Proposed General Sessions

BIG DATA – WHAT IT IS, AND WHAT IT MEANS FOR THE INSURANCE INDUSTRY

“The term itself is vague, but it is getting at something that is real… Big Data is a tagline for a process to transform everything.”  — Jon Kleinberg, Cornell University

Big data is one of the signature opportunities of the day, but also one of the most poorly defined.  There is growing awareness that ever-expanding data sources can enable scientific advances, new product development, and business model innovations.  Yet as the recent Google Flu Trends episode illustrates, sloppy methodological thinking about big data can lead to scientific errors.  Analogously, sloppy business thinking about big data can lead to expensive strategic errors.

This session will begin by offering a variety of definitions and examples of big data in action.  It will then sketch both the technologies and analytical methodologies that enable big data to be converted from a raw material to a strategic asset.  With these prerequisites in hand, the session will focus on the strategic aspects of the topic:  current uses of big data in insurance and beyond; promising future applications; ideas for product innovation; and ethical issues involving privacy and fairness.

Moderator: Ben Carrier, Managing Director, Aon Benfield
Panelists: Stephen Mildenhall, CEO of Analytics for Aon, Aon Benfield
Jim Guszcza, National Predictive Analytics Lead, Deloitte LLP

Future of the Insurance Industry – The Next 100 Years

Insurance Companies vs. Capital Markets: Friends or Foes? This session will explore the future of managing risk through insurance and other vehicles. The panel will include high level executives and analysts and will focus on how the insurance industry has changed over time, the key turning points and what to expect in the future in the areas of distribution, capital market involvement and how it may change the way insurance companies operate. A discussion of what actuarial skills will be needed in future will be discussed.

Moderator
Matthew C. Mosher, Senior Vice President of Rating Services, A.M. Best Company, Inc.
Panelists: William R. Berkley, Chaiman & CEO, W. R. Berkley Corporation
Vincent J. Dowling Jr, Managing Member, Dowling & Partners Securities, LLC
Brian Duperreault, Chief Executive Officer, Hamilton Insurance Group

History of Property/Casualty Actuarial Work — Ratemaking (1914 – 2114)

This session provides a survey of where we’ve been, where we are, and where we’re going. It opens with our panelists discussing the paramount issues of the first 100 years and how they evolved and the part the CAS pioneers played in developing solutions to these issues. Topics considered include the development of credibility theory, the application of Bayesian techniques, the use of loss distributions in actuarial analysis, and predictive modeling. The session will conclude with a discussion of long-term emergent issues, including global warning; new technologies, such as autonomous and flying automobiles; and the possibility of insurance becoming federally regulated.

Moderator:  Mavis A. Walters, Retired
Panelists: David G. Hartman, Retired
Glenn G. Meyers, Retired
Roger Hayne, Principal & Consulting Actuary, Milliman

Reserving for the Next 100 Years – Thinking outside the Triangle

What would the actuarial profession do if we had never estimated reserves before, and faced a blank sheet of paper today? The panelists will share some ideas from areas such finance and social sciences. They will introduce you to Thomas Bayes, and how his theorem can be applied to our problem. They will look at the social sciences, and draw conclusions about latent variables that are not directly observable, which may help us incorporate market cycles.
Moderator
Jessica Leong, Execution Lead, Zurich Insurance North America
Panelists: David Clark, Senior Actuary, Munich Re America, Inc
James Guszcza, National Predictive Analytics Lead, Deloitte
Jessica Leong, Execution Lead, Zurich Insurance North America
Donald Mango, Vice Chairman, Enterprise Analytics, Guy Carpenter & Co., LLC