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Tuesday, May 25
10:00am Eastern Daylight Time The Future of Work Is Now – Are You Ready? Cheryl Cran, NextMapping™/NextMapping.com; Jessica Leong, Zurich North America show more Description Trends, insights and research on the Future of Work Employee engagement, creating future ready leaders, attracting and retaining top talent are all elements that are rapidly changing and impacting the way we work and how we need to change to meet the challenges of the future workplace today. This keynote will provide researched global business insights, thought provoking, creative, leading edge ideas and strategies on how leaders can take immediate action to increase team buy in, adaptability and execution NOW as we head towards 2030. In addition to the specific learning objectives identified, attendees will leave this session with: • A look at the trends and technologies shaping the future workplace today • “How” to successfully work with and engage the multiple generations in the workplace • Mindset model on how to navigate fast pace of change as we head to future of work • Research on the multiple intelligences needed to navigate the future of work • Case studies and examples of progressive companies and leaders on the leading edge of creating innovative future ready workplaces • Strategies on how to get everyone on board with the overall future vision, build excitement for the Cheryl Cran is a world-class keynote speaker who has been named as a #1 future of work influencer. Her clients describe her as ‘the best’ at providing context and solutions for a fast changing future in a vibrant and interactive keynote speech delivery style. As one of the most dynamic female innovation keynote speakers, Cran delivers true value to leaders and teams by helping them transform their thinking from linear to creative and drive innovation for themselves and for their company. Cran’s approach as an innovation, leadership and creativity keynote speaker includes gathering audience data, and integrating data into a customized keynote as well as real time interaction during the keynote. Session Type Featured Speaker Content Focus Area Other Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years)
12:15pm Eastern Daylight Time Insurance Market Overview and Outlook – Where Are We in the Cycle? Sean Kevelighan, Insurance Information Institute; Jason Busti show more Description This session will cover the state of the P&C insurance industry and its up-to-date financial performance. Suffered through years of historical CAT events, the ever-increasing social inflation, and the uncertainties around COVID-19, are we finally seeing a true hard market or just a hardening phase? What are the challenges for the centuries-old industry as a whole, and what can we do to not just survive but also strive in today’s marketplace? Session Type General Session Content Focus Area Other Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years)
2:30pm Eastern Daylight Time Professionalism - Recorded Skits John Wade, Retired; Andrew Dalgaard, Allstate Insurance Company; Melissa Huenefeldt, Lockton Companies show more Description The CAS Committee on Professionalism Education will present the latest format of material - recorded skits - for discussion! Come prepared to interact with the speakers! Session Type Concurrent Session Content Focus Area Professionalism Steps toward the Ideal Reserving Process Tom Durkin, LCP; Charlie Stone; Philippa King, Ageas UK show more Description During the session, you will learn about recent developments in UK reserving processes, including: • What the ideal reserving process looks like (based on our interviews with over 80 UK insurance professionals) • How machine learning can be best used to help you get closer to the ideal reserving process • Tips to help you manage machine learning projects in reserving successfully • How to use a systematic approach to reserving diagnostics to address several of the aims of the ideal reserving process We will use web based polling software to collect views from participants. Specifically: - to compare the participants' views of the ideal reserving process with the results of our UK market review - for participants to share their own experiences of applying machine learning in reserving - for participants to understand how their peers currently use reserving diagnostics in their work Session Type Concurrent Session Content Focus Area Reserving Level of Knowledge Level 2: General knowledge of the subject (4-9 years) The Future of Pricing Sophistication - Data Pipelines and Big Data Laurence Verheye, Economical Insurance; Denise Cheung, PricewaterhouseCoopers show more Description Where tech meets insurance, meet the data pipeline. This session will explain how data engineering can be used for One Day Rating and Advancing Pricing Sophistication. The presentation will cover concepts such as distributed processing, cloud, and the domain of data