About this event

 

 

The Life Conference exceeded 1,000 delegates in 2015!

This year the Life Conference turned 30 and it was a milestone celebration. In 1985 the first Life Convention opened its doors in Birmingham to 335 delegates, offering 24 sessions involving 41 speakers and in 2015, the Dublin Convention Centre welcomed 1,160 delegates, 75 sessions with 147 speakers and 23 exhibitors.

With delegate feedback including ‘Brilliant range of diverse speakers at the plenary sessions’, ‘Excellent opportunity for CPD’ and ‘Increases technical and professional knowledge’, there were also words of encouragement from our delegates for the 2016 conference; ‘If involved in the life insurance industry in any way it is very important to attend this conference’, ‘A fantastic opportunity to get a broader perspective and network’ and ‘Don't think, just go!’, so don’t just take our word for it - view the Life Conference 2015 video highlights and see for yourself!

It is clear from the past 30 years that the Life Conference is going from strength to strength – congratulations again to everyone involved who have made it the success it is today.

Registration Wed, 18/11/2015 - 17:30 - 18:30 Registration
Plenary session Wed, 18/11/2015 - 18:30 - 18:45 Welcome to the Life Conference 2015

Speaker: Abigail Caldwell, PRA and Chair of the Life Conference Programme Committee 2015

Plenary session Wed, 18/11/2015 - 18:45 - 19:45 Plenary 1: Culture and Governance: Acting Together for a Happy Marriage

In a world where the operating environment is increasingly dynamic and interconnected, it is increasingly challenging for firms to manage consumer and shareholder interests in a sustainable manner.  Permeating an appropriate culture right throughout the business has never been more important. Sylvia Cronin, Director of Insurance Supervision with the Central Bank of Ireland shares her thoughts on the importance of robust governance underpinning a culture of ‘doing the right thing’ and debates the unintended consequences of the regulator being perceived as the conscience for industry.

Speaker:  Sylvia Cronin, Director of Insurance Supervision, Central Bank of Ireland

Dinner Wed, 18/11/2015 - 19:45 - Thu, 19/11/2015 - 00:00 Welcome buffet dinnner

The Exhibition will be open and will offer delegates the opportunity to network with colleagues.

Registration Thu, 19/11/2015 - 08:15 - 08:45 Registration

For those who didn't register the night before.

Plenary session Thu, 19/11/2015 - 08:45 - 09:45 Plenary 2: Professional Skills for Experienced Members: The Journey Continues

The need to be professional is ever present.  The world, and the world of insurance, has moved on from last year, but that hasn’t reduced our need to be professional.  If anything the need has increased.  We explore some of the current concerns and how you can rise to the challenge.  This will be an interactive session    Being professional also means being aware of and complying with all the relevant regulations.  We will provide an update on regulatory hot topics

Speakers: Neil Hilary and Malcolm Slee, Professionalism Content Working Group

Plenary session Thu, 19/11/2015 - 09:45 - 10:00 Presidential Update

Speaker: Fiona Morrison, President, IFoA

Refreshments Thu, 19/11/2015 - 10:00 - 10:30 Morning refreshments

Exhibition will be open

Workshop Thu, 19/11/2015 - 10:30 - 11:20 Workshop Session A

A1: La Dolce Vita or Mission Impossible

Working abroad can be one of the most rewarding experiences on offer in the modern work place, however it is not without its challenges. The speakers have both worked abroad and provide insight on:

  • What to expect
  • The benefits (and pitfalls)
  • How to maximise the experience when you move on.

Speakers: Samuel Lever, PwC and Brian Paton

A2: ORSA Balance Sheet and Capital Projection Options – Pros, Cons and Practicalities

Solvency II requires firms to project their balance sheet and SCR for the ORSA, and these projections also provide valuable MI. This talk will cover:

  • The drivers requiring projection capabilities
  • The range of approaches to project assets, liabilities and SCR along with pros and cons of each
  • Market practice across Europe and more widely
  • Practical challenges in implementing projection capabilities.

Speakers: Loic Bellettre, Ernst & Young and Simon Johnson, Zurich Assurance Ltd

A3: Product Rationalisation, Part VII Transfers, and Part 26 Schemes

  • Many in-force life insurance policies are “obsolete” products, but current legislation doesn’t permit easy rationalisation.
  • Drawing on recent Australian thinking about this, the author considers:
    • what can currently be done about this problem
    • the risks of product rationalisations without explicit policyholder consent
    • some principles for permitting rationalisation of life insurance products
    • why legislative change is needed.

Speaker: Michael Aa, Phoenix Group

A4: Condoms and Sunscreen (and Other Tales from the UK Protection Market)

Discussion of opportunities and challenges in the UK protection market, including:

  • Market perspectives
  • Volumes and trends from Swiss Re's Term and Health Watch data
  • Change within the industry
  • Innovation success stories and emerging trends
  • Key developments and disruption in the immediate future.

Speakers: Donna Cowell, Swiss Re and speaker tbc

A5: Money for Nothing, Spreads for Free

With continued focus on Solvency II and lengthy committee processes to go through, having the ability to exploit opportunities to increase risk-adjusted profits can be challenging.     With yields low, spreads narrow and equity markets at all-time highs, firms who are readily able to take advantage of market dislocations will be best placed to succeed in an ever-more challenging regulatory environment.     Using a number of examples, we'll look at how such opportunities can be exploited and how identification of observable variables can help embed such techniques into BAU investment management.

