blackboard insurance pricing actuary

by Prof. Joy White Published 3 years ago Updated 1 year ago 9 min read

What should the actuary document as part of pricing?

Dec 01, 2020 · Duke brings 15 years of experience in actuarial and analytics disciplines. Prior to joining Boston-based Xceedance, Duke worked at Blackboard Insurance as head of pricing and growth analytics,...

What role do Actuaries play in the pricing of life insurance?

Blackboard Insurance c/o AIG Claims. PO Box 27030. Shawnee Mission, KS 66225.

What is the Actuarial Standards Board (ASB)?

Prior to joining Xceedance, Duke worked at Blackboard Insurance as head of pricing and growth analytics, where he developed actuarial pricing infrastructure, led state …

How do Actuaries make decisions about new products?

Dec 01, 2018 · This actuarial standard of practice (ASOP) provides guidance to actuaries when performing actuarial services with respect to the pricing of life insurance and annuity products, including riders attached to such products. Throughout the remainder of the ASOP, the use of the term “product” includes riders attached to life insurance and annuity products.

Insurance industry veteran and actuarial expert Matthew Duke to lead the global Actuarial and Analytics Services practice at Xceedance

BOSTON, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Xceedance, a global provider of strategic insurance consulting and technology servicing insurance organizations worldwide, today announced the expansion of its global Actuarial and Analytics Services practice, led by Matthew Duke, SVP and chief actuary.

What is the standard for actuaries?

The standard applies to actuaries when performing actuarial services related to life insurance and annuity products written on individual policy forms and to group master contracts with individual certificates that are priced in a similar manner to products written on individual life and annuity policy forms.

What should an actuary document?

The actuary should document the assumptions, the rationale behind the assumptions, and any modifications made to data sources. If margins are included in assumptions, the actuary should document the approach used and, where practicable, the margin component of each assumption.

What assumptions should an actuary use?

The actuary should use assumptions based on relevant and credible data, such as company experience, industry experience, and other relevant experience, which may be modified to reflect any data deficiencies.

What should an actuary develop?

The actuary should develop or select the model to support pricing in a manner consistent with the criteria of the actuary’s principal. The actuary should develop or select a model that accommodates the design of the product and the selected profitability metrics and reasonably simulates the future financial impact of the product.

Why should an actuary use sensitivity analysis?

The actuary should use sensitivity analysis to evaluate the impact of deviations in assumptions on profitability results and should consider performing more analysis for assumptions that have a significant impact on the profitability analysis than for assumptions that have less impact .

What is an ASOP product?

This actuarial standard of practice (ASOP) provides guidance to actuaries when performing actuarial services with respect to the pricing of life insurance and annuity products, including riders attached to such products. Throughout the remainder of the ASOP, the use of the term “product” includes riders attached to life insurance and annuity products.

What is the ASB?

The ASB voted in June 2018 to adopt this standard. The Actuarial Standards Board (ASB) sets standards for appropriate actuarial practice in the United States through the development and promulgation of Actuarial Standards of Practice (ASOPs).

Who is Ronald Richman?

Ronald Richman is an associate director (R&D and Special Projects) at QED Actuaries and Consultants. Professor Andreas Tsanakas is professor of risk management at Cass Business School, City, University of London. Professor Mario Wüthrich is professor for actuarial science in the Department of Mathematics at ETH Zürich.

What is causal inference graph?

Causal inference uses graphs to represent not just correlations in the data, but also the actual direction of causal effects, which are subsequently estimated from observational data. This allows users to assess the impact of changes in the values of chosen variables while stripping out confounding effects.

Who is Andrew Aldorisio?

Andrew Aldorisio is the Chief Underwriting Officer of Obsidian. He has extensive experience and a deep understanding of diverse aspects of the program insurance marketplace including delegated authority, alternative markets, captives, and traditional programs.

Who is Stacy Armstrong?

Stacy Armstrong is the Chief Client Officer of Obsidian. She has over 25 years of experience in the Reinsurance and Insurance Industry, and has extensive experience in the underwriting of property, casualty, and specialty portfolios. Most recently she served as Executive Vice President, Underwriting, M&A, and TPA Management at Cranmore, a unit of Enstar Group. Prior to that she was at Maiden Re for 20 years, where she served in various leadership positions.

