Andrew Steenman
FSA, MAAA
Principal & Consulting Actuary
Chicago, IL, US
Andrew Steenman is a consulting actuary in Milliman’s Life and Financial Services Practice and is based in Chicago. He joined the firm in 2010.
Experience
Andrew consults on life insurance and annuity products and issues. His work has focused on universal life, universal life with secondary guarantees, fixed annuities, and indexed annuities. His experience extends across many contexts including corporate modeling and transformation, appointed actuary work, and financial reporting, including principles-based reserving, product development, mergers and acquisitions, and risk management.
Andrew has been a frequent speaker at SOA and local actuarial club meetings.
Before joining Milliman, Andrew worked in financial reporting for Lincoln Financial Group.
Publications and Presentations
- "Impact of VM-20 on life insurance product development," 2017, SOA sponsored research.
- "Universal life secondary guarantee insurance: Pricing and financial reporting considerations," 2012, Milliman sponsored research.
Professional Designations
- Fellow, Society of Actuaries
- Member, American Academy of Actuaries
Education
- BS, Actuarial Science, Purdue University
Affiliations
- SOA Marketing & Distribution Section Council Member, 2015 to 2017
- Officer or President for the Actuaries Club of Indiana, Kentucky, and Ohio, 2012 to 2017
Publications
Read their latest work
Article
Managed Variable Universal Life: Flexible risk management in life insurance
28 March 2024 - by Rahul Mohan, Patrick OuYang, Jordan Rosenfeld, Andrew Steenman, Karthik Yadatore
Managed variable universal life products, both flexible and customizable, offer enhanced cash value accumulation and death benefit protection for policyholders.
Article
Impact of VM-20 on life insurance product development: Phase 2
14 August 2017 - by Paul Fedchak, Jacqueline M. Keating, Karen Rudolph, Uri Sobel, Andrew Steenman
Phase 2 of this research report expands on the Phase 1 case studies for term and universal life with secondary guarantees (ULSG) products and includes additional case studies focused on smaller companies and the impact of reinsurance.
Article
Impact of VM-20 on life insurance product development
10 January 2017 - by Paul Fedchak, Jacqueline M. Keating, Karen Rudolph, Uri Sobel, Andrew Steenman
This report summarizes changes to the product development process as a result of the introduction of principle-based reserves as required under Chapter 20 of the National Association of Insurance Commissioners Valuation Manual (VM-20) through the development of case studies for term and universal life with secondary guarantees products.
Article
Universal life secondary guarantee insurance: Pricing and financial reporting considerations
29 February 2012 - by Andrew Steenman
A discussion of pricing and financial reporting aspects of universal life products with long-term secondary guarantees.