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. . . . . . . . . .2019 Spring Meeting
Toronto, Ontario
April 10. 2019
Antitrust Statement
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Agenda12:30PM – 1:30PM – Lunch
1:30PM – 3:30PM
❑ Welcome and General Session: Eddie Martinez, Chair
❑ Org Update Eddie Martinez
❑ Financial Report John DeCarlo
❑ Planning & Sponsorship Kelly Priest
❑ Membership Susan Whitehead
❑ Communications Karen Rotondi
❑ What’s New (or Not so New) Eddie Martinez
❑ Initiative Updates: Jill Dupuis, Secretary
❑ Education Judy Brillert / Kristine Titular
❑ Data Quality Dean Santos
❑ Audit & Compliance Janice Lawrence / Carolyn MacPherson
❑ Risk Management Amalia Figueiras
❑ Innovation Mitch Ocampo
❑ Initiative breakout sessions: All Attendees
3:30 Adjourn General meeting
3:30 – 4:30 RAPA Board of Governors and Initiative Leads – Board session
Board of Governors & Initiative Leads❖ Eddie Martinez– Chair
❖ Genevra Pflaum – Vice Chair
❖ Greg LaRochelle – Past Chair and Nomination Committee Chair
❖ Jill Dupuis– Secretary
❖ John DeCarlo– Treasurer
❖ Kelly Priest – Planning & Sponsorship Chair
❖ Susan Whitehead – Membership Chair
❖ Rob McCloskey– Incoming Communications Chair
❖ Garfield McIntyre – Education Chair
❖ Dean Santos – Data Quality Chair
❖ Janice Lawrence/Carolyn MacPherson – Audit & Compliance Co-Chairs
❖ Amalia Figueiras – Risk Management Chair
❖Max Kraus – Incoming Innovation Chair
RAPA Org Update
❖Nomination Committee in progress
❖Incoming Communications Chair
❖Incoming Innovation Chair
RAPA Financial Report
Treasurer’s Report
❑ Healthy Cash Balance
❑ Budget established
❑ IRS 990N filing complete
RAPA Planning & Sponsorship
Sponsorship Packages
Benefits Black Platinum Gold Silver Bronze
Sponsorship Package Cost $5,000 $3,000 $2,500 $1,500 $1,000
Acknowledgment in conference
materials✓ ✓ ✓ ✓ ✓
Recognition of Company
Sponsorship/Logo on Website✓ ✓ ✓ ✓ ✓
Free registration at conference 4 attendees 3 attendees 2 attendees 1 attendee
Company Logo displayed at:Speaker’s
presentationEvening event Breakfast event Breaks
Free one-year RAPA Membership 2 members 1 member 1 member
Advanced copy of Attendee list ✓ ✓
For a Sponsorship Package please contact: Melanie Netzer at [email protected]
2019 Annual RAPA Conference
October 20th - 22nd, 2019
Savannah, Georgia
700 Drayton Street
Savannah, GA 31401
Phone (800) 213-3671
Visit the RAPA website at www.reinsadmin.org
for more conference information
2019 RAPA Conference Agenda
EVOLUTION AND TRANSFORMATION“The Future is Ours”
__________________________________________________________
❑ Ron Glozman, CEO, Founder of Chisel
❑ Scott Grandmont, COO Greenhouse Life
❑ Amy R. Kessler, SVP & Head of Longevity Risk Transfer, Investment & Pension Solutions
❑ Interactive Round Table Discussions
❑ Sub-committee Working Session
RAPA Membership
Membership
Other Countries
3%
Canada 41%
U.S.A. 56%
2019 Geographic Distribution
Australia, Barbados, Bermuda, Oman Canada U.S.A.