engineering. Session Type Concurrent Session Content Focus Area Ratemaking Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) When is Premium More Risky Than Loss? Stephen Mildenhall, Retired; David Wright, Acrisure show more Description This session will describe different approaches to measuring and modeling underwriting risk, based on US statutory data. It will show that for some lines there is more uncertainty in premiums than there is is losses. It will look at the data at three different levels of detail. First, it will analyze the underwriting cycle using a unique time series back to 1923. This identifies three distinct periods, the latest starting with the 1986 hard market. Second, it will look at aggregate volatility based on components of net income since 1986. This section reveals growing asset risk, as insurers try to offset declining interest rates. Third, it will analyze the dynamics of loss, premium and loss ratio by major line grouping since 1992. The relative significance of premium and loss variability is an characteristic of each line, and in some, premiums are more uncertain than losses. Session Type Concurrent Session Content Focus Area Enterprise Risk Management Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years)
4:15pm Eastern Daylight Time Beyond the Analysis: The Actuarial Leader Brent Rossman, Technically Leading show more Description What is your leadership philosophy? If you don’t have one or aren’t reflecting on it daily, this session is for you. We will explore the answer to that question along with the five practices of exemplary leadership. You will be challenged to model the way, inspire a shared vision, challenge the process, enable others to act, and encourage the heart. This interactive lecture will leave attendees with a framework to dramatically impact their organizations. While CAS members are well equipped to lead in many roles, adding this skill set to your repertoire will give you yet another way to drive the results you desire. Session Type Concurrent Session Content Focus Area Business Skills Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) Catastrophe Risk Financing: Closing the Protection Gap through Mitigation & Infrastructure Investment, sensible Public Policy, and sustained Risk Management. Franklin Nutter, Reinsurance Association of America; Jonathan Clark, Guy Carpenter & Co. LLC; Michael Waterman; Daniel Raizman show more Description As the number and costs of catastrophes continue to rise, and concerns grow regarding the adverse impacts from climate change, society is calling for change that will promote greater resilience and sustainability across our communities. This gives rise to a number of questions: 1. How should governments and insurance companies respond and what role should they play? 2. What sensible changes need to happen in the area of public policy to promote positive change? 3. What role can mitigation and infrastructure investment play? 4. What are the steps can our industry take to promote improved risk management across the public and private sectors? The current system results in the federal government (and hence taxpayers) paying for rebuilding through government grants and low interest loans. All of which is backed by increasingly unsustainable levels of debt financing. Not only is it time consuming to bring government dollars on-line, but the trends we have witnessed seem to be outstripping governments’ ability to keep pace. Multi-facetted strategies are required to tackle the diverse landscape of issues at play This session will discuss these issues from the perspective of mitigation and infrastructure to support pre-event investment, risk management approaches that can increase pre-event risk transfer, and the public policy considerations that need consideration to promote positive change. Session Type Concurrent Session Content Focus Area Catastrophes/Reinsurance Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) Emerging Risks – Current Trends and New Techniques for when they emerge Max Rudolph, Rudolph Financial Consulting; David Ingram, Willis Towers Watson show more Description This session will provide insights from the 14th Annual Survey of Emerging Risks (sponsored by CAS/CIA/SOA - a JRMS research project) that summarizes the perspectives of risk practitioners, including revealing comments about managing pandemics and COVID-19 mitigations. Trends are updated for current, emerging and combinations of risks. The session will highlight top ranked risks from the survey such as climate change and disruptive technology. A new technique for monitoring an emerging risk using crowdsourcing will be shown as it has been used for COVID-19. Session Type Concurrent Session Content Focus Area Emerging Issues Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) Integration of Geospatial Analysis and Machine Learning in Insurance Pricing Lawrence Baeder, Milliman; Molly Barth, Milliman, Inc. show more Description Geospatial analysis