Speakers: Andrew Kenyon and Dr Robin Thompson, RBS and Henrik Wijkander, Prudential

A6: A Balanced View on Long-Term Care

With sustained mortality improvements, the need for long-term care is ever increasing.  Funding long-term care remains a challenge.  This presentation aims to provide a balanced view of the current status:

  • Recent developments in public policy
  • LTC insurance offerings in different markets – success stories, pitfalls, shortcomings
  • Challenges in offering LTC insurance.

Speakers: Mari-Lizette Malherbe, Munich Re and Susan Elliott, Met Life

A7: Update on IFoA Regulatory Issues

We will cover new IFoA regulatory initiatives which are of interest to members working in the Life area.  This will include Solvency II Practising Certificate requirements and APS X2 .  We will also include a session on 1 or more of the IFoA's professionalism videos which will be of relevance to Life members.

Speaker: Christine McConnell, IFoA

A8: Actuarial Data Needs Today and in the Future

The actuarial profession is at a tipping point and a combination of disruptive technologies (E.g. Cloud Computing) and external pressures are creating a unique opportunity to move from being valued as results producer to insightful adviser. For a prudent but forward looking profession, this is exciting and scary in equal measure.

Speakers: David Alison, KPMG and Gavin Lubbe, KPMG Canada

A9: High Age Mortality

With increasing life expectancy and low discount rates the financial significance of mortality rates – and mortality improvement rates – at ages 90+ is increasing.  At these high ages, insured and pensioner data becomes scarce and almost all datasets are subject to uncertainty and distortion.  The CMI’s High Age Mortality Working Party will present its findings and highlight the practical implications.

Speakers: Steve Bale, Legal & General and Mark Cooper, Rothesay Life

A10: For Sale: Annuity. One Careful Owner, Full Service History

The creation of a secondary annuity market creates exciting new opportunities for consumers, insurance companies and fund managers.  This session considers these opportunities as well as:

  • the consumer risks
  • the asset considerations for potential investors
  • the lessons that can be learnt from the other secondary insurance markets
  • the challenges in creating a market.

Speakers: Jody Glennie and Michael Henderson, Barnett Waddingham

Transfer time Thu, 19/11/2015 - 11:20 - 11:30 Transfer time
Workshop Thu, 19/11/2015 - 11:30 - 12:20 Workshop B

B1: Actuary vs Data Scientist vs Statistician

Being a Data Scientist is apparently the sexiest job of the 21st century – but what actually is a data scientist and what do they do?  Together with a bona fide data scientist we investigate what they bring to a business.  How do they differ from Actuaries and Statisticians and are they a threat or opportunity for the future of the actuarial profession?

Speakers: Chris Reynolds, PartnerRe and Speaker tbc

B2: Reinsurance should be a Tool, not a Habit

The Life and Health Reinsurance Working Party formed in 2014 with a goal to understand the qualitative & quantitative basis of buying decisions, and predict how this may evolve with changing regulations in future, will:

  • present an analysis of several regulatory frameworks affecting reinsurance
  • summarise multi-country interviews of decision-makers
  • present unusual case studies into why reinsurance was or was not implemented.

Speakers: Benoit Rio, Greg Solomon and Vincent Regnier, Members of the Life and Health Reinsurance Working Party

B3: Investments and the Optimising of Capital under Solvency II

On the eve of Solvency II going live, two industry experts reminisce about what the industry has done to re-optimise capital under the new regime, and to forecast developments and methods to come. They will focus on the use of investments in optimisation. Matt Modisett, PhD, FIA, ASA, MMA is the author of Solving Solvency: 100 Tips for Managing Insurance Capital in a Shifting Regulatory Landscape, and is an innovative leader in capital optimisation.   Joshua Waters FIA, CERA, CQF is an Investment Risk Actuary specialising in quantitative finance.

Speakers: Joshua Waters, KPMG and Matt Modisett, PIC

B4: Implementation of IFRS4 Phase II - Technical and Practical Challenges

Phase II has been many years in the making but as the technical points are now approaching finalisation, organisations are considering how  this impacts their balance sheet and future profits, and how this change can be most practically implemented.  In this session we will provide an overview of the key issues to consider when starting your Phase 2 project and the types of activities companies are completing in preparation for the implementation date. We will consider the potential financial impacts of the standard as well as implications for the industry from a products and market perspective.  We will also cover how companies may leverage some of their existing Solvency II development to maximise efficiency in the IFRS implementation.

Speakers: Rebecca Wyatt and Richard Olswang, Prudential and Dominic Veney and Charles Garnsworthy, PwC

B5: The Use of Non-Traditional Assets in Accumulation and Decumulation

The working party's second body of research focuses on: 

  • Availability of assets
  • Non-traditional assets in growth phase and in decumulation phase
  • Tradeable annuities.
  • This talk will discuss the use of non-traditional assets to maximise options for the policyholder as well as optimising returns and volatility for the shareholder.

Speakers: Gareth Mee and Eugene Dimitriou, Members of the Non-Traditional Assets Working Party

B6: Pensions Freedom and Choice - What can we Learn from Ireland's Experience?

