INSURANCE ACCOUNTING AND SYSTEMS ASSOCIATION MICHIGAN CHAPTER

Transcription

1 INSURANCE ACCOUNTING AND SYSTEMS ASSOCIATION MICHIGAN CHAPTER SPRING CONFERENCE APRIL 20, 2016 SHERATON DETROIT NOVI NOVI, MICHIGAN 7:00 8:15 a.m. Conference Registration & Continental Breakfast 8:15 8:30 a.m. Welcome and General Business Session Michael Martin, Atain Insurance Companies President of the Michigan Chapter of the IASA 8:30 9:20 a.m. Investment Roundtable Michael Gilmore (Director of Investment Services), Delta Dental Plan Greg Boal, Miles Capital Scott Skowronski, American Asset Management A panel of insurance investment practitioners will discuss current issues facing their industry, including the struggle for yield, bond market liquidity, expectations for future market performance, and other topics. The panel will also solicit questions from the audience. Learning Objectives: To obtain a better understanding regarding current issues facing the investment markets, how investments practitioners handle these matters, and to offer some new ideas which attendees may be able to take back to their companies to help improve their investment performance. 9:20 10:10 a.m. Current Topics in the Michigan Insurance Industry Patrick McPharlin (Director), Department of Insurance and Financial Services Patrick M. McPharlin was appointed Director of the Michigan Department of Insurance and Financial Services (DIFS) by Michigan Governor Rick Snyder effective May 18, He will discuss key/significant issues facing the insurance industry in Michigan, the economic outlook for the insurance industry in Michigan, and where he has focused his efforts during his first year as Director. Topics will include the Affordable Care Act, No-Fault Auto Reform, D-Insurance, MCCA, and other hot topics. Learning Objectives: Attendees will be able to understand key issues facing the Michigan insurance industry, and will understand the economic outlook and current topics impacting the Michigan industry. 10:10 10:25 a.m. Refreshment Break 1

2 10:25 11:15 a.m. CONCURRENT SESSIONS Legislative Update Rusty Merchant, McAlvey, Merchants & Associates Rusty will discuss legislative and regulatory activities during the past year and offer a forecast of what we can expect in the coming months. He will cover federal and state issues, with more attention to Michigan in the latter category. Learning Objectives: Attendees will understand current legislative and regulatory activities, the regulatory and legislative landscape, and issues pertaining specifically to Michigan. Digitization in Insurance Frank Petersmark, Novarica Presentation of recent Novarica research into the current state and progress of digitization in the insurance industry. The research covers the kinds of activities and initiatives that insurers say are important in their efforts, how they ve progressed with those activities and initiatives, and what their future plans consist of. Learning Objectives: To obtain an understanding of the current state of the digitization of the insurance industry, where the industry is heading, and the impact on their companies. 11:15 12:05 p.m. CONCURRENT SESSIONS Tax Update Douglas Youngren, Plante & Moran This session will provide an update on income taxes for insurance companies, including hot topics and potential changes that could impact the insurance industry. Learning Objectives: To obtain a general understanding and update regarding hot tax topics impacting the insurance industry, new income tax developments, changes impacting the insurance industry, and new federal and state income tax changes. The Benefits and Dangers of Modern Mobility: Far Beyond the Corporate Blackberry Jack Wilson, Coretek Services Many companies are just realizing they are not ready to address the fast pace of innovation in mobile devices and software that is mixing with the expanding bringyour-own-device (BYOD) movement. The flexibility of the accessing applications and data from a number of device has become key to business agility and productivity. It has become a necessity, while creating a huge security risk for many organizations. 2

3 12:05 1:10 p.m. Lunch But the big surprise is few organizations have the approach, policies and tools in place to stay ahead of their staff s needs and wants. In this session we will discuss some of the trends and pitfalls with enterprise mobility management and the fact that most organizations allow staff to use their personal smartphone (really a small computer) to access , data and applications. Don t deny reality, but find out the best practices to deal with this new reality in business (and the security risks). We ll discuss these key items: Mobilize business Develop, apply and enforce security policies and protect data Drive productivity Mobilize business processes and optimize mobile management, security and access across all apps Access secure mobile, Windows desktop, SaaS and web apps from a unified corporate app store Deliver productivity apps including native-like and browser that both users and IT want Learning Objectives: Attendees will be able to understand why mobility is critical to improving productivity, appreciate the inherent security risk to mobility, and understand how to successfully attain the benefits of mobility while addressing the related concerns. 1:10 2:00 p.m. CONCURRENT SESSIONS Enterprise Risk Management Wes Sims, AAA Michigan General overview of Enterprise Risk Management (ERM), and what it means to an organization, and an insurer. The presentation will address the benefits of having a robust ERM program, and the potential for adverse outcomes if one doesn t exist. An update will also be given on the passing of the ORSA legislation in Michigan. Learning Objectives: Attendees will be able to understand what ERM is, discuss why ERM is important to an organization, identify the different types of risks to an organization, and understand the legislation passed and upcoming ORSA requirements. The Power of Three: The Cloud, Customer Centricity, and Usage Based Insurance Krishna Prasad, X by 2 This session will focus on a high level discussion of three of the most important trends in Business technology in the insurance industry today: Cloud Computing, Customer Centricity, and Usage Bases Insurance. X by 2 s Krishna Prasad will provide a short overview of each of these macro trends, and suggest actionable takeaways for taking advantage of them in any insurance organization. Using the power of three, Krishna will provide three important points about each trend, 3