and machine learning allow actuaries to investigate and capture fine-scale elements of risk and develop sophisticated rating territories and pricing algorithms. In recent years, more industry players have begun to leverage these powerful tools to gain a leg up on their competition and identify new business opportunities. While the entry barrier for implementing these technologies can be high, the advantages realized in the long-run are extremely valuable and can allow a company to enter new lines of business, create more granular rating structures, and significantly improve profitability. In this session we will first give an overview of geographic information systems (GIS) and machine learning techniques and then orient you to a selection of software and implementation options, with a focus on open-source solutions. We will discuss various ways to acquire geospatial data, such as geocoding and accessing US Census boundary files, and address common pitfalls to avoid when incorporating this data into your work. Finally, we will provide several specific examples of how we have leveraged geospatial analysis and machine learning in our own work, including territory development for pet insurance and usage-based risk scores for commercial auto. Session Type Concurrent Session Content Focus Area Predictive Modeling/Analytics
Wednesday, May 26
9:00am Eastern Daylight Time Asian P&C Insurance Market Update - COVID Impact and the Post-COVID New Normal Marcus Yamashiro, AIG Japan Holdings; DuoDuo Cai, PricewaterhouseCoopers show more Description After a nationwide pandemic lockdown between February and May 2020, China’s economic activities gradually made a V-shape recovery in the second half of 2020. In this session, we will explore why COVID has limited impact on China’s 250 billion USD P&C insurance portfolio. We will examine how the financial hardship and reduced movement during 2020 have impacted individual product lines vastly differently such as credit, motor and marine insurance. We will also share examples of how China’s P&C insurers digitalize their products and customer touch points to manage the lockdown uncertainty. We will then discuss developments and future trends in Japan's insurance market. We will talk about impacts during 2020 to Japan’s Auto, A&H and property sectors. We will tie this to ongoing regulatory discussions about changing elements of Japan’s rule-based CAT reserve which functions much like self-funded stop loss reinsurance. We will describe the complex regulatory capital, tax and income consequences of regulatory changes being contemplated by Japan’s FSA. including preparations for transition to the global insurance capital standard. Session Type Concurrent Session Content Focus Area Internationalization Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years)
10:00am Eastern Daylight Time Social Inflation: The Rising Costs of Insurance Claims as a Result of Societal Trends and Views Katey Walker, Willis Towers Watson; David Corum, The Institutes; William Finn, Hanover Insurance Group; Dana Franzetti, Swiss Re show more Description In recent years, Social Inflation has become the buzzword in insurance as there has been a growth in liability risks and costs related to litigation trends. In recent years insurers’ losses across several business lines have accelerated rapidly – much more rapidly than economic inflation alone can explain. This session will examine the phenomenon of Social Inflation. Is it real? What are the causes? How will COVID-19 have an impact on Social Inflation? Session Type General Session Content Focus Area Emerging Issues The Future of Claims in 2030 Bayard Gennert, McKinsey & Company; Kristen Ganjani, McKinsey & Company show more Description The claims experience will change dramatically by 2030 due to rapid evolution in technology, analytics, capabilities, and customer preferences. The COVID-19 pandemic has only further accelerated digitization in insurance, as customers increasingly demand more options for digital interaction. In this session, we will discuss five trends that we project to grow: • Shift toward a digitally enabled human touch in the claims process • Complete reimagination of proactive customer service • Growing importance of claim prevention • Broadening of the claims ecosystem • Increasing focus on talent as a key differentiator Session Type General Session Content Focus Area Other
