Paul Fedchak, FSA, MAAA
Andrew Steenman, FSA, MAAA
The new principle-based reserve framework for life products became effective in the U.S. on January 1.  Much of the discussion on PBR has been from a financial reporting perspective, but product development actuaries will also be on the front lines to answer questions like “Will prices go up or down?” and “Will product designs need to change?”  Our panel will discuss research sponsored by the Society of Actuaries into how companies can overcome the logistical hurdles of the new reserve regime and adjust their pricing methods.  You’ll learn about the critical assumptions and techniques to consider as your company looks at pricing in this new era.

Paul Fedchak is a principal and consultant in the Indianapolis office of Milliman. He joined the firm in 2007.  Paul consults on life insurance and annuity products. He has been involved with universal life, with a focus on secondary guarantees, indexed universal life, and whole life. He has worked with these products in the contexts of product development and implementation, Cash Flow Testing, AG 38, AG 48, AG 49, SOP 03-1, corporate modeling, experience studies and assumption development.  Paul also has robust experience with MG-ALFA modeling software.
Andrew Steenman is an actuary in the Indianapolis office of Milliman.  He joined the firm in 2010.  Andrew consults on life insurance and annuity products. He has been involved with universal life, universal life with secondary guarantees, fixed annuities and indexed annuities. He has worked with these products in the contexts of MG-ALFA modeling, financial reporting including principles based reserving, product development, mergers and acquisitions, and AXXX securitizations.