2024 ASNY FALL MEETING

Please join us for the 2024 ASNY Fall Meeting to be held on November 13, 2024! Don’t miss out on thought provoking sessions led by expert speakers including topics on professionalism, implementation of technology and other hot industry topics.
We are excited to announce that based on the positive feedback from last year’s event, we have reserved the same modern space in midtown Manhattan.
Venue: Ease Hospitality
Location: 1345 6th Avenue New York, NY 10105 (between 54th and 55th Streets)
Registration Fees
Prior to November 8th
- Paid-up Members and Subscribers: $425
- Non-Members: $475
November 9th to November 12th
- Paid-up Members and Subscribers: $475
- Non-Members: $525
Door Price (November 13th)
- Paid-up Members and Subscribers: $525
- Non-Members: $575
Schedule
8:00 - 9:00 am: Meeting Registration and Breakfast
9:00 - 9:15 am: Welcome Remarks
Becca Tao | ASNY VP of Meetings
David Tauber | ASNY President
9:15 - 10:15 am: Professionalism: Actuarial Considerations with Generative AI
Matthew Wininger, FSA, MAAA | Member, American Academy of Actuaries Committee on Professional Responsibility
Professional standards guide actuaries when we find ourselves in situations where appropriate actions are not immediately obvious and when we must explain our actions to others. Let’s discuss how new areas of practice and new technologies impact our actuarial professionalism framework.
The American Academy of Actuaries believes in good faith that attendance at this session constitutes an organized activity as defined under the current Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States, and that attendees may earn up to 1.2 organized and professionalism continuing education (CE) credits for attending this live session.
10:15 - 10:30 am: Break
10:30 - 11:30 am: The Future of the SOA Starts Now!
Amanda Hug, FSA, MAAA | Willis Towers Watson
The SOA recently approved an updated strategic plan, and SOA President & Chair Amanda Hug will share about the strategic focus of the SOA for the coming years. We’ll then launch into a table team trivia game. Finally, Amanda will welcome questions from the audience on all things SOA.
11:30 - 12:30 pm: SOA and the Profession’s Societal Purpose
David N. Ingram, FSA, CERA, MAAA
Sherry Chan, FSA, EA, MAAA
The SOA continues to highlight the importance of societal purpose across the global actuarial profession, which is especially of interest to the next generation of amazing exam candidates and young members. This session will highlight the variety of activities that the SOA and actuaries of all ages are involved in to further drive the profession's societal purpose. We are also hoping to get your feedback about what you are doing and what the SOA can do in the future.
12:30 - 2:00 pm: Lunch
2:00 - 2:50 pm: Breakout Session 1
Preparing for VM-22: Impacts to Data, System, Technology, and Operating Models
Sida Wen, FSA, MAAA | EY
Phil Rant, FSA, MAAA | Prudential Financial
Jonah Von der Embse, FSA, CERA, MAAA | New York Life Insurance Company
VM-22 introduces stochastic modeling requirements that will substantially impact data management, computational needs, and the supporting technology. (Re)insurers must prepare for increases in data volume, enhancements to modeling/data system capabilities, and associated evolving operating models, while also recognizing VM-22’s broader implications, including capital requirements, pricing strategies, and business operations.
Are Risks and Controls up to Par Post-implementation of the New Financial Reporting Standards (LDTI, IFRS 17)?
Kaushal Balanadu, FSA, MAAA | KPMG
Baudouin Richier, FSA, CERA | KPMG
With long duration targeted improvements and IFRS 17, the insurance industry just underwent the adoption of two of the most significant accounting changes in recent history. While many companies have now successfully completed their implementation projects and have passed their first external audit reviews, they have had to do so under tight deadlines with limited resources.
As a consequence, the production teams often lacked the time and resources to take the necessary step back to reflect on the new risks and adapt or set up a new set of controls. In practice, this can put companies in a vulnerable position where many of the new risks are not yet identified and/or fully understood, controls that have been set up lack proper documentation and governance and are performed manually in a spreadsheet creating more risks of errors.
Good risk management requires a solid understanding of all of these new risks as well as a proper set of preventive, detective and corrective set of controls. Being able to set up a proper risks & controls analysis can be extremely valuable to insurance companies and can help get to the next stage of understanding and communicating financial results in this new LDTI / IFRS 17 world.
Product Trends and Insights
Tamara Bogojevic-Catanzano, FSA | SCOR
Mikhail Laskin, FSA | SCOR
Brittany Lee, FSA, CERA | SCOR
This session will delve into the current product and rider trends and review the latest product innovations. It will offer insights into the life insurance purchase behavior of the younger generations.