37
% 42
%
7%
14
%
D IRECT WRITERS REINSURERS RETROCESS IONA IRES V END ORS
INDUSTRY DISTRIBUTION
• 108 Members• New Membership Package established to
encourage non-member companies• Annual Calendar of Industry Conferences
to reach out to and market RAPA• Distribution of members between Direct
Writers, Reinsurers, Retrocessionaires, Vendors
2019 Industry Conferences
Org 2019 Conferences Locations Dates SOA 2019 Life Insurance Conference Baltimore, MD Apr 1 - Apr 3, 2019
SOA 2019 Retirement Industry Conference Baltimore, MD Apr 3 - Apr 5, 2019
SOA SOA Candidate Connect Philadelphia, PA April 12, 2019
SOA 2019 Life & Annuity Symposium Tampa, FL May 22, 2019
SOA 2019 InsurTech LTC: Shaping the Future of Aging National Harbor, MD May 29 - May 31, 2019
SOA Traditional Life Reserves Seminar Chicago, IL June 5, 2019
SOA 2020 ReFocus Conference Las Vegas, NV Mar 1 - Mar 4, 2020
LIMRA Life Insurance Conference Baltimore, MD Apr 3 - Apr 5, 2019
CRC Canadian Reinsurance Conference Toronto, On April 11, 2019
LOMA LOMA Canada Insurance Immersion Spring Session Toronto, On April 16, 2019
CLHIA CLHIA Claims and Anti Fraud Conference Vancouver, BC May 5 - May 7, 2019
TAI Tindall Associates Inc Miami, FL May 15 - May 17, 2019
LIMRA Marketing Conference Boston, MA May 20 - May 31, 2019
LIMRA Caribbean Insurance Conference Cancun, Mexico June 1 - June 4, 2019
LIMRA Supplemental Health, DI & LTC Nashville, TN Aug 5 - Aug 7, 2019
LOMA 2019 Loma Annual Conference Boston, MA Sept 4 - Sept 6, 2019
RAPA Communications
Communications
• Transition of Communications Chair
• Success with LinkedIn, Facebook and Twitter
• Website – Undergoing Review
• Potential Webinars
What’s New (or Not so New)
What’s not so new? Another Paradigm Shift is Here
• A glimpse back almost 10 years ago https://www.youtube.com/watch?v=_Ef8JIAIWhk (9 min)
Paradigm ShiftMore and More to Cloud
What is cloud computing
• https://www.youtube.com/watch?v=CFdZWgiAj8I (only view up to 3:25 of video)
Why Cloud Computing?
• Cost savings (no equipment, etc..)
• Pay-as-you-consume contracts (ease of upscaling / downscaling)
• A faster alternative to traditional deployments (reduces internal IT wait times)
• Moving core business needs and capabilities, like Data analytics
• Deploying new applications – no more user license fees
• IT is a significant area of spend - up to 20 percent of general operating expenses
Major concern - Cybersecurity
• Cyber Security / Risk-Management Regulations are in play
• New York Regulation – entities had to certify in 2018 that they have met certain standards
• For 2019 - must have a third-party risk-management program in place
• NAIC has adopted a similar data-security model law
• International Association of Insurance Supervisors (global insurance regulatory body) is also looking at reporting risk management and some aspects of cybersecurity
Source:
https://www2.deloitte.com/us/en/pages/financial-services/articles/insurance-industry-outlook.html (podcast available)
https://www2.deloitte.com/us/en/pages/dbriefs-webcasts/events/january/2019/dbriefs-2019-insurance-outlook-long-term-challenges-call-for-transformation.html
Insurance Industry Outlook2019 and Beyond
Focus of insurers - Drive growth by:
• Continuing focus on operational efficiency
• Boosting productivity
• Lowering costs with new technology (such as use of cloud)
• Talent transformations - demands for data scientists and new jobs / technologies
• Customizing products and services to meet the evolving demand of a digital economy
Strategy - Thinking about what to invest in - invest and make capital decisions to build things, rent or buy
Investment in three areas:
1- IT and older legacy platform issues – to lower costs and improve / streamline extract of data from disparate systems
2- Invest in digital engagement across the whole value chain
3- Cybersecurity - a major concern of across companies, boards and regulators
Economic Outlook
• Trade uncertainties, stimulus slowdown, rising rates
• Growth could materialize if Congress approves the Retirement Enhancement and Savings Act
• Warning signs of recession – Actuarial modeling on various interest-rate scenarios
Source:
https://www2.deloitte.com/us/en/pages/financial-services/articles/insurance-industry-outlook.html (podcast available)
https://www2.deloitte.com/us/en/pages/dbriefs-webcasts/events/january/2019/dbriefs-2019-insurance-outlook-long-term-challenges-call-for-transformation.html
RAPA Initiatives
RAPA Initiatives Strategy
Purpose: To improve the effectiveness and efficiency of RAPA member's reinsurance understanding and
processes. The initiative work streams provide an opportunity for members to work together on
education, training, and to benefit from robust collaboration with industry experts within the working
groups.