In Ireland, the 1999 Budget unexpectedly heralded the end of compulsory annuitisation, triggering a great deal of uncertainty over the potential implications. There are striking parallels with the introduction of Pension Freedom and Choice in the UK. What lessons can the UK take from the Irish experience?  We'll outline the market similarities and chart the immediate and long-term impacts and the unintended consequences of the changes in Ireland. We'll also draw parallels with the UK market, look at early experiences and make some predictions.   

Speakers: Colin Bell, Aegon Ireland and Kevin Manning, Milliman Ireland

B7: What Really Happens if an Insurer goes Bust?

Reinsurers can often lend huge sums of money to insurance companies against the value of their inforce portfolios.  Contingent repayments stretch over a number of years and are of course dependent on the company remaining solvent - how confident are we that this will be the case in 5 or 10 years time?  In this presentation we will look to understand the consequences for a financing reinsurer if a long-term insurer does become insolvent.  For example what is the process, who gets involved and what regulations are in place.

Speakers: David Walton, Munich Re and speaker TBC

B8: Herding Behaviour as a Source of Risk – Are Actuaries Immune?

Herding is an instinctive animal behaviour that has carried through the evolutionary process to our modern lives.  In this talk, the Herding Amongst Actuaries Working Party explores:

  • Examples of positive and negative herding behaviour in an office environment, including impacts and case studies
  • Is herding behaviour a significant source of systemic risk?
  • Are changes needed to mitigate adverse herding behaviour?

Speakers: Travis Elsum, Deloitte; Colm Fitzgerald, University College Dublin and Kaldip Bassi, Prudential Regulation Authority

B9: Skilled Persons (S166 Reviews) - Practical Tips to make sure it Goes Smoothly

Many life actuaries and their companies now have to deal with a Section 166 Skilled Person investigation and report commissioned by the PRA or FCA.  These investigations are commissioned by the regulators when a particular issue has arisen, but also now for generally regulatory and investigatory purposes.  This session will be presented by two S166 experts (one actuarial Partner and one non-actuarial Director) and will cover:

  • Overview of the process, including bi-lateral and tri-lateral meetings with the regulator
  • How to get clarity in the Requirement Notice
  • What to expect from the Skilled Person
  • How to help the Skilled Person get the best result for you.

Speakers: Trevor Jones and Karen Bloomfield, KPMG

B10: Findings of the FCA's Thematic Work on the Fair Treatment of Long-standing Customers in Life Insurance

The FCA undertook a thematic study during 2014-2015 into the whether firms are operating historic (often termed 'legacy' or 'heritage') products in a fair way and whether they have adopted strategies that do not result in the fair treatment of existing customers. We will talk through some of the key findings.

Speaker: Andrew Ruddle and Catherine Gavin, Financial Conduct Authority (FCA)

Refreshments Thu, 19/11/2015 - 12:20 - 13:30 Lunch

Exhibition will also be open

Refreshments Thu, 19/11/2015 - 12:20 - 13:30 President's Lunch (by invitation only)

Join IFoA President, Fiona Morrison, for an informal lunch where she is keen to hear your views on the actuarial ‘sales pitch’:

  • What makes actuaries unique?
  • How would you summarise who actuaries are and what they do?
  • What is the actuarial skillset?

Your thoughts will feed into the refresh of the IFoA strategy, and will be used to explore how we can promote actuaries both in doing different things in established areas, and in moving outside of the traditional actuarial areas of work.

To book your place on this lunch email Niki Park.  Please note places are limited.

Plenary session Thu, 19/11/2015 - 13:30 - 14:30 Plenary 3: Plate Spinning

Speaker: Jim Reid, Managing Director and Global Head of the Fundamental Credit Strategy Group, Deutsche Bank

Transfer time Thu, 19/11/2015 - 14:30 - 14:40 Transfer time
Workshop Thu, 19/11/2015 - 14:40 - 15:30 Workshop Session C

C1: Capital Management under Solvency II – Managing Forward Volatility, as Important as Day One Capital Adequacy?

  • How Volatile is the Solvency II Balance Sheet
  • How can insurers manage forward volatility
  • Optimising the Risks on an Intra-Group Basis
  • Extrapolating from the Banking Sector

Speakers: Michael Eakins, Goldman Sachs and Jeff Davies, EY

C2: Understanding the Customer

The Life Insurance industry lags many others in understanding the end customer. What motivates the purchase decision? How does the customer think about insurance? What influences lapse or other behaviour? The entire value chain of the business is heavily affected by these questions, from product design and distribution through to valuation and capital requirements analysis, where customer behaviour can materially drive results. We present results from a global survey and offer some ideas for further developing this topic.

Speakers: Thomas Hull, PwC and Stephen Collins, SCOR Global Distribution Solutions

C3: Finding a Safe Haven

The aim: facilitating an orderly run-off of a with-profits fund. 
Our approach: a series of transactions including new servicing arrangements, selling parts of the business and reinsurance.  The talk will include:

  • An overview of transactions over the last 2 years.
  • Key risks addressed/considered, including the need to balance the risks/costs of different implementation timetables.
  • Specific considerations relating to types of with-profits business.
  • Operational aspects and thoughts on getting a deal done.

The presenters will provide an actuary’s personal experience of working within the Society and a lawyer’s experience of providing legal support.

