Professional Development
 
2019 Annual Conference Banner

June 20–21, 2019 – Montréal, QC

Program

Thursday, June 20

07:00–17:00 Registration and CIA Information Desk

07:00–07:45 Hot Buffet Breakfast

07:45–09:00 Opening Remarks – Plenary Session: Session 1 Transforming Leadership and Productivity for Peak Performance

Speaker: Keynote speaker Nick Bontis*

During his enlightening and energetic keynote presentation, Nick Bontis will spur your ability to strategically manage change before anyone else can even see it coming, create a bulletproof shield for your career that no disruptive technology can penetrate, and increase your personal productivity by providing the most important actionable tactics for greater efficiency. It’s time to work smarter, not harder. Mr. Bontis will show you how.

09:15–10:15 Concurrent Sessions

Session 2 • Predictive Analytics Applications in Group Insurance and Consumer Behaviour
Relevant to: All 
Moderator: Patrick Charbonneau (FCIA), Project Director, Development Group Insurance, Optimum Re
Speakers:
Jason Rodriguez*, Data Science Lead, Willis Towers Watson
Clayton Zaluski (FCIA), Consulting Actuary, Worden Zaluski Consulting Actuaries

Understand some of the cutting-edge predictive analytics techniques applied to tangible business problems. First, this session will provide a high-level overview of methods and applications to enhance the pricing and valuation of group insurance products. Next, the discussion will focus on behavioural predictive analytics applications outside of the typical insurance use cases. The goal of this presentation is to provide an introduction and high-level overview for both technical and non-technical audience members.

Session 3 The “Risk” of Ignoring Risks When Drawing Down Retirement Savings, and How Delaying CPP Can Help
Interest: Pension
Moderator:
Tulio Walles (FCIA), Actuary, Eckler
Speaker:
Bonnie-Jeanne MacDonald (ACIA), Director of Financial Security, National Institute on Ageing (NIA

Managing and drawing down savings in retirement are complex tasks. Retirees need to manage a pot of money that will grow in an unknown way, to pay for unknown expenses, over an unknown time horizon (that can span over 30 years). And this needs to be done within the complex Canadian tax and social benefit system where retirement planning decisions and changes in circumstances trigger a complex network of repercussions and financial trade-offs. This complexity is daunting and confusing for people, and conventional practices within mainstream retirement financial planning are plagued with challenges that can lead to advice that is not only inaccurate but potentially harmful. Drawing on current research, Bonnie-Jeanne will illustrate the dangers of some widespread practices and offer insights on how to overcome them – including delaying CPP. The purpose of this talk is to foster more informed retirement financial planning guidance and decisions.

Session 4 Financial Literacy
Relevant to: Corporate Life
Interest: Individual Life
Moderator:
Maria Xinqing Zou (FCIA), Actuary, Vice President, Life & Health Business Management IETV Integration Swiss Re
Speakers: 
Dan Ryan*, Head of Insurance Risk Research, Swiss Re Institute

Discussion on how to sell/market insurance products to change the public’s perception of insurance. How the transformation of business into new ecosystems will lead to new opportunities for insurance to be packaged and promoted on platforms in ways that make insurance more accessible and integrated into the overall customer experience rather than explicitly separate decisions.


Session 5 • IFRS 17: Latest Developments
Relevant to: Corporate Life & P&C IFRS
Moderator:
Les Rehbeli (FCIA), Partner, Oliver Wyman
Speakers:
Simon Curtis (FCIA), Global Head of Life Reserving, Munich Re
Les Rehbeli
Lesley Thomson (FCIA), Vice-President, IFRS Actuarial Policy, Sun Life Financial

The International Accounting Standards Board (IASB) has tentatively delayed the implementation of IFRS 17 by one year, and intends to make targeted changes to the IFRS 17 Standard that was released in May 2017. This session will provide an update of the key changes that the IASB intends to make to the final IFRS 17 standards. The session will also provide an update on recent International Actuarial Association (IAA) guidance being developed, specifically ISAP 4 and IAN 100.

Session 6 • Get Seen, Get Heard, Get Social: Communications for Today’s Actuary
Relevant to: All
Moderator:
Sandra Caya*, Associate Director, Communications and Public Affairs, CIA
Speakers:
Houston Cheng (FCIA), Senior Manager and Consulting Actuary, KPMG
Catherine Jacques-Brissette (ACIA), Corporate Responsibility and Environment Specialist, Bell Canada
André Mazerolle*, Senior Manager, Marketing, Audit & Assurance, Deloitte Canada
Marc Tardif (FCIA), CIA President-Elect

Looking for strategies to boost your career and confidence? Learn how to digital network like a pro, optimize your online brand, build relationships through sales and marketing tricks, and pick up the communications skills you need for success as today’s actuary. Guest speakers will share their stories and experiences through presentations and interactive discussions with the audience.

