The presenters in this classic session will explore protection and accumulation products as well discuss the current state of the hybrid Life/LTC market. They will also examine the latest trends and the challenges to innovation and highlight key factors impacting the product actuary including the impact of technology, regulation and competitive environment.

At the conclusion of the session, attendees will be able to:

  • Understand the latest market trends in the Life insurance marketplace
  • Understand how hybrid Life/LTC impacts the life insurance market
  • Keep informed on recent regulatory changes impacting the product actuary

Michael Anthony Cusumano, FSA, MAAA (Moderator)

Mike Cusumano is Vice President and Actuary in the Business Initiatives team within RGA’s U.S. Mortality Markets Division. He is currently responsible for actuarial analysis and development of data-driven and advanced analytics risk assessment solutions. Prior to his current role, Mike’s responsibilities focused on internal and external experience studies related to RGA’s U.S. mortality business. He also worked for several years in valuation, on both international and U.S. business. Mike is a Fellow of the Society of Actuaries (FSA) and received a B.S. in Actuarial Science from Maryville University in St. Louis, Missouri. He is member of the Product Development Section Council and assists RGA with recruiting efforts at many local universities.

Jia Fei, FSA, MAA

Jia is a Manager at Willis Towers Watson. Jia has over ten years of experience in all aspects of life insurance products, with recent focuses on the indexed universal life and variable universal life products. Her expertise includes financial reporting, modelling, product development and risk management. She has also led various ALM and hedging projects on variable annuity and fixed indexed annuity products. Prior to joining Willis Towers Watson, Jia worked at Transamerica with various roles of managing experience.

Examples of the wide range of work Jia has been involved in include: ¦ Statutory, GAAP/IFRS and Tax financial reporting experience for key life products, UL, IUL, VUL, Term and whole life ¦ Pricing and product development of all types of UL, IUL and VUL products ¦ PBR reserving including stochastic mortality modeling ¦ Actuarial assumption setting and review for mortality, policyholder behaviors and economic assumptions. ¦ Review of asset adequacy test and embedded value calculation, methodology and assumptions ¦ Reinsurance pricing and solutions for profit analysis, capital improvements, redundant reserve release and reinsurance/captive set up. ¦ Litigation support and analysis for UL products. ¦ ALM and hedging experience for IUL, VA and FIA ¦ Design of dynamic hedging framework ¦ Actuarial system conversion and model validation ¦ Modeling experience with RAFM, MoSes, Moody’s Axis, Polysystem, Arcval "

Ian Michael Laverty FSA,MAAA

I am currently a consultant at Milliman Inc. on life insurance and annuity products. Since joining Milliman, I have focused heavily on life insurance, with a focus on secondary guarantees, indexed universal life, and term life. My past experience heavily consists of variable annuities, fixed indexed annuities, fixed annuities, and immediate annuities. I have worked with these products in the contexts of product development and implementation, Cash Flow Testing, VM-21, FAS 157, VM-20, AG 38, AG 48, SOP 03-1, market consistent frameworks, hedging, stochastic scenario development, asset modeling, corporate modeling, and assumption development. Prior to joining Milliman, I was the Vice President of Annuity Product Management & Development at Ohio National Life Insurance Company, where I focused on new product development, implementation, and inforce capital management. Precedingly, I worked for Western & Southern Financial Group, initially modeling Life and Annuity inforce and subsequently as a hedging and annuity pricing actuary.

Parag S. Shah, FSA, MAAA

Parag Shah is Vice President and Senior Actuary for Pacific Life Insurance Co with 20+ years of experience in life insurance product development and product management. He has been with Pacific Life for over 10 years and oversees actuarial teams responsible for the pricing and development of new life insurance products. Parag’s current focus is on growing Pacific Life’s Broad Market strategy and expanding their Life with LTC solutions portfolio. Parag started his career with Lincoln Financial Group in 1995. During his 14 years with Lincoln, Parag worked in a variety of roles from product development to mergers and acquisitions in a variety of locations from Fort Wayne, Indiana to London, England. Parag is a Fellow of the Society of Actuaries (FSA) and a Member of the American Academy of Actuaries (MAAA). Parag has a MBA from the Kellogg’s Business School (Northwestern University) with a concentration on Marketing, Strategy and Management. His undergraduate degree in Mathematics is from the University of Michigan.

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