve many of the problems with triangle development (changes in mix, settlement rate, and case adequacy). By using predictive modeling techniques to develop objective algorithms for these reserves, reserving triangles can be re-built to be much more reliable and transparent (think Berquist-Sherman, but with a scalpel instead of a chainsaw). While the approach makes use of individual claim development models, framing the results back into triangles provides demonstration of the resulting algorithm’s effectiveness and stability. Benefits of using these algorithmic reserves extend not only to creating estimates of total reserve need, but to actuarial pricing work as well. While the focus of this half-day workshop will be on the creation and use of Actuarial Case Reserves, we will also discuss the concept of Policy-Level IBNR reserves as an additional triangle layer, reflecting estimated not-yet-reported claims. No prior predictive modeling experience is necessary, but there will be two hours of pre-work to maximize the effectiveness of time spent during the workshop itself. Users will be provided access to temporary Azure workstations for a week prior to the workshop until a week after the workshop so that they can continue to explore these concepts with the sample data and tools provided. Time Wednesday, Sep 15 1:30PM - 5:00PM Eastern Daylight Time Speakers Christopher Gross, ACAS Gross Consulting Steven Lacke, FCAS Gross Consulting WS-5: Writing R Packages Brian Fannin, ACAS, CSPA, Casualty Actuarial Society show more Description An R package enables analysts to share code in a robust and efficient way. This can happen either as part of the global open source community, or it may be deployed privately, within an enterprise. This half-day workshop will give attendees the skills they need to develop their own R packages. We’ll talk about how to structure the project directory, write useful documentation, and create unit tests. We’ll discuss the basics of the development cycle, and how to utilize platforms like GitHub to manage collaboration and deployment. Attendees will leave with a basic R package that they can modify for their own purposes. Basic familiarity with R is assumed. Time Wednesday, Sep 15 1:30PM - 5:00PM Eastern Daylight Time Speakers Brian Fannin, ACAS, CSPA Casualty Actuarial Society
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