Thinking of a new initiative?
Submit your suggestion to:
Eddie Martinez [[email protected]] or
Genevra Pflaum ([email protected])
Want to join an Initiative?
Contact one of the Chairs below:
Education: Garfield McIntyre – [email protected]
Data Quality: Dean Santos - [email protected]
Audit: Janice Lawrence - [email protected]
Carolyn MacPherson - [email protected]
Risk: Amalia Figueiras - [email protected]
Innovation: Max - [email protected]
Education
Education Initiative
Purpose
The purpose of the education initiative is to support RAPA’s mission by developing educational material and presenting training on leading reinsurance administration practices and processes.
The education initiative achieves its mandate by working collaboratively with:
❑ Other RAPA initiatives
❑ Industry related associations
❑ Subject matter experts
Team Members Include
✓ Garfield McIntyre, Chair - Munich Re
✓ Diana Aversa, Pacific SCL
✓ Patty Bailey, Manu Life
✓ Kim Brabham, Hannover Life
✓ Judy Brillert, Canada Life
✓ Julie Dee Faris, CSC
✓ Diane Hare, RGA Re
✓ Dawn Noel, Q-Perior
✓ Shilpa Sharma, SunLife
✓ Dane Smith, Pacific SCL
✓ Kristine Titular, Logiq3
✓ Deidre Ward, Swiss Re
✓ Brenda Warner, Canada Life
Education Initiative
Prior Initiatives
• Reinsurance Treaty Fundamentals, developed in partnership with LOMA
• Reinsurance 101 Presentation
• New business work flow
2019 – 2020 Initiatives
• Develop and present webinars on industry relevant topics
• Facilitate panel discussions with subject matter experts on reinsurance administration specific topics, insurance industry trends and leading practices.
Data Quality
Data Quality Initiative
• At the fall conference, we presented our initiative to re-establish the requirements in the treaty to clearly state the needs of the Reinsurer.
• To support our initiative, a survey was created to gather information on how and when should requirements be shared.
• With these results we will ensure that our initiative is aligned with the needs of the industry.
Data Quality Initiative
The Results are in….. Insurance Company Type Participation %
Direct 36%
Reinsurer 52%
3rd Party Insurance Administrator 8%
Consulting Firm 4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Direct Reinsurer 3rd Party Insurance Administrator Consulting Firm
Participation by Insurance Company / Department
Administration Corporate Financial Reporting Project Management / IT Treaty
Data Quality Initiative
0%
5%
10%
15%
20%
25%
30%
Direct Reinsurer 3rd Party Insurance Administrator Consulting Firm
Treaty Document Client Administration Client Pricing
How are Administration data requirements provided to you?
Data Quality InitiativeWhen should the Cedant and Reinsurer Administration departments be in communication regarding the requirements?
