Content Areas: Property & Casualty Insurance Industry: Level 1 (C:PC:L1)

Regulations are evolving around the world to address potential bias and discriminatory impacts resulting from AI, machine learning and other predictive models. This session will first compare new and emerging bias-related regulations in the U.S., Canada, China, and Europe that may have a significant impact on the insurance industry. How can insurer's comply in a rapidly evolving regulatory environment? We will explore several useful governance and testing approaches that insurers and actuaries can employ during model-building, implementation, and maintenance, that can support compliance with bias-related regulatory reporting and testing requirements. This session is a preview of two newly released reports in the CAS Research Paper Series on Race and Insurance Pricing.

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There has been a significant amount of discussion, debate, and research around the examination of rates and actuarial models for potential bias against protected classes. This has led to several potential approaches to measuring and mitigating potential bias. As with any emerging area, moving from a theoretical construct to practical implementation can be a challenge, and often results in unexpected implications. This session will cover the practical considerations around the implementation of several methods for measuring potential bias. This session will explore examples of these practical considerations, including discussion of mini simulation scenarios.

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A review of the potential impact of a series of recent legislative revisions to Florida’s residential property insurance marketplace. Several legislative revisions were made in May and December special sessions in 2022, with a third series of legislative revisions put in place in March and April 2023. Prior to these revisions, information from National Association of Insurance Commissioner’s data base indicated that Florida Homeowners insurance accounted for approximately 8% of the Homeowners claims in the US yet accounted for 75% to 80% of the litigated Homeowners claims in the country.

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The CE Log is one of the most important document that an actuary needs to stay a top of, regardless of what segment of the industry they are in or who their employer is. With approximately 1% of the members being selected for review annually, we will explore this little known process in an easy-to-follow webinar. With this session, we will explore what the USQS requires and how an actuary can easily prepare its CE log to be ready for review, if selected.

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While analytics are becoming common across insurers’ various functions, simple heuristics like loss ratios are still common for agency and distribution channel analytics at many P&C companies. In this session we will discuss similarities and differences between modeling agencies vs. policy level pricing analytics, challenges to consider, potential terms to include in models, and considerations when discussing with business areas. Key messages include: Analytics for agency lags analytics in pricing at most companies; There are key considerations beyond building the perfect model to successfully deploy agency models; The target variable is often difficult for business users, even senior leaders to express.

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