Session 7 • Cyber Risk: a Scenario-Based Approach to Identifying and Mitigating Key Threats 
Relevant to: ERM
Moderator:
Danielle Harrison (FCIA), Chief Risk Officer, The Co-operators Group
Speakers: 
Sim Segal*, President, SimErgy Consulting
Shahryar Shaghaghi*, Partner, Cybersecurity and Privacy Leader, CohnReznick

Cybersecurity threats continue to expand in number and complexity, and finding an approach to managing them effectively is elusive. Organizations are struggling to (a) prioritize among the myriad cyber risks; (b) make a business case for recommended mitigation; and (c) draw a rigorous, defensible line in the sand limiting the scope of cyber-risk management. In this session, we begin with the current state of cybersecurity risks. Then we discuss how a value-based ERM approach uses deterministic scenarios and quantitative models to (a) sort out which cyber-risk scenarios to focus on; (b) support mitigation decisions with robust risk-reward data; and (c) define a cyber-risk appetite to contain the focus of cyber-risk management to a manageable level. This session is sponsored by the Joint Risk Management Section (JRMS).

10:15–10:30 Networking Break

10:30 –11:45 Concurrent Sessions

Session 8 • Marijuana is Now Legal, What Do We Need to Know?
Relevant to: Reinsurance
Interest: ALL
Moderator:
Kris Kerwin (FCIA), Director & Actuary, Capital & Financing, RGA Canada
Speakers:
Dr. Bruce Empringham*, MD, Canada Life
Dr. Georgiana Pascutiu*, VP and Medical Director, RGA International

Drs. Empringham and Pascutiu will walk us through the literature, review the first-year Canadian experience, and also provide a global perspective on the health benefits and hazards of cannabis.

Session 9 • Settlement Cost Compared to Going Concern Funding Targets
Relevant to: Pension
Interest: Research
Moderator:
Paul Winnett (FCIA), Vice-President, Morneau Shepell 
Speaker:
Doug Chandler (FCIA), Canadian Retirement Research Actuary, Society of Actuaries

Canadian pension funding regulations require two distinct types of valuation: a going concern valuation that presumes the plan will continue to operate, and a solvency valuation that presumes the plan will wind-up. Differences in liability measurements are mostly explained by differences in the discount rates, but analysis of pension plans registered in Ontario provides insight into other differences. These include mortality assumptions, provisions for early retirement, and the treatment of future indexing and salary increases. These differences, together with variations in going concern discount rates due to investment strategies and other considerations, will become important as provincial funding regulations shift away from solvency funding targets.

Session 10 • Quantify This!
Relevant to: Individual Life, Reinsurance
Moderator:
Rohit Thomas (FCIA), Vice-President & Chief Pricing Actuary, BMO Life Assurance
Speakers:
Julianne Callaway*, Vice-President and Actuary, RGA
Blake Hill (FCIA), Vice-President Life Insurance, dacadoo

Premature deaths from non-communicable diseases and chronic conditions continue to grow. To reduce these early deaths, it is important to understand the impact of lifestyle behaviours on mortality experience. The opportunity to reduce lifestyle-related mortality through education and healthy living incentives is now more meaningful and data driven than ever before. The speakers will detail the impact of physical inactivity, smoking, and stress on mortality and morbidity. Discussion includes approaches insurers can use to encourage healthy behaviour for insureds, and ways to track and verify specific activities, including the use of Internet of things (IoT) devices such as wearables, which gained popularity in the quantified-self movement. They will also discuss how to incorporate information on wellness into the product development process to enhance customer experience while improving risk selection.

Session 11 • IFRS 17: Discount Rate, Market Consistent-Valuation, and URR Update
Relevant to: Corporate Life – IFRS 17
Moderator:
Steve Bocking (FCIA), Vice-President, Individual Customer Financial Management, Great-West Life
Speakers:
Robert Berendsen (FCIA), Senior Principal, Oliver Wyman
Steve Bocking
Stéphanie Fadous (FCIA), Head of IFRS 17 Implementation and Actuarial Policy, Manulife

In this session, the CIA Committee on Life Insurance Financial Reporting (CLIFR) provides an update on the work of the Discount Rate Working Group and the Market Consistent Valuation of Financial Guarantees/Segregated Funds Working Group. This session also provides an update on the work of the Actuarial Standards Board (ASB) Designated Group that was formed to develop the ultimate reinvestment rate (URR) promulgation.

Session 12 • IFRS 17: PCFRC Progress Update
Relevant to: P&C – IFRS 17
Moderator:
Houston Cheng (FCIA), Senior Manager and Consulting Actuary, KPMG 
Speakers:
Houston Cheng (FCIA)
TBD

The CIA Committee on Property and Casualty Insurance Financial Reporting (PCFRC) provides an update on the work of the Discounting, Risk Adjustment, and Reinsurance Working Groups. The committee will also discuss other topics that it is working on such as allocation of liability for incurred claims (LIC), premium allocation approach (PAA) eligibility, transition, and disclosures.

Session 13 • Resource and Environment Issues for Pension Actuaries: Considerations for Setting Financial Assumptions

Relevant to: Pension
Moderator:
Tulio Walles Mora (FCIA), Actuary, Eckler
Speaker:
Andrew Claringbold*, Principal Consultant, AON Hewitt

Andrew Claringbold will talk about a working paper published by the Institute and Faculty of Actuaries in the UK outlining climate change considerations for financial assumptions, and practical examples of the role of scenario analysis to support them. 

