About this event
Momentum Conference 2017: Get Involved
Recently qualified actuary or currently studying? The Momentum Conference 2017 is an invaluable opportunity to develop your expertise, grow your network and progress your career!
This year’s conference theme is ‘Get Involved’, encouraging delegates to engage with the actuarial communities’ work and collaborate with key stakeholders.
The two-day programme consists of plenary sessions, technical workshops and business skills masterclasses covering both a wide range of topical actuarial issue and some of the biggest global issues.
Key topics being covered in the plenary sessions include:
- Demographic change panel discussion with leading experts
- Protecting against disasters in developing countries – the role of actuaries
- Impact of QE – presented by former Pensions Minister Baroness Ros Altmann
- Cyber risk
The technical workshops will facilitate detailed discussion of important and contemporary issues from each practice area, including:
- Design & machine learning: pioneering the future of insurance
- Climate change
- The impacts of moving to the new IFRS 17 accounting standard
- The impact of personalised medicine on healthcare
- ‘A day in the life of a Regulator’ from the Pensions Regulator
The business skills masterclasses will include:
- The Achievers Mindset
- Emotional intelligence – driving business results
Each session is carefully developed by experts within their fields, and offers a fantastic opportunity for you to update and develop your technical knowledge and broader skill-set. Don't miss this exciting event!
Please note: Delegates are required to source their own accommodation.
However The Grand Hotel, Brighton has a number of rooms on hold on a first come first served basis;
Please call 01273 224300 option 1
Delegates Booking Code: IOFA011117
There is plenty of choice of hotels to suit all budgets in Brighton.
- Registration Mon, 30/10/2017 - 18:00 - 19:00 Registration (Networking & Canapes)
- Plenary session Mon, 30/10/2017 - 19:00 - 20:00 Plenary 1 Optional: Professionalism and the Role of the Professional
Speaker: Daniel Susskind
- Dinner Mon, 30/10/2017 - 20:00 - 23:00 Buffet Dinner and Networking
- Registration Tue, 31/10/2017 - 08:30 - 09:00 Registration (for those who have not already registered)
- Other Tue, 31/10/2017 - 09:00 - 09:15 Welcome to Momentum 2017
Christele Hall, Aon, Momentum Committee Chair
- Other Tue, 31/10/2017 - 09:15 - 09:30 Presidential Address
Speaker: President- Elect Jules Constantinou
- Plenary session Tue, 31/10/2017 - 09:30 - 10:30 Plenary 2: Impact of Unconventional Monetary Policy on Pensions and Investment
This session will examine the multi-year policy experiment of Quantitative Easing and its impact on global assets, UK investment markets and UK pensions. The talk will discuss the potential consequences of ultra-low interest rates and central bank asset purchases focussed on sovereign bonds and how these interact with other areas of policy, the economy, politics and society. It will consider whether QE has gone too far, how it might be unwound and the interaction between monetary and fiscal policies to support the economy. It will also look in particular at the short-term and longer-term results of central bank bond-buying programmes and the effect it has had on both Defined Benefit and Defined Contribution pensions in Britain.
Speaker: Baroness Ros Altmann
- Refreshments Tue, 31/10/2017 - 10:30 - 11:00 Morning Refreshments
- Workshop Tue, 31/10/2017 - 11:00 - 11:50 Workshop A
A1: Reserving in the Pressure Cooker (GI)
Reserving processes are under pressure from all sides in companies. The focus is on faster close processes with no surprises along with “value add” MI. Pressure on the reserving cycle, unexpected regulatory changes, the demands of tighter solvency 2 reporting timetables, IFRS projects, and consistency between reserving and reserve risk in capital modelling makes reserving as intricate as ever. This presentation focuses on the timescales and pressures of the reserving cycle and ways of managing the resulting conflicts. It will look at automation techniques to relieve the perfect storm in reserving processes.
Speakers: William Diffey, The Warranty Group & Dan Apollos, McKinsey
A2: Delivering 21st Century Healthcare (H&C)
The pace of change of technology within the life sciences and health sector is increasing. This exponential change is a hard concept to engage with but with new technologies from DNA editing, new immunotherapies to wearables the health system is being pushed to adopt newer and newer solutions. The challenge is that this wealth of new potentially life changing technology is being met by a system unable to change fast enough. Our global healthcare systems are only able to make incremental changes. New models are developing that leverage scalable networks across health economies to work collectively to deliver benefit to patients. This talk will explore the nature of change in the health system and the role of pan-regional health partnerships. It will address the ways in which actuaries are becoming involved in helping to implement technological change through engagement with cutting edge developments in healthcare and it takes a global perspective on how actuaries can make crucial contributions to the health and care ecosystem.
