Supplemental Product Trends for 2020 & Beyond

Supplemental health products have proved to be a significant growth opportunity for carriers over the past decade with consistent year over year growth in new sales and market penetration. Our leadership panel will explore and discuss some of the more recent trends in supplemental product design across a variety of markets and target consumer segments, as well as emerging pricing and risk management challenges which may continue to have an impact on the foreseeable future. Topics for discussion shall include: • Enrollment technology demands and the financial impact of technology costs on expenses • The evolving distribution landscape and the impact on commissions and persistency • Emerging product features, market trends and underwriting practices in the competitive marketplace • Valuation considerations and the impact on in-force management At the conclusion of this session, attendees will be able to: • Describe emerging opportunities and challenges in the supplemental benefits market • Explain how technology and distribution affect product design and pricing for supplemental benefits • Evaluate the advantages and disadvantages of various product and in-force management strategies for supplemental benefits

Randall Finn, FSA, MAAA

Senior Director

Randy Finn is a Senior Director with Aetna. He is responsible for the product, actuarial, underwriting, enrollment and operations functions for Aetna’s Voluntary business, which includes accident, critical illness, and hospital indemnity products. In his role, Randy manages a dynamic team that is focused on delivering competitive and profitable products that are relevant and adaptive to the marketplace and that fulfill the needs of our customers. Randy has over 19 years of experience in the benefits and voluntary industry across variety of pricing and product development functions including several years with a voluntary carrier and benefits consulting firm. Randy served six years in the US Air Force Reserves earning the rank of Captain. His primary assignment was with the Directorate of Personnel at the Pentagon. He was awarded a Military Service Medal for support of the Global War on Terrorism after volunteering for an active duty assignment in the Crises Action Center. Randy is a graduate of The Citadel, The Military College of South Carolina where he received his bachelor’s degree in mathematics. He is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. An avid runner, Randy has completed several marathons, including the Pikes Peak Marathon, Chicago, New York and Boston Marathon. Randy lives in Columbia, SC with his wife, Sonya and their two children, Everett and Emily.

Michael Prendes, FSA, MAAA (Moderator)

Senior Market Actuary and Vice President, elipsLife

Mike Prendes, FSA, MAAA is a Senior Market Actuary and Vice President at elipsLife, a subsidiary of Swiss Re. At elipsLife, Prendes is responsible for pricing and management of its portfolio of Group Life and Disability products in the US market into which it has recently expanded. In his role, reporting to the elipsLife Chief Actuary, he also partners with company leaders to develop a successful strategy for pricing, product positioning, and financial management. His background is diverse with both actuarial and non-actuarial roles within the group employee benefits space. Before joining elipsLife, Prendes was as a Principal and Consulting Actuary at Sydney Consulting Group, a premier actuarial and compliance consulting firm specializing in supplemental life and health products. Before that, he previously served as Director of Product Management at Anthem, where he oversaw the launch of new supplemental benefits, and also Allstate Benefits, where he lead pricing and design projects for various life and health employee benefits.