SEAC Program - Actuary.com
SEAC Program - Actuary.com
SEAC Program - Actuary.com
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Southeastern<br />
Actuaries<br />
Conference<br />
Fall Meeting<br />
November 10 – 12, 2004<br />
The Hyatt Regency<br />
Savannah, GA<br />
Executive Committee<br />
President<br />
Vice President<br />
Secretary/Treasurer<br />
Membership Chairman<br />
Past President<br />
Member at Large<br />
Member at Large<br />
Lonnie A. Etheridge<br />
J. Wade Luther<br />
Bradley D. Leonard<br />
Janet D. McGowin<br />
James D. Atkins<br />
Ralph J. Sayre<br />
Stuart D. Rachlin
Wednesday, November 10 th – Pre-Meeting Seminars<br />
2:00 p.m.–5:00 p.m. Seminar #1: Individual Life and Annuity Pricing in 2010 – Sponsored by<br />
the Tillinghast business of Towers Perrin<br />
Overview of current individual life and annuity markets<br />
Trends in profitability including a review of the Tillinghast 2004 Pricing<br />
Methodology Survey results<br />
Market consistent value (“Fair Value”) and its impact on pricing<br />
The power of scale and its impact on pricing<br />
Project and trends pricing: term, UL, and annuities<br />
The individual life and annuity market in 2010<br />
‣ Speakers: Duncan Briggs, John Fenton, Doug Robbins, David<br />
Weinsier, Doug Doll, Noel Harewood, and Mike Taht<br />
2:00 p.m.–5:00 p.m. Seminar #2: Consumer Directed Health Products – Sponsored by Reden<br />
& Anders, Ltd.<br />
4:00 p.m.–5:30 p.m. Registration<br />
HRA/HSA product overview<br />
Building a cost-effective product<br />
Claim experience: three case studies<br />
Operational and implementation issues<br />
5:00 p.m.–7:00 p.m. Reinsurers Reception<br />
Thursday, November 11 th<br />
7:15 a.m.–8:05 a.m. Registration and Breakfast<br />
8:15 a.m.–8:30 a.m. Business Session<br />
8:30 a.m.–8:45 a.m. Presidential Address<br />
8:45 a.m.–10:00 a.m. General Session<br />
‣ Speakers: Brent Greenwood, Jim Drennan, Kismet Toksu, and Paul<br />
Lupica<br />
Election 2004: What will happen to Life Insurance?<br />
• Election results – what does it mean for life insurers?<br />
• Retirement security<br />
• Optional Federal Charter<br />
• Tax agenda<br />
‣ Kimberly Olson Dorgan<br />
Senior Vice President, Federal Relations<br />
American Council of Life Insurers<br />
2
10:00 a.m.–10:30 a.m. Break<br />
10:30 a.m.–12:00 p.m. General Session<br />
Election 2004: What will happen to Health Insurance?<br />
‣ Rowen B. Bell<br />
Associate <strong>Actuary</strong><br />
Blue Cross/Blue Shield Association<br />
<br />
Data Warehousing<br />
• Get returns on the data warehouse investment<br />
• Avoid wasting money<br />
• Provide appropriate ongoing support<br />
‣ Joyce B. Whaley, FSA, MAAA<br />
Assistant Vice President<br />
UnumProvident Corp.<br />
<br />
Life and Health NAIC Update<br />
• AXXX/Actuarial Guideline 38<br />
• Annuity nonforfeiture<br />
• General nonforteiture<br />
• C-3 Phase 2 RBC<br />
• LTC Reserves<br />
• Interstate <strong>com</strong>pact<br />
‣ Robert B. Crompton, FSA, MAAA<br />
Consulting <strong>Actuary</strong><br />
Actuarial Resources Corp.<br />
<br />
Who’s got game? – Risk Management in Banks vs. Insurers<br />
• Taxonomy of risk<br />
• Level of integration<br />
• Industry characteristics<br />
• Regulatory drivers<br />
• Applicable techniques<br />
‣ Narayan S. Shankar, FSA, MAAA<br />
Staff Fellow<br />
Society of Actuaries<br />
12:00 p.m.–1:30 p.m. Lunch<br />
1:30 p.m.–3:00 p.m. General Session<br />
<br />
Increase profits or you’re fired!<br />
• Meeting profit objectives for life and health insurance<br />
• Management levers and other mechanisms to increase profits<br />
• Plugging a leaky faucet<br />
• Is it possible to be TOO profitable?<br />
‣ James N. Van Elsen, FSA, MAAA<br />
President<br />
Van Elsen Consulting Inc.<br />
3
Models for every occasion<br />
• Using one actuarial model for multiple purposes (pricing, cash flow testing,<br />
DAC unlocking, corporate projections, etc.)<br />
• Integration considerations<br />
• Controlling the integrity of the models<br />
• Calibrating the models<br />
3:00 p.m.–3:30 p.m. Break<br />
‣ Rebecca B. Scotchie, FSA, MAAA<br />
Consulting <strong>Actuary</strong><br />
Tillinghast Business of Towers Perrin<br />
Consumer Driven Health Plans<br />
Consumer-centric healthcare is growing up. Experience from the early adopters<br />
of consumer-centric plans has formed the basis for improved versions, creative<br />
new ideas, and exciting product designs. Second generation products are now<br />
available to employers with more improvements rapidly on their way. Greater<br />
awareness in the market and a growing number of believers are building a<br />
reservoir of thoughtful and creative new solutions to old problems. National and<br />
regional payors have invested millions in new systems and product<br />
development. Second, third and even fourth generation products are being<br />
developed and envisioned as the transformation of employer based health and<br />
healthcare is now well underway. Tax advantaged Health Savings Account and<br />
Health Reimbursement Arrangements have been added to the legal and<br />
regulatory landscape. The transformation of health and healthcare will<br />
dramatically change the way health and healthcare is purchased.<br />
‣ Ronald E. Bachman, FSA, MAAA<br />
Partner, Health Care<br />
PricewaterhouseCoopers LLP<br />
3:30 p.m.–5:00 p.m. Concurrent Session – Life Insurance<br />
<br />
Return of Premium Term Products<br />
• Design features<br />
• Sales trends<br />
• Regulatory issues<br />
• Pricing challenges<br />
‣ Dominique Lebel, FSA, FCIA, MAAA<br />
Consulting <strong>Actuary</strong><br />
Tillinghast Business of Towers Perrin<br />
<br />
Update on Interest Sensitive Life Products<br />
• What’s new with UL – both fixed and flexible premium<br />
• Secondary Guarantees<br />
• Lapse/Mortality Experience<br />
• Effect of low interest rates<br />
• Complying with SOP 03-01<br />
‣ Rod E. Rishel, FSA, MAAA<br />
Universal Life Business Leader<br />
Genworth Financial<br />
4
Hardening in the Life Reinsurance Market<br />
• Effect on capacity<br />
• Lack of reinsurance for some product lines<br />
• Impact of consolidations<br />
• Effect on pricing and terms<br />
‣ George J. Hrischenko, FSA, MAAA<br />
Second Vice President and Marketing <strong>Actuary</strong><br />
Transamerica Reinsurance<br />
3:30 p.m.–5:00 p.m. Concurrent Session – Health Insurance<br />
<br />
Predictive Modeling<br />
• CMS revenue adjustments<br />
• Commercial risk adjuster software<br />
• Uses in Small Group Medical<br />
‣ Courtney R. White, FSA, MAAA<br />
<strong>Actuary</strong><br />
Milliman, Inc.<br />
<br />
Provisions of the Medicare Modernization Act<br />
• Follow-up to general session presentation<br />
• New Rx benefit in 2006<br />
• New prescription drug card<br />
• New Medicare Advantage <strong>Program</strong><br />
• Regional PPO’s<br />
• Provider payment reform and rural health provisions<br />
‣ Todd W. Whitney, FSA, MAAA<br />
Senior Consulting <strong>Actuary</strong><br />
Wakely Consulting Group<br />
<br />
Financial Forecasting for Health Plans<br />
• Scenario testing<br />
• Modeling the underwriting cycle<br />
• Re-forecasting<br />
6:30 p.m.–7:30 p.m. General Reception<br />
Friday, November 12 th<br />
7:15 a.m.–8:05 a.m. Breakfast<br />
8:15 a.m.–8:30 a.m. Business Session<br />
‣ James H. Baum, MAAA<br />
Vice President<br />
Actuarial Resources Corp.<br />
5
8:30 a.m.–10:30 a.m. General Session<br />
<br />
Life Insurance Securitizations<br />
• What exactly is a securitization?<br />
• Reasons for securitizing<br />
• Key issues for developing/implementing a securitization<br />
• Role of financial guarantors<br />
• View of rating agencies toward securitizations<br />
‣ John M. Fenton, FSA,MAAA<br />
Principal<br />
Tillinghast Business of Towers Perrin<br />
<br />
Update on Annuity Products<br />
• What’s hot and what’s not<br />
• Fixed annuity trends<br />
• Variable annuity trends<br />
• Impact of low interest rates and volatile markets<br />
• Pricing/profitability challenges<br />
‣ Timothy C. Pfeifer, FSA, MAAA<br />
Consulting <strong>Actuary</strong><br />
Milliman, Inc.<br />
<br />
How Wall Street Looks at Insurance Companies<br />
• How I ended up in such an unusual job for an actuary<br />
• How does Wall Street evaluate life insurers, health insurers, and other insurance<br />
<strong>com</strong>panies?<br />
• The deficiencies of the Wall Street model<br />
• My alternative model<br />
‣ David J. Merkel, FSA, CFA<br />
Senior Investment Analyst<br />
Hovde Capital<br />
Contributing Writer for RealMoney.<strong>com</strong><br />
10:30 a.m.–11:00 a.m. Break<br />
11: 00 a.m.–12:15 p.m. Workshops<br />
1. Stochastic Modeling<br />
• Uses and limitations of stochastic models<br />
• Methodologies and assumptions used in generating scenarios<br />
• Scenario reduction techniques<br />
• Evaluating and analyzing results<br />
• Stochastic mortality<br />
‣ Noel H. Harewood, FSA, MAAA<br />
Consulting <strong>Actuary</strong><br />
Tillinghast Business of Towers Perrin<br />
6
12:15 p.m. Adjourn<br />
2. Health Topics<br />
• Follow-up to general and concurrent sessions: consumer driven health plans,<br />
predictive modeling applications, impact of the Medicare Modernization Act, and<br />
financial forecasting<br />
• Medical cost trends<br />
• Regulatory issues<br />
• Valuation issues<br />
‣ Hank Frantz, FSA, MAAA<br />
Actuarial Consultant<br />
Actuarial Insights LLC<br />
‣ Will Shrader, FSA, MAAA, FLMI<br />
VP and Chief <strong>Actuary</strong><br />
Blue Cross Blue Shield of South Carolina<br />
3. Life Financial Reporting Topics<br />
• SOP 03-1<br />
• Actuarial Guideline 38<br />
• Sarbanes-Oxley<br />
• Internal replacement SOP<br />
• Emerging RBC issues<br />
• Economic value reserves<br />
‣ Lance E. Schulz, FSA, MAAA<br />
Assistant VP and Associate <strong>Actuary</strong><br />
Jefferson Pilot Financial<br />
4. Life Insurance Product Topics<br />
• Impact of the 2001 CSO Table<br />
• Underwriting the older ages<br />
• Simplified issue products<br />
• Reinsurance capacity<br />
‣ James M. Filmore, FSA, MAAA<br />
Assistant Vice President<br />
Munich American Reassurance Co.<br />
7
Membe rs Joined Since Last Meeting<br />
Mike Burns<br />
Barbara Crabtree<br />
Charles Dunn<br />
Andrew Gaffner<br />
Nancy January<br />
Paul Lupica<br />
Jody Mistal<br />
Tom Mylander<br />
Bill Obert<br />
Stephen Rook<br />
Kevin Seglem<br />
Bill Strong<br />
Jefferson Pilot Financial<br />
Legal & General America<br />
University of North Carolina - Chapel Hill<br />
Amedex Insurance Group<br />
Legal & General America<br />
Reden & Anders<br />
Western Reserve Life<br />
Legal & General America<br />
UNUM Provident<br />
Liberty National Life<br />
Primerica Life<br />
Universal American<br />
Future <strong>SEAC</strong> Meeting s<br />
Hilton Key West Resort & Marina Key West, FL June 22-24, 2005<br />
The Westin Charlotte, NC November 16-18, 2005<br />
Loews South Beach Miami, FL June 14-16, 2006<br />
8
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