Speaker: Hakim Yadi, NHSA
A3: Cheating Customers Fairly (Life & Pensions)
A light hearted look at the significant and ongoing FCA focus on the pensions and long term saving sector, designed to educate younger members on some of the historical issues which have resulted in this regulatory attention.
Will cover key FCA areas of focus (value for money, workplace and retail pensions, fair treatment of customers, transparency) with illustrations of why some legacy products can fail for certain types of customer.
As well as issues will also highlight some of the innovators in the industry, driving up standards around products, customer communications and engagement.
Speaker: Sandy Trust, Grant Thornton
A4: Pensions Dashboard (Pensions)
An update on the development of Pensions Dashboards, as was envisaged by Government in Budget 2016. I will discuss the need for (and aims of) such tools, detail the progress that industry has made to date around prototype, the challenges faced, and the remaining path to implementation, drawing upon insight gained from Aon’s role as part of the Project Group.
Delegates will benefit from an improved knowledge on an important topical public interest issue, but one which many may not know a great deal about. If successfully implemented Pensions Dashboards could transform awareness of pension savings amongst the general population.
Speaker: Joseph Moore, Aon Hewitt
A5: Will your Investments Fall off a Cliff (F&I/Risk/R&E)
The Paris Agreement in December 2015 has focused minds on global climate change targets. Failure of markets to account for the possibility of a faster transition to a low carbon economy could lead to some asset values falling off a cliff.
This talk explores recent developments in Environmental, Social and Governance (ESG) factors, which measure the sustainability and ethical impact of a firm. They are increasingly being used to guide investment decisions and help firms:
- avoid assets becoming stranded
- reduce volatility of returns
- align with global climate change agenda and intergenerational fairness
- improve marketability to conscious Millennial investors
Speakers: Rob Nakielny & Anthony Plotnek, EY
- Transfer time Tue, 31/10/2017 - 11:50 - 12:00 Delegates Transfer
- Other Tue, 31/10/2017 - 12:00 - 12:50 Masterclass Sessions
M1: The Achievers Mindset
How to get things done in a busy world The Achievers Mindset: how to make progress in an ever changing world. The achievers mindset: making things happen. What makes the right mindset for business in 2017 and beyond?
Speaker: Alan Donegan, Pop-Up Business School
M2: Gravitas Lavitas
Some people have a natural authority that’s often called gravitas. When they speak others listen. When they walk into a room others take notice. Others have levitas – a playful quality that can lighten the mood.
Some people can exhibit both gravitas and levitas, but many default to one or the other – while some come across as bland, lacking either characteristic. This workshop will help them continue their professional development by giving them a thorough understanding of gravitas and levitas – what they are, why they matter and how to go about developing them.
Speaker: TBC, Speak First
M3: Emotional Intelligence – Driving Business Results
Emotional Intelligence is anything but a soft skill. It’s a hard skill that generates business results. We draw upon physiology and psychology to demonstrate how our behaviours influence outcomes and how we can be more successful through the application of “EI”. In particular, we will draw upon the world of sports psychology and mentalism to demonstrate how emotional intelligence drives business results.
Speaker: Marcus Hurd, Conduent
M4: Strategic Networking
Successful networking is about taking a strategic approach rather than relying on chance. You need to be clear about your ultimate purpose and develop a structured plan for achieving it. This session will cover both face-to-face networking and how to build a strong personal brand via social media. Participants will leave with increased confidence in their ability to become the person that people want to speak to, know how to connect with others in both formal and online situations, and have an action plan for making the most of future networking opportunities.
Speaker: TBC, Speak First
- Refreshments Tue, 31/10/2017 - 12:50 - 13:50 Lunch
- Workshop Tue, 31/10/2017 - 13:50 - 14:40 Workshop B
B1: Cyber Insurance (GI/Risk)
A presentation discussing the risks associated with the development and evolution of the cyber insurance market. The presentation will cover recent developments in the cyber space followed by an open-discussion where actuarial, cyber and insurance professionals will be encouraged to discuss and share thoughts on key issues facing the cyber insurance industry particularly around:
lack of data
correlation of attacks
and the significance of the human element.
