Join KPMG at 2022 SOA Health Meeting

Health Insurers commonly face challenges regarding data including:

• Limited knowledge of how to handle large datasets
• Lack of a common language to discuss data challenge
• Limited understanding of how to use data and analytics to inform and facilitate decision-making

We are seeing a turn in the market to use data and analytics to cultivate an insights-driven culture. But we are noticing a disconnect between the actuaries that are able to glean these insights and the new technologies required to handle the amount of data available to them. During this session you will look at moving from MS Excel to more advanced data handling and modeling tools (e.g., Alteryx), visualization tools (e.g., Power BI & Tableau) and expanding utilization of these tools and analytics.

KPMG Presenters:
Emily Cassidy, Emily Puntenney and Ernesto Vargas

Ravi Bhagat and Anna DeNeut will be contributing to a podcast in conjunction with the meeting, “Help! Help! What’s ESG in Healthcare?” Environmental, Social, and Governance (ESG) has become a focus point for many organizations, including healthcare organizations, in the economy. While understanding ESG in the healthcare industry might seem challenging, it can unlock a lot of value for your organization. In this session, we will explore the key concepts of ESG and discuss why they are relevant to the healthcare industry. We'll answer the question: What does this have to do with me, an actuary? Understanding how health insurers are reacting to the increased demand for ESG criteria informs where the actuary fits in.

KPMG Presenters:
Ravi Bhagat and Anna DeNeut

Designed for new ASAs/FSAs or actuaries who are new to reserving or who just need a refresher, this session will deliver a basic understanding of IBNR reserving and different reserving methods and assumptions. Discover examples of constructing claims triangles and developing completion factors, while exploring concepts such as seasonality, trend and outlier claims. Apply the principles learned to analyze multiple examples from different products such as major medical inpatient, outpatient, pharmacy, Medicare Supplement, dental, and critical illness.

KPMG Presenters:
Alisa Widmer

Internal audit (IA) projects typically focus on evaluating the risks and operational effectiveness of a company's technological, regulatory/compliance, and/or financial processes and procedures. Because LDTI and IFRS 17 compliance will require extensive rewiring of existing and possibly the implementation of new processes and procedures to comply with the new accounting requirements, IA will be critical in conducting the initial risk assessment of these changes, monitoring of the process changeover, and conducting a post-implementation validation after conversion. This session will explore many of those specific areas that will be impacted, highlight those aspects likely to be under the IA magnifying glass, and how you can best prepare your IA teams to understand the changes and expedite the testing timeframes of their audits.

KPMG Presenters:
Robert A. Hanes, Erica Stein, Soojin Jang and Ryan Cichy

In the time since the original proposal to move health-writing companies from the Blue blank to the Orange blank, there have been several incremental updates to the Blue blank by the NAIC Blanks Working Group to integrate portions of the Orange blank into the Blue blank. Meanwhile, the NAIC RBC Working Group has issued their proposal to change the health test for comment and appear to be moving forward with the proposal to revise the health test, which would obligate companies that write predominantly health business onto the Orange blank rather than the Blue blank which they have historically used for reporting. This session will discuss the background of the revised health test, the incremental updates to the Blue blank that have been implemented recently as well as additional incremental updates proposed for upcoming Blue blanks, and the current status of the Health RBC Working Group proposal to revise the health test. This session will also include observations of the presenters as far as companies that have opted to "take the plunge" and move to the Orange blank ahead of the revised health test as well as companies that have opted to remain on the Blue blank and incrementally update as new requirements are integrated into the Blue blank.

KPMG Presenters:
Alisa Widmer, Pixi Sofian, Nicole Fisher and Anna DeNeut

Health care has changed rapidly over the past couple of years. The pandemic has shifted consumer behavior in how and where they receive health care as well as consumer attitudes toward health care. Providers continue to design innovative solutions in responses to their patient’s needs and expectations. These changes in consumer behaviors and the responses by providers are expected to impact both health care cost and utilization. Discuss changes in health care that have emerged due to the pandemic and how they are expected to influence actuarial assumptions. Explore epidemiological models commonly used in the industry, the considerations when using these models, as well as the challenges with regards to gathering and interpreting relevant experience data.

KPMG Presenters:
David Alison

This training session will include lessons learned in 2021 and revisit a presentation given last year, discussing the new Actuarial Standard of Practice (ASOP56), which fills in the gap for guidance on Actuarial Modeling. Prior to ASOP 56, actuarial judgement reigned where standards and guidance lacked. Learn the foundation for designing, developing, modifying and validating a model according to SOA guidelines.

KPMG Presenters:
Ben Farnsworth, Gouri Kumaran, Nicole Fisher and Abigail Messner

The time has arrived for ASU 2018-12, otherwise known as Long-Duration Targeted Improvements (LDTI). For health insurance products, the ASU will require considerable efforts to make the necessary changes to valuation systems, procedures, assumptions, and/or methodologies in order to be in compliance. This session is designed to cover LDTI implications specific to carriers of long-term care and supplemental health products including changes to how attained age rated products will be approached, allocating and discounting the claim liability (IBNR), and how the treatment of Profits Followed by Losses (PFBL) will evolve under LDTI.

KPMG Presenters:
Nicole Fisher and Yiling Chen

Data is at the core of the actuaries' role within companies, but how can actuaries translate data insights into informed and actionable decision making? The key is communicating data insights into a language that transcends analysis and enables real-time decisions that can provide an advantage to your management team. While there are many tools to enable this process, there are often many parameters to consider when choosing your tool and messaging. This session will present an approach to choosing a tool or medium for your data insights, questions to ask yourself to better understand the communication necessary, methodologies to use in your tooling, and perspectives on how actuaries can take a larger role in actionable decisions within the industry.

KPMG Presenters:
Emily Puntenney, Wayne Tao and Jerry Wang