Casualty Loss Reserve Seminar (CLRS) & Workshops
Hyatt Regency O'Hare
September 18-20, 2016
Workshop 1: A Pixel is Worth 1024 Bits – Visualizing Data in a Digital World
During the Data Visualization seminar we will work with participants to build their own reserving visualization tools and provide an introduction to both the visual possibilities and the development process. This seminar is geared towards new and moderately experienced visualization users - no prior experience is necessary. We will provide an introduction to visualization software and methods by working with common visualization software to process publicly available loss reserving data. This will include an overview of common visualization software and loss reserving applications, a demonstration of how to process the data and build visuals, and a chance to build and demonstrate your own visuals.
*Participants are expected to bring a laptop with tableau installed.
Workshop 2: Maximizing the Value of Your Actuarial Opinion and Reports
Your actuarial opinion and reports are reviewed and analyzed by several people including a number of people who are not actuaries. This includes company management, auditors, regulators and possibly the courts. Learn how you can effectively communicate in the language they can understand and how to interact with them.
Each group has different needs for information. Some only want bottom-line numbers, others want to know how you derived your numbers, and some may want to know if you verified your work. The workshop facilitators include a regulator, an actuary who conducts audits, an actuary who testifies in court and an actuary who is a CEO.
Workshop 3: Introduction to Development Triangle GLM-based Stochastic Reserving
This is an all-day workshop aimed at practitioners who are new to stochastic reserving, or who want to deepen their understanding of how GLMs and stochastic simulation are employed in this context. There will be a mixture of brief presentations and longer periods of hands-on exercises with triangle data using an Excel based stochastic reserving template. Topics covered include the connection between traditional loss development and triangle GLMs, interpreting a stochastic range of reserve outcomes, triangle GLMs that include the payment period dimension, trend models with grouped parameters, extrapolating future trends, unbiased reserve estimates, and stochastic simulation techniques: bootstrapping vs. asymptotic theory.
*This workshop will be limited to a maximum of 50 participants.
Workshop 4: Introduction to R
Get ready to immerse yourself in the single most important technological advance for actuaries since the invention of the pocket calculator. If you like math, if you like statistical models, if you like property casualty reserving, you cannot miss this workshop. (And if you don't like those things, life as an actuary must be tough.)
What will you get by the end of the day? How about this:
- You'll know how to install R, R Studio and any of the many thousands of R packages.
- No longer will you be intimidated by the phrase "familiarity with R is assumed" that you see in descriptions for fancy-schmancy predictive modeling workshops.
- You'll be able to fetch your data, visualize your data, model your data, save your data.
- You'll have a complete reserving study which uses some of those snazzy new models like Munich Chain Ladder, Dave Clark growth curve and more!
Requirements for this workshop:
- A functioning laptop (PC or Mac)
- Installation of R and RStudio in advance of the workshop (instructions and support for this will be provided)
- Patience, enthusiasm and a sense of humor (instructions for this are available upon request)
*This workshop will be limited to a maximum of 35 participants