2016 BERMUDA INTERNATIONAL

LIFE & ANNUITY CONFERENCE

TUESDAY, SEPTEMBER 27, 2016

 
 

PROGRAM HIGHLIGHTS

PREDICTABLY IRRATIONAL

Presenter: Evelyn Gosnell, Irrational Labs


An important part of forecasting long-term liabilities is the modeling of future policyholder behavior. Behavioral economics is a cutting-edge field of research that can help risk practitioners better understand human behavior and financial decision-making. This session will provide an introduction to behavioral economics, highlighting the latest research on the psychology of money and incentives.

 

 

ECONOMIC AND CAPITAL MARKETS UPDATE

Presenters: Chris Lech, Michele Matzinger, NEAM

 

This session will examine the driving macroeconomic factors behind the recent volatility in the equity markets, fixed-income spread sectors, and other risk assets. The discussion will include insights on the effects of global debt levels, demographics, monetary policy, and the impact China has on the global landscape.

 

 

CYBER-SECURITY IN THE INSURANCE SECTOR

Presenters: Kerr Kennedy, Chris Maiato, EY


Cyber-attacks against financial services institutions, including insurance companies, are becoming increasingly frequent and sophisticated. Insurance firms often possess large amounts of personally identifiable information (“PII”) and protected health information (“PHI”). Safeguarding this data is technologically challenging and expensive. This session will provide a general understanding of this growing threat, and include discussion of the direct and indirect cyber-risk exposures of insurance companies and some of the ways to manage those exposures.

 

 

PREPARING FOR UNCERTAINTY

Presenter: Max Rudolph, Rudolph Financial Consulting

 

This session will focus on the impact of interest rate volatility on the long-term insurance sector, outlining how the industry can more proactively prepare for an uncertain future. The talk will build off research that can be found HERE on the SOA’s website.

 

 

PREDICTIVE ANALYTICS AND MODELING POLICYHOLDER BEHAVIOR

Presenters: Eileen Burns, David Wang, Milliman


This session will review the current uses of predictive modeling in the life insurance industry, detail lessons from other industries, and explore the potential applications of Big Data in assumption setting.

 

 

CURRENT STATE OF THE REINSURANCE MARKET

Moderator: Stewart Ritchie, PWC

Panelists: Marc Beckers, Aon Benfield; Mike Kaster, Willis Re

 

Panelists from the leading reinsurance advisory firms will provide insight on the reinsurance markets in Europe and the U.S. This session will cover the rationale driving the current market transactions, examining the dynamics of both the ceding company and the reinsurers, highlighting the most popular reinsurance structures, and the material issues surrounding the reinsurance negotiations.

 
 

AGENDA TUESDAY, SEPTEMBER 27, 2016

Monday September 26, 2016

4:45-7:30pm

Welcome Reception: Sunset Boat Cruise on the ÜberVida

Join us for a unique welcome reception as we sail Hamilton Harbor aboard Bermuda’s most popular celebration yacht. Take this opportunity to meet other attendees of the conference and enjoy the natural beauty of Bermuda. With convenient pick-up and drop-off at both the Fairmont Southampton and in Hamilton.

Sponsor: Global Atlantic Re


Tuesday September 27, 2016

8:00-9:00am

Breakfast & Registration

Sponsors: LOGiQ3 & TAI


9:00-10:30am

Keynote Address: Predictably Irrational

An important part of forecasting long-term liabilities is the modeling of future policyholder behavior. Behavioral economics is a cutting-edge field of research that can help risk practitioners better understand human behavior and financial decision-making. This session will provide an introduction to behavioral economics, highlighting the latest research on the psychology of money and incentives.

Speaker: Evelyn Gosnell, Irrational Labs

 

10:30-11:00am

Networking Break

Sponsor: EY

 

11:00-12:00pm

Economic and Capital Markets Update

This session will examine the driving macroeconomic factors behind the recent volatility in the equity markets, fixed income spread sectors, and other risk assets. The discussion will include insights on the effects of global debt levels, demographics, monetary policy, and the impact China has on the global landscape.

Speakers: Chris Lech and Michele Matzinger, NEAM

 

12:00-1:00pm

Lunch

Sponsor: BILTIR

 

1:00-2:00pm

Cyber-Security in the Insurance Sector

Cyber-attacks against financial services institutions, including insurance companies, are becoming increasingly frequent and sophisticated. Insurance firms often possess large amounts of personally identifiable information (“PII”) and protected health information (“PHI”). Safeguarding this data is technologically challenging and expensive. This session will provide a general understanding of this growing threat, and include discussion of the direct and indirect cyber-risk exposures of insurance companies and some of the ways to manage those exposures.

Speakers: Kerr Kennedy and Chris Maiato, EY


2:00-3:00pm

Preparing for Uncertainty

This session will focus on the impact of interest rate volatility on the long-term insurance sector, outlining how the industry can more proactively prepare for an uncertain future. The talk will build off research that can be found HERE on the SOA’s website.