Speakers: Rebecca Johnson, Marine and General Mutual and Craig Clever, Slaughter and May

C4: The ORSA: Wider Business Responsibilities

With full implementation of Solvency II now just weeks away, the ORSA is about to take centre stage as a key aspect of the decision-making process of insurers and reinsurers.  By now, we have all heard about the responsibilities of those involved in the ORSA process itself, but what are the wider responsibilities when it comes to ensuring that the ORSA is fully integrated into the running of the organisation, and what supports can be put in place in order to maximise the chances of success.

Speakers: Eamonn Phelan, Milliman and Billy Galavan, Zurich Life Assurance Plc

C5: Interest Rates: What the Past Tells us about The Future

The early months of 2015 have seen negative yields on government and corporate bonds in several European markets and there have been isolated periods of negative rates on various currencies prior to the current crisis and quantitative easing response. The extreme events working party considers the impact of quantitative easing relative to its stated aims, what limits might apply to how negative rates can go, what this implies for investment, as well as the lessons actuaries can draw from events their models said was impossible.

Speakers: Members of the Extreme Events Working Party

C6: Royal London and CIS – A Case Study

Royal London acquired CIS in 2013, and effected a Part VII transfer of CIS into Royal London at the end of 2014.  This session will take the form of a Case Study into the two parts of this transaction as follows:   

  • Part A:Anthony Lee, formerly with CIS and now with Royal London, will cover the key aspects of the acquisition as follows:
    • Rationale from both the Co-operative Banking Group (CIS's owner) and the Royal London perspectives.
    • Key issues arising and how they were dealt with.
    • Key protections put in place for the CIS policyholders.
  • Part B:John Jenkins, Partner, KPMG, was the Independent Expert for the Part VII transfer and will cover:
    • Interaction between the transfer and the acquisition arrangements.
    • Issues concerning the release of the General Reserve.
    • Other interesting features of the transfer.

Speakers: John Jenkins, KPMG and Anthony Lee, Royal London

C7: THE BPA Market - the Wonder Woman of the Life Sector?

The BPA market is the most dynamic part of the life sector. Transaction records are being broken every few months and, exciting opportunities abound for life and pensions practice areas to work together. This talk will cover:   

  • the players in the market: what are their similarities and differences?
  • a pension consultant's perspective into the new business process: what trustees want and how they can seamlessly transition to an insurer

Speakers: Kim Durniat and Gavin Markham, Barnett Waddingham LLP

C8: Decumulation in Europe - A 16 Country Perspective
  • Presentation will cover the work of the Actuarial Association of Europe's taskforce looking at decumulation of pension assets.
  • Includes a 16 country survey of the different decumulation system across Europe
  • Identifies current gaps
  • Giving a directional steer on best practice
  • Considers the use of cross border product solutions to fill gaps.

Speakers: Duncan Robertson and members of the AAE Working Party

C9: Talent in Insurance

The Insurance industry has been through a difficult period in recent years.  To support the growth of the sector, organisations need to look to their talent.  This panel discussion will cover: 

  • Reasons the sector is not attracting forward-thinking, innovative and digitally savvy talent
  • Outline of the Talent that is needed to grow the sector and what the requirements of that talent are (i.e. understanding Millennials needs)
  • Key human capital trends that will have a significant impact on how Insurance organisations need to develop talent into the future
  • Ideas for developing talent strategies that will develop and grow the insurance sector and individual organisation within it.

Speakers: Stephen Keane and Ciara Regan, Deloitte; Yvonne Lynch, Society of Actuaries in Ireland and Barry Cudmore, Aegon Ireland

C10: Communicating Choices in Internal Models

This session focuses on aggregation techniques used by insurers as part of building their internal models for Solvency II. The emphasis of the session is not on the technical details of specific techniques, but rather on practical aspects and criteria employed in testing, communicating and justifying to stakeholders (such as Boards and regulators) the choices made.

Speakers: Nikos Katrakis, Chair of Life Aggregation and Simulation Working Party and other members of the working party

 

 

 

 

 

 

 

Refreshments Thu, 19/11/2015 - 15:30 - 16:00 Afternoon refreshments

The exhibition will be open.

Workshop Thu, 19/11/2015 - 16:00 - 16:50 Workshop Session D

D1: Implementing Unit Linked Matching

The risk management and regulatory basis for moving unit linked own funds out of assets chosen by the policyholder and into less risky assets. Including:

  • Implementation choices
  • Building a liquidity framework to support new risks introduced TCF and customer impacts
  • Drawing on live experience of the presenters.

Speakers: Naomi Burger, Deloitte and Paul Turnbull, Aviva

D2: Behavioural Finance for Actuaries

Decision makers are often not rational which can lead to poor decision making as a result of behavioural bias. This is particularly important given recent changes to pensions and FCA focus in this area. This session reports on the findings of the cross-practice working party, which is reviewing the application of behavioural finance to actuarial work. The aim of the working party is to improve understanding and to provide recommendations of how behavioural finance can be incorporated into actuarial work to enhance the role of the actuary and lead to more effective decision making.

Speakers: Kathy Byrne, Askis Limited and Paul Cook, Grant Thornton

D3: The Impact of the 2009/2010 European Debt Crisis on Mortality Trends

This presentation will analyse the impact on mortality of the 2009/2010 European Debt Crisis by comparing the mortality, pre and post the crisis, of those countries most adversely affected by the crisis (Ireland, Greece, Italy, Portugal, Spain) with countries less directly affected by the crisis. Trends in all-cause and by cause of death mortality will be investigated.