12:00–13:15 Member Recognition Luncheon

13:30–14:45 Concurrent Sessions 

Session 14 • Pricing LTD for the Future, and Research Update
Relevant to: Group
Interest: Group Insurance Pricing
Moderator:
Isabelle Bouchard (FCIA), Vice-President, Group Reinsurance, RGA
Speakers:
Louis Bernatchez (FCIA), Vice-President, Morneau Shepell
Denis Garand (FCIA), President, Denis Garand and Associates

In this session, Louis Bernatchez, a seasoned group benefits consultant, will present trends in the marketplace that will most likely affect the design and the pricing of the long-term disability (LTD) benefit in the future. He will also explain how a consultant typically analyzes the claims experience of a plan in order to negotiate the renewal with the insurance company.

Also in this session, Denis Garand will provide a brief update on research projects including the recently released Group Long-term Disability Termination Study, and the upcoming Premium Waiver report.

Session 15 • Pension Funding Models and Designs: Finding Common Ground
Relevant to:
Pension
Moderator:
Stephen Cheng (FCIA), Managing Director & Senior Consulting Actuary, Westcoast Actuaries
Speakers:
Rob Brown (FCIA), Retired Professor
Stephen Eadie (FCIA), Partner, Robertson, Eadie & Associates
Chun-Ming (George) Ma (FCIA)

The authors of the winning paper and the paper with honourable mention in the 2017 Society of Actuaries Retirement 20/20 contest will share the key features of their models and designs and the subsequent events that relate to their papers. They will present on how their models address the issues of intergenerational equity, long-term sustainability, risk-sharing, and retirement income security.

Session 16 • The Psychology of Actuaries
Relevant to: All
Moderator: 
Joe Nunes (FCIA), Executive Chairman, Actuarial Solutions
Speaker:
Justin M. Deonarine*, Industrial/Organizational Psychologist, Psychometrics Canada

How does the psychology of individuals relate to strengths and challenges in communication and leadership? In this session, we will explore how your personality impacts your performance as an actuary. You will have the opportunity to complete the Work Personality Index assessment before the session and receive a printed copy of your results during the presentation. We will look at aggregate data based on the conference attendees, and you will leave with strategies on how to leverage your personal strengths and adjust your communication style to connect more effectively with others.

Session 17 • Data Analytics for Insurers: to Infinity and Beyond
Relevant to:
Individual Life, Reinsurance
Moderator:
Rachel Yap (FCIA), Director, Sun Life Financial
Speaker:
Cheston Chiu*, Head of Analytics Centre of Excellence – Canada, Sun Life Financial
Étienne Plante-Dubé (FCIA), Director, Advanced Analytics, Desjardins

Data analytics has been a blossoming area for most insurers in the past few years. This session will share how insurers can apply data analytics to insurance strategy to expand the business, using real case studies that articulate the challenges and how to overcome them when bringing analytics into an organization. Hear from an actuary about his experience leading the data science team. 

Session 18 • Update from the Insurance Bureau of Canada IFRS 17 Working Group

Relevant to: P&C
Interest: IFRS 17
Moderator:
Cynthia Potts (FCIA), Principal, Eckler
Speakers:
Jacqueline Friedland (FCIA), President, J. Friedland Actuarial Consulting
Cynthia Potts

The Insurance Bureau of Canada’s IFRS 17 Working Group was formed as a forum for multi-discipline discussion of IFRS 17 matters. Over the past two years, the working group has developed numerous position papers on a wide range of issues pertaining to the new standard. Hear about their work to date, with particular emphasis on actuarial issues.

Session 19 • Modifiable Risks: Rethinking Risk Assessment to Create Better Value, More Inclusive Products
Relevant to: Individual Life, Reinsurance
Moderator:
Binni Rana (ACIA), Vice-President Client Markets, Swiss Re
Speaker:
Alan Martin*, Global Life and Health Product Strategy Manager, Swiss Re

Today the insurance industry assesses health risk at a single point of time through underwriting at the point of sale. This means that we miss the opportunity to assess modifiable risks more accurately over time, price our products more fairly, and allow those who take positive action to improve their health to benefit directly from their efforts. The presenters in this session will examine fundamental questions about how we underwrite, and explore product development concepts that consider modifiable risks and how they change over time.

14:45–15:15 Networking Break and TED-Style Talks

15:15–16:15 Concurrent Sessions

Session 20 • LTD Management – Are Cognitive Behavioural Therapy and Pharmacogenomics Worth It?
Relevant to:
Group
Moderator:
Mitch Viau (FCIA), Vice-President, Living Benefits, RGA
Speakers:
TBD
Damien Lapointe Nguyen (FCIA), Director, New Products, RGA
Mitch Viau

Every year, one in five people in Canada will experience mental illness, and by the age of 40, 50 per cent of us will have experienced it. With such high numbers, it is not surprising that it has become one of the most important causes of long-term disability claims. Online cognitive-behavioural therapy and pharmacogenomics are two potential solutions that are generating a lot of interest lately. This session will provide insights as to what those tools are, how they can be integrated into disability management, and whether they provide value for your money.