Speakers: Susie Zhang & Rishav Bjaj, Deloitte
B2: Equity Release Mortgage Market (F&I/Life/Risk)
How the market is likely to be shaped by changes in the funding universe, customers’ needs, and market and regulatory expectations
- Changing customer needs (e.g. using equity release to fund retirement, the impact of maturing interest only mortgages, general demand for more flexibility etc.) warrant product development in the traditional equity release mortgage market. We will consider how equity release mortgage products may be optimised to cater to these changing needs
- Funders of equity release mortgages have traditionally been insurance companies, banks and building societies. However, given the growing size of the equity release mortgage market, the universe of funders....
Speakers: Jesse Verheijen and Ben Grainger, EY
B3: Antibiotic Resistance Working Party (H&C & Life)
Antibiotic Resistance ('ABR') has featured heavily in the news in recent years, and has been a particular concern of the nation's Chief Medical Officer. ABR has the potential to wipe out the future mortality/longevity improvements we might otherwise reasonably expect from general medical/lifestyle advances. The issue is relevant to all ages and all countries. The IFoA set up in January of this year a working party to model the likely impact of antibiotic resistance. In this session, members of the working party will present on:
• An overview of ABR
• Future mitigation via pharma development and other routes
• Likely future scenarios
• Our ABR modelling approach
• Modelling results
• Next steps
Speakers: Ross Hamilton & Nicola Oliver, Antibiotic Resistance Working Party
B4: IFRS17 in Case Studies (Life)
IFRS 17 requires insurers to measure insurance contracts under one of three measurement models depending on the nature of the contract. In this presentation we put to the test how the principles based Standard would be interpreted in practice on a range of different life insurance products, which may include with-profits, unit-linked, annuity and protection, by running through a series of case studies.
Speakers: Andrew Scott & Elaine Murphy, Hymans Robertson
B5: A Day in the Life of the Regulator (Pensions)
What happens when TPR decide to open a case to engage with a DB scheme’s stakeholders? Three experts on the key areas of risk for DB schemes – employer covenant, investment and funding – explain TPR’s approach to running cases, how each of them advise on their areas and how their advice is brought together to assess schemes’ strategies against an Integrated Risk Management framework
Speakers: Chris Alford, William Compton & Andrew Dodd, The Pensions Regulator
- Transfer time Tue, 31/10/2017 - 14:40 - 14:50 Delegates Transfer
- Workshop Tue, 31/10/2017 - 14:50 - 15:40 Workshop C
C1: Robo-advice (F&I, Life, Pensions, GI, Risk)
The way consumers interact with financial services is changing rapidly, threatening some long-established business models. A new generation of disruptive technology is combining the latest technological advances with insights from behavioural economics. One such development is “robo-advice”, making financial assistance more readily available to those who won’t or can’t use an adviser. Hear how one such development is harnessing sophisticated stochastic modelling and data in a manner that’s transforming the savings behaviour of consumers.
Speaker: John Taylor, Hymans Robertson
C3: Personalised Medicine (H&C)
Science is offering us many new ways to personalise medicine, in terms of the prediction, prevention, diagnosis and treatment of disease. The earliest impact is in the stratification of cancer patient sub-groups to inform prognosis and optimise treatment, and in screening, testing and treatment for severe forms of inherited disease. There is increasing realisation that a substantial minority of patients may have inherited diseases in most clinical specialties, and can benefit from precise diagnoses; similarly, various biomarkers may make screening for common diseases more accurate. Will new technologies and knowledge allow us to make personalised disease prevention a reality?
Speaker: Philippa Brice, PHG Foundation
C4: Trending: CMI Model 2016 (Pensions, H&C & Life)
Explore historical and recent mortality experience giving context to the new model. Discuss our views on the model and its changes; smoothing parameter, tapering approach, change in the meaning of long term rates, and the direction of travel parameter. Consider the benefit of different data sets using findings from our latest PLSA study.
Share our experience of how pension schemes and (re)insurers are reacting to the new CMI_2016 model, including some insights from an industry benchmarking survey we conducted investigating (re)insurers’ views on the new CMI model.
Speakers: Siobhan Lough & Matt Thomas, Hymans Robertson
C5: Climate Change and Actuaries (R&E, H&C, Life, Pensions, F&I, Risk & GI)
With the signing of the Paris accord at the end of 2015, global governments have agreed not only that Climate Change is a real financial issue, but to do something about it. This session will highlight the inevitable consequences of governmental action on your clients; consider the ramifications for actuaries who ignore this issue; and outline the simple steps actuaries can take to advise their clients on this issue. This is not a political issue, or one you can leave to future generations. If you are not including Climate Change in your advice, you may run the risk of being professionally left behind and not keeping your competence up-to-date.