12:30pm Eastern Daylight Time Dealing with Auditors and Data: ASOPs 21 and 23 Michael Speedling, AXIS Capital; Andrew Cheng, KPMG, LLP show more Description TBD: The session will give an overview of ASOPs 21 and 23. To have a better understanding of the two ASOPs, a few case studies will be included for discussion. Session Type Concurrent Session Content Focus Area Professionalism Measuring Exposure to Cyber Loss/the Actuarial Contribution to Proving Causation in Cyber Torts Michael Bean, Office of the Superintendent of Financial Institutions; Craig Allen, Craig A. Allen, FCAS show more Description We all know that cyber risk is a growing problem with potential losses in the billions. However, how should exposure to these losses be measured? By a company’s revenue? The size of its network? Something else? Attend this virtual presentation to hear about recent research on this topic sponsored by the Casualty Actuarial Society. At the other end of the insurance contract, discover the causation-related hurdle to asserting legal remedies for negligence in the cyber area. An actuarial model, updated for subsequent events by Bayes' Theorem, is proposed for addressing this hurdle. Session Type Concurrent Session Content Focus Area Research Parametric Insurance: Exploring the Possibilities, Examining the Realities Jonathan Charak, Zurich; Kate Stillwell, Jumpstart Insurance Solutions; Daniel Benjamin show more Description Big data has driven parametric insurance’s evolution as a viable means of protection for many risks, bringing this not-so-new concept into the spotlight. The growth in popularity ranges from government programs, ILS, all the way to insurtech innovations. This session will include an overview of parametric insurance as well as a discussion of multiple products in the market (by people who led the development of those products) with plenty of time for audience Q&A. Session Type Concurrent Session Content Focus Area Emerging Issues Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) Social Inflation: A Trend Model for Medical Professional Liability Merle Parrett, Odin Insurance ; Elizabeth Wellington, Wellington Actuarial Services & Odin Insurance Solutions; Kristen Clark, Odin Insurance Solutions show more Description Social inflation is not a new concept and yet once again it is the hot topic for insurers as we have seen claim severity increase dramatically in recent years. This presentation will demonstrate a trend model based on a Calendar Year paid severity step function where the steps go up when Social Inflation kicks in. This method can be used in pricing, reserving and as a predictive model for timing when future social inflation may be expected to appear. This presentation will include polling, graphic visualizations and the use of social media, to create a truly interactive experience for the audience. The cornerstones of the model will be explained and developed, culminating in the audience understanding the drivers of social inflation and the data indicators of a potential upcoming change in claim severity. Session Type Concurrent Session Content Focus Area Predictive Modeling/Analytics Level of Knowledge Level 2: General knowledge of the subject (4-9 years)
2:30pm Eastern Daylight Time A Seasoned Actuary’s Primer on Predictive Analytics Christopher Gross, Gross Consulting; Bret Shroyer, CLARA Analytics show more Description Have you been around the actuarial block but still haven't learned enough about Predictive Analytics? Do you know the term but really don't know enough about it? Are you managing folks in Predictive Analytics and just don't know enough yet? Are you looking for something new to learn? Then this session is for you! Our speakers will cover the gamut of Predictive Analytics answering such questions as: • What to do to enter world of predictive analytics • What will things look like in 5-10 yrs • What are some Practical Applications to consider Session Type Concurrent Session Content Focus Area Predictive Modeling/Analytics Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) Natural Catastrophe Update and Trends Mark Bove, Munich Re Group; Steve Bowen, Aon show more Description Following an expensive and active year for natural disasters occurring in parallel with the COVID-19 pandemic in 2020, questions continue to emerge around what is driving increased losses. 2020 experienced a record number of named storms in the Atlantic Ocean (30), and required the use of the Greek alphabet after all 21 seasonal alphabetical names were exhausted. While most focus was on the Atlantic Hurricane Season, the costliest peril of 2020 in the United States was severe convective storm (thunderstorms); led by the historic August 10 Midwest Derecho. The Western U.S. wildfire season was amplified by a modern record for acres burned in California and extensive damage in California, Oregon, Washington, and Colorado. The season prompted the California Commissioner to again prevent insurers from non-renewing policies affected by wildfires in 2020. By early 2021, much of the United States was engulfed by a record-setting and prolonged period of Arctic cold that resulted in substantial humanitarian impacts and physical damage – especially in Texas. Climate scientists continued to highlight unusual weather behavior that can be linked to growing influence from a changing climate. Combined with population patterns that show more people moving to vulnerable locations, the overall risk from natural perils continues to grow. The first speaker will provide details on the recent catastrophe trends and highlight the continued loss growth of “secondary” perils that are increasingly driving annual loss costs. The second speaker will discuss the latest science in regard to how climate change is (or may) impact U.S. natural perils, and how the insurance industry is trying to mitigate and better prepare for both the natural catastrophes of today and tomorrow. Both will comment on the trend in government interventions and their impact on the insurance industry. Session Type Concurrent Session Content Focus Area Catastrophes/Reinsurance Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) Primer on MCMC for Actuaries Alejandro Ortega; Enbo Jiang, Willis Towers Watson show more Description Monte Carlo Markov Chains have entered the actuarial toolkit. The required Bayesian analysis was only added to the CAS syllabus a few years ago. This session will allow an actuarial manager (or a newbie) to understand the core principles of the MCMC algorithm; and understand how it can be used to add expert opinion to an analysis, which outputs a full distribution. This is done with an example using the number of chocolate chips in a cookie, so that we can focus on the core concept. Then we will demonstrate how the theories introduced in the first half can be deployed in practice by examining select models from Meyers’ monograph and going through one example step-by-step. This session will conclude with a discussion on the strengths/weaknesses of these Bayesian models compared to bootstraps and the deterministic methods, followed by Q&A in the end. Session Type Concurrent Session Content Focus Area Internationalization Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years)
4:15pm Eastern Daylight Time Actuaries on the Path Less Traveled Michael Schmitz, Milliman; Loren Nickel, Google; Frank Chang, Uber Technologies show more Description Changes in the world bring new risks, which means new opportunities for actuaries to apply their knowledge and skills. In this session, we will hear from three Actuaries that are now working in what many of us would consider to be non-traditional roles. 1. They will discuss their career path at their non-traditional companies or roles. 2. Steps taken to get to where they are 3. How their actuarial training and knowledge aids them in their current role. Session Type Concurrent Session Content Focus Area Other Climate Change - Methods for Incorporating Climate Change Scenarios into Hurricane Models Kelly Hereid, Liberty Mutual Insurance; Chia-Ying Lee; Peter Sousounis, AIR Worldwide show more Description The P&C insurance industry continues to wrestle with record-breaking catastrophe loss years including the past year that turned out to be the most active hurricane season on record. With increased focus on climate change by regulators and other key stakeholders, it is becoming increasingly more important for the P&C insurance industry to quantify climate-related risks. This session covers the changing characteristics of hurricanes in light of climate change, methods for quantifying climate change within hurricane models and how the results can be used for decision-making purposes. Session Type Concurrent Session Content Focus Area Climate Change Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) Equity & Inclusion: Advancing Diverse Teams from Mid-Level to Management and Beyond Mallika Bender, Casualty Actuarial Society; David Terne, Swiss Re; Gloria Asare; Elizabeth Owen, Ezra Penland Actuarial Recruitment show more Description Diversity is often the focus of those hiring at the entry level, but the benefits to actuarial teams take more effort to unlock. In this session, panelists will illustrate the concepts of "equity" vs "equality" and describe how inclusive and equitable practices can help to develop future leaders from diverse backgrounds. We will share recommendations from the International Association of Black Actuaries’ for developing and advancing diverse leaders. We will also hear a recruiter’s perspective on the challenges that mid-level actuaries experience when seeking advancement opportunities. Session Type Concurrent Session Content Focus Area Other Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years)
Thursday, May 27
9:00am Eastern Daylight Time The Spectacular Growth of the P&C Insurance Market in China and the Consequent Opportunities for Actuaries (This session will be in Mandarin only.) Xiaoying Liang, Pingan Property & Casualty Insurance Company of China. Ltd.; Weishu Fan, Munich Re Group; John Chen, Swiss Re show more Description 中国财产险市场的迅猛增长以及随之而来给精算师带来的机遇(本次会议仅提供普通话)。(This session will be in Mandarin only.) In 2021, the global insurance market is expected to recover from COVID-19 pandemic, with China leading the rebound. P&C Insurance companies in China are actively developing new offerings outside of the motor segment in light of the intense competition and moving toward digitalization to improve efficiencies, provide better customer experiences and deal with the disruptive challenges from technology giants. The fast-growing market has imperative demand for actuaries with the potential to take business roles and do better in the data-driven world. China has a promising future and offers outstanding prospects for actuaries with appropriate skills. Session Type Concurrent Session Content Focus Area Internationalization Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years)
