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The Frank Redington Prizes

A new world needs new thinking 

Now, more than ever we need to think differently about some of the biggest issues facing our shared society. The Frank Redington Prizes seek to encourage and recognise innovative thought leadership in fields of interest to actuarial science.

Sponsored by Milliman and Punter Southall, and building on the ‘Finance in the Public Interest’ thought leadership series in March 2021, the prizes focus on two areas where the profession is using its expertise and insights to challenge orthodoxy and encourage fresh strategic thinking – and in some cases radical challenge which supports our public interest commitment. The prizes focus on two such issues, welcoming the best ideas from within and beyond the actuarial profession.

 

The Frank Redington Prizes call for essays to be submitted on two subjects:

  • What would be a sustainable economic and finance system for the public interest?  First prize sponsored by Milliman
  • What would be a sustainable and effective UK pension system for the people? First prize sponsored by Punter Southall 
     

Quick links

To find out more about the prizes, ask a question about applying, or to keep in touch for further updates, register your interest below.

Register your interest

If you're ready to submit your application for the Frank Redington prizes, simply apply below. 

Apply now


Entry requirements

  • Entries are open globally to all, and applications are welcomed from both within and outside of the actuarial profession
  • Entries should be submitted digitally, in either PDF or MS Word format.
  • Entries should be between 5,000 and 10,000 words (maximum) in length and in English
  • Academic references are not required (but equally will not be penalised)
  • Entries should demonstrate and include the following elements:
    • Originality of ideas to address the question posed
    • Practicality in how the ideas could be translated into policy and action
    • A clear evidence base that has informed the thinking and conclusions in the papers
    • An analysis of both the risks and the opportunities if the author’s ideas were adopted

Full terms and conditions for entry

Key dates

  • Date of submission for entries: 29 April 2022,12:00 midday (BST)
  • Judging period: May – July 2022. This will be a ‘blind judging’ process
  • Winners announced: Autumn 2022
     

Judging panel

Torsten Bell, 
Chief Executive, Resolution Foundation
 

Hon Group Captain Sally Bridgeland FIA
Chair and Non-Executive Director at asset management and insurance companies

Sir John Kay
Economist
 

 

Rt Hon David Heath CBE
Chair, IFoA Policy Advisory Group
 

Award prizes

The prizes will be awarded as follows:

  • 1st prize = £12,500
  • 2nd prize = £7,500
  • 3rd prize = £5,000

Awards presentation: Award winners will be announced in Autumn 2022, and may also be expected to present their ideas.  Wider publication of the papers will be developed as part of the campaign. 

Sponsored by Milliman and Punter Southall.

How to apply

To apply please email the following to FrankRedingtonPrize@Actuaries.org.uk by 29 April 2022 12:00 midday (BST) and include:

  • Your name
  • Your correspondence address
  • Your organisation
  • A word document or PDF attachment of your entry

Winners will be contacted after judging has taken place. 

Register your interest and find out more 

Please contact FRPqueries@actuaries.org.uk  to register your interest in applying. You can also contact us at this address if you have any questions about the prizes. 

 

 

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.
     

  • Spaces available

    The IFoA Policy Briefing 'Can we help consumers avoid running out of money in retirement' examined the benefits of blending a lifetime annuity with income drawdown. Panellists, including providers and advisers, will look at the market practicalities of taking the actuarial theory through into the core advice propositions used by IFAs and Fund Managers. They will share a number of practical issues such as investment consequences before and after retirement and the level of annuity that is appropriate and answer questions from the audience.

  • Speech from the Governor of the Bank of England, Andrew Bailey

    Lincoln's Inn The Treasury Office, London WC2A 3TL
    1 December 2021

    The IFoA is pleased to be hosting the Governor of the Bank of England, Andrew Bailey, to deliver a speech on delivering policyholder protection in insurance regulation. The speech will be presented to an in-person audience, and simultaneously live-streamed. If you would like to watch the event online please visit the event page to book your place.

  • The Many Faces of Bias

    2 December 2021

    Spaces available

    This webinar looks at the many types of biases, both conscious and unconscious and the impacts they can have in the workplace.  Raising our own awareness and understanding of the issues can help us avoid the pitfalls of unconscious bias in particular.  We’ve all heard the phrase ‘office banter’ but are we sure that’s how those on the receiving end perceive it and is it ok to go along with it?

  • Spaces available

    Actuaries need to take action now - but how?  With a focus on climate change, this session will provide informed insight to enable you to improve your knowledge and understanding of the issues involved, demonstrate how it will impact advice to your clients, and highlight prospective opportunities for actuaries within pensions and wider fields.

  • Spaces available

    Pension scams have become more prevalent as a result of the pandemic, and Trustees have increased responsibilities to protect members, which means that actuaries need to be in a position to provide advice in this area. Our specialist panel will include a professional trustee, an IFA and head administrator, two of whom are members of PASA.

  • Spaces available

    The Covid-19 pandemic creates a challenge for actuaries analysing experience data that includes mortality shocks.  To address this we present a methodology for modelling portfolio mortality data that offers local flexibility in the time dimension.  The approach permits the identification of seasonal variation, mortality shocks, and late-reported deaths.  The methodology also allows actuaries to measure portfolio-specific mortality improvements.  Results are given for a mature annuity portfolio in the UK

  • Spaces available

    In this webinar, the authors of the 2021 Brian Hey prize winning paper present a new deep learning model called the LocalGLMnet. While deep learning models lead to very competitive regression models, often outperforming classical statistical models such as generalized linear models, the disadvantage is that deep learning solutions are difficult to interpret and explain, and variable selection is not easily possible.

  • Spaces available

    The dominant underwriting approach is a mix between rule-based engines and traditional underwriting. Applications are first assessed by automated rule-based engines which typically are capable of processing only simple applications. The remaining applications are reviewed by underwriters or referred to the reinsurers. This research aims to construct predictive machine learning models for complicated applications that cannot be processed by rule-based engines.

  • Spaces available

    With the Pension Schemes Act 2021 requiring a long term strategy from Trustees and sponsors, choosing a pensions endgame strategy has become even more critical. However, it is important that the endgame options available are adequately assessed before choosing one. With an ever-increasing array of creative and innovative options available, this decision may not be straightforward.