Speaker: Nico Aspinall
- Refreshments Tue, 31/10/2017 - 15:40 - 16:10 Afternoon Refreshments
- Plenary session Tue, 31/10/2017 - 16:10 - 17:30 Plenary 3 – Demographic Change Panel Plenary
Fuller Working Lives
Increasing life expectancy, changes to pension design, reducing tax concessions and low interest rates have created an almost perfect storm for sustainable late life income. Overlay Brexit and the 4th IR - then you have a perfect cyclone. Combined effects of demographic and political change, industrial and migratory disruption and automation, leave the future uncertain. However, employers, employees, and the new world of gig workers can get prepared for the bad weather ahead. In fact, we could thrive if we get well prepared. This talk will examine the evidence and explore the opportunities we face in the years ahead.
Speaker: Yvonne Sonsino, Mercer
Good estimates of trends in the quality of the extra years of life expectancy is key for actuaries as it affects the ability to work longer, pensions, and especially health and long term care insurance products
Health expectancies are useful population indicators because they combine health and mortality and are independent of the age structure of the population.
I shall present research showing past and future trends in years with ill-health (including multimorbidity) and with different care needs, taking into account how risk factors for disease are changing, and show the relevance of these for actuaries.
Speaker: Carol Jagger, Newcastle University
A summary of the issues raised as part of the Resolution Foundation's 18 month Intergenerational Commission, which has been set up in response to explore questions of intergenerational fairness that are currently rising up the political agenda. This covers changing experiences of the world of work and approaches to asset building - with declining access to home ownership and its consequences for the future living standards of younger cohorts being a particular area of concern. The talk will consider what this means for individuals and for society more widely.
Speaker: Matthew Whittaker, Resolution Foundation
- Social Tue, 31/10/2017 - 17:30 - 19:00 Delegate leisure time
- Social Tue, 31/10/2017 - 19:00 - 19:30 Drinks Reception
- Dinner Tue, 31/10/2017 - 19:30 - Wed, 01/11/2017 - 00:00 Dinner
After dinner speaker - Hannah Fry
- Plenary session Wed, 01/11/2017 - 09:30 - 10:30 Plenary 4 – Cyber Risk Facing Insurers, Cyber Risk Working Party
- Transfer time Wed, 01/11/2017 - 10:30 - 10:40 Delegates transfer
- Workshop Wed, 01/11/2017 - 10:40 - 11:30 Workshop D
D1: IFRS17 for Insurers (GI)
The insurance industry is coming to terms with a new accounting standard for insurance contracts, IFRS 17, which was finally published in May 2017 and will be effective from 2021. IFRS 17 will have a significant impact on life and general insurers, in terms of profit emergence over time, the way they run their business and the way that performance is assessed internally and externally. Join us to find out more about the new Standard, the impact on the industry, practical and operational challenges faced by insurers and learn about what this might mean for actuaries in the insurance industry.
Speakers: Graham Oswald & James Isherwood, PwC
D2: Application of Risk share Arrangements in the NHS (H&C)
Traditionally, risk-share arrangements are used as alternatives to fee-for-service reimbursement to facilitate risk transfer from funders to healthcare service-providers. The objective is to encourage delivery of efficient, patient-centred care by incentivising integration of services and minimising unwarranted variation. In this presentation, we explore how the principles of risk-share apply in regional NHS-systems. This is particularly relevant for the Sustainability and Transformation Plans (STPs) that the NHS is developing. The STPs encourage provider service integration and collaboration to improve the overall system and alleviate increasing cost pressures that the NHS and local councils are facing.
Speakers: Tanya Hayward & Natasha Singhal, Milliman
D3: TMTP Working Party (Life)
The IFoA’s Life Board has established a Transitional Measures on Technical Provisions (TMTP) working party to look at the practical challenges associated with the recalculation of the TMTP now that Solvency II has gone live.
In this session the working party will present their key findings in what will be a highly topical session for Life actuaries.
Particular areas of focus will include a focus on the practical challenges for recalculation including issues in relation to ICAS and Solvency II technical provision differences, issues concerning the ability in meet the Financial Resources Requirement test, implications on ALM strategies and issues related to communication.
