18 Mar 2024 - 12 pm - 7:30 pm
voco Chicago Downtown – Worf Point 350 West Wolf Point Plaza Chicago
The Chicago Actuarial Association is scheduled for March 18, 2024, at voco Chicago Downtown – Wolf Point, 350 West Wolf Point Plaza, Chicago, IL 60654 (Holiday Inn).
Signup here: https://www.surveymonkey.com/r/VDXSCY7 .
Four tracks to choose from and educate yourself, with three sessions for featuring relevant content for actuaries. And a great opportunity to network. We are looking forward to having you!
Registration opens at 12:00 p.m. on the 14th floor.
Session A, 12:45 p.m. – 1:45 p.m.
Session B, 2:15 p.m. – 3:15 p.m.
Session C, 3:45 p.m. – 4:45 p.m.
Reception, 4:45 p.m. – 5:30 p.m.
Bias General Session, 5:30 p.m. – 6:30 p.m.
Dinner, 6:30 p.m. – 8:00 p.m.
The CAA workshops cover a variety of hot topics in each of the time slots. Use this opportunity to fulfill some of your continuing professional development requirements. You can earn up to 4.8 credits toward your annual AAA and SOA or EA CPD requirements while you meet and greet with other local actuaries face-to-face!
Immediately following the workshops, all are invited to a reception at 4:45 pm, followed by a Bias session. At 6:15 pm, dinner will commence for those who have chosen to stay. Dinner includes soup, salad, and dessert, and an entrée must be chosen at time of online registration.
We welcome and encourage students and non-actuaries to attend our workshops because
information covered is relevant to a wide range of work within the insurance and consulting
industries. Please share this information with others who may be interested.
The hotel is located near the Merchandise Mart, and parking is available nearby. The CTA Brown Line stops at the Merchandise Mart, as well.
Adam Cloe, Nathan Bernardi
Annuity Market Update
• Rapid growth in the annuity space (a three-year annual growth rate of nearly 20%) has not only caused carriers to experience unprecedented challenges and increasingly acute pain points, but also invited non-traditional competition that threatens market position. Deloitte has found that carriers hold diverse perspectives for most emerging themes, but are nearly universal in their desire to enhance distributor and customer experiences. For the following annuity marketplace trends, presenters will offer a strategic, operational perspective in addition to a traditional actuarial lens:
• Product – sales trends, lapse experience, prevailing economic trends, and shifting marketplace demand
• New Business – speed to market capabilities, implications of private equity plays, trends in financial engineering, and regulatory concerns
• Distributor and Customer Experience – distribution relationships, generational wealth transfers, consumer education, and other areas primed for investment
• Technology and Servicing – legacy systems, enabling infrastructure, disruption from emerging tools, and GenAI use cases
• In addition to providing relevant market perspective, presenters will share Deloitte insights on how annuity business leaders may act to address concerns as the realities of today’s annuity market continue to unfold. This interactive session will allow participants to drive meaningful discussions based on their unique and perspectives and go-forward priorities, open to topics not covered in prepared materials. Attendees will leave with an understanding of recent unprecedented trends in the annuity market and an appreciation for how today’s action will shape tomorrow’s competitive landscape. ”
Adam is a Senior Consultant in Deloitte’s Actuarial & Insurance Solutions practice. He has extensive experience serving multinational direct writers and reinsurers, with a primary focus on financial reporting and the operational transformation driven by emerging regulations. Adam has a deep knowledge of U.S. GAAP Long Duration Targeted Improvements (LDTI) with a successful track record driving implementation, data store transformation, ledger redesign, and cloud migration.
He also supports Deloitte’s Audit practice, opining on the accuracy of reserves and other actuarial balances across domiciles, assessing the quality of experience studies and the reasonableness of actuarial assumptions, and advising management on the impacts of new products, proposed reinsurance deals, and captive establishment. Adam is increasingly focused on opportunities for (re)insurers to retain or grow market share by augmenting financial reporting processes, leveraging core competencies, optimizing the value chain, and diversifying product offerings. Adam graduated from Drake University with degrees in Actuarial Science, Finance, Mathematics, and Data Analytics. He is an FSA, CERA, MAAA, and Level 3 CFA candidate.””
Nathan is an experienced consultant that focuses on insurance strategy and operating model transformation, primarily within the life and annuity sector. With nearly a decade in the insurance industry, Nathan has extensive experience leading cross-functional teams across his clients’ organizations to drive business value and desired outcomes through holistic delivery and stakeholder communication and management.”
