Professional Development
Seminar for the Appointed Actuary

Hôtel Bonaventure Montréal, 900 Rue de la Gauchetière O.

Program

Wednesday, September 18, 2019

07:00 – 17:00 Registration and information desk

07:00 – 07:50 Hot buffet breakfast

07:50 – 08:00 Opening remarks

08:00 – 09:00 Session 1 (Joint plenary) • Emerging risk survey

The world has never changed more quickly, and the Appointed Actuary’s role is evolving. Max Rudolph has compiled risk manager thoughts about emerging risks for over a decade. His talk will focus on key takeaways related to the survey, in particular how practitioners might incorporate low-growth scenarios, climate change, and disruptive technologies across cognitive biases, competing assumption trends, and time horizons in order to make entities more resilient.

Moderator:
Houston Cheng (FCIA), Consulting Actuary, KPMG
Speaker:
Max J. Rudolph*, Principal, Rudolph Financial Consulting

09:15 – 10:15 Concurrent sessions

Session 2 • Are you behind? (CIA/SOA predictive analytics survey results)
Interest: Life

Moderator:

Ben Marshall (FCIA), Staff Fellow, Canadian Membership, Society of Actuaries
Speaker:
Jean-Yves Rioux (FCIA), National Director, Deloitte 

In this session, we will discuss the results from the CIA/SOA-sponsored survey on analytics practices of the Canadian life and health insurance industry. This is an opportunity to understand what other companies are doing and benchmark your practices with those of your peers. Gain deeper insights about potential applications and their perceived value and effort.
 

Session 3 Wildfire risk in Canada 
Interest: P&C
Moderator: Jonathan Frost (FCIA), Senior Vice-President, Guy Carpenter
Speakers: 
Dr. Mark Hope*, Senior Vice-President, Guy Carpenter
Michael Young*, Vice-President, Product Management, Risk Management Solutions

Learn about the nature of wildfire peril from Dr. Mark Hope, subject matter expert on wildfire risk  with Guy Carpenter’s Natural Hazards and Geosciences Team. He will discuss the drivers of catastrophic wildfire events and the state of the science behind the peril as it emerges as a significant risk in North America. As well, Michael Young will discuss advances in catastrophe models that allow this risk  to be managed for solvency and rating purposes. 

Session 4 • (Joint) Committee on Risk Management and Capital Requirements (CRMCR) update
Interest: Life, P&C
Moderator:
Nicolas Beaudoin (FCIA), Senior Director and Head of P&C Canada, Willis Towers Watson
Speakers:
Marc-André Harvey (FCIA), Director, Reinsurance Optimization Solutions, RGA Canada
Michelle Lindo (FCIA), AVP and Deputy Valuation Actuary, Munich Re

The CRMCR will provide an overview of the committee and recent activities, including: a) the new annual CRMCR educational note, which gives an overview of regulatory capital and financial condition testing changes; b) the planned educational note on financial condition testing; and c) recent submissions to OSFI on Guideline B-3: Sound Reinsurance Practices and Procedures and Guideline E-25: Internal Model Oversight Framework.

10:15 – 10:45 Networking break

10:45 – 12:00 Concurrent sessions

Session 5 • IFRS 17 and LICAT/CARLI update
Interest: Life
Moderator:
Sylvain St-Georges (FCIA), Actuarial Standards-Setting Analyst, AMF
Speakers: 
Simon Fortin (FCIA), Senior Actuarial Advisor, iA Financial Group
John Kmetic (FCIA), Director, Life Insurance Capital, OSFI
Daniel Mayost*, Capital Specialist, OSFI
Sylvain St-Georges

The Office of the Superintendent of Financial Institutions (OSFI) and the Autorité des marchés financiers (AMF) are consulting with life insurers to revise the LICAT/CARLI guidelines for IFRS 17. This session will share updates on the work done so far. By September, insurers will have been in receipt of the first quantitative impact study (QIS) since the end of June . The speakers will offer some insight into the QIS exercise from the perspectives of OSFI, AMF, and a primary insurer, including approaches taken and challenges encountered. This session also intends to cover future work that OSFI/AMF are undertaking to implement capital guidelines under IFRS 17. 

Session 6 Committee on Property and Casualty Insurance Financial Reporting (PCFRC) IFRS 17 and fall letter update
Interest: P&C
Moderator:
Houston Cheng (FCIA), Consulting Actuary, KPMG
Speakers: 
Houston Cheng
Simon Guénette (FCIA), Vice President, Actuarial Services, Odyssey Re 

The PCFRC will discuss its most recent activities, including the latest IFRS 17 developments. The focus will be on upcoming educational notes on liability for remaining coverage, and reinsurance from the perspective of IFRS 17.

Session 7 (Joint) M&A in the insurance industry – how do actuaries play a role?
Interest: Life, P&C

Moderator:
Nicolas Sirois (FCIA), Senior Manager, KPMG
Speakers: 
Georges Pigeon*, Partner, KPMG

Learn about recent mergers and acquisitions in the insurance industry. What are the latest trends and what is in store for the future? How do actuaries play a role in mergers and acquisitions?