Speakers: Jamie Cooke & Anthony Plotnek, TMTP Working Party
D4: How should Trustees Fund a Pension Scheme (Pensions)
The funding of pension schemes requires a close relationship between the actuary and the trustees. But what are the trustees supposed to try to do with their valuation? This talk takes the audience through the legal obligations and rights of trustees, at a non-technical level, to understand what trustees should be doing and how the actuary can help them get there. Case studies and voting will allow us to see if this talk changes the audience's views.
Speaker: Rosalind Connor, ARC Pensions Law
D5: Liquidity Risk (Risk)
Liquidity risk is something that insurers have historically believed is immaterial to their businesses. However regulators are increasingly focussing on firms’ liquidity management frameworks, including plans to manage the business in a crisis. We will cover:
• Sources of liquidity risk for insurers
• Options available to insurers for day-to-day and crisis management
• Insights from EY’s 2016 global insurance liquidity risk management survey
• Our view of a market leading liquidity risk management framework
Speakers: Samuel Tufts, Gareth Sutcliffe & Ed Hawkins, EY
- Refreshments Wed, 01/11/2017 - 11:30 - 12:00 Morning Refreshments
- Workshop Wed, 01/11/2017 - 12:00 - 12:50 Workshop E
E1: Third Party Workig Party (GI)
Speaker: Simon Balck, TPWP
E2: Living with Uncertainty (F&I/Risk)
Why economic uncertainty is at record highs
Recent examples of how investment markets have reacted to this level of uncertainty
Key triggers for economic and market event risk as we look ahead
How does 'time' work in dealing with uncertainty? Do things always 'work out in the end'?
If time alone is not enough what else can we/should we do?
Is current uncertainty being reflected in market conditions - are risk premiums fair.
Speaker: Tapan Datta, Aon Hewitt
E3: Proxy Modelling (Life & F&I)
In recent years regulatory changes such as Solvency 2, as well as the increased desire to understand and manage their risks, has meant that the insurance industry is increasingly using risk based capital in the risk-focussed management of their business.
The complex liabilities that many insurers are trying to model, and the associated runtime and technology requirements, are leading many companies to use proxy methods to value assets and liabilities as part of their capital calculation. This presentation will examine
the development of proxy methods
current use in capital calculations
Potential future developments
Martin Elliot, Moody’s Analytics
E4: Creating Sustainable Incentives for Retirement Savings, Taxation of Retirement Savings Working Party (Pensions)
The pension tax system has in many ways worked very well for those already retired. However whether it is a suitable model for millennials is much less certain. To what extent are savings other than ‘pensions’ more appropriate? The talk will explore:
- How the current system helps or hinders meeting the intergenerational fairness challenge
- Whether and how the Lifetime ISA model may develop to complement or replace traditional pensions
-The role of home ownership in retirement saving
The working party is keen to explore how delegates are responding to innovations like the LISA both as consumers and as future leaders managing the system.
Speakers: Helen Turner, Philip Darke, Taxation of Retirement Savings Working Party
E5: Supporting Resilience to Climate Change Risks (R&E, Risk, GI & F&I)
As climate change progresses, severe weather such as flood, winds, and drought will increasingly affect people’s health and wellbeing, as well as the broader economy. Climate change resilience will become increasingly important for society. Insurers can support climate resilience through several areas of activity:
1. Considering resilience within their investment activities,
2. Promoting resilience indirectly across financial markets,
3. Promoting resilience through their underwriting activities,
4. Promoting societal resilience to climate risk in general.
We will discuss specific actions that individual insurers (and other industry stakeholders) can take to promote climate resilience, and explore how feasible and practical they are.
Speaker: Louise Pryor
- Refreshments Wed, 01/11/2017 - 12:50 - 13:50 Lunch
- Other Wed, 01/11/2017 - 13:50 - 14:00 Worshipful Company of Actuaries
Speaker: Derek Newton
- Other Wed, 01/11/2017 - 14:00 - 14:15 ‘Get Involved’ – Volunteering for the Profession
Speaker: Debbie Atkins, Head of Engagement
- Plenary session Wed, 01/11/2017 - 14:15 - 15:15 Plenary 5 – Role of Actuaries in Protection against Disasters in Developing Countries
Global economic losses from disasters are reaching an average of more than US$300 billion a year, which are exacerbated by climate change and rapid urbanization. Governments are increasingly looking for ways to increase the financial resilience of their economies, budgets and populations. In parallel, