Session: Mortality Patterns at Advanced Ages
Speakers: Natalia S. Gavrilova, Ph. D, and Leonid A. Gavrilov

PLEASE FIND PRESENTATION HERE: Gavrilova-CAA-2016.pdf

Session outlines methodological approaches to mortality trajectories analysis after age 80 years and describes methods of mortality estimates at advanced ages. Mortality analysis is illustrated using U.S.data (Social Security Administration Death Master File) and International data from the Human Mortality Database as well as the International Database on Longevity. Mortality modeling, approaches to hazard rate estimation, analyses using the Life-table Aging Rate (LAR) and other measures are discussed. Historical evolution of mortality age trajectories is also presented. Human mortality patterns are studied up to age 115 years.

Dr. Natalia S. Gavrilova is an expert in demographic methods, biomarkers of aging and health and early-life effects on longevity and a fellow of the Gerontological Society of America. She received her Ph.D. in anthropology and population science at the Moscow State University in Russia and her master degree in computer science at the University of Chicago. Her research projects were funded by international funding agencies, including the International Science Foundation, the European Union, and the National Institute on Aging (USA). She was a Co-Investigator of NIH-funded projects “Biodemography of Exceptional Longevity in the United States” and “Mortality in Central Asia.” She is an Editorial Board Member for international journal “Demografie” and grant reviewer for the National Institute on Aging and the Maurice Falk Institute for Economic Research in Israel. Dr. Natalia Gavrilova is currently working at the University of Chicago and the Center on Economics and Demography of Aging, NORC at the University of Chicago. She is a frequent speaker at the Society of Actuaries Living to 100 symposia and other actuarial meetings. Read more at: http://longevity-science.org/CV-gavrilova.htm

Dr. Leonid A. Gavrilov is an expert in biodemographic studies of human aging, mortality and longevity and a fellow of Gerontological Society of America. Dr. Gavrilov has over 20 years of professional experience in this area of research and published more than 80 scientific papers on related topics in collaboration with Dr. Natalia S. Gavrilova. Their book ‘The Biology of Life Span: A Quantitative approach’ is cited as a recommended reference by Encyclopedia Britannica. Dr. Gavrilov was a Principal Investigator of several award-winning research projects, funded by the Society of Actuaries, National Institute on Aging, European Union (INTAS program) and the U.S. Civilian Research and Development Foundation (CRDF). He was a Principal Investigator of the NIA-funded research project “Biodemography of Exceptional Longevity in the United States.” He was an invited speaker at the March Workshops of the Chicago Actuarial Association and Living to 100 symposia organized by the Society of Actuaries. Dr. Gavrilov is an Editorial Board Member of the scientific peer-reviewed journals Experimental Gerontology, Gerontology, Rejuvenation Research and others. Dr. Gavrilov is currently working at the Center on Economics and Demography of Aging, NORC at the University of Chicago. Read more at: http://longevity-science.org/CV-gavrilov.htm

Session: Mind the Gap: Disability Risk in a Defined Contribution World
Speaker: Carol Bogosian, ASA, and Andrew J. Peterson, FSA, EA, MAAA, FCA

FIND PRESENTATION HERE: Disability in DC-SOA Project-20160323

Historically, traditional defined benefit (DB) plans often included provisions so that employees continued to earn pension credit during periods of long-term disability. However, defined contribution (DC) plans have gradually become the primary retirement plan offered by many employers. As a result of that transition, the connection of disability protection linked to the pension benefits was often forgotten. Today there is usually no disability protection linked to DC retirement plans. The impact is that retirement security is derailed by becoming disabled during the working years. This session will evaluate opportunities to fix this gap and will provide an overview of disability coverage-related issues.

Carol Bogosian, President of CAB Consulting, has over 30 years of experience as an actuary providing advice on defined benefit and defined contribution pension plans and retirement planning issues. Before starting her own firm, she was a principal in a major consulting firm as a senior actuary and consultant providing retirement services to individuals and corporate clients. She completed the Financial Planning Certificate program, gaining her perspective of the employee’s overall financial needs. Her current interests are in improving financial education and literacy in the U.S. She has published articles for the Plan Sponsor Council of America and WISER. She has spoken publicly at various professional associations on retirement and financial planning topics. She currently serves on the Pension Section Council and the Post Retirement Needs and Risk Committee of the Society of Actuaries and the Chicago Bar Associations’ Joint Task Force on Women and Aging. She also serves on the Employee Benefits Advisory Board for The John Marshall Law School.

