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Assumption and Model Development, Peer Review, and Governance
Insurers are faced with an increasingly complex regulatory and business environment in which:
This has elevated the importance of adequate documentation, assumption and model validation, replicability, use of "sound science" and intuition and a top-down "risk culture" to ensure validity of results, adequacy of capital, ongoing solvency, and delivery of stakeholder value.
The Kind of Consultant One Needs:
This new paradigm has increased demand for experienced actuarial modelers who can:
The Types of Services Clients are Demanding:
Mr. Mangini has extensive experience with setting assumptions as a product actuary and chief reinsurance pricing officer. As Deputy Global Corporate Actuary for a multi-line insurer he was personally responsible for overseeing setting and resetting both asset and liability assumptions for more than 100 products in 19 business units in the US, Canada, and Asia reporting under principles-based, IFRS, US GAAP, and Embedded Value accounting regimes. As a Chief Risk Officer he was responsible for developing Sensitivity Tests, Stress Scenarios, and Extreme Event Models. Leonard has supervised global valuation model vetting and served on Global ALM and Product Risk Committees.
Leonard is a frequent speaker on Current and Emerging Issues related to assumption and model governance, the use and misuse of predictive analytics, and actuarial professionalism:
He has reviewed past experience, evaluated credibility, and set future assumptions for a broad range of products and traditional and non-traditional distribution channels on both the asset and liability sides of the ledger.
Asset Side Assumptions:
Liability Side Assumptions
Best Estimate Assumptions and Provisions for Adverse Deviation
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