Life Insurance
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Integrated and First Principles Modeling for Hybrid Life and Health Products
This article discusses the two main model types for modeling Hybrid Life and Health products - a claim cost model and an integrated first-principles model - and the pros and cons of each. This article also discusses how these models are constructed in practice, including common approaches and assumptions, and ways to model interplay of assumptions and sensitivities. -
Using a Statistical Framework and AI Techniques to Enhance Basic Actuarial Assumptions Part 2: Application to Accelerated Underwriting
The paper uses the actuarial and statistical framework developed in Part 1 of the paper and discusses an application of this model in accelerated underwriting. It is a methodical way to quantify the impact of various risk factors in the underwriting process besides age and gender and provide an actuarially rigorous process to evaluate the aggregate risk level of a new policyholder. -
Economic Scenario Generators, Part III: In-depth ESG Case Study—Academy Interest Rate Generator
This article is the final installment of our three-part series on economic scenario generators (“ESGs”). Part I and II were published in the November 2019 and August 2020 issues of The Modeling Platform. Part III contextualizes the framework for selecting, building, and validating ESGs and focuses on the Academy Interest Rate Generator (“AIRG”), the most commonly used real-world ESG for US actuaries. -
Exploiting While Exploring: An Introduction to Bayesian Optimization
An introduction to the methods and parameters for Bayesian Hyperparameter Optimization in a Life Insurance context. -
Actuaries, Are You Paying Attention? Global Megatrends In Technology Are Disrupting The Life Insurance Industry
Global megatrends in technology are disrupting the life insurance industry.
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