The Long Term Care Insurance Section Update

Robert Eaton

The Long Term Care Insurance (LTCI) Section is, in many ways, the most diverse section of the Society of Actuaries (SOA). Our membership hails from the intersection of brokerages and agencies, actuarial firms and valuation units, claims and operations divisions, and legal and regulatory departments. The medley of professional backgrounds makes for healthy and interesting conversation. And we’re happy to welcome more into the fold.

Our section members have responded to the stagnating traditional LTCI market by shoring up our management and analyses. We have pivoted to understand the new opportunities in the financing and delivery of long-term care services and supports (LTSS). Subtending these transitions, the LTCI Section has maintained its focus to provide education and thought leadership to support our professionals in their daily work.

The LTCI Section promotes the education of its membership through a multitude of media, including webcasts, podcasts, webinars aimed at regulator education and the LTCI newsletter. The Section Council ensures that we have relevant long-term care (LTC) content at all major industry conferences including the ILTCI Conference; the SOA Health Meeting; the Life & Annuity Symposium; the Supplemental Health, DI and LTC Conference (SHDILTC); the Valuation Actuary Symposium; and the SOA Annual Meeting & Exhibit.

The LTC Think Tank1provides thought leadership, working to understand the future opportunities for our industry to serve those who will need LTSS. The LTCI Section is collaborating with the Health Section and the Predictive Analytics and Futurism Section to produce some exciting new content. Watch for the fruits of these labors in newsletter articles and industry conference presentations in 2018, beginning with the SOA Annual Meeting & Exhibit. There are a host of InsurTech companies that stand to make a sizable impact in the LTC space, and our section is eager to better understand this opportunity. Finally, predictive analytics is playing an expanding role in the LTC actuary’s world. There will be more content at upcoming SOA events and the ILTCI conference featuring emerging work in the predictive analytics space.

The LTCI Section has an active membership committed to providing the products, analysis and solutions supporting those who need long-term supports and services. With a collective century of LTC experience under their belts, our Section Council members are dedicated to providing conscientious leadership and guidance for our activities. Please stop by and say “hi” at one of our section breakfasts during the SOA Health Meeting and SOA Annual Meeting & Exhibit, or visit us at SOA.org/ltc.

Robert Eaton, FSA, MAAA, is a consulting actuary for Milliman in Tampa, Florida, focusing on long-term care, life and combination life/health products. He is the current chairperson of the SOA Long Term Care Insurance Section Council.

References:

  1. 1. “Long-term Care Think Tank.” Society of Actuaries. https://www.soa.org/sections/long-term-care/ltcthinktank/.