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2023 ASNY Fall Meeting
Ease 1345
1345 6th avenue
New York, New York 10105

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Wednesday, November 15, 2023, 8:00 AM - 7:00 PM EST
Category: Events


We cordially invite you to attend ASNY’s Fall Meeting, which will take place in person on Wednesday, November 15, 2023, from 8 am - 5 pm, with networking from 5:30 - 7 pm. The meeting will be held at a new venue! Ease 1345 (1345 6th Avenue, New York, New York 10105).

Registration Fees

Prior to November 11th

  • Paid-up Members and Subscribers: $425
  • Non-Members: $475

November 12th to November 14th 

  • Paid-up Members and Subscribers: $475
  • Non-Members: $525

Door Price (November 15th)

  • Paid-up Members and Subscribers: $525
  • Non-Members: $575


8:00 - 9:00 am: Meeting Registration and Breakfast

9:00 - 9:15 am: Welcome Remarks
Alex Potocki | ASNY VP of Meetings

9:15 - 10:15 am: Professionalism: Reflecting on the Headlines 
R. Dale Hall, FSA, MAAA, CERA, CFA | Society of Actuaries

10:15 - 10:30 am: Break 

10:30 - 11:30 am: Climate Change: Actuarial Roles and Strategies
Hannah Clouser, FSA, CERA | PwC
This session will explore why climate change is important to actuaries. The discussion will cover regulatory considerations, risk assessments, and scenario testing, offering insights into achieving net-zero emissions in insurance, and will explore crucial aspects of climate risk management and how actuaries can contribute to sustainable and resilient business practices.

11:30 - 12:30 pm: How Generative AI leverages Cloud Computing for insurance companies
Marcela Granados, FCAS, CSPA | Databricks
Martin Lavoie, FSA | MetLife
Insurance companies are either curious about the capabilities and technology behind Generative AI, or at a stage where they are willing to invest to get a first mover advantage. However, there are inherent risks associated with it, which positions an opportunity for actuaries to embrace this and mitigate the risks while maintaining proper actuarial standards of practice.
Also, given the heavy use of unstructured data and large volumes of data, the power of cloud computing and end to end data platforms become the foundation to do Generative AI the right way.

12:30 - 2:30 pm:  Lunch

2:30 - 3:30 pm:  Breakout Session 1

Choice Architecture and its Impact on Risk Decisions
Rich Lauria, FSA, CFA | Columbia University
Jon Burkhardt, Ph.D | Capita Neuro Solutions
Are the choices we make the same in certain versus uncertain situations? What pushes our choices in one direction or another? In this session, join our discussion on the elements that make up consumer choice architecture, how they interact with risk appetite and how to intervene in risk choices, using the National Flood Insurance Program (NFIP) as a case study. Together, we will explore behavioral considerations in risk appetite from the individual consumer and public policy perspectives. The latter will include environmental, social and governance considerations, including the challenges of climate change in a divided political landscape with limited resources. We will cite and use program data to support behavioral assessments. Appetite as a function of both risk preference and risk perception will serve as a foundational premise for the presentation. Learning outcomes: At the end of this session, you will be able to:-Understand the concept of risk appetite and how it is shaped by both preference and perception-Recognize the impact of choice architecture on a decision-makers risk appetite-Compare and contrast Expected Utility Theory and Prospect Theory and the unique context in which each is applicable-Enhance awareness of behavioral forces driving risk appetite decisions and their enforcement-Apply lessons learned from the NFIP experience to choice architecture considerations for public policy

Model Validation and Common LDTI Validation Observations
Jack Zheng, FSA, MAAA | EY
Tina Cao, FSA, MAAA | EY
The introduction and effective application of U.S. GAAP LDTI has increased the scrutiny of those reviewing the updated financial results. That is because LDTI has resulted in significant changes in actuarial reserving and deferred acquisition cost (DAC) models for long-duration contracts, including significant changes to data, assumptions, and required disclosures. In light of the changes, greater reliance has been placed on companies' model risk management (MRM) teams and model validations to assess the conceptual soundness and accuracy of actuarial models and the suitability and appropriateness of the underlying data and processes utilized. This presentation will give a brief background on model validation, walk through a sample LDTI-focused model validation framework/test plan, and provide insights on common LDTI-related validation observations based on the presenters' prior validation experience.

Assumption Governance: Best Practices and Current Trends
Alexander Tall, FSA, MAAA | Oliver Wyman

Mario Seddik, ASA, CFA | Oliver Wyman
Assumptions have been a critical component of actuarial work since the rise of the profession hundreds of years ago. Without well-developed, credible assumptions, reliable financial projections are an impossibility. Yet in 2023, there is still a wide range of assumption processes and governance practices in place throughout the life industry.  In this session, led by assumption and governance experts from Oliver Wyman, we will offer a look into best practices around assumption governance frameworks, leveraging OW’s 2023 assumption process and governance survey. We will examine what we’re seeing currently practiced throughout the industry and offer insights into what we’re doing well, as well as where we have opportunities to improve.

3:30 - 4:00 pm:  Break

4:00 - 5:00 pm:  Breakout Session 2

Fireside Chat: Asset Classes with Insurance Investors
Wen-Fu Wu, MBA | TIAA
Elizabeth Walsh, FSA, MAAA | TIAA
Presenter Wen-Fu Wu and moderator Elizabeth Walsh will discuss high level macro thoughts, talk about trends in the markets, what asset classes have been in favor with insurance investors, how we’re thinking about climate risk

Big data - What's Now and What's Coming? A peek into AI considerations and how regulators are reacting
Seong-min Eom, FSA, MAAA, PRM | New Jersey Department of Banking and Insurance
Amanda Turcotte, FSA, MAAA | Turcotte Consulting
Presenters will discuss how insurers are using big data including external data from various sources, the use of predictive models, and emerging GenAI technology straight from InsurTech Connect ITC 2023.  This new technology can impact the insurance product ratings and the presenters will discuss regulator concerns.  studies from actual implementations

Bermuda reinsurance - reserve and capital framework
Basha Hoffman, FSA, MAAA | Guy Carpenter
Peng Yang, FSA, MAAA | Oliver Wyman
This session will introduce the audience to the Bermuda Monetary Authority's (BMA) reserve and capital framework. The presentation will also provide a brief refresher on the different types of reinsurance and commonly seen reinsurance entity structures in Bermuda. Additionally, it will touch briefly on the forthcoming regulatory updates that will be effective on 1/1/2024. The presentation will conclude with a discussion of relevant transactions that have occurred in recent years.

5:00 - 7:00 pm:  Networking Cocktail Reception

For slides that are not linked below, please reach out to [email protected]

Professionalism: Reflecting on the Headlines

Climate Change: Actuarial Roles and Strategies

How Generative AI leverages Cloud Computing for insurance companies

Model Validation and Common LDTI Validation Observations

Assumption Governance: Best Practices and Current Trends