Speakers: Mary Hall, University College Dublin; Colm Murphy, Deloitte and Shane Prendergast, Irish Life

D4: How to Tackle Low Interest Rate? - Case Study of Japan

Focusing on low interest rate environment in Japan, we will show:

  • The history of deep low interest rate in Japan.
  • Bankruptcies and reorganization of Japanese life insurance companies.
  • Changes in regulatory policies.
  • Parts of our solution in respect to investment, asset management, product development, risk management etc.

Speakers: Hiroshi Iizuka, Deloitte Touche Tohmatsu LLC; Kiyotaka Nakajima, MetLife Insurance K.K. and Keita Kakiuchi, Swiss Re

D5: How Developments in the Pharmaceutical Sector may Impact Life Insurers in the Future

In this talk, Philippe and Jo will talk through the experience of applying actuarial and analytics skills in the Pharmaceutical sector.  This will include some case studies of recent projects and an overview of the potential for actuaries to add value more generally in the health sector in future.  The talk will also share thoughts on how these developments may impact on the future of the life insurance and retirement market.

Speakers: Philippe Guijarro, PwC and Jo Pisani, Pharmaceutical and Life Science Consulting Leader

D6: Product Developments from Africa

Many innovative new life and health products have had their roots in Africa. We will begin by looking at some famous exports, including critical illness products, novel distribution approaches and wellness initiatives, before looking at case studies demonstrating a number of insightful insurance-related concepts currently live in Africa, that are yet to be fully developed by other world markets.

Speakers: Greg Becker; Mohamed Faye, PartnerRe

D7: Friends Life With-Profits Fund Annuity “Buyout” Case Study

Non-profit annuities in contracting with-profits funds can expose with-profits policyholders to proportionately higher credit and longevity risks over time.  Friends Life has carried out a series of transactions to reallocate such annuities to non-profit funds.  KPMG acted as the External Advisor to provide, and validate consistency with, market pricing.  This Case Study considers the key issues.

Speakers: Andy Chan and John Lim, KPMG and Darren Thorne, Aviva/Friends Life

D8: Cash, Capital and Returns: How Solvency II Impacts Investors

Solvency II represents a major change in how insurance regulatory solvency is assessed on a macro perspective.  It also impacts pretty much all company KPIs, including cash, capital and returns both in aggregate and by business line.  Communicating these impacts, as well as guiding to acceptable ranges, presents many challenges which we will highlight and address in this session.

Speakers: Simon Woods, EY and Colin Simpson, Aviva

D9: Five Applications of Predictive Analytics for Life Insurers

An engaging talk aimed at highlighting three things:

  • The varied opportunities to apply predictive analytics to pricing and underwriting issues
  • How to overcome some of the common hurdles
  • Outline the potential benefits.
  • Five practical case studies, with an interactive format.

Speakers: David Hughes, Barnett Waddingham and Alan Chalk, UCL

D10: MASTERCLASS 

Transfer time Thu, 19/11/2015 - 16:50 - 17:00 Transfer time
Workshop Thu, 19/11/2015 - 17:00 - 17:50 Workshop Session E

E1: Risk-Based Profit and Loss Attribution for Annuities

The Risk-Based Profit and Loss Attribution Working Party’s aim is to analyse:

  • profitability in terms of the risks identified by the risk management function
  • Risk impacts quantified simultaneously, rather than in a fixed order as with a traditional analysis of surplus
  • Methodology can also be used to perform instantaneous stresses for economic capital calculations
  • Example to cover application to annuity business.

Speakers: Oliver Lockwood and Ravi Dubey, Members of the Risk-Based Profit and Loss Attribution Working Party

E2: Validating Aviva UK Life's Internal Model

This talk will consider the challenges of validating a complex Internal Model from the perspective of the Risk Function and an external Independent Model Validation team.

Speakers: Andrew James, PwC and Richard Reid, Aviva

E3: The Over 50s Rip Off?

In January this year Which? published analysis of 55 products for overs 50s and found “some are a rip-off compared with mainstream alternatives”.  Nick and Hamish will take a fresh look at the products studied – over 50s insurance, equity release and funeral plans – and ask the question “Can the industry do better to provide better consumer outcomes”?  Concentrating initially on recent innovations to improve consumer protection in over 50s products they will debate whether they are just papering the cracks or are actually delivering the full makeover required.  They will further discuss whether this can lead to improvements for customers in other products.

Speakers: Hamish Wilson, Hymans Robertson and Nick Reilly, Royal London

E4: Documentation in the 21st Century: Semantic MediaWiki
  • Actuarial models are complex (multi-dimensional, multi-scale) and dynamic (multi-user, multi-version)
  • Documentation purpose is learning (fewer bugs, lower costs, better decisions) not just compliance
  • Documentation tool needs to enable many viewpoints, feedback, self-improvement
  • Semantic MediaWiki (Wikipedia software) as tested solution
  • How Semantic MediaWiki was used to document a large model
  • How to set up your own system in 15 minutes.