Retirement Research from the Society of Actuaries
The Society of Actuaries Aging and Retirement Strategic Research program focuses on a variety of stakeholders: individuals, benefit plan sponsors and administrators, financial service companies and society at large. The program partners with other SOA strategic research programs and it also partners with outside organizations. It builds on 25 years of work from the Committee on Post Retirement Needs and Risks and many of its projects have a multi-disciplinary focus. The program aims to respond to the needs of stakeholders by assessing societal challenges and helping find solutions in a changing world.
The presentation will highlight areas of research and consumer education, describe what the SOA Research Institute is doing in this area and present some key findings from the projects.
Among topics to be covered include:
• Exploration of What Employees Want in a Retirement Plan
• Managing Retirement Decisions
• Retirement Planning Perspectives of Early Middle Age Consumers
• Impact of Megatrends on the Future of Retirement
• Upcoming Research ”
Carol Bogosian, President of CAB Consulting, is an Associate of the Society of Actuaries and has over 30 years of experience as an actuary providing advice on defined benefit and defined contribution pension plans and retirement planning issues. Previously, she was a principal in a major consulting firm as a senior actuary and consultant providing retirement services to individuals and corporate clients. Her focus of interest is managing risks in retirement and increasing individual’s retirement financial literacy. She has spoken publicly at various professional associations on retirement and financial planning topics. She previously served on the Retirement Section Council and currently serves on the Research Institute’s Aging and Retirement Strategic Research Program, the Post Retirement Needs and Risk Committee and the Research Executive Committee of the Society of Actuaries.
Society of Actuaries Health Research Update
The Society of Actuaries launched its Health Care Cost Trends (HCCT) Strategic Research Program in 2020, coinciding with the 10 year anniversary of the Affordable Care Act and the beginning of the COVID-19 pandemic. This program was designed to provide relevant industry research to inform the profession on the latest trends impacting healthcare costs. This session will consist of an introduction to how health research is done at the SOA and will feature two recently released research reports: Calculated Risk: Driving Decisions Using the 5/50 Research and Health Care Provider Consolidation and Shortages.
Achilles Natsis is a Fellow in the Society of Actuaries and a Member of the American Academy of Actuaries. Achilles is the Health Research Actuary at the Society of Actuaries. He has experience in Medicaid, Commercial Medical, Group Life and Disability. He has worked on rate filings, valuation, and provider negotiations for Managed Care Organizations and Insurance Carriers.
Kiu Yuen , Kristian Konstantinov
Generative AI: Intro and practical application
Overview of Generative AI, starting with an introduction to its fundamentals, applications, and evolution. Go over importance of governance and regulation in the field, touching on ethical considerations and global regulatory frameworks. Live demonstrations of Proof of Concept to showcase real-world applications and the potential of Generative AI technologies, aiming to generate ideas.
Kiu is an accomplished FSA with ten years of experience in life and health consulting and corporate roles. With a proven track record of delivering results in LDTI accounting, financial reporting, traditional life valuation, assets modeling, and rate filings, Kiu’s expertise is backed by strong project management skills, including leading two successful LDTI implementations and managing diverse teams of analysts and developers. Outside of Kiu’s professional experience, she has demonstrated a strong commitment to the actuarial profession through her volunteer work with the Society of Actuaries. As Chair of the Young Professional Advisory Council (YPAC) in 2023, she is passionate about developing the next generation of actuaries and ensuring that our profession continues to evolve and thrive. Kiu holds a Bachelor’s degree from University of Minnesota – Twin Cities, and she is a member of the American Academy of Actuaries. Known for her attention to detail, analytical mindset, and ability to lead cross-functional teams, Kiu is highly regarded by clients and colleagues alike.
Kristian is a Fellow of the Society of Actuaries with an extensive focus in asset modeling and capital optimization strategy. He has over 9 years of industry experience working with disability, health, and annuity products. Recently he has been part of EY’s initiative in exploring potential applications of generative AI and how it could be used within the actuarial space. Additionally, he is a member of the American Academy of Actuaries and holds a CERA designation. Kristian holds a Bachelor’s degree from DePaul University in Chicago.
Margaret Resce Milkint
Standing Out in the Market and the Importance of Building Your Own Personal Advisory Board
Navigating your career with its shifts and its twists requires a fresh look and an innovative approach.
• Learn about today’s market trends and set a strategy to succeed amidst its rapid change, opportunities and obstacles.
• Explore a new concept: creating your own Personal Advisory Board! Similar to executives needing an array of advisors, mentors, and role models, as the “CEO of YOU”, you need a group of people you can call on when you need decision-making assistance or outside perspectives as you explore a new alternative.
