As the portion of inforce business valued under PBR grows, it becomes increasingly important to not only calculate reserves for point-in-time valuation but to also project reserves. This is especially critical for actuarial functions such as pricing, business strategy/forecasting, and asset adequacy testing. In this session, we will review PBR projection techniques based on work completed by the American Academy of Actuaries when developing the PBA Projection Practice Note. In addition, this session will examine specific challenges that can arise when actuaries use models to project reserves at future dates. Topics covered include mortality improvement, credibility, scenario generation, starting asset projections, and various other technical issues related to nested modeling requiring both inner and outer loop projections.
Benjamin Morris Slutsker FSA,MAAA (Moderator)
Corporate Vice President & Actuary; New York Life Insurance Co
Ben Slutsker is a Corporate Vice President & Actuary for New York Life Insurance Company, where he works in the Office of the Chief Actuary and is responsible for overseeing actuarial regulatory issues. In past roles, Ben has worked in Individual Life Financial Reporting, New York Life International, BOLI/COLI Pricing, and previously led the implementation of Principles-Based Reserving. Ben currently chairs the American Academy of Actuaries Annuity Reserves Work Group and the Society of Actuaries Life Financial Modeling Exam Curriculum Committee. In addition, he is a member of the Academy Life Practice Council, Life Valuation Committee, and PBR Implementation Work Group.Ben is a Fellow of the Society of Actuaries (FSA) and a Member of the American Academy of Actuaries (MAAA).
Kevin Piotrowski FSA,MAAA,CERA
Ernst & Young LLP
Kevin Piotrowski, FSA, CERA, MAAA. Manager, Insurance and Actuarial Advisory Services, Ernst & Young LLP. Kevin is a Manager in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP’s Financial Services Office. He is based in New York and has 9+ years of consulting experience. He serves as an adviser to large insurance companies and is focused on Financial Reporting. Kevin focuses his time on various aspects of insurance including assumption setting, valuation, reinsurance reporting and capital management. Additionally he has been involved in large scale model validation projects as well as assisting companies to transform their actuarial systems and processes (Actuarial Transformation). Recently, Kevin has focused his efforts on Principle Based Reserves - managing review of both AG-48 and VM-20 implementations at several companies. He has written articles around PBR implementation and is involved in the SOA’s effort to provide more depth/breadth around Principle Based Reserves. Kevin is a Fellow of the Society of Actuaries (FSA), a Chartered Enterprise Risk Analyst (CERA) and a Member of the American Academy of Actuaries (MAAA).
Dylan Strother FSA,MAAA
Dylan Strother is a Senior Consultant with the Actuarial Practice of Oliver Wyman and is based in New York. He is rooted in statutory and GAAP valuation and financial reporting across a variety of products and has extensive experience in modeling, model validation and M&A. Dylan has worked in the actuarial field since graduating from the University of Pittsburgh in 2010. Prior to joining Oliver Wyman, Dylan was a Vice President within the Consulting Services group at PolySystems where he led development and implementation efforts around emerging regulation, including GAAP LDTI and principles based reserves, as well as advanced modeling capabilities. Dylan is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.
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Webcast Session
08/31/2020 at 1:45 PM (EDT) | Recorded On: 09/10/2020
08/31/2020 at 1:45 PM (EDT) | Recorded On: 09/10/2020
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