10:00am Eastern Daylight Time ASOP reviews with Kahoot Pop-Quiz Peter Royek, Toa Reinsurance Company of America; Elizabeth Bart, Willis Towers Watson show more Description We’ll review a few ASOPs in depth and then have a Kahoot quiz to test our knowledge Session Type Concurrent Session Content Focus Area Professionalism Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) Climate Change - Measuring Carbon Footprinting in Underwriting Portfolios: Considerations for Risk Professionals John Scott, Zurich Insurance Group; Ben Carr, Aviva plc; Simon Fischweicher show more Description An evolution of climate-related risk metrics for the financial services sector is currently underway. Among other things this evolution will help insurers to work towards understanding the challenges and eventually disclosing the carbon intensity of their underwriting portfolios. For now, we see that most of these metrics remain largely qualitative in nature. This session explores the evolution of carbon footprinting, methodologies that can be used to quantify carbon footprinting within underwriting portfolios and further considerations for risk professionals using these metrics. Session Type Concurrent Session Content Focus Area Climate Change Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) Enterprise Risk Management- A COVID-19 Discussion on Herd Immunity, the Future Economy, and Future Emerging Risks Max Rudolph, Rudolph Financial Consulting; David Ingram, Willis Towers Watson show more Description Join us in a Discussion of the latest issues regarding impact of COVID-19 on Insurance Companies including but not limited to • Update on the Pandemic • Herd Immunity Explained • Implications for Future Emerging Risks In addition, this session will explore some of the major themes and outlook that ERM specialists should account for in the aftermath of COVID-19, including economic, environmental, geopolitical, social, and technological emerging risks. Session Type Concurrent Session Content Focus Area Enterprise Risk Management The State of the Reinsurance Market Erick Mortenson, University of North Dakota; Mark Westmoreland, IAT Re show more Description An overview of the current events and recent shifts in the reinsurance market Session Type Concurrent Session Content Focus Area Catastrophes/Reinsurance Level of Knowledge Level 3: Working knowledge of the subject (10+ years)
12:15pm Eastern Daylight Time A Retail Perspective about the Growth and Development of Cyber Insurance Carrie Yang; Ron Sung show more Description We will explain the history and evolution of cyber insurance in the retail market. We will also discuss high profile incidents that shaped the coverage landscape and discuss current challenges to both insureds and insurers and evaluate the opportunities ahead. Session Type Concurrent Session Content Focus Area Cyber A Tale NOT told by an Idiot: Effective Communication through Storytelling Brian Fannin, Casualty Actuarial Society; Alex Marcuson, Marcuson Consulting Ltd show more Description Stories have been around as long as humanity, yet many actuaries shy away from the narrative form. Why? Are we convinced that there’s nothing dramatic about a reserve study? Can an actuary not play the hero? This session will be presented by Brian Fannin (CAS) and our own Alex Marcuson (IFOA). Join them on their epic quest from the 6th day to the present day, as they explore how monsters, magic and mystery can transform your reports from turgid rags to C-suite riches. Session Type Concurrent Session Content Focus Area Business Skills ERM and Effective Governance Brian Brown, Milliman; Jieqiu Fan, A.M. Best show more Description Actuaries make a major contribution in many areas for insurers - in particular, they estimate unpaid claim liabilities and future pricing levels, and also play a key role in catastrophe modelling and economic capital modelling. Ensuring this technical expertise is best utilised requires both good governance processes and excellent communication to other members of management and the Board of Directors. This session will provide key insights on best practices around governance, Enterprise Risk Management and how the actuary can be effective in his/her interaction with Board members. Session Type Concurrent Session Content Focus Area Enterprise Risk Management Level of Knowledge Level 2: General knowledge of the subject (4-9 years) Insurtech – Are They the Future of Our Industry? Isaac Espinoza, Greenlight Reinsurance Ltd.; Gregory Moore show more Description WTW reported unprecedented level of global funding into Insurtech businesses, and a few of those Insuretechs successfully went public in 2020. Some target consumers directly, others aim to help insurers to revolutionize their internal systems and processes. This session will examine the Insurtech marketplace, whether they are here to stay and prosper, and how should incumbent compete and collaborate with them to make sure the industry stays relevant. Session Type Concurrent Session Content Focus Area Emerging Issues Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years)
