Data

Question 1

What information does a company keep?

Answer 1

Customer, Staff, Suppliers, Reinsurer, Policies, Expenses, Investment

Question 2

What functions do computers work?

Answer 2

1. Administration 2. Manage information about performance 3. Statutory reporting 4. Security against error and fraud

Question 3

Technical standard on data

Answer 3

1. Checked 2. Selection, grouping and changes justified & documented

Question 4

Technical standard on models

Answer 4

1. Checked, justified and documented 2. Internally consistent, reproducible

Question 5

Technical standard on reporting

Answer 5

1. Assumptions, data and models explained and justified 2. Cover uncertainty & risks, cash flows 3. Project future results 4. Reconcile with previous reports

Question 6

What is Self Organizing Maps?

Answer 6

AI, make sense of high dimensional data

Question 7

How to address data quality problem?

Answer 7

1. Keep pace of technological advancement 2. Maintaining effective data management processes

Question 8

ACC to address DC fund problem: goal

Answer 8

Protect members of fund

Question 9

ACC to address DC fund problem: risks

Answer 9

1. Business: lapse 2. Insurance: insolvency 3. Regulatory: Minimum capital requirement, compliance 4. Investment

Question 10

ACC to address DC fund problem: Solution

Answer 10

1. Use service & products: investment options, insurance 2. Financial performance of funds

Question 11

ACC to address DC fund problem: Monitor

Answer 11

Goal: Sustainability of fund: stress test, reserving, project future cash flow, membership

Question 12

What is positive economics?

Answer 12

“What is”

Question 13

Actuarial assumptions vs. positive economic assumptions

Answer 13

More real, detailed, prudent