Session 21 Risk Management of DB and DC Plan Members: from Yesterday to Tomorrow (French)
Relevant to: Pension
Moderator: 
Joseph Gabriel (FCIA), CIA Staff Actuary, Education
Speaker: 
Serge Charbonneau (FCIA), President, Pro-Pension

The risks of the participants may be very different in DB and DC pension plans, but the ways of managing them might be less different than we think. We may not have the fundamental differences that we had (or thought we had) in the past. Some thoughts on past practices and suggestions for future ones.

Session 22 • The Application of Credibility Theory in Canadian Life Insurance
Relevant to: Individual Life, Corporate Life, Reinsurance
Moderator:
François Cloutier (FCIA), Senior Director, Actuarial, Products Expertise, SSQ Insurance 
Speakers:
Annie Girard (FCIA), Assistant Vice-President & Actuary, Research, RGA 
Leslie M. Jones*, Consulting Actuary, Risk & Regulatory Consulting Services

This session presents the results of a study conducted on behalf of the CIA and the Society of Actuaries (SOA) on the application of credibility theory in the Canadian life insurance industry. The study included two parts. The first part involved a survey of Canadian life and annuity companies on credibility theory practices and explored the credibility methods being used, the associated processes, and the use of data for mortality, lapse, and other assumptions. The second part involved a detailed analysis and comparison of the indicated credibility methods using sample data sets for both mortality and lapse.

Session 23 • IFRS 17 and LICAT
Relevant to: Corporate Life
Interest: IFRS 17
Moderator:
TBC
Speaker:
John Kmetic (FCIA), Director, Life Insurance Capital, OSFI

The implementation of IFRS 17 requires a number of revisions to the Canadian insurance capital guidelines to align them with the new accounting standard. To revise the LICAT guidelines for IFRS 17, the Office of the Superintendent of Financial Institutions (OSFI) will work with life insurers through a consultative process including a Quantitative Impact Study to assess insurers’ LICAT ratios under the new standard. This session intends to provide guidance on how to approach this exercise and key items to look for. The session will also share what insurers should do with the uncertainty that remains with interpretation of the standard in performing this assessment and what they should be cautious of.

Session 24 • IFRS 17: Risk Adjustment Research 1
Relevant to:
P&C
Interest: IFRS 17
Moderator:
Mathieu Boudreault (ACIA), Professor, Université du Québec à Montréal
Speaker:
Mathieu Boudreault
Mélina Mailhot (ACIA), Professor, Concordia University

Since the summer of 2018, four research teams in Québec and Ontario have been analyzing various methods and techniques related to the new IFRS 17 standards. Launched in 2018 by the Actuarial Foundation of Canada (AFC), the Actuarial Research Internship Program (ARIP) teams up an academic, a practitioner, and a graduate student to help solve an important industry problem. The first edition of the ARIP tackles risk adjustment. The results from two of the teams will be presented during two act19 sessions. In this session, the speakers will introduce the ARIP. The second part is Session 31.

Session 25 Actuarial Evidence Reports and Case Reserves
Relevant to: Actuarial Evidence, P&C
Interest: ERM, Reinsurance
Moderator:
Craig Allen (FCIA), Consulting Actuary, Craig A. Allen, FCAS, FCIA
Speakers:
Tim Clarke,* General Claims Counsel, Axxima

The case reserve is a core input for property and casualty (P&C) actuarial work – both reserving and pricing. Large and complex claims are less amenable to the law of large numbers, calling upon the P&C actuary to understand the workup of the case reserve. The case reserve is also an end product of actuarial evidence work on damages. This session will illustrate the process that translates the damages expert's report into the case reserve, using examples drawn from a portfolio of large and complex claims. 

16:30–18:00 Session 26: Plenary Session • New Fellow Recognition Ceremony Featuring Keynote Speaker Jean-Claude Ménard

Relevant to: All
Interest: All

Join us to celebrate those who have achieved Fellowship in the Canadian Institute of Actuaries, and to hear a keynote address by former Chief Actuary Jean-Claude Ménard, who will share his experience and views on the profession, as well as the need for social justice around the world.

Mr. Ménard joined the Office of the Superintendent of Financial Institutions as Chief Actuary of Canada in August 1999.

The Chief Actuary prepares actuarial reports on the Canada Pension Plan, the Old Age Security program, the Canada Student Loans Program, and pension and benefit plans for federal public servants, the Canadian Forces, the Royal Canadian Mounted Police, federally appointed judges, and members of Parliament.

Mr. Ménard has been a Fellow of the Canadian Institute of Actuaries and of the Society of Actuaries since 1985, and is a member of the Québec Actuarial Club. He earned a BScAct from Université Laval.

18:00–19:30 Networking Reception

Friday, June 21

07:00–15:00 Registration and CIA Information Desk

07:00–07:45 Hot Buffet Breakfast 

07:45–08:45  Concurrent Sessions

Session 27 • National Pharmacare 

Relevant to: Group
Moderator:
Chris Fievoli (FCIA), Staff Actuary, Communications and Public Affairs, CIA
Speaker:
Gary Walters (FCIA), Senior Vice-President Underwriting, GroupHEALTH Benefit Solutions

National pharmacare means many things to many people – the solution to whatever problem each individual sees – access for those who have to make choices between prescription drugs and other necessities, more consistent coverage across Canada, access to new medicines faster, and access to expensive drugs for rare diseases. Yet we all know that 100 percent access will be infinitely expensive and totally unaffordable and leads to jurisdictional debates – who can dictate and who should pay. What are the options, the pros and cons of each, and the impact on various stakeholders. By the time of the annual meeting we may even know more about what Canada’s expert panel on national pharmacare will recommend.

Session 28 • Big Data to Guided Decision-Making for Pension Plans (French)

Relevant to: Pension
Interest:
Moderator:
TBC
Speaker:
Guillaume Ducharme (FCIA), Senior Advisor, Morneau Shepell

How can we use big data to help members make better financial decisions and guide them through the accumulation and the decumulation phase? How can we use non-traditional data to better plan for retirement?

Session 29 • Post-Level Term Assumption Survey Results

Relevant to: Individual Life, Reinsurance, Corporate Life
Moderator:
Jean-Pierre Cormier (FCIA), Vice-President, Product Development and Pricing, RGA
Speakers:
Annie Girard (FCIA), Assistant Vice-President and Actuary, Research, RGA
Steve Schumacher*, Vice-President and Actuary, RGA

We will go over the results of the survey of Canadian life insurers regarding their lapse and mortality assumptions for level term insurance products around the first renewal. This is phase 1 of a larger post-level term lapse and mortality study we are currently performing on behalf of the CIA and the SOA.

Session 30 • IFRS 17 and Investment Strategies 

Relevant to: Corporate Life
Interest: IFRS
Moderator:
Brian Fortune (FCIA), Principal, Eckler
Speakers:
TBC
Shirley Song*, Consulting Actuary, Milliman

The introduction of IFRS 17 on January 1, 2022, together with IFRS 9 on January 1, 2018, will have a material impact on valuation of liabilities and income recognition of assets. While the common view has been that IFRS 17 and 9 will make accounting more consonant for insurers, that does not mean that there are not challenges associated with the IFRS standards. In particular, these changes will impact insurer asset and liability management (ALM) and how they interact with regulatory reporting and capital rules in different jurisdictions. 

This session will discuss how insurers can manage the transition to IFRS 17/9 holistically, and how to manage IFRS 17/9 valuation considerations in tandem, with a view towards not just implementation, but future strategy considerations and complications including classification and measurement requirements, IFRS implications on hedging, managing complex instruments, impairments, and ledger and general accounting system challenges.

Session 31 IFRS 17: Risk Adjustment Research 2

Relevant to: P&C
Interest: IFRS 17
Moderator:
Joe Cheng (FCIA), President, JSCP
Speaker:
Joe Cheng
Yixing Zhao*, Ph.D. student, University of Western Ontario

Since the summer of 2018, four research teams in Québec and Ontario have been analyzing various methods and techniques related to the new IFRS 17 standards. Launched in 2018 by the Actuarial Foundation of Canada (AFC), the Actuarial Research Internship Program (ARIP) teams up an academic, a practitioner, and a graduate student to help solve an important industry problem. The first edition of the ARIP tackles risk adjustment. The results from two of the teams will be presented during two act19 sessions. In this session, an industry participant of ARIP will speak about the experience of working with a university research team. The first part is Session 24

Session 32 • Longevity Market Potential in Canada
Relevant to: Reinsurance
Moderator:
Heather Ingram (ACIA), Vice-President Client Markets, Swiss Re
Speakers:
Daniel Harrison*, Global Head Longevity Solutions, Swiss Re,
Mathieu Tessier (FCIA), Managing Director, Client Relationships, Defined Benefits Solutions, Sun Life Financial 

The Canadian annuity market currently faces unique challenges and opportunities. The market continues to see impressive growth. However, increasing rates in mortality improvement, and lower and volatile investment returns put a downward impact on life insurers. In addition, the new LICAT capital regime as well as upcoming IFRS 17 standards have further impacts on the business.

In this session, we will provide an overview of the Canadian annuity market and how reinsurers can provide additional capacity to the market by transferring the associated longevity risk. The session will also focus on how reinsurers in other markets have transacted such deals and some of the practical challenges both insurer and reinsurer face while carrying out such transactions.

09:00–10:00 Concurrent Sessions 

Session 33 • CIA Member Ethical Concerns Survey (interactive forum)
Relevant to: All
Interest: All
Moderator: 
Chris Fievoli (FCIA), Staff Actuary, Communications and Public Affairs, CIA
Speaker: 
Frank Grossman (FCIA), Principal, Linden Grove Group

Were you one of the CIA members who completed the online ethical concerns survey in December 2017? Whether you were or not, join us for an overview of this groundbreaking CIA research project. The session will include a summary of the survey results presented in the CIA Member Ethical Concerns Report, as well as a discussion of its findings.