2:50 – 3:05 pm: Break
3:05 – 3:55 pm: Breakout Session 2
Meeting New Demands in FP&A
Donnalyn Jampana, FSA, CERA | MetLife
Elaine Zhou, FSA | EY
Alpesh Sanghani, FSA, CFA | EY
Join this panel as we explore the key activities that financial planning and analysis (FP&A) teams perform and how actuarial teams support the FP&A processes. We'll discuss the typical FP&A analyses that we see companies perform and the usages of these outputs. We will also discuss our observations from the industry experiences, including common pain points, new demands on actuaries, and lessons we learned to improve FP&A processes.
Emerging Trends in ALM
Kelly Levin, FSA, MAAA | Oliver Wyman
The rising rate environment impacted life insurer’s ALM position as well as liquidity positions through both sides of the balance sheet. Effective 2024 year-end, the Bermuda Monetary Authority (BMA) is requiring explicit modeling of lapse risk in the Economic Balance Sheet (EBS). This presentation explores the impact of the rising rate environment on lapses, liquidity management, and the BMA regulatory reform.
Surveying the Landscape: Indexed Annuity Results
Erica Wan, FSA, MAAA | KPMG
Alfred Hu, ASA | KPMG
In May 2024, KPMG released its first Indexed Annuity Survey. This comprehensive survey covers key aspects such as: product design, policyholder behavior assumptions, Statutory and GAAP reserve methodologies, and hedging strategies. The survey specifically targeted companies that have been actively selling Fixed Index Annuities (FIA) and/or Registered Index-Linked Annuities (RILA) in recent years. In this session, we will explore the current landscape and share insights from the survey, helping you navigate the dynamics of the indexed annuity field.
3:55 – 4:10 pm: Break
4:10 – 5:00 pm: Breakout Session 3
Generative AI for Actuaries
Cedric Chamberland, FCAS, MAAA | EY
Jing Kai Ong, ASA | EY
David N. Ingram, CERA, FRM, PRM, FSA, MAAA | Actuarial Risk Management
Arthur da Silva, FSA, FCIA | Slope Software
This session begins with a brief introduction to Gen AI, including “what it is” and how to optimize outputs. Then, we will provide some insight into what we are seeing within the Actuarial space – this would include the extent to which actuaries are using Gen AI on a day-to-day basis, how they are going about using it, and applications in the general insurance industry. Finally, we will dive into some general and specific actuarial use cases – we have a few bespoke built actuarial demonstrations to show and will supplement this with a discussion on the broader spectrum of actuarial use cases.
Model Risk Management for Insurance Companies: A Fresh Perspective for 2024
Inna Kogan, FSA, MAAA, FCA | Willis Towers Watson
Konrad Skomial | KPMG
Recent global trends in both technology and regulation are causing US insurers to reassess their model risk management frameworks. Regulation continues to evolve in this space: in Canada, the Office of the Superintendent of Financial Institutions (OSFI) revised Guideline E-23 to instill more detailed model risk management standards; in Bermuda, the Bermuda Monetary Authority (BMA) has published Consultation paper 2 to add increased scrutiny on the data and models used by insurers. Insurers need to review the changes in MRM frameworks to ensure prudent revisions and reflection of these ever-changing landscapes of risk in their MRM framework. Reassessing the core pillars of MRM frameworks - risk measurement, model development, validation, monitoring, and governance – is key to understanding the consequences of the evolving market changes on insurers’ risk profile.
During the session we will review model risks, model risk management, recent drivers of change and how they should be considered in the context of MRM. We will explore best practices as it relates to MRM frameworks in light of current global trends.
Making Sense of Present and Future Earnings under LDTI
Sam Steinmann, FSA | RGA
Jack Pizzo, FSA | Oliver Wyman
Nick Bonelli | Oliver Wyman
Have you attempted to answer the question, “Claims this quarter were 5% better than expected, how much did that increase earnings?” in an LDTI environment? Now that LDTI is normal GAAP for most large US companies, we actuaries need to provide clear, consistent, actionable analyses of reported income under LDTI. This session is intended to provide some tools and insights for providing those analyses for products where the key reserve value is liability for future policy benefits(“LFPB”). (Note: analysis of Market Risk Benefits (“MRB”) is a separate topic, and will not be covered in this session.)
5:00 - 7:00 pm: Networking Cocktail Reception (with passed appetizers)