2021 Buckeye Actuarial Continuing Education (BACE) Spring Meeting Agenda and Presentations
Spring Meeting Agenda – April 19th, 2021 -GoTo Virtual Meeting
NOTE: PRESENTATIONS LINKED AT THE BOTTOM OF THE PAGE
Welcome, GoTo Meeting Functionality and Treasurer’s Report 9:00 am ‐ 9:05 am
Wildfire: AAA Issue Paper - Lessons Learned From the 2017-2018 Events 9:05 am ‐ 9:55 am
Charles Marshall, FCAS, MAAA, CPCU; Swiss Re
This session will cover key items discussed in the 2019 AAA Issue Paper on wildfire, including a recap of the '17-18 events, a discussion on the wildland-urban interface, common pricing approaches used, and regulatory outcomes in California. The session will then go into some of the activity that has happened since the paper’s release.
Break 9:55 am – 10:05 am
Disparate Impact - The Impact of the Social Justice Movement on Insurance Rating 10:05 am – 11:20 am
Roosevelt Mosley, FCAS, CSPA; Pinnacle Actuarial Resources, Inc.
Birny Birnbaum; Center for Economic Justice
Moderator: Robin Harbage, FCAS
Insurance rates in most jurisdictions are mandated to not be unfairly discriminatory. Historically, this has meant that protected risk characteristics were not used in rating. However, the recent focus on social justice has resulted in renewed calls from regulators and legislators to examine this issue. This session will focus on various definitions of disparate impact, the impact these definitions could have on rating plans, and what role the actuarial profession should play in resolving this issue.
Break 11:20 am – 11:30 am
Rethinking How Actuaries Work 11:30 am – 12:20 pm
Rich Babel, FCAS, MAAA; Oliver Wyman Actuarial Consulting
Olivier Brown, FCAS, MAAA; Oliver Wyman Actuarial Consulting
Based on our experience working with several companies we believe we have observed a trend in the transformation challenges actuarial departments are faced with. Historically, a large portion of any actuarial departments time was focused on reserving and ratemaking functions. The processes and tools used in both of these disciplines have not changed radically in decades. However, companies are putting more pressure on the actuaries to create more value while reducing their expense footprint. We believe we have a vision to solve this challenging problem.
Lunch Break 12:20 pm – 1:10 pm
Navigating Conflict 1:10 pm – 2:10 pm
Brent Rossman, ACAS, BCC of Technically Leading
So often, we hear the word conflict and think negative thoughts about arguments and fights. What if it didn't have to be that way? What if you could reshape your thinking to lean into conflict; in the name of progress? This session will help you embrace conflict and learn to control your emotions when engaging in conflict. Through the use of exercises, lecture, and group discussion you'll leave with a new perspective on conflict and why it matters to your success.
Break 2:10 pm – 2:20 pm
Using Chess to Assess Human Error in Insurance Related Decisions 2:20 pm ‐ 3:10 pm
Ross E Johnson, FCAS, MAAA, PhD, MBA; USAA
To err is human, but do you know why? Recent chess research identifies surprising results, describing how human error can be predicted with a few variables. In this session we will describe this chess research and give examples of how one might use these predictive variables to recognize and alter risky scenarios in insurance. In the insurance industry, human error is part of the insurance process through customers' accidents as well as employees' modeling mistakes and poor business decisions.
Break 3:10 pm – 3:20 pm
Professionalism and COVID 19 3:20 pm ‐ 4:10 pm
Pat Teufel, FCAS, MAAA; University of Connecticut
Rebecca Williams, ACAS, MAAA; North Carolina Department of Insurance
COVID has been affecting all of our lives, on both a personal and professional level, for over a year. This session will explore the professional issues associated with our actuarial response to COVID. With emphasis on the applicable ASOPs, we will discuss data issues, uncertainty in the estimates and communication and disclosure responsibilities.