Andrew J. Peterson is the Senior Staff Fellow for Retirement at the Society of Actuaries (SOA) working to develop and support better retirement systems. In this capacity, Andy serves as a staff partner to the Pension Section and the Social Insurance and Public Finance Section of the SOA directing volunteer activities in these two areas. In addition, he provides retirement expertise to the SOA’s education (including both basic and continuing education programs) and research functions. He also serves as a liaison between the SOA and other organizations in the retirement arena, works to facilitate the intellectual capital development of retirement actuaries and provides leadership on various SOA initiatives including a current focus on longevity issues. Andy received a BS degree in mathematics from Taylor University in 1992. He is a member of the National Academy of Social Insurance.

Session: Strategic Pension Risk Management from a Corporate Finance Perspective
Speaker: Liaw Huang, Ph.D., FSA, EA, MAAA

The presentation will be on tools and considerations that will be helpful for actuaries to analyze corporate defined benefit (DB) pension plans from a corporate finance perspective. Topics may include: How should corporate financial metrics be adjusted for DB pension plans? How to quantify the trade-off between pension risk and capital? Are there empirical evidences on how DB pension plans impact stock prices and credit spreads?

Liaw Huang applies advanced modeling techniques to a broad range of risk management challenges. In addition, he has considerable experience advising sponsors of large, complex pension systems. Liaw is currently a principal and senior research associate at The Terry Group.
From 2010 to 2012, Liaw was a vice president at Aon Hewitt. From 2006 to 2010, he was a vice president at JPMorgan Compensation and Benefits Strategies. From 1999 to 2006, he held various consulting roles at CCA Strategies. From 1993 to 1999, he was an assistant professor (mathematics) at Indiana Wesleyan University. Liaw is a fully credentialed actuary and is a member of the Joint Committee on Retiree Health of the American Academy of Actuaries. He received his PhD in mathematics from the University of California at Berkeley.

Session: Financial Stresses in the Multiemployer Pension System
Speaker: Lisa Schilling, FSA, EA, FCA, MAAA

It is well known that the mulitemployer pension system is financially stressed. This session explores key findings of recent SOA research projects on the topic.

PLEASE FIND PRESENTATION HERE: Financial Stresses in the Multiemployer Pension Plan System

Lisa Schilling is the Retirement Research Actuary at the Society of Actuaries.

Session: Solving the Leadership Puzzle: Overturning Traditional Models
Speakers: Margaret Resce Milkint and Kylee Lacson

An uptick in retiring professionals and an aging workforce are creating a growing skills gap within insurance. Nearly half of the industry’s workforce is above the age of 45 with an estimated 25 percent approaching retirement by 2018. In response, organizations are turning to their Generation X and Millennial professionals to bridge the growing leadership gap. In this session, attendees will delve into the changing generational dynamics of today’s workforce, strategies for transitioning Generation X and Millennial professionals into industry leaders and best practices for attracting emerging talent. Pulling from both Millennial and Baby Boomer perspectives, this session will discuss multigenerational perspectives and proven approaches to onboarding the next generation of talent.