You will be introduced to the topic of a Personal Advisory Board and how to identify people who will help you make big decisions and navigate unknown paths in your personal and professional life, and how best to create your own board.
Don’t miss this opportunity to develop actionable next steps to cultivate a Personal Advisory Board that can help you weigh your options, feel supported, see things in a new light, or feel empowered as you step into your power!
Margaret is a talent strategist, DEIB champion and an evangelist for talent innovation, transformation and excellence. Her 35-year executive search career has focused on insurance and healthcare in the C-suite and Board Director searches. She offers depth in the property and casualty, life, health, and reinsurance sectors, including insurtech. Margaret is an active pro-bono industry speaker, moderator, storyteller, mentor, podcast guest and thought leader on recruiting trends and career forecasting. She shares her insights and advice with industry publications, non-profit groups and universities as a guest lecturer and workshop facilitator. Margaret received her bachelor’s degree in English with concentrations in French and marketing from the University of Illinois at Urbana-Champaign.
Mortality Findings You Should Know from the Individual Life Experience Committee
In this wide-ranging session, expect updates on the work of the SOA Research Institute’s Individual Life Experience Committee (ILEC) and delve into some interesting recent research. Among the topics to be discussed includes:
• A preview of the new ILEC Experience Study report
• Results of variability analysis by company quintiles
Pete Miller, ASA, MAAA, has been an Experience Studies Actuary at the Society of Actuaries (SOA) since August 2015. His primary responsibilities are managing life insurance experience studies, and he has been heavily involved in population mortality research, setting GRET factors, and supporting SOA experience study data initiatives. Before his current role at the SOA, Pete worked for fourteen years at PolySystems, where he primarily supported 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.
Navigating Model Risk in Insurance: Strategies for Model Validation Excellence
This session on Model Validation is tailored specifically for insurance companies. In today’s dynamic regulatory environment, the need for rigorous oversight and robust model risk management practices has never been more crucial. As insurers increasingly adopt sophisticated modeling techniques to assess and mitigate risks, ensuring the accuracy and reliability of these models becomes paramount.
The session will delve into the intricacies of Model Validation within the insurance sector, from navigating regulatory requirements to implementing best practices, attendees will gain invaluable insights into safeguarding their organizations against model risk.
Key topics to be explored include:
• Understanding regulatory expectations and compliance frameworks
• Identifying and mitigating model risk across various insurance functions
• Leveraging advanced validation techniques and technologies
• Establishing robust governance and control mechanisms
• Real-world case studies and practical insights from seasoned practitioners
Whether you’re an actuary, risk manager, or industry professional, this event offers a unique opportunity to enhance your understanding of Model Validation and network with peers facing similar challenges.
Don’t miss out on this essential gathering to stay ahead in today’s rapidly evolving model risk insurance landscape.
Alberto Ramirez is a consultant specializing in compliance and risk management for insurers, banks, and financial institutions worldwide. He is a member of the American Academy of Actuaries and a Fellow of the Conference of Consulting Actuaries. Alberto actively contributes to academia, serving on the Actuarial Advisory Board at Roosevelt University and collaborating with faculty and students on capstone projects at the University of Chicago and the University of Illinois. Alberto has held some leadership positions, including Chairmanship of the Compliance Committee at the Mexican Actuarial Society “Colegio Actuarial Mexicano” and served as a research leader at the Society of Actuaries. He earned his degree in actuarial science from UNAM in Mexico.
Level-Funded Health Coverage for Employer Groups
Level-Funded arrangements combine a relatively small self-funded component with stop-loss insurance, which limits the employer’s liability and transfers a substantial share of the claim expenditure risk to the insurer. Level-Funded products are gaining traction in several states for both small employer and mid-market groups. This session will discuss how Level-Funded products are priced and underwritten, who the major players are in the Level-Funded marketplace, and why these products are continuing to become popular with brokers and employer groups. This session will also address carrier strategies and their implications to the ACA small group and mid-size markets.
Robert Hastings is currently a Senior Director – Small Group Pricing for Health Care Service Corporation. He has several years of actuarial experience working in Commercial Group, Medicaid, Medicare Advantage/Supplement, and Individual Health. Areas he has worked include product development, provider network valuation, financial reporting, rate filings, and regulatory consultation. In addition to working with a diverse group of actuaries over the years, he has also worked extensively with underwriters, provider contract negotiators, claim adjudication operations, and senior leadership at major health insurers. Robert brings a unique perspective and broad knowledge base of our continually evolving healthcare delivery system. Robert has been happily married to a registered nurse for the past 21 years. They have a daughter who is a sophomore studying to become a nurse practitioner at the University of Minnesota and a son who is a senior in high school looking at colleges.