Speakers: Will Swales, Blue Actuarial and Owen Kellie-Smith, Aviva

E5: Liability-Aware Investing for Life Assurers

This talk will discuss a number of related topics in the field of liability-aware investment strategy for life assurers such as:

  • Investment strategies for accessing asset illiquidity premia.
  • Discussion of relevant illiquid asset types and their investment characteristics and challenges (e.g. access to opportunities, asset pricing, fees); and their potential SII treatment (assessing matching adjustment; meeting cashflow matching criteria; setting SCR stresses).
  • Diversifying risky asset returns through alternative asset classes. This will analyse the potential benefits of using absolute return funds to diversify risk and obtain capital-efficient expected returns. It will include a case study analysis for a with-profit fund.

Speakers: Craig Turnbull, Standard Life Investments and Bruce Porteous, Standard Life Investments

E6: Whither Annuities – Again!  A reprise looking at the market for annuities post 6 April 2015

Following on from the authors’ talk in 2014 when the changes to the annuity market in the light of the new pension freedoms were still embryonic, this session will cover: 

  • Change in the demand for annuities – UK experience and updates from other international  experience 
  • Changes in customer behaviours – has the linkage between retiring and accessing pension funds fundamentally changed? 
  • Effect of Pension Freedoms on the products on offer; innovation or simply greater price competition?
  • The potential consequences of the secondary annuities market
  • Other implications for the insurance industry –guidance, advice, tax, exit fees, legacy products, Lamborghinis and other aspects.

Speakers: Tim Bateman, Mazars and Matt Logan, Aviva

E7: Mind the Gap - Patching up your Solvency II Reporting

Regulatory reporting and management information under Solvency II covering:

  • Challenges faced by the insurance companies to report under Solvency II
  • How companies and boards are coping with the new requirements
  • Considerations for patching up your existing reporting solutions versus an industrial Solvency II solution
  • Our learnings across EMEA and the emerging best in class practices for Solvency II reporting.

Speakers: Maaz Mushir, Carol Lynch and John Kilbride, Deloitte

E8: Emerging Risks: Opportunities and Threats of Disruptive Technology

Disruption comes from how technology (r)evolution could perturb business models.  Our more connected world shifts control to the consumer.  Insurers that do not respond face becoming irrelevant.

We discuss:

  • Ways to identify and monitor these risks;
  • Disrupting traditional business models, embracing technologies, and improving customer experiences;
  • Building in mean reversion over long term assumptions.

Speakers: Dr Ruth Middleton, EY and Marcia Cantor-Grable, Prudential plc

E9: Conversions from With-Profits to Non-Profit:  Two Case Studies from Sun Life Financial of Canada

Sun Life of Canada Financial of Canada (UK) recently completed conversions of two of its with-profits funds to non-profit.   In 2014, the Cannon Fund was converted to unit-linked benefits under a Companies Act Scheme of Arrangement.  In 2015, the Confederation Life Fund was converted to fixed benefits using powers granted under a previous demutualisation scheme.  In this session Rosalind Rossouw, John Jenkins, and Jonathan Martin will between them cover the following aspects for both conversions:

  • Why the conversion was necessary/desirable
  • The design of the conversion scheme, including how options were dealt with
  • Financial evaluations
  • Policyholder impact assessment  
  • Policyholder communications
  • Actuarial reporting
  • Policyholder voting and Court arrangements (for the Cannon Fund Scheme of Arrangement).

Speakers: John Jenkins, KPMG and Sun Life Financial of Canada WPA; Rosalind Rossouw, Sun Life Financial of Canada and Jonathan Martin, KPMG

E10: Masterclass
Other Thu, 19/11/2015 - 17:50 - 19:30 Free time
Social Thu, 19/11/2015 - 19:30 - 20:30 Drinks reception

Arrive at the CCD for a drinks reception

Dinner Thu, 19/11/2015 - 20:30 - Fri, 20/11/2015 - 00:00 30th Dinner Party

Join us to celebrate the 30th Life Conference with a formal dinner followed by our after dinner speaker: Rory Bremner, Britian's best loved impressionist.

There will be an 80's theme to the evening, so try your hand at the retro games and get your photo taken in 80's dress up.

Plenary session Fri, 20/11/2015 - 09:00 - 10:00 Plenary 4

Speaker: Ben Page, Chief Executive, Ipsos MORI

Transfer time Fri, 20/11/2015 - 10:00 - 10:10 Transfer time
Workshop Fri, 20/11/2015 - 10:10 - 11:00 Workshop Session F

F1: Stochastic Reserving: Lessons Learned from General Insurance

Reserve deterioration is an important risk for all insurance companies. To understand this risk, we need to model the new assumptions that actuaries might make in future. There are sophisticated models for stochastic mortality which can be difficult to understand or explain. The corresponding problems in general insurance are often addressed with more intuitive bootstrap methods. This talk will consider how the bootstrap approach may be applied to life decrements such as mortality and lapses, discussing the advantages and disadvantages.

Speaker: Andrew D Smith, Deloitte

F2: Understanding and Comparing Longevity Projections

Many techniques are used to project longevity. We will: 

  • Describe and compare different longevity models.
  • Examine the principles and assumptions of different models.
  • Consider the benefits of particular models for different purposes.
  • Highlight the merits of using multiple models.

This session is aimed at delegates without specialist longevity expertise who need to assess proposed assumptions.