4 designed to provide attendees with starting or continuation points to take back to their organizations. Learning Objectives: Attendees will be able to acquire a deeper understanding of the power of Cloud Computing, Customer Centricity, and Usage Based Insurance, identify opportunities in their organizations to leverage these technologies, and leave with actionable ideas to apply to their own organizational needs and circumstances. 2:00 2:50 p.m. CONCURRENT SESSIONS Statutory Update Connie Jasper-Woodroof, StoneRiver The National Association of Insurance Commissions continues to address a wide range of accounting issues. This session will provide you with an update of recently adopted standards and offer a glimpse of the emerging statutory accounting matters on the NAIC agenda. The information provided at this session will bring you up-to-date on all new topics to help keep you informed. Learning Objective: To obtain a general understanding and update about statutory and regulatory hot topics impacting the insurance industry, new statutory developments and changes impacting the insurance industry, and substantive and non-substantive statutory accounting revisions. Rise of the Machine: How Cognitive Computing is Changing the Mobile Engagement Paradigm Adam Gabrault, Virtusa Cognitive Computing is rapidly advancing, allowing companies using tools like Watson, to gain insights into consumers personalities and preferences. Companies are then able to turn this knowledge gained of consumers overall and their customers in particular into actionable strategies and even engagement opportunities using natural language processing. In this presentation, we will discuss trends in cognitive computing for mobile and look at some examples of how companies, in different industries, are using cognitive computing to increase customer intimacy. With mobile technology being the most crucial phenomenon driving today s enterprise transformations and businesses, organizations are more focused in crafting innovative mobile solutions. Learning Objectives: Attendees will be able to identify the key trends of cognitive computing and mobile, cite examples of cognitive computing applications, and leave with actionable ideas for considering/implementing cognitive computing and mobile solutions at their organizations. 2:50 3:40 p.m. CONCURRENT SESSIONS GAAP Update Evan Bogardus (Partner, Financial Accounting Advisory Services), Ernst & Young This session will cover the FASB s recent developments for US GAAP, specifically focused on insurance entities. Topics covered will include revenue 4

5 recognition, financial instruments and short and long-duration insurance contract accounting and reporting. The presentation and Q&A will cover specific requirements of recent changes and discuss approaches to implementing the new guidance. Learning Objectives: Attendees will understand the timing and nature of upcoming US GAAP accounting changes impacting the insurance industry, be able to explain key aspects of the upcoming changes and differences to existing US GAAP, and understand key implications of accounting changes on their businesses. The Mentoring Relationship A Lifelong Experience and Key to IT Success Maria Binning, Guidewire Software Mentorship is a lifelong experience that reaps many rewards not only for the mentee but also for the mentor. This is particularly true for those in IT, where technology changes quickly, but strong relationships last. In this interactive session, together as a group, we will discuss the value of the mentoring relationship from the mentee and mentor perspective. We will also identify some critical elements of a successful mentoring relationship. Finally we will share some ideas to how to initiate a mentoring relationship with someone and list some organizations that offer mentoring programs. Learning Objectives: Attendees will be able to communicate the value of a mentoring relationship, identify critical elements of a successful mentoring relationship, and initiate a mentoring relationship with another person and/or find organizations who offer mentoring programs. 3:40 3:55 p.m. Refreshment Break 3:55 4:45 p.m. Cyber Fraud Threats, Costs, Risks and Prevention William Kowalski, Rehman CIS In 2015, businesses lost a half-trillion dollars to cybercrime. Learn how to identify cyber weaknesses and reduce risk at this spring s conference featuring former FBI Special Agent and white collar crime specialist, William J. Kowalski. Kowalski is an expert on fraud risk, fraud prevention and fraud investigation through 25 years with the FBI. His presentation blends relevant case studies and alarming statistics to demonstrate the insidious cost of cybercrime to every business enterprise. He explains why many small businesses fail within six months of being hacked. From employee errors to bots and spearfishing attacks, he will demystify the world of cybercrime and the tools that are used to compromise business and personal data. He will demonstrate the close connections between identity theft and cybercrime and explain the human factor that is key to the success of many breaches. The financial toll of cybercrime can be devastating and Kowalski will provide countermeasures that can be taken to protect assets, minimize losses, and respond to attacks. 5

6 Learning Objectives: Attendees will be able to identify key weaknesses leading to cyber breaches, learn basic steps to prevent cybercrime, and understand the most popular cybercrime tools. 4:45 4:55 p.m. Closing Remarks Michael Martin, Atain Insurance Companies President of the Michigan Chapter of the IASA Booklet printed courtesy of Swift Print Communications Learning Objectives: To obtain a general understanding and update regarding financial, accounting, tax, regulatory, legislative, information technology, actuarial, and other areas affecting the insurance industry. Program Content: Industry professionals speaking on topics relative to financial, accounting, tax, regulatory, legislative, information technology, actuarial, and other areas affecting the insurance industry. Program Level: Basic Prerequisites: None Required Advance Preparation: None Required Type of Delivery Method: Group Live Registration Instructions: Register online at or submit hard copy form to Refund/Cancellation Policy: Received in writing to AGurganus@iasa.org by April 15, No refunds issued after that date. Complaint Resolution: For more information regarding refunds, complaints, and/or cancellation policies, please contact the IASA office at , or visit the IASA website at This program has been certified for continuing professional education credits. Accounting / Auditing 4.0 Ethics 0.0 Other 4.0 Total 8.0 Insurance Accounting and Systems Association, Inc. is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, NASBA phone number: Web site: 6