Deep Dive Into Hybrid Life/LTC Products

Only available as part of a package

The presenters will share information about: 

  • Insights into causes of death through the use of predictive models, based on a reinsured US life portfolio, using logistic regression models to understand three main causes of death: cancer, heart and external causes; 
  • Opioid abuse is a widespread phenomenon with drug-related mortality rates rising steeply in the U.S. over the past two decades. But what does the most recent data tell U.S. about the outlook for Opioid-related mortality?; 
  • 'Deaths of despair' have been publicized as a cause for the poor performance of U.S. mortality in recent years. The presenters will discuss the different causes under this label, their evolution and explore the drivers behind them.

At the conclusion of the session, attendees will:

  • Have insights on cause of death observations in the individual life insurance population and use case of predictive modeling for cause of death analysis
  • Understand opioid epidemic impact on mortality of different segments 
  • Have an accurate understanding of the magnitude and drivers of the 'Deaths of despair' issue"

Sean M. Pena, FSA, MAAA (Moderator)

Mr. Pena is a Senior Consulting Actuary with LTCG. Prior to joining LTCG, he was a Consultant with Willis Towers Watson for 7 years. Sean has 13 years of actuarial experience in pricing, valuation and financial reporting, inforce management, reinsurance, and financial projections. In addition to his LTC experience, Sean is also viewed as an expert in GAAP and Statutory valuation, term life and IUL products, asset modeling, and reserve financing transactions. His responsibilities and recent project endeavors include: - Leading long-term care first principles model conversions - Development of a cutting-edge first principles Hybrid Life/long-term care model - Long-term care and life insurance experience studies - Creating customized tools to support validation of projection models, and enhance the controls around the overall modeling process - Development of actuarial projection & valuation models across various software platforms, including cross-platform conversions - Provide unique solutions and guidance on inforce management actions - Assist in developing the American Academy of Actuaries’ Practice Note Life PBR under VM-20 - Assist in the development of customized reserve financing solutions - Supported many actuarial appraisals, from both sell-side and buy-side perspectives - Modeling and development of new life insurance products Mr. Pena earned a Bachelor of Business Administration with a concentration in Actuarial Science from Temple University in 2007. He is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.

Vincent L. Bodnar, ASA, MAAA

Vince is recognized as one of the leading long-term care insurance experts in the country, having worked with such products since the 1980s.  He has helped insurers and regulators develop innovative solutions for new products and in-force block management.  Vince was recently named on of the “20 Most Creative People in Insurance” by ThinkAdvisor.  His long-term care experience includes both stand-alone long-term care products and combination products in which long-term care benefits are provided through life insurance and annuity chassis.Vince has led projects related to product design and pricing, in-force management, experience analysis, strategic planning, financial analysis, projections, reinsurance, reserve valuations, and mergers and acquisitions. He has been engaged several times as an actuarial expert witness.Vince is a frequent speaker at insurance conferences. He enjoys presenting to both actuarial and non-actuarial audiences and has the ability to present very technical matters in a way that is easy for an audience to understand.  He is a co-author of the Society of Actuaries 2000-2011 Long-term Care Intercompany Experience Study.

Allen J. Schmitz, FSA, MAAA

CURRENT RESPONSIBILITY Al is a principal and consulting actuary with the Chicago-Milwaukee office of Milliman. He joined the firm in 1998.EXPERIENCEAl’s area of expertise is senior health care products, with a primary focus on LTC insurance. He has worked with most of the major LTC insurance carriers in the United States, assisting with product development, financial projections, appraisals, compliance issues and experience analysis. Al is an expert witness on issues relating to rating, underwriting and financial projections. He also testified before the United States Congress on actuarial implications of the CLASS Act – the LTC reform provision in the Patient Protection and Affordable Care Act. Al is also involved in LTC on the international front, working with Milliman’s Hong Kong office on projects in Singapore and Japan. In addition, Al leads the International Actuarial Association LTC topic team. PROFESSIONAL DESIGNATIONS? Fellow, Society of Actuaries? Member, American Academy of Actuaries EDUCATION? BS, University of Wisconsin, Oshkosh? MBA, Marquette University

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