Speakers: Jon Palin and Dave Grimshaw, Barnett Waddingham

F3: Making History and Changing the Future

Discovery Group of South Africa has been operating in the UK over the last decade as a JV and is now operating in its own right through the Vitality brand.  It is very rare for a company to make an application for a brand new licence and this is exactly what VitalityLife has done in 2015.  This session will tell the exciting story of the considerations, challenges and trials and tribulations of setting up a 'new' standalone UK based life insurer.

Speakers: Richard Baddon and David Hare, Deloitte and Deepak Jobanputra, Vitality Life

F4: Insurance M&A/Auctions

Introduction to the sale process: outline timetable, roles and responsibilities

  • Stage 1 -Preparing a target for sale
    • Group structuring issues: post- Solvency II
    • Vendor due diligence
    • Information memorandum
    • Actuarial valuation
    • Draft sale documentation
    • Separation plan
  • Stage 2 - The auction process
    • Maintaining competitive tension
    • Common negotiating points: what is a seller looking for?
    • Treatment of/comfort on actuarial issues and valuation
    • Common deal issues: caps, liability regime and warranty insurance
  • Stage 3 – Completing the deal
    • Conditionality
    • Reinsurance and collateral techniques to achieve immediate risk transfer pending Part VII transfer
    • Post-completion steps

Speakers: Geoffrey Maddock and Barnaby Hinnigan, Herbert Smith Freehills

F5: Fundamentally Rethinking ALM post Solvency II

Insurers have got lost in the detail of Solvency II.  We take a step-back and rethink ALM in the new world where insurers are the natural providers of long-term finance:   

  • How to think of liabilities as a way to fund asset portfolios, rather than assets as a way to match liabilities
  • Diversification benefits between insurance and investment risk
  • Structural advantages, and disadvantages, that insurers have over other investors e.g. hedge funds, banks
  • And, inevitably, the impact of regulation including Solvency II
  • Resulting investment mandates for the new world: separating liability management from return generation.

Speakers: Paul Fulcher, Nomura International plc and Neil Snyman, Aviva Investors

F6: Shouldn't we be Focusing on the Bigger Issues?

The life insurance industry has a number of key issues to tackle if it is to truly grow the protection market.  For example should we be spending time tweaking critical illness definitions when there are a number of other fundamental issues within the industry that deserve greater focus?  In the presentation we will look to explore issues such as whether current product innovation is actually benefiting consumers, the upcoming review of the moratorium on genetic testing and the impact if the right to ask about family industry when underwriting is lost.

Speaker: Paul Malloy, Munich Re

F7: Just when you Thought you could Relax, it looks like IFRS 4 Phase 2 will Happen!

After nearly 19 years in the making, the new IFRS accounting standard is expected to be published in 2016.  The Financial Reporting Group of the profession will provide:  

  • an update on the key components of the final expected standard, notably for unit linked and with profits contacts.
  • an assessment of the implications for insurers, the interactions with Solvency II and what insurers should be doing now
  • the perspectives of an analyst on the impact that the new standard and the proposed disclosures will have on the insurance sector.

Speakers: Anthony Coughlan, PwC; Derek Wright, TOPB Solutions Ltd and  Tony Silverman, AM Best and Member of IASB

F8: Risk Appetite for Life Offices

The objective of the working party is to assist the professionals (actuaries as well as other professionals) employed in life insurance business in understanding the meaning of Risk Appetite, how it is determined and its application with an aim to suggest the possible ways it can enhance value for different stakeholders.    In the talk we propose to present an update and key findings on the research undertaken by the working party based on study of literature and company annual reports.

Speaker: Gautam Kakar, Risk Appetite for Life Offices Working Party

F9: Tomorrow's Consumer Needs: Gazing into the Crystal Ball to 2025

What changes in consumer attitudes to insurance and investment products are possible in the next 10 years and how does the insurance industry respond to these?  This presentation will look across all socio-economic groups bearing in mind projected changes in key family life stage timings, use of technology, attitudes to risk, consumer behaviour and medical science.

Speakers: Colin Dutkiewicz and Nigel Mead, Data and the Tomorrow's Consumer Needs working party

F10: Speak Up, Speak Out (Masterclass)

Introverts sometimes find it hard to get their voice heard in situations where there are lots of people. They might sit through a two hour meetings and say absolutely nothing – and kick themselves afterwards for not pointing out potential problems with a proposal made by a colleague from a different department. Or they might try to speak up during a fast-moving discussion and have their contribution overlooked or ignored. This valuable session will give participants the knowledge and skills to be able to assertively and confidently speak up and speak out in a range of situations.

Speaker: Steve Bavister, Speak First

 

 

 

 

 

 

 

Refreshments Fri, 20/11/2015 - 11:40 Morning refreshments

The Exhibition will be open.

Workshop Fri, 20/11/2015 - 11:40 - 12:30 Workshop Session G

G1: Capital Motivated Longevity Solutions

An introduction to capital motivated longevity solutions, referring to the transactions implemented in the Netherlands to date, covering: 

  • Main characteristics of these transactions
  • Comparison with longevity swaps as common in the UK
  • How these transactions can improve a life insurance company's capital position under Solvency II
  • How insurance companies can assess the basis risk in case the transaction is based on general population mortality

Speakers: Andre de Vries, RGA and Frank den Bieman, PwC

G2: Re-engineering Product Governance for the New World - A Case Study

The FCA is putting increasing demands on firms to demonstrate that products are appropriate for consumers, both at launch but also on an ongoing basis. The FCA now has the power of product intervention and is currently focussing on product governance in a number of areas including: 

  • focus on specific activities in relation to product design and new product approval as firms respond to legislative changes in the retirement market
  • Undertaking review of the legacy market and firms approach to monitoring and oversight of existing business.