Sophisticated buyers are taking great care in their evaluations of potential acquirees. How do actuaries, and other specialists, play a role in mergers and acquisitions? And also importantly, post-acquisition?

12:15 – 13:00 Luncheon

13:15 – 14:30 Concurrent sessions

Session 8 International development
Interest: Life
Moderator:
Félix Mill-Plourde (FCIA), Manager, EY
Speakers:
Amal Rajwani (ACIA), Principal, Oliver Wyman
Bruce Langstroth (FCIA), Canadian Actuarial Leader, EY

This session will provide an overview of IFRS 17 international developments, comparing some topics of the IAN 100 to emerging Canadian practice.  

Session 9 Reinsurance update
Interest: P&C
Moderator:
Guillaume Chaput (FCIA), Vice-President, Guy Carpenter
Speakers: 
Brandon Blant*, Vice-President, Risk Management, Intact Financial Corporation
Guillaumme Chaput
François Dagneau (FCIA), CEO, Arch Re Canada

This session provides a review of the reinsurance market over the past year and an outlook of what’s to come heading into the January 1, 2020 renewals. As well, our panel of speakers representing varying perspectives of the industry, will discuss the management of emerging and evolving risks. 

Session 10 • (Joint) DCAT/ORSA 
Interest: Life, P&C
Moderator:  
Marco Fillion (FCIA), Partner and National Leader, Actuarial Services, PwC Canada
Speakers:
Hélène Baril (FCIA), Director, Insurance Consulting and Technology, Willis Towers Watson
TBD
Wallace Bridel (FCIA), Appointed Actuary and Senior Consultant, Munich Re
Marco Fillion

The designated group will provide on update on proposed changes to the DCAT/FCT standard of practice, to modernize the standard to better reflect the environment insurers now operat in, and that will also allow for a greater integration between the FCT and the ORSA. Based on comments received from members, a number of improvements to the exposure draft have been made. 

14:45 – 15:45 Concurrent sessions

Session 11 • Post-level term assumption survey results Interest: Life

Moderator:
Jean-Pierre Cormier (FCIA), VP Product Development & Pricing, RGA
Speakers: 
Travis Agne*, Senior Assistant Actuary, RGA
Annie Girard (FCIA), AVP and Actuary, Research, RGA

This will be a very similar presentation to what was given at act19, the CIA’s annual conference, on June 21, 2019. We will go over the results of the survey of Canadian life insurers regarding their lapse and mortality assumptions for post-level term insurance products around the first renewal. This is phase one of a larger post-level term lapse and mortality study we are currently performing on behalf of the CIA and the SOA. We will also give a preview of what we are seeing for phase two as we are currently analyzing the actual data. 


Session 12 • 
Predictive modelling applied to Ontario long-term disability claims
Interest: P&C
Moderator:
TBD
Speaker: 
Sherry Feng*, Senior Actuarial Analyst, KPMG 
TBD

It has been more than 20 years since the Ontario accident benefit (AB) long-term disability (LTD) tables were established. Learn how to apply the latest tools and predictive methodologies on Ontario Statutory Accident Benefits Statistical Plan (OSABSP) data to obtain more refined and flexible tabular reserves.

Session 13 • (Joint) Demystifying AI
Interest: Life, P&C
Moderator:
Bill Weiland (FCIA), Principal, Eckler
Speakers:
TBD
Jean-Yves Rioux (FCIA), National Director, Deloitte


This session moves from data analytics to advanced insights and artificial intelligence. The speakers will demystify AI and data science, including understanding the basic concepts of machine learning and discuss the ability of organizations to derive maximum value from their data in the insurance business in general and in the actuarial function in particular.

15:45 – 16:00 Networking break

16:00 – 17:00 Concurrent sessions

Session 14 • IFRS 17: Designated Group on the Role of the Appointed Actuary
Interest: Life, P&C
Moderator:
Lesley Thomson (FCIA), VP IFRS Actuarial Policy, Sun Life
Speakers:
Trevor Howes (FCIA), Director, Actuary, Moody's Analytics
Cynthia Potts (FCIA), Principal, Eckler
Lesley Thomson

A designated group (DG) on the role of the Appointed Actuary under IFRS 17 was formed earlier this year to consider the possible impact of IFRS 17 on the formal role of the Appointed Actuary, and to consider and recommend specific changes in professional guidance that may be appropriate. Specifically, the wording of any formal opinion on the work done by the actuary as part of financial reporting required by regulators or other interested stakeholders, and the guidance supporting that opinion are primary areas of focus. Members of the DG will report on their discussions with regulators and other stakeholders, and on the general direction that the DG has determined for proposed changes. They will also review the progress to date toward these objectives, and the future timetable, with opportunity for member discussion and feedback.