Derek Mulder and Dan Karrow
Actuarial Hiring 101: What’s Trending and What Employers are seeking in candidates
An overview of the recent actuarial market and what skills are in-demand, and a discussion around where we think hiring is trending in 2024 and beyond
Derek joined DW Simpson in 2003. He transitioned to leading his own team in December 2005. Throughout his career at DW Simpson, Derek has worked with actuaries at every stage of their careers – from students progressing through exams to designated individuals with extensive leadership experience. Additionally, he has successfully placed candidates into various emerging areas beyond actuarial such as enterprise risk management, catastrophe and predictive modeling, and data analytics.
Derek regularly attends annual professional conferences and seminars sponsored by actuarial and related organizations. He has also presented at past meetings. Derek believes that attending and presenting at such events assists in his ability to provide the most current information and comprehensive service to the clients and the candidates with whom he works on an ongoing basis.
Derek graduated from Wartburg College in Waverly, Iowa with a bachelor’s degree in business management. Derek is married and has three young daughters who keep him busy. Outside of the office he enjoys traveling, the arts and a good conversation about the Chicago Cubs’ chances this year.
Dan is a Senior Director with DW Simpson and joined the firm in 2004. He has a successful track record placing actuaries from the student to chief actuary level within the P&C, Life, Retirement, and Health Industries. He has also assisted predictive modelers, financial modelers, catastrophe modelers and other quantitative professionals in finding positions. Although his focus is on North America and Bermuda, Dan also has a keen interest in international insurance markets and global opportunities for actuaries.
Prior to joining DW Simpson, Dan worked with the Men’s Soccer program at Loyola University Chicago. In that role Dan served as the lead recruiter and assistant coach. Dan earned his Bachelor’s in History from Loyola University in 1996 and his Master’s in Education in 1998. Originally from the Chicago area, he lives here with his wife and three children. His outside interests include following European soccer, real estate, traveling and coaching youth soccer.
Christian Phillips, Ruian Chen
Introduction to ALM Modeling and Strategic Asset Allocations
– Introductory overview to ALM modeling, key components involved, the assumptions required, and common use cases
– Intermediate deep dive into strategic asset allocation, the benefits it can bring to insurance companies, and considerations in a rising interest rate environment
Christian Phillips is a Manager at the Oliver Wyman Actuarial US Life Practice. He specializes in designing ALM models, Prophet model conversion/validation, and implementing production processes for statutory components. He is an Associate of the Society of Actuaries and graduated from Drake University with a Bachelor of Science in Business Administration for Actuarial Science and Data Analytics.
Ruian Chen, Ph.D., is a Consultant at the Oliver Wyman Actuarial US Life Practice. He specializes in ALM modeling, strategic asset allocation, model conversion/validation, and advanced data analytics. He is an Associate of the Society of Actuaries and a Chartered Enterprise Risk Analyst. He received his Ph.D. degree in Mathematics at the University of Michigan.
Hot Tax Topics
The session would include discussions on recent hot tax topics including reinsurance, reserves, product tax and information reporting. The discussions would focus on recent developments and how regulation changes affect tax and actuarial work.
Aria is the tax actuary from Symetra Life Insurance Company. She provides technical tax actuarial expertise to enterprise, including collaborating with actuaries and other professionals in financial reporting, modeling, pricing and risk management functions and developing solutions to other tax actuarial matters affecting tax provisions, tax returns, tax planning and strategy.
Natalia Gavrilov and Leonid Gavrilov
Unhealthy Longevity in the U.S. “Unhealthy Longevity in the U.S.
There are different types of impairments such as physical disability, mental health and chronic illnesses. Individuals with each of these types of conditions have different mortality expectations. In this session, presenters discuss the results of their research comparing U.S. general population mortality and life expectancy using different definitions of health status including those individuals with and without impairments.