Who is Kim Ho Lo?

Kim Ho Lo, FCAS, MAAA is the Lead Actuary of Obsidian. He has over 20 years of experience in Pricing, Reserving, Rate Filing, and Risk Management in both Commercial and Personal Lines of insurance. Most recently, he was the Pricing Actuary leading the middle market pricing at Blackboard Insurance. Prior to that he was Vice President and Senior Pricing Actuary at Sompo International and before that Actuarial Consultant at Perr&Knight.

Who is the CEO of Obsidian?

Bill Jewett. William Jewett is the Chief Executive Officer of Obsidian. He has over 35 years of industry focused experience on building and managing insurance and reinsurance companies. His most recent executive position within the industry was with Bermuda-based Insurer and Reinsurer Endurance Specialty, where he was President and a Member ...

Who is Craig Rappaport?

Craig Rappaport is the Chief Financial Officer & Chief Operating Officer of Obsidian. He has over 20 years of industry experience focused on building and managing program focused insurance companies.

Who is Emily Canelo?

Emily Canelo is the Chief Legal Counsel of Obsidian. She is a seasoned attorney with broad and deep experience in legal, regulatory, claims and transactional work in the fields of insurance and reinsurance.

What is the role of actuaries in pricing?

Pricing life insurance and annuity products is a complex process and requires management to make decisions based on a variety of inputs that often include analyses of profitability and risk performed by actuaries. The roles performed by actuaries when pricing are significant and varied. They can range from technical analysis of profitability to the development of marketing strategies for a proposed product. While the final decisions on product design, price, and marketing are the responsibility of management, information necessary for making those decisions is most often provided by actuaries. Management must balance business growth, profitability, and other strategic goals when setting the parameters for a proposed new product. Actuaries are typically asked to evaluate the profitability and risk inherent in those parameters. Management relies on actuarial analyses to make decisions that impact the ability of the insurance company to meet its goals in the future.

How many comment letters were received in the second exposure draft of the ASOP?

In March 2016, the ASB approved an exposure draft of this proposed ASOP. Seventeen comment letters were received and considered in making changes that were reflected in the second exposure draft.

What is ASOP 41?

4.1 Actuarial Communications—When issuing any actuarial communication relating to this ASOP, the actuary should refer to ASOP No. 41. The actuary should consider the needs of the intended user in communicating the actuarial findings in any actuarial report. In addition, in any actuarial report concerning pricing, the actuary should disclose the following, if practical and relevant:

When is the ASOP second exposure draft?

The second exposure draft of this proposed ASOP, Pricing of Life Insurance and Annuity Products, was issued in June 2017 with a comment deadline of October 31, 2017. Six comment letters were received, some of which were submitted on behalf of multiple commentators, such as by firms or committees. For purposes of this appendix, the term “commentator” may refer to more than one person associated with a particular comment letter. The Life Insurance and Annuity Pricing Task Force carefully considered all comments received, reviewed the exposure draft, and proposed changes. The Life Committee and the ASB reviewed the proposed changes and made modifications where appropriate.

What is sensitivity analysis?

3.5.1 Sensitivity Analysis—The actuary should use sensitivity analysis to evaluate the impact of deviations in assumptions on profitability results and should consider performing more analysis for assumptions that have a significant impact on the profitability analysis than for assumptions that have less impact.

Math and More

Pricing actuaries collect and analyze data in order to estimate claim payout probabilities for insurable events such as death, serious injury or disability or property loss or claims resulting from casualties.

How to Get the Job

Pricing actuaries complete complex mathematical analyses that form the basis for company financial decisions and pricing strategies. Success in this job requires strong mathematical abilities. Top job candidates have a bachelor’s or master’s degree in mathematics, statistics or actuary science and a strong understanding of business principles.

Earnings Potential

Actuaries can expect a median annual salary of $111,030, according to Bureau of Labor Statistics 2020 wage data. Even though the BLS expects employment opportunities to grow faster than the average of all occupations, the job market is still very competitive, because the career field is small, with limited job openings.