0%
10%
20%
30%
40%
50%
60%
Direct Reinsurer 3rd Party Insurance Administrator Consulting Firm
Once the Letter of Commitment is signed Tender Process Once the treaty has been set up in the system
Audit & Compliance
Audit and Compliance Initiative
➢ Provide reinsurance guidelines and best practice approaches for audit & compliance reviews of reinsurance administration functions
Audit and Compliance Initiative
➢ Take a deep dive into administration & auditing practices for Term Conversions
➢ Complete a White Paper for RAPA publication
Audit and Compliance Initiative
2018
➢ Completed documentation on information gathered on administration practices for Term conversions
2019
➢ Gather and document information on audit practices for Term conversions
➢ Prepare a draft “White Paper” for Term conversions
Audit and Compliance Initiative
2019Carolyn MacPherson Co-Chair
Janice Lawrence Co-Chair
Carol Arada
Glenn Beuschel
Mary Fadden
Eric Lalonde
Anthony Layne
Troy Leach
Chantal Lessard
Zayda Marrie
Karl Martone
Farzaneh Mashhadian
Preetha Nair
Kelly Priest
Grace Sirianni
Bethany Stivenson
Muy-Hieng Yam
Risk Management
Risk Management Initiative
• Purpose:The key purpose of the Risk assessment subcommittee is to detail and define internal controls for strategic and operational risks.
• 2019 Topics for Exploration:• Release of a survey to the RAPA community to identify which risk
categories are identified as a key concern and methods of mitigation
• Perform a deep dive into Operational Risk categories at the Fall conference, using the Risk Matrix to explore a focused area followed by a panel discussion of best leading practices within the industry
• Consideration of a Risk Dashboard for on going monitoring of key operational risk
• Explore the Enterprise Risk Management framework and its implications on Reinsurance Administration
Risk Management Initiative
• Committee Members:• Amalia Figueiras, Prudential
• Laura D’Andrea, Prudential
• Garfield McIntyre, Munich Re
• Anthea Cote, Munich Re
• Ricky Peterson, Munich Re
• Carolyn MacPherson, Swiss Re
• Carol Arada, Swiss Re
• Janice Lawrence, Pac Life
• Alan Woodlard, RGA
• Barbara Beicker, USAA
• Kelly Priest, TAI
• Karl Martone, Martone & Martone
• Antonio Layne, RBC
• Thomas Trent, Transamerica
• Jennifer Atlee, Hannover Re
• Kim Langstaff, Hannover Re
• Glenn Beuschel, Munich Re
• Chantal Lessard, Optimum Re
• John Whitaker, RGA
• Bethany Stivenson, AXA Equitable
• Troy Leach, Canada Life
• Zayda Marie, Associated Consulting
Innovation
2019 innovation subcommittee chair transition from Mitch Ocampo to Max Kraus
Innovation Initiative
Max Kraus
• Ventures & Acquisitions Analyst at RGAX
• Member of RGAX’s Distributed Ledger Technology (DLT) Working Group
• Active member in Toronto’s insurtech and fintech startup communities
• Previously worked as Strategy & Research Analyst for LOGiQ3 Group and Reinsurance Administration Analyst for TAI
Innovation Initiative
Purpose
• Scan the globe, curating forward-looking innovation and technology trends in the insurance industry
• Serve as a conduit for next wave of approaches to solve reinsurance administration pain points
Goals
• Develop presentation on insurance innovation trends, to be voted on and prioritized by Innovation Subcommittee for further exploration
• Connect Innovation Subcommittee to startup operating within each identified trend to open dialogue, providing Subcommittee with more in-depth understanding of technology and startups with stronger comprehension of market challenges
• Present innovation trends and startup engagement learnings at 2019 Conference
Why (re)insurance venture investing is the perfect source/channel for innovation
• Investment and innovation partner network sources and evaluates thousands of cutting edge technology solutions and startups a year
• (Re)insurance corporate venture capital (CVC) is at the intersection of bleeding edge innovation and insurance industry expertise
• CVCs are equipped to understand the internal challenges faced by (re)insurers, identify innovative solutions to address these challenges, and coordinate solution aggregation across the insurance value chain
• Global footprint enables curation of best-in-class innovation methodologies and technologies from unique markets across the world
Innovation Initiative
Robust innovation funnel scans, curates and monitors emerging technologies
Innovation Initiative
Industry Experts and Research Partners
Innovation Incubators and Labs
Venture Investment Partners
Investing from reinsurer perspective requires a holistic, long-term vision of the industry, building the pipes for the future-state of the insurance industry through integration of technology solutions from
across the value chain
Innovation Initiative
Source: CB Insights
Initiative Breakout Sessions
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Thank you