Margaret Resce Milkint is Managing Partner of The Jacobson Group and leads the firm’s U.S. Executive Search practice. She handles executive management and actuarial searches on a global basis in the areas of life, property and casualty, healthcare, reinsurance, and consulting (benefits, life and health, property and casualty) for the organization’s retained search practice. She also plays a significant role in the continued development of the entire organization as a member of Jacobson’s Executive Management Team. Margaret is a key player in establishing cross-border relationships and broadening the firm’s global reach. Margaret joined the firm more than 25 years ago and has successfully completed search engagements including Board of Director members, CEOs, CMOs, CFOs, COOs, CIOs, CROs, Chief Underwriters and Chief Actuaries. Her international search expertise encompasses disciplines such as actuarial, underwriting, risk, finance and investment, legal, IT, analytics, sales and marketing, and claims. As the co-founder of the Women’s Insurance Networking Group (WING), Margaret is a champion of diversity and equality in leadership in the insurance industry. WING was launched as a platform for networking among the insurance industry’s female leaders and enlightened males, those who understand the importance of diversity and equality in leadership in the insurance industry. In addition to her role with WING, Margaret also sits on the steering committee for the Insurance Supper Club (ISC), which provides a network and forum for senior women in the insurance industry on a global basis. Margaret’s expertise on career and recruiting issues is widely-recognized throughout the industry. She was most recently called upon to share her perspectives with Best’s Review, Insurance & Technology, Insurance Networking News, and Diversity/Careers. She further communicates her insights with the industry through bylined articles; these were most recently featured in Stepping Stone, Carrier Management Magazine, and Broker World. Margaret is also called on to speak at many regional and national conferences, including those of the Insurance Industry Charitable Foundation (IICF), the Loss Executives Association (LEA), the Chicagoland Insurance Accounting & Systems Association (IASA), the American Society of Workers Comp Professionals, Inc. (AMCOMP), the National Association of Mutual Insurance Companies (NAMIC), the Property Casualty Insurers Association of America (PCI), the Society of Actuaries (SOA) and the Chicago Actuarial Association (CAA).

Session: Actuarial Systems—Implementation and Change Management
Speakers: Philip Sanchez, FSA, MAAA, and John Munroe, FSA

PLEASE FIND PRESENTATION HERE: Implementation & Change Management – CAA

Phillip Sanchez is responsible for pricing, reserving and related actuarial activities for the Long Term Care segment at CNA. As the Chief Life & Health actuary, Phil is responsible for the professional leadership of the segment’s actuarial function which includes LTC repricing, Life & Health valuation and analysis, as well as support for other segment functions. Before joining CNA in 2012, Phil was Genworth’s Long Term Care Valuation Actuary overseeing close to $20 billion in reserves. During his nine years at Genworth, Phil also held roles in LTC Product Finance, LTC Reinsurance Administration and Life Valuation. Prior to this, Phil spent twelve years at Columbian Mutual Life Insurance as an assistant actuary where he served primarily as the life and annuity projection actuary. Prior to that, he spent five years with AMICA Life Insurance Company as a generalist supporting all aspects of the life and annuity actuarial function. Phil is a graduate of the Massachusetts Institute of Technology with a SB in mathematics. He is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.

John Munroe is the team lead and manager for the Asset & Liability Modeling (ALM) segment within CNA’s Life & Health department. He is responsible for the loss recognition testing, asset adequacy analysis, and other sensitivity analysis and projection activities for the division. Before joining CNA in 2014, John had previously worked at Mercer in the Health & Benefits division as the lead actuarial project manager and peer reviewer for the department. He specialized in Group Long Term Disability, Waiver of Premium and Post-Retirement Medical projections, valuations and associated IFRS and US GAAP accounting for his clients. John is a graduate of the University of Calgary with a Bachelor of Science, majoring in Actuarial Science. He is a Fellow of the Society of Actuaries.

Session: Living Benefits
Speaker: Carl A. Friedrich, FSA, MAAA

PLEASE FIND PRESENTATION HERE: CAA2016LivingBens

This presentation will be an overview of SOA research on Living Benefits for Life and Annuity products.

Carl Friedrich is a principal and consulting actuary with the Chicago office of Milliman. He joined the firm in 2002. Carl specializes in the design and pricing of life insurance, long-term care, and annuity insurance products, with an emphasis on emerging combination multi-line products. He also advises clients on reinsurance, mortality, and financial management issues. Carl has broad experience in the life insurance industry, with a focus in the area of product development. Prior to joining Milliman, he was the senior financial officer for CNA’s life and group operations and president of its international life division. At Milliman, Carl has provided consulting services to a wide variety of life insurance companies, reinsurers, banks, and other financial services organizations. Carl is a frequent speaker at industry meetings, and has had various articles published in National Underwriter, The Actuary, and various financial publications. He has also co-authored several recent research reports for the Society.