Dr. Natalia S. Gavrilova, Ph.D., is an expert in demographic methods, biomarkers of aging and early-life effects on longevity. She is 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 national and international funding agencies, including the International Science Foundation, the European Union, Society of Actuaries and the National Institute on Aging. She was a Principle Investigator of NIH-funded project “Biodemography of Old-Age Mortality” and project “Mortality Analysis of 1898-1902 Birth Cohort” supported by the Society of Actuaries. 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 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. Dr. Gavrilov has over 30 years of professional experience in this area of research and published more than 100 scientific papers on the 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 the 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” and Co-Investigator on the NIA-funded project on late-life mortality. He is a regular invited speaker at the Annual meetings of the Chicago Actuarial Association and international meetings “Living to 100” organized by the Society of Actuaries. Dr. Gavrilov is an Editorial Board Member of the scientific peer-reviewed journals “Journals of Gerontology – Biological Sciences,” “Gerontology” and “Journal of Demographic Economics”. Dr. Gavrilov is currently working at NORC at the University of Chicago. Leonid Gavrilov is a fellow of the Gerontological Society of America. Read more at: http://longevity-science.org/CV-gavrilov.htm”
Climate Change and Mortality: Time for Actuaries to Pay Attention
Most attention by the life insurance and annuity industries to date has been on the effects of climate change on invested assets. In this session, the mortality-related risks of climate change that affect product and program financial performance and customers will be discussed
Sam Gutterman is a retired consulting actuary, formerly with PricewaterhouseCoopers Chicago. He provided consulting services to life and non-life insurance companies around the world, although primarily in the U.S., as well as to governmental departments and agencies. He has over forty five years of experience serving the insurance industry and governments. He has held a wide range of committee and working party positions in the Society of Actuaries (SOA), the Casualty Actuarial Society, the American Academy of Actuaries and the International Actuarial Association. He served as President of the SOA from 1995 to 1996 and was the chairman of the Committee on Insurance Accounting of the IAA between 1987 and 2011, vice-chair of the IAA’s Resource & Environment Working Group and the IAA’s Population Issues Working Group, and a member of its Mortality Working Group. He is the author of numerous actuarial papers and a book on expenses of life insurance companies, and is a regular speaker at actuarial conferences around the world. He is now a member of the SOA’s steering committees on Mortality & Longevity, Aging and Retirement, and Catastrophe and Climate.
Enrique Schulz, Gouri Kumaran
Barriers to entry into the actuarial profession: causes and strategies to overcome obstacles
Lack of awareness, late awareness and lack of preparation are some of the barriers to entry into the actuarial profession, especially for people of color. This session will delve into the societal and cultural causes for these barriers, and strategies to overcome these obstacles. The session will also look into ways the actuarial profession can eradicate these barriers, leading to more diversity in the profession.
Enrique is a PwC Manager specializing in Mergers and Acquisitions within the Deals Transformation team. He handles pre- and post-deal HR transactions, including equity payouts, benefit harmonization, compensation alignment, executive agreements among many other HR-related needs. As part of his professional commitment towards building a diverse environment in the consulting profession, he actively engages and volunteers with groups such as the Organization of Latino Actuaries (OLA) and the Latino Inclusion Network (LIN) at PwC. He also proudly serves on the Loyola Marymount University Alumni Board of Directors.
Gouri has performed actuarial work for over 15 years. Her primary areas of expertise are Modeling and Financial Reporting. She is currently employed at Kuvare as AVP for Model Governance. Prior to that, Gouri worked in both consulting and the industry. Before stepping into the actuarial field, she spent several years in the IT field in various roles, ranging from programmer to project manager. Gouri believes in practicing inclusion in her professional life and beyond. She is the a board member at South Asian Network of Actuaries and has been active in DE&I initiatives at her current and former employers. She believes in giving back through volunteering, and is on the exam committee and the DEI committee at the SOA. In her spare time, Gouri likes to dance, read and exercise.
Innovation, what a buzz word. Design Thinking is another one. And InsurTech too. Let’s walk together along a few examples to understand what these concepts cover, how they can be used, and how this impacts the actuarial professions.
As a solo consultant with over 25 years of actuarial experience, David Schraub brings the actuarial lens into innovation and technology for the insurance industry. He advises clients on how to integrate technical innovation into their business models, products, and processes, while avoiding or mitigating risks of unintentional algorithmic bias, data privacy, and regulatory compliance. Previously, David was the Senior Practice Research Actuary at the Society of Actuaries (SOA), where he supported research and continuing education on innovation and technology, as well as the InsurTech initiative.
5:15-6:15 – General session – Bias and Ethics in Insurance
Presenters: David Schraub and Lisa Schilling
Bias, ethics, unlawful discrimination, unjust discrimination, unfair discrimination, gender, sex, race, disparate treatment, disparate impact, proxy discrimination… It is hard to know how to do the right thing. This session will go over recent published papers from the SOA and the AAA in order to help actuaries putting their arms around these concepts, as well as some recent regulatory/legislative developments in Colorado and New York.
You don’t have to sign up for the dinner to attend the session.