Session 15 • Group annuity mortality study and critical illness claims study results
Interest: Life

Moderator:
Damien Lapointe Nguyen (FCIA), Director of New Products, RGA
Speaker:
Group Annuity speaker: Bob Howard (FCIA), Consulting Actuary
CI speaker: Maria Semak (ACIA), Actuary, Munich Re

Group annuities are becoming increasingly important for several companies. The intercompany study confirms much of what we would expect, but it also has some surprises. This session will review the highlights of the study and of the recently developed mortality table from the study, GAC2012.

The CIA has recently published the fourth individual critical illness morbidity experience study. It includes policy years between 2007 and 2016. Eleven companies participated in the study totalling more than 9,000 claims. Results have slightly improved over the last few years.

17:00 – 18:30 Delegate networking reception

Thursday, September 19, 2019

07:30 – 15:00 Registration and information desk

07:30 – 08:30 Hot buffet breakfast

08:30 – 10:00 Concurrent sessions

Session 16 IFRS 17: General CLIFR update including URR update, update on estimates of future cash flows (EFC), contractual service margin (CSM), and risk adjustment (RA)
Interest: Life
Moderator:  
Marie-Andrée Boucher (FCIA), Principal, Eckler
Speakers:
Steve Bocking (FCIA), VP, Individual Customer Financial Management, Canada Life
Marie-Andrée Boucher
Simon Fortin (FCIA), Senior Actuarial Advisor, iA Financial Group
Wilson Ho (FCIA), AVP, Asset Liability Management, Sun Life

In this session, the Committee on Life Insurance Financial Reporting (CLIFR) will provide an update on the committee’s activities (including the ultimate reinvestment rate (URR)) in addition to expanding on their IFRS 17 update from act19 on the work of the EFC, CSM, and RA  Working Groups.   

Session 17 • IFRS 17 practical discussion on implementation issues and challenges
Interest: P&C
Moderator: 
Roufat Raguimov (FCIA), SVP Actuary , Willis Towers Watson
Speakers: 
Walter Rondina*, Partner, KPMG
Chumeng Zhao (ACIA), Senior Consultant, Willis Towers Watson

Learn from a practical discussion on the issues and challenges that external management consultants and actuaries face in implementing IFRS 17 solutions for P&C insurers. 

10:00 – 10:15 Networking break

10:15 – 11:45 Concurrent sessions

Session 18 IFRS 17: CLIFR update on discount rate, market consistent valuation, and par
Interest: Life
Moderator:
Steve Bocking (FCIA), VP, Individual Customer Financial Management, Canada Life          
Speakers:
Steve Bocking
Robert Berendsen (FCIA), Senior Principal, Oliver Wyman
Stéphanie Fadous (FCIA), Head of IFRS 17 Implementation, Manulife

In this session, the Committee on Life Insurance Financial Reporting (CLIFR) expands on their update from act19 on the work of the of the Discount Rate, Market Consistent Valuation of Financial Guarantees and Par Working Groups.

Session 19 PCFRC update on discount rate and risk adjustment
Interest: P&C
Moderator:    
Blair Manktelow (FCIA), Principal, Eckler
Speakers:
Blair Manktelow

Learn about and discuss the draft educational notes on discount rate and risk adjustment with members of the Committee on Property and Casualty Insurance Financial Reporting (PCFRC).

12:00 – 12:45 Luncheon

13:00 – 14:00 Plenary session

Session 20 • Professionalism 
Interest: Life, P&C
Moderator: 
Michel Simard, Executive Director, Canadian Institute of Actuaries
Speakers: 
Walter Fransen (FCIA), Senior Vice President and Chief Actuary, Liberty Mutual
Jenny Ge (FCIA), Senior Director, IFRS 17 Lead, RBC Insurance
Sati MacLean(FCIA), Consulting Actuary, Saturn Consulting
Lesley Thomson (FCIA), VP IFRS Actuarial Policy, Sun Life

Once again, back by popular demand, this interactive session features a professionalism case study video and commentary by a panel of seasoned actuaries. Audience members will participate in live polling using the meeting app. Be sure to watch for instructions on how to download and use the app so that you can participate fully.

14:05 – 15:05 Plenary session 

Session 21 Keynote speaker: Dr. Ann Cavoukian - Privacy by Design

When it comes to privacy and data protection, integrity and accountability are key. How are organizations using the personally identifiable information obtained from individuals, who may be their customers? Is the information being used in a manner that is consistent with the consents obtained, or is it being disclosed to third parties unknown?

Privacy is all about control – personal control over the use and disclosure of one’s information, on the part of the data subjects to whom the information relates. The Canadian Institute of Actuaries “holds the duty of the profession to the public” above all else. In that capacity, they should hold organizations accountable for protecting data privacy and ensuring that strong data protection measures are in place. The need to “look under the hood” is essential – trust but verify! The use of strong security measures is also essential. In this day and age of daily cybersecurity attacks, you cannot have strong privacy without a solid foundation of security, from end to end, with full lifecycle protection.

Dr. Cavoukian’s framework of Privacy by Design will be explored in detail, to proactively deliver the strongest privacy and security measures, to prevent harm from arising.

*Not a member of the CIA.

Sponsorship Opportunities

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