Speaker: Max Rudolph, Rudolph Financial Consulting

 

3:00-3:30pm

Networking Break

Sponsor: EY

 

3:30-4:30pm

Predictive Analytics and Modeling Policyholder Behavior

This session will review the current uses of predictive modeling in the life insurance industry, detail lessons from other industries, and explore the potential applications of Big Data in assumption setting.

Speakers: Eileen Burns and David Wang, Milliman


4:30-5:30pm

Current State of the Reinsurance Market

Panelists from the leading reinsurance advisory firms will provide insight on the reinsurance markets in Europe and the U.S. This session will cover the rationale driving the current market transactions, examining the dynamics of both the ceding company and the reinsurers, highlighting the most popular reinsurance structures, and the material issues surrounding the reinsurance negotiations.

Speakers: Marc Beckers, Aon Benfield; Mike Kaster, Willis Re

 

5:30-6:30pm

Networking Reception: The Dock at the Waterlot Inn

Join PWC Bermuda for a networking reception at this scenic waterside lounge. The reception will be a great opportunity to meet with your peers and expand your contacts throughout Bermuda’s long-term insurance and reinsurance sector.

Sponsor: PWC

 

 

KEYNOTE SPEAKER

 

irrational lab medium 002irrational lab medium 002EVELYN GOSNELL

Money is about opportunity cost. How and where do we make mistakes with our money? What is the best way to spend our money? How does the way pricing is displayed affect our decision to buy? How do we think about money and risk? What incentives are most effective at motivating changes in behavior? Despite our deep knowledge and interaction with money, we (even experts) tend to make the same mistakes again and again.

 

Evelyn Gosnell, Lead Researcher at Irrational Labs, is dedicated to answering these questions and others in order to help individuals and companies understand human behavior so they can positively impact their own lives and the lives of their customers. Evelyn's interests span a wide range of behaviors and domains, with the main theme to bring ideas that fly in the face of common wisdom to the humans that need them the most. With Irrational Labs, Evelyn has worked with Metlife, Aetna, and several Fintech companies.

 

Evelyn works with Dan Ariely, Professor of Behavioral Economics at Duke University and founder of Irrational Labs. She has co-authored an e-course on behavioral economics with him, and has also worked with behavioral economists from Cornell, UCSD, and UVA on a variety of behavioral science projects. Evelyn holds a B.A. from Duke University and a Master's Degree from the Institut d'Études Politiques in France.

 

 

MONDAY, SEPTEMBER 26, 2016 - WELCOME RECEPTION

SUNSET BOAT CRUISE ON THE ÜBERVIDA, Sponsor: Global Atlantic Re

image004Join us for a unique welcome reception as we sail Hamilton Harbor aboard Bermuda’s most popular celebration yacht. Take this opportunity to meet other attendees of the conference and enjoy the natural beauty of Bermuda. With convenient pick-up and drop off at both the Fairmont Southampton and in Hamilton.

 

TIMES

Fairmont Southampton Hotel:

4:45 pm: Boat will depart from the Waterlot Dock

6:45 pm: Boat will return to the Waterlot Dock

Hamilton:

5:30 pm: Boat will depart Number 1 Dock on Front Street

7:30 pm: Boat will return to Number 1 Dock on Front Street

 

Please arrive early for departure times as boat will leave on schedule.

 

BERMUDA INTERNATIONAL LONG TERM INSURERS AND REINSURERS

We invite you to attend this unique event focused on the long-term reinsurance industry in Bermuda. Hear from leading industry experts about key trends and policies impacting your business, and earn up to six hours of actuarial and accounting CPD credit.

 
 

About Us

Bermuda International Long Term Insurers and Reinsurers (BILTIR) was created to serve as a formal association representing the long-term insurers and reinsurers in Bermuda.

 

The primary focus of BILTIR is to act as an advocate for Bermuda’s life and annuity industry for public policy that supports the industry marketplace, including regulatory requirements, other Bermuda Monetary Authority or Bermuda government issues, and tax matters with various jurisdictions. BILTIR strives to provide a consistent and coherent voice for concerns of the long-term (re)insurance sector in Bermuda.

HOTEL INFORMATION

The Fairmont Southampton

fairmont.com/southampton-bermuda/

southampton@fairmont.com

Guest Rooms Rates $199
ROOMS MUST BE BOOKED BY SEPTEMBER 2, 2016 TO RECEIVE CONFERENCE RATE)

Room Reservations:

https://resweb.passkey.com/go/biltir2016

866 540 4497

Maps & Directions

101 South Shore Road

Southampton, Bermuda SN02

International Numbers

TEL + 1 441 238 8000

FAX + 441 238 8968

EMAIL southampton@fairmont.com

 

Conference Sponsors