We will explore with you how we enhanced the Product Governance processes to meet the increasing expectations of the regulator and explore some of the issues we encountered and some of the key steps taken to improve the process touching on governance, oversight, core processes and consideration of value for money and stress testing in design and ongoing monitoring.

Speakers: David Miller, KPMG and Chris Bridge, Friends Life

G3: Do Customers Understand our Life Products?
  • Do our customers truly understand the range of risk-return possibilities in life insurance offerings?
  • What can we do to clearly express the customer value proposition, customer needs and expectations, and willingness to take risks?
  • And how can we easily measure and express variability in potential customer outcomes and disclosure of poor and worst-case customer outcomes?

This talk describes some of the research that we have undertaken, assesses the impact of impending European legislation in this arena, and presents a Framework for helping customers understand risks and outcomes for insurance products and for avoiding unexpected customer outcomes.

Speakers: Chris Barnard and Members of the Risk and Customer Outcomes Working Party

G4: Professionalism and Ethics in Real Life

Interactive session covering examples of professionalism issues in the Life industry.

  • Focus on balancing protecting consumer's interests with commercialism in difficult trading conditions.
  • To include real life examples such as:disputed claim payments, managing customer value for money,product design for changing policyholder circumstances, FCA's vulnerable customer guidance, Terminal Illness problems, ex-gratia claims,underwriting design with irrationality in mind,etc.

Speakers: Donna Cowell, Swiss Re and Malcolm Slee, Aviva

G5: A New Dawn for Variable Annuities

The pension reform act in 2014 has opened the UK retirement market for new forms of savings vehicles, while uncertainty in equity and bond returns compel pensioners to seek investments with downside protection. The Variable Annuity product has filled this retirement provision gap in the US for the last 15 years and could play a similar role in the UK. The presenters, both with directly relevant US experience, will outline the following:

  • the product features that have been adopted in the US retirement market;
  • historical barriers to UK Variable Annuity sales;
  • the key features of a successful product for the UK market;
  • evaluation of how product features can impact on policyholder behaviour;
  • impact of policyholder behaviour on pricing and capital.

Speakers: Gus Williams and James Isherwood, PwC UK and speaker TBC

G6: The UK Life Market in 2015 and Beyond – A Rating Agency Perspective

How UK life insurers have fared during 2015:

  • a whistle-stop tour of capital, earnings, sales and margins
  • A look behind the headlines – what insurers don’t want you to know.
  • Who will be the winners and losers from market and regulatory reforms?
  • Some predictions for 2016And what does it all mean for credit ratings?

Speakers: David Prowse and Harish Gohil, Fitch Ratings

G7: Solvency II - Is it Really "Maximum Harmonisation"?

Are divergences in the application of Solvency II leading to an un-even playing field across Europe and what implications does this have for cross-border groups? This session examines the differences in application arising from both the discretion allowed within the Directive itself and also from supervisors implementing additional requirements over and above the Solvency II rules.

Speakers: Ramona Dolan, Milliman and Sarah Byrne, AXA MPS

G8: £1Trn and Counting – the Rise and Rise of Unit-Linked Funds

The ‘simple’ world of unit-linked has experienced significant changes recently with more changes coming under Solvency 2. The scale of assets in unit-linked structures and increasing complexity of how this business operates brings both opportunities and challenges for actuaries. This talk will cover considerations of the IFoA unit-linked fund structures working party including the current state, key risks and the changes coming. Those close to UL, know it is anything but simple!

Speakers: Craig Smith and Robert Whitehouse, Members of the Unit-Linked Fund Structures Working Party

G9: Tax in Solvency II – The Final Lap

The Taxation Working Party will present the latest thinking informed by experience on:

  • PRA approach to deferred tax in Solvency II
  • Standard formula versus internal model
  • Modelling challenges
  • Interaction with expected impact of IFRS Phase 2.

Speakers: Matthew Little, Paul Turnbull and Matthew Taylor, Members of the Life Taxation Working Party

G10: Be Concise and Precise with Impact

Many professionals find it hard to communicate in a concise and precise manner. Whether it’s delivering a presentation, contributing to a meeting or briefing one-on-one, they feel compelled to explain things at length. As a result they often don’t get their message across effectively because their audience stops listening as their eyes glaze over. This insightful and practical session will enable participants to ‘get out of the weeds’ and deliver their key messages concisely and precisely – maximising the impact they have and their ability to gain buy-in from stakeholders of all kinds.

Speaker: Steve Bavister, Speak First

Transfer time Fri, 20/11/2015 - 12:30 - 12:40 Transfer time
Plenary session Fri, 20/11/2015 - 12:40 - 13:40 Plenary 5: Closing Keynote

Speaker: Rt Hon Vince Cable

Plenary session Fri, 20/11/2015 - 13:40 - 13:50 Conference close

Speaker: Aditi Parkekh, NN Group and Deputy Chair, Life Conference Programme Committee 2015