Session: Report on Recent SOA Experience Studies Activity
Speakers: Jack Luff, FSA, FCIA, MAAA, and Pete Miller, ASA, MAAA

UCS: The Underwriting Criteria Scoring tool is an integral part of the new Principles Based Reserving methodology. This session will report on recent activity, including a preview of the online version that is being developed. PCS: A report on Preferred Class Structures was prepared last fall. This session will report on updates and extensions to this material. MORT: The Mortality and Other Rate Tables database contains a wide variety of rates from various sources. This session will briefly review the MORT process.

PLEASE FIND PRESENTATION HERE: Preferred Class Structure and Rate Database

PLEASE FIND UCS Tool PRESENTATION HERE: CAA Presentation B5 PJM 2016

Jack Luff is an Experience Studies Actuary with the Society of Actuaries, a position he has held for over 25 years. During this time, he has worked on most of the Society’s experience studies and the use of experience data for standard tables. His main areas of current interest are individual life insurance and, to some extent, individual annuities. He has spoken previously at the Chicago Actuarial Association workshops and at SOA meetings.

Pete Miller is an Experience Studies Actuary with the Society of Actuaries. He is working on validation criteria for the online UCS. He will be responsible for new disability and long-term care studies as they develop. Prior to joining the SOA in August, 2015, Pete worked for PolySystems for nearly 14 years. Among numerous responsibilities, Pete supported their PolySystems’ experience study system, Measure. He also has a deep background in life insurance and annuity valuation from his previous employment at two insurance companies.

Session: SOA Research Topic: Term Conversion Mortality Experience
Speaker: Donna Megregian, FSA, MAAA

In this session, initial results from the SOA’s term conversion mortality study will be presented. Attendees will be able to review how term conversion mortality experience is manifesting and hear about best practices when conducting company experience studies.

Donna Megregian is Vice President and Actuary of the U. S. Mortality Markets division at RGA Reinsurance Company, where she manages client services. She coordinates services provided by RGA such as benchmarking, client experience studies, and product development. She formerly worked on product development and pricing for Milliman, Lincoln Financial, Zurich Life, and CNO, focusing on term product development. She is an active member of the SOA and American Academy of Actuaries.

Session: Investment Markets and Insurer Stocks
Speakers: Daniel Winslow, FSA, CPA, and Kirk Kreikemeier, CFP®, CFA, FSA

PLEASE FIND PRESENTATION HERE: Inv Mkts and Insurer Stocks – Dan Winslow CAA Mar 23 2016

PLEASE FIND PRESENTATION HERE: Inv Mkts and Insurer Stocks – Kirk Kreikemeier CAA Mar 23 2016
This session will discuss the following topics:

A review of recent economic data
China economic data and questions
Demographic and structural choices for “advanced economies”
Money printing and other central bank activity impact on economies and investors
Update on insurance companies’ profitability and stock price
For those nearing or in retirement, impact on “hunt for yield” and different choices
Caution needed with historically “safe” portion of portfolio

Daniel Winslow is a Fee Based Financial Planner with Winslow Financial LLC since 2005. Mr. Winslow helps high net worth clients and 401(k) clients with investments and tax planning to meet their goals. Investments with tax efficiency, low annual fees and no sales commissions are emphasized. From 1987 to 2005 his roles at Trustmark Insurance Company included Vice President and Actuary from 1992. http://www.winslow-financial.com/

Kirk Kreikemeier is the principal of Pebble Valley Wealth Management, a fee-only Registered Investment Advisor. His firm helps individuals and small businesses understand their financial choices and reach their financial goals through comprehensive financial planning and investment management. Prior to forming this business in early 2008, Kirk spent nine years as a Portfolio Manager at Allstate Investments, LLC managing credit derivatives, structured assets and derivatives for various hedging programs. Kirk began his career at CNA Insurance Companies in various actuarial capacities including disability income pricing and asset-liability management. Kirk is a CFP® Professional, a CFA Charterholder and a Fellow of the Society of Actuaries. He majored in actuarial science through the business college at the University of Nebraska – Lincoln.