2:15pm Eastern Daylight Time A.M. Best: Reflection and Update – COVID-19, Capital Adequacy, Enterprise Risk Management, and Innovation: A Rating Agency Perspective John Andre, A.M. Best; Edin Imsirovic, AM Best Rating Services; Daniel Hofmeister show more Description During 2020, AM Best developed Best’s Capital Adequacy Ratio (BCAR) stress testing to gauge the potential impacts of COVID-19 on rated insurers’ financial strength, as well as to indicate sensitivities and highlight areas that may need further examination. How did we fare? This session will provide discussion and conversation on the above including, but not be limited to: • The continued impact of COVID-19 on various lines of business – outlook updates • A year of innovation benchmarking data from the inclusion of the innovation criteria in March 2020 • How AM Best captures ESG factors in the BCRM building blocks • Recent changes to BCAR (adding wildfire and inland flood to requested PMLs) • Considerations of the Enterprise Risk Management (“ERM”) Criteria into Best’s BCRM. Join us in a thoughtful and interactive dialogue. Session Type Concurrent Session Content Focus Area Enterprise Risk Management Business Analytics – What does it take for an actuary to succeed in other insurance functions Shane Barnes, USAA; Mei Dong, Power Corporation of Canada; Marion Gregoire-Duclos, Co-operators General Insurance Company; Gary Cummings, Aviva plc show more Description Today’s P&C actuaries excel in analyzing data for particular risk applications. The actuary of the future may be well positioned within the company if they also use their analytical skills in other areas of insurance operations, e.g. marketing, underwriting, claims management, distribution, P&L leadership, corporate strategy, operational change management, etc. In this session four CAS actuaries will share stories on how they have used their analytical skills to address operational challenges and opportunities presented by managers and executives outside the actuarial space. The panelists will also provide a couple individual exercise to allow attendees to test their analytical skills in other operational areas. Session Type Concurrent Session Content Focus Area Other Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years) Predictive Modeling Toolkit Ultimate Smackdown! Brian Fannin, Casualty Actuarial Society; John Binder, Crum & Forster; James Long, RenaissanceRe show more Description Which software reins supreme in this Predictive Modeling Toolkit Ultimate Smackdown? Will it be R? Will it be Python. Who will win this battle of prediction and technology? Come join us and tell us who you think wins! Session Type Concurrent Session Content Focus Area Predictive Modeling/Analytics Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years)
4:00pm Eastern Daylight Time Spotlight on Race and Insurance Mallika Bender, Casualty Actuarial Society; Birny Birnbaum, Center for Economic Justice; Dorothy Andrews, Actuarial and Analytics Consortium, LLC; Vicki Schmidt, Kansas Insurance Department; Jessica Leong, Zurich North America show more Description Ongoing social unrest beginning in the summer of 2020 has prompted deeper scrutiny on the impacts of systems of bias that exist in our society. Many industries, including insurance, are taking steps to examine their own practices, and consumer groups have renewed their calls for insurance regulators to address practices that potentially disadvantage people of color and/or historically underrepresented groups. This session will feature perspectives from consumer advocates and the NAIC Special (Ex) Committee on Race and Insurance, Workstream Three, and share opportunities for actuaries to contribute their expertise to achieve the optimal outcomes for insurers and their customers. After this session, participants will: • Understand the distinction between fair and unfair discrimination and disparate impact • Build an awareness of how historical systemic bias may impact current insurance practices, including specific rating factors, models, and external proprietary data sets • Gain a foundation for the pros and cons of actual analyses performed and proposed • Understand how actuaries can have an impact on issues of race and insurance Session Type General Session Content Focus Area Other Level of Knowledge Level 1: No prior knowledge of the subject (0-3 years)
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