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2007 Annual Meeting ● Assemblée annuelle 2007 Vancouver 2007 Annual Meeting ● Assemblée annuelle 2007 Vancouver Canadian Institute of Actuaries Canadian.

Published byMyra Clarissa Hunt Modified over 8 years ago

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Presentation on theme: "2007 Annual Meeting ● Assemblée annuelle 2007 Vancouver 2007 Annual Meeting ● Assemblée annuelle 2007 Vancouver Canadian Institute of Actuaries Canadian."— Presentation transcript:

1 2007 Annual Meeting ● Assemblée annuelle 2007 Vancouver 2007 Annual Meeting ● Assemblée annuelle 2007 Vancouver Canadian Institute of Actuaries Canadian Institute of Actuaries L’Institut canadien des actuaires L’Institut canadien des actuaires

2 Pardon the Interruption Disclaimer: The views you are about to hear do not necessarily reflect the views of any company, and may just be put forth for the sake of generating discussion 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 RUNDOWN Panel Level COI Ltd Pay UL Term Prices T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Life Pricing Hot Topics

3 Mark Edwards, FSA, FCIA AVP and Pricing Actuary Individual Insurance – Life and Living Benefits Manulife Financial Robert Bhatia, FSA, FCIA AVP Life Pricing Transmerica Life Canada Steve Bocking, FSA, FCIA Associate Manager, Individual Life Great West Life 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 RUNDOWN Panel Level COI Ltd Pay UL Term Prices T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! The Panel

4 Opinion about own Company’s profitability! 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 RUNDOWN Panel Level COI Ltd Pay UL Term Prices T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! LCOI Profitability Source: 2006 Munich Re Pricing Survey

5 Coincidence? 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 RUNDOWN Panel Level COI Ltd Pay UL Term Prices T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Interest Rates Source: 2006 Munich Re Pricing Survey

6 2007 LCOI Composite Rates 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 RUNDOWN Panel Level COI Ltd Pay UL Term Prices T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Lapse Rates Source: 2007 CIA Lapse Study

7 2003 vs. 2007 LCOI Lapses 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 RUNDOWN Panel Level COI Ltd Pay UL Term Prices T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Lapse Rates Source: 2007 CIA Lapse Study

8 How big is the market? Will it just replace existing sales? Is it profitable? Do we have accurate experience? 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 RUNDOWN Panel Level COI Ltd Pay UL Term Prices T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Limited Pay UL

9 MNS Age 40, $300,000, Term 10 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 RUNDOWN Panel Level COI Ltd Pay UL Term Prices T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Term Prices Source: Transamerica Life Canada

10 R= ratio of renewal premium to initial premium S= ratio of renewal premium to newly underwritten attained age initial premium 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 RUNDOWN Panel Level COI Ltd Pay UL Term Prices T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Term Prices Source: Transamerica Life Canada

11 What’s the real answer? 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses Source: 2006 Munich Re Pricing Survey T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye

12 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Is Term 20 Better? MNS Age 40, $300,000 Source: Transamerica Life Canada

13 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Quick Pay

14 Significant portion of 2006 new business sales: – Over 20% of UL Level COI sales – Nearly 15% overall UL sales Are we encouraging through compensation? 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Conversions

15 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Reinsurance Ceded Source: Various Where are we going next?

16 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Consolidation

17 A lot money out there What capacity is available, and is it enough? Should prices move up or down? Market conduct 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Large Case Pricing

18 YRT to Level COI Switches Single to JLTD JFTD to JLTD T10 to T20 Anything for my top advisors 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Conserving Business

19 Odds Makers 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye

20 Odds that banks will have no restrictions in selling insurance within 5 years? Within 10 years? 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Banks in Insurance

21 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Time to Place Odds that the industry average time to place will be less than 20 days by 2010? 2015? Source: 2006 Munich Re Pricing Survey

22 Odds that in 2007: – Term grows by 6% – UL grows by 15% – Other Products grow by 3% – Overall grows by 10% 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye New Business Growth

23 Odds that we may see a movement to levelized commissions in the next 5 years? 10 years? 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Advisors

24 Odds that the SOA will change the exam system within the next five years (AGAIN!) 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Exam System

25 Odds of a major acquisition in the Canadian market within 5 years 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Acquisition

26 Toss Up! 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye

27 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Preferred Products OR New Designs on their way No Changes Preferred?

28 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Foreign Travel OR Risky Proposition Much Ado About Nothing

29 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Combo Products OR Industry’s next product innovation All talk no action

30 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Audience Toss Up? OR Will they participate? Won’t they?

31 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye Admin Systems OR Gateway to Information for Pricing Barrier to Information for Pricing

32 Final Thoughts??? 2007 Annual Meeting Assemblée annuelle 2007 2007 Annual Meeting Assemblée annuelle 2007 T10 Lapses T20? Quick Pay Conversions Reinsurance Large Cases Conservation Odds Makers Bancassurance UW Time NB Growth Advisors Exams Acquisition Toss Up! Preferred For. Travel Combo Audience Systems Goodbye

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