Description: Comments from the Chair - Continuity and Change

Description: Article from the Product Development News regarding comments from the past chair.

Description: The chairperson reviewed the accomplishments from the prior year and provided a preview of upcoming events.

Description: New Chairperson’s Corner

Description: Description of the mathematics involved when looking at low probability events within a company from the perspective of the C-Suite. The accumulation of small probability events leads to a much higher probability of at least one of them happening in a given period.

Description: Comments from the Chair Progress and Volunteerism

Description: Long-term guarantees place unanticipated burdens on companies because of the degree to which the environment can change. These risks are compounded when combined with estimation of policyholder behavior, especially when solid experience data is not available. When risks are properly reflected, long-term guarantees do not always provide value to the customer in excess of the manufacturing cost. The product development actuary is challenged to compare customer value to company cost and use that measurement to identify novel ways to design products to better serve customers.