Session 34 • Aging and Retirement
Relevant to:
Pension 
Interest:
Research
Moderator:
Paul Winnett (FCIA), Vice-President, Morneau Shepell
Speaker:
TBC

This session will discuss research regarding the impact of the enhanced CPP on the retirement prospects of Canadians and the impact of the low interest rate environment on Canadian retirement income programs, with consideration of the consumption patterns and bequest motives of retirees.

Session 35 • Application of Data Analytics to Medical Excess Loss Insurance
Relevant to: Corporate Life
Moderator:
Yuhui (Cindy) Chen, Vice-President, Swiss Re
Speaker:
Dr. Nitin Nayak*, Vice-President, Senior Analytics Professional, Swiss Re

Health plans and self-insured businesses (SIBs) prefer to limit liability for medical claims associated with high-cost treatments for conditions like cancer, stroke, end-stage renal disease, etc. For this purpose, they usually purchase medical excess loss coverage insurance that limits their liability below a specified attachment point. For insurers providing the excess loss coverage, the business problem is how much premium to charge for excess loss claims that are primarily outliers, since a majority of claims are for lower amounts. This talk will present an approach that leverages both a client’s historical claim experience along with external data from IBM’s Truven medical claims database to build a simulation model. Such a model helps better understand the distribution of aggregated claims, along with the likelihood of experiencing a loss at various premium values in order to make an informed decision for competitive quotations.

Session 36 IFRS 17: OSFI Discussion on Proposed MCT and Upcoming Quantitative Impact Study 
Relevant to: P&C
Interest: IFRS 17
Moderator:
Jeffrey Muller (FCIA), Capital Specialist, OSFI
Speaker:
Paul Van Walleghem (FCIA), Senior Analyst, Capital Division, Office of the Superintendent of Financial Institutions

The implementation of IFRS 17 requires revisions to the Minimum Capital Test (MCT) guideline to align it with the new accounting standard. To revise the MCT for IFRS 17, the Office of the Superintendent of Financial Institutions (OSFI) is working with P&C insurers through an iterative consultative process to assess insurers’ MCT ratios under the new standard. This session will provide an overview of OSFI’s IFRS 17 project, an update on the June 2019 directed consultation on the draft MCT 2022 guideline and Quantitative Impact Study (QIS), as well as guidance on how P&C insurers should approach this exercise. The session will also share OSFI’s view on how to handle the QIS as the International Accounting Standards Board (IASB) continues deliberations on IFRS 17.

Session 37 • IFRS 17: Insurance and Reinsurance Impacts on New Business
Relevant to: Individual Life, Reinsurance
Interest: IFRS 17
Moderator:
Marie-Josée Blanchet (FCIA), Assistant Vice-President, Product Development & Pricing, RGA Canada
Speakers:
Mathieu Charest (FCIA), Assistant Vice-President, North American Product Risk Management, Manulife
Marc-André Harvey (FCIA), Director, Reinsurance Optimization Solutions, RGA Canada

IFRS 17, scheduled to be implemented in 2022, will have significant impacts on reserves and earnings emergence for insurance and reinsurance companies. This session will cover the main IFRS 17 impacts on new business portfolios from a life insurance perspective, and look at the impact of reinsurance.

Session 38 • Collaboration with Insurtech: Exploring Challenges, Risks, and Opportunities 
Relevant to: Enterprise Risk Management, All
Moderator:
Arthur da Silva (ACIA), Manager, Actuarial, Rewards & Analytics, Deloitte Canada
Speakers:
Arthur da Silva
Patrick Vice*, Partner, Insurance-Canada.ca

Insurers are recognizing that insurtech companies have begun to carve a niche in the insurance industry through rapid development to address evolving customer needs and rising expectations. However, many insurtech companies are not seeking to compete with the incumbent insurers; instead, they are looking to solve legacy insurer problems across the traditional insurance organization. As insurers look to collaborate with insurtech companies, they should be cognizant not only of the benefits, but also the challenges and risks that arise from such partnerships.

10:00–10:15 Networking Break  

10:15–11:15 Concurrent Sessions

Session 39 • Converting from Health and Welfare Trusts to Employee Life and Health Trusts
Relevant to: Group
Moderator:
Peter Muirhead (FCIA), PBI Actuarial Consultants
Speakers:
Allen Furlong (FCIA), Senior Consultant, Morneau Shepell
Megan Kaneen*, Partner, Lawson Lundell

In February 2018, the federal government announced the end of health and welfare trusts (HWT), requiring existing HWTs to act by the end of 2020 to either wind-up or convert to an employee life and health trust, or become subject to the normal income tax rules for trusts.

In this session, Allen Furlong and Megan Kaneen will review the differences between the two models, and considerations for the upcoming transition.

Session 40 • Value Aligned AI Innovation: Navigating AI Risk in the New Physics of Financial Service
Relevant to:
All
Moderator:
TBC  
Speakers:
Karen Cutler*, Vice-President and Chief Underwriter, Manulife
Victor Platt*, Manager, Artificial Intelligence, Deloitte

Artificial intelligence (AI) enables any financial institutions (FI) to drive efficiencies and deliver new value to customers. More fundamentally, there is evidence that AI is driving a broader shift in the physics of the financial ecosystem. At the same time, the increasing adoption of AI across the financial services industry (FSI) value chain is exacerbating existing risks and introducing new ones, compounding its effect on the industry. For FSI business, risk, and technology leaders, successfully navigating this landscape is a function of three interrelated imperatives:

1. Understanding the role of AI risk and benefits in corporate strategy and governance;
2. Building value-aligned AI solutions including data-driven underwriting advancements and decisions; and
3. Adapting risk and control approaches across the three lines of defence.

These imperatives are conditions of capturing value in the short term and sustainable value in the long term. This session will outline key AI risks and practical considerations for FI leaders across each of these imperatives. 

Session 41 • CIA Committee on Risk Management and Capital Requirements

Relevant to: Corporate Life, P&C
Moderator:
Marc-André Harvey (FCIA), Director, Reinsurance Optimization Solutions, RGA
Speakers:
Nicolas Beaudoin (FCIA), Senior Director, Willis Towers Watson
David Kroach (FCIA), Vice-President, Financial Risk Management, Manulife
Michelle Lindo (FCIA) Assistant Vice-President and Deputy Valuation Actuary, Munich Re Canada

This session provides an update on recent activities of the CIA Committee on Risk Management and Capital Requirements (CRMCR), including a preview of the new educational note on financial condition testing (i.e., DCAT/ORSA integration) and the new CRMCR educational note highlighting current capital requirements and potential changes on the horizon.

Session 42 • IFRS 17: PWCF, CSM, and Risk Adjustment
Relevant to:
Corporate Life
Interest:
IFRS 17
Moderator:
Marie-Andrée Boucher (FCIA), Principal, Eckler
Speakers:
Marie-Andrée Boucher
Wilson Ho (FCIA), Assistant Vice-President, ALM Canada, Sun Life Financial 
Andrew Ryan (FCIA), Head of IFRS 17 Product and Pricing, RBC Insurance

In this session, members of the Committee on Life Insurance Financial Reporting (CLIFR) provide an update on the work of the Probability-Weighted Cash Flows (PWCF) Working Group, Contract Service Margin (CSM) Working Group, and Risk Adjustment Working Group. 
 

Session 43 • Actuaries of the Future
Interest: All
Relevant to: All
Moderator:
Houston Cheng (FCIA), Senior Manager and Consulting Actuary, KPMG
Speakers:
Houston Cheng
Chris Nyce*, Partner, KPMG

Advanced analytics and big data are fundamentally changing actuarial work. Today's actuaries no longer have to follow the traditional methods, calculating reserves based on aggregate data patterns. Instead, robust software and vast computational power have unlocked new methods and models, including analyzing individual claim policy data in real time.

For fresh graduates and the top actuaries in the field, this reality is the new normal – and the impacts of this change are being felt throughout the industry and beyond. Harnessing the power of these new technologies, actuaries are more in demand than ever before, taking on new roles, working for new types of firms, and shaping the innovation agenda. The first part of the session will discuss changes impacting the profession that excite some actuaries, but perhaps feel threatening to others. The second part will illustrate an example of new approaches to actuarial work going on today that could completely replace traditional reserving and pricing methods commonly used.

Session 44 • Update on OSFI's Reinsurance Discussion Paper: Progress to Date and Next Steps 
Relevant to: P&C
Moderator:
TBD
Speakers:
TBD

The Office of the Superintendent of Financial Institutions (OSFI) has undertaken a broad review of the reinsurance framework applicable to federally regulated insurers (FRIs). The review was initiated to deepen our understanding of the evolving reinsurance practices being used in both the property and casualty (P&C) and life insurance sectors, and to determine whether OSFI's current reinsurance framework remains appropriate and effective.

This session will provide an update on OSFI’s analysis of industry feedback, an overview of next steps, and give attendees an opportunity to ask questions.

11:30–12:30 Concurrent Sessions

Session 45 • The Actuary is Dead, Long Live the Actuary

Relevant to: Reinsurance
Interest: ALL
Moderator:

Jean-François Lafond (FCIA), Vice-President, Business Development, SCOR
Speakers:
Raman Lalia*, Actuarial Analyst, RGA
Matthew Smith*, Head of Divisional R&D, Pacific Life Re

Once upon a time, actuarial students could graduate from university, master a VLOOKUP, and begin adding value to organizations, but times have changed. Actuaries across the world are expected to code, visualize data, implement AI, apply data science, drive IT projects, and explain it all to decision makers. This session offers a lighthearted view of this changing world, including the following: a history lesson on how actuarial software and systems have changed; the death of Excel; the 80/20 rule of data/analysis; and where did I put my data?

Session 46 IFRS 17: Participating Insurance
Relevant to:
Corporate Life
Interest: IFRS
Moderator:
Steve Bocking (FCIA), Vice-President, Individual Customer Financial Management, Great-West Life
Speakers:
Steve Bocking
Lesley Thomson (FCIA), Vice-President, IFRS Actuarial Policy, Sun Life Financial

In this session, the CIA Committee on Life Insurance Financial Reporting (CLIFR) provides an update on the work of the Par Working Group. 
 
Session 47 • Two-Dimensional Mortality Improvement Scales

Relevant to: Research
Interest: All
Moderator:
Mathieu Boudreault (ACIA), Professor, Université du Québec à Montréal
Speakers:
Johnny Li (ACIA), Professor, University of Melbourne and University of Waterloo,
Yanxin (Graham) Liu*, Assistant Professor of Actuarial Science, University of Nebraska-Lincoln

Recently, actuarial professions in Canada, the US, and the UK adopted an innovative two-dimensional approach to projecting future mortality. In contrast to the conventional approach, the two-dimensional approach permits mortality improvement rates to vary not only with age but also with time. Despite being an important breakthrough, the newly proposed two-dimensional mortality improvement scales are subject to several significant limitations, most notably a heavy reliance on subjective judgments and a lack of measures of uncertainty. In our paper, we developed a method for producing two-dimensional mortality improvement scales with more solid statistical justifications. The “heat wave” model treats short- and long-term mortality improvements respectively as “heat waves” that taper off over time and “background improvements” that always exist. Using the model, one can derive two-dimensional mortality improvement scales with minimal subjective judgment. Moreover, with likelihood-based inference methods, the uncertainty surrounding the best estimate of mortality improvement rates can be quantified.

Session 48 How Do You Sell Sprouts? What Behavioural Science Can Teach Us about Tackling Underinsurance

Relevant to: Reinsurance
Moderator:
André Cardinal (FCIA), Director and Actuary, Development and Pricing, Individual Life, RGA
Speaker:
Matthew Battersby*, Chief Behavioural Scientist, RGA

It’s easy to sell candy—it tastes nice. All you need to do to sell candy is grab someone’s attention (colourful packaging, memorable names, etc.) and make it easy to buy (e.g., place it near the checkout). It’s much harder to sell sprouts—they are good for you, but don’t taste as nice. Making it easier to buy sprouts does not mean you will sell more. Shoppers are unlikely to impulse buy extra sprouts if we replaced the candy with them at the checkout. Unfortunately, life insurance is like sprouts—it’s good for people, but it doesn’t taste nice. Simply making it easier to buy life insurance is unlikely to solve the underinsurance problem. Behavioural science teaches us that different products require different persuasion techniques. Matt Battersby will explain why more people don’t buy life insurance and how we can use persuasion techniques to tackle this problem. He will provide examples of successful approaches in life and health insurance as well as share insights from other relevant industries.

Session 49 • Financial Assessment of Climate Change Risk: TCFD Recommendations  (Panel)
Relevant to:
All
Interest:
All
Moderator:
John Dark (FCIA), Actuary, Co-operators Life Insurance
Speakers:
Philippe Bélanger*, Senior Consultant, Responsible Investment, Desjardins 
Gaetano Geretto (FCIA), President, Pelecanus Advisory
Catherine Jacques-Brissette (ACIA), Corporate Responsibility and Environment Specialist, Bell Canada, 
Barbara Turley-McIntyre*, Vice-President, Sustainability & Citizenship, The Co-operators Group
 

Panellists (representing the insurance, investor, and private sector perspectives) will speak to their organizations’ efforts in the financial assessment of climate change risks. They will also address their organizations’ implementation of the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD). The CIA Climate Change and Sustainability Committee will share the work that they are doing to prepare and enable CIA members to incorporate climate-related analysis in their professional activities.

Session 50 • Risk Culture Assessment and Management (Panel)

Relevant to: ERM
Interest:
Moderator:
Shannon Patershuk (FCIA), Principal, SEP Actuarial Consulting
Speakers:
Sharon Giffen (FCIA), Independent Board Member
Angie Radiskovic*, Senior Director, Non-Financial Risk, Office of the Superintendent of Financial Institutions
Yulia Travis*, Senior Assistant Vice-President, Internal Audit, Canadian Western Bank

Risk culture has significant influence over the effectiveness of ERM frameworks and is quickly capturing the attention of financial regulators worldwide. There are many questions: How can we evaluate risk culture in practice? How can we improve it? What are regulators looking for? The panellists will share multiple perspectives from their experience as a managing director at the Office of the Superintendent of Financial Institutions (OSFI), a consultant and internal auditor, and an independent Board member with prior roles as a chief risk officer (CRO) and chief actuary.

12:45–13:45 Luncheon, Presidential Change of Office 

13:45–14:45 Session 51 • Plenary Session: Journalists' Panel

Relevant to: All
Moderator:
Michel Simard*, CIA Executive Director
Speakers:
Chantal Hébert*
Jeffrey Simpson*

Notable and respected journalists, Chantal Hébert and Jeffrey Simpson will discuss current topics affecting the actuarial profession. This interactive plenary session will provide attendees with the opportunity for dialogue with the speakers.


*Not a member of the CIA.

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