Registration and morning coffee
InsuranceERM welcome address
KEYNOTE PRESENTATION: Navigating ERM challenges and making the most of opportunities ahead
- The latest trends in identifying and reporting on risk
- How are risk managers embedding risk culture into business processes?
- How can ERM and SRM better inform future business decisions?
- What new directions are ahead for the insurance industry and what opportunities do they offer?
Speaker: Eric Cioppa, President, National Association of Insurance Commissioners, Superintendent, Maine Bureau of Insurance
PANEL DISCUSSION: The digital tech revolution and amplification of operational risk
- The "tech gap" and upgrading systems: what is left to achieve on this front?
- Where are the strategic and operational risks?
- In what way do interconnected technologies intensify risk?
- What are the operational risks created by cloud-based computing services and remote working capabilities?
- CROs and CISOs: how can they work in harmony?
- Technology regulation: what is the NAIC taskforce working on?
Mick Prosser, Chief Technology Risk Officer – General Insurance, AIG
Keyan Shahdi, Chief Risk Officer, SCOR Global P&C Americas
PANEL DISCUSSION: M&A and InsurTech – how is it reshaping the industry?
- What is the current M&A landscape for insurers?
- How much of the M&A occurring features an InsurTech component?
- What are the essential ERM and SRM considerations?
- How have InsurTech acquisitions impacted the structure of teams and the industry as a whole?
- Could the rapid investment in InsurTech and technology upgrades be leading to a bubble?
PANEL DISCUSSION: Cyber – the ongoing challenges in assessing risk
- What are the known risks and how are they being modelled?
- How are these models evolving and informing product development?
- Are models and underwriting approaches sufficient? Where are the gaps?
- Where might there be silent cyber risks and how do you prepare for these?
- How can we safely grow the market?
Anthony Shapella, Managing Director, Risk Officer – Liability Lines, AIG
Kevin Sherry, Cyber Practice Leader, Everest Insurance
PANEL DISCUSSION: Data, data everywhere – how predictive analytics and innovation are transforming ERM
- Modelling risk and validating models in an era of big data
- Can AI and machine learning transform risk management?
- How are actuaries using predictive analytics and AI to analyze complex datasets and understand risks?
- RPA and Internet of Things: the disruption of distribution, product development, claims adjudication and privacy
- The California Consumer Privacy Act of 2018: what does it signal for US insurers? Will other states follow suit?
- Do insurers need an ethical health-check?
Dror Katzav, Chief Executive Officer, Atidot
Andy Pulkstenis, Director Advanced Analytics, State Farm
William Wilkins, Chief Risk and Data Analytics Officer, Safety National
PRESENTATION: Using stress testing and scenario analysis in an ERM strategy
- How to design adequate stress tests
- How are criteria evolving to recalibrate stresses and incorporate different methodologies?
- Regulatory approaches to stress testing
- Understanding tail risks and building the blocks for future stressors
- Use of data: what to do in the event of too much or too little information
- Where do liquidity stress testing and operational risk fit into the picture?
CRO FORUM: Successfully leading the risk function in a complex world
- What risks concern CROs the most? How have recent events impacted balance sheets and risk tolerances?
- Competing demands for attention: how the risk remit is broadening
- Challenges in staff training and recruitment
- Does risk culture need to shift to accommodate fast-paced innovation?
Turab Hussain, Chief Risk & Actuarial Officer, PartnerRe
Alla Kleyner, Chief Risk Officer, Legal & General Retirement America
PANEL DISCUSSION: The driving forces behind capital and economic modelling today
- What changes are insurers expecting in their approach to capital and economic modelling? What are the main drivers?
- What assumptions are being incorporated into economic modelling in the current environment?
- How are models and risk-based capital calculations being used to support wider business decisions?
- Communicating models and modelling to stakeholders
- Model risk governance and management: how do you adequately validate and have controls in place?
Panelist: Rodanthy Tzani, Vice President, Head of Model Risk Management, New York Life
Moderator: Hal Pedersen, Managing Director, Risk Solutions, Conning
REGULATORY SPOTLIGHTS: Key updates and best practice case studies
- Regulatory changes on the horizon
- How will the ERM and actuarial roles evolve in line with major regulatory developments
GAAP targeted improvements, CECL and LDTI
- How are changes to accounting rules impacting insurers? What solutions and process are being implemented?
- How does US GAAP LDTI compare with IFRS 17 in scope and requirements?
- In what way will calculations add to complexity and impact risk assessments?
- How prepared are insurers for LDTI? What key gaps need to be addressed?
- What are the costs and challenges of LDTI implementation?
- What actuarial systems will need to be in place? What data needs to be available?
INSURER CASE STUDY: Best practice in calculating liabilities on long duration insurance contracts
NAIC update on the Life Actuarial Task Force
- VM-21 and requirements for principle-based reserves for both variable and income annuities
- The Valuation Manual: what stage is it at and how will it help insurers?
- Development of VM-22: how is the modernizing the standard valuation interest rate for all non-variable annuities
- How will this impact the use of formula reserves versus model reserves?
- How will the proposed longevity capital charge affect how risk-based capital is calculated?
International and group capital standards
- Major takeaways from the NAIC group capital field testing
- What next for the International Association of Insurance Supervisors' international capital standard?
- Potential interactions with the Federal Reserve's BBA approach for insurers with banking subsidiaries
Speaker: Mary Frances Monroe, Senior Advisor and Insurance Lead, Regulatory Affairs Department, Institute of International Finance
PRESENTATION: The changing face of climate and peril risks
- Flood risk: are we at a tipping point?
- Opportunities for private insurers in plugging the gap left by FEMA'S NFIP
- Fire risk: what are the trends and how can the industry provide affordable coverage?
- The actuarial perspective on flood, hurricane and fire risks
- Improvements in modelling for each peril
- Are the above perils evidence of climate change risk?
FIRESIDE CHAT: ERM and Actuarial closing discussion
A selection of risk and actuarial professionals will sit together to talk about the issues that have been covered throughout the day, the challenges unique to their job functions and where these overlap in terms of cross divisional ERM conversations and actuarial processes