SOA ImpACT 2023

Innovation can be a challenging goal to achieve for many organizations. Come explore how actuaries at any career stage can drive innovation in their organization and how innovation happens in companies. You’ll also learn about what problems arise when organizations first start bringing an innovation mindset into play. Come discuss the practical aspects of making innovation happen for each person, whether they are an individual contributor, a team manager, personally responsible for organizational innovation, or ready to take the entrepreneurial leap.Session 2K: Thrive In a Brave New World – Actuaries Outside the Traditional RolesOver the past several years, actuaries have been increasingly expanding their career horizon to non-traditional fields such as technology, data analytics, and investment banking, to name a few. A panel of actuaries in leadership roles at various industries will discuss several topics.

Over the past several years, actuaries have been increasingly expanding their career horizon to non-traditional fields such as technology, data analytics, and investment banking, to name a few. A panel of actuaries in leadership roles at various industries will discuss several topics.

Model runtime is a common challenge for actuaries in the life and annuity space. In particular, applications such as pricing and forecasting may require the use of nested-stochastic calculations, which may require extensive computing resources or use of rough approximations. There are also other areas where runtime may be a challenge, such as projecting certain reserves or layering solving algorithms within actuarial calculations. Recently, runtime challenges have been exacerbated by the development of increasingly complex insurance products and changes in reporting frameworks, such as IFRS 17, LDTI, PBR, and Solvency II. Many approaches have been explored by actuaries in the past to address model runtime challenges.

Dive into the basics of Generative AI (including Large Language Models and ChatGPT), why it is important, and how might it potentially affect how people and actuaries perform their work. After a brief introduction, you’ll walk through some live demonstrations of the technology followed by interactive breakout discussions on how the technology might impact each attendee’s work. You will also culminate in a summarization of the breakouts, discussion of implications for the profession, as well as precautions to take when using the technology. Come discover the basics of the technology and its implications for the work performed by actuaries. They will also learn, via the live demonstration, how to access ChatGPT (or similar platform) and will follow along how to generate outputs from the application based on some example inputs provided. Take away some resources from which you can learn more about Generative AI, Large Language Models, ChatGPT, etc.

Join the discussion on how a recommended holistic International Financial Reporting Standard 17 (IFRS 17) modeling framework is key to unleashing the power of the IFRS 17 market-based accounting framework. In this session, you’ll see a demonstration on how to transform IFRS 17 reporting from a regulatory compliance exercise to a value-add management tool. Specifically, you will learn why flexibility and transparency are critical modeling features needed for the pricing and portfolio management of insurance blocks under IFRS 17, which are otherwise lost due to its inherent complexity.

Pension risk transfer (PRT) involves two distinct disciplines of the actuarial profession, retirement and life insurance. This session is open to all but targeted to retirement actuaries looking to understand the considerations of how PRT is priced by life insurance actuaries and the nature of the risks that life insurers face. If you’re a life insurance actuary, you will gain insight into how the retirement side views the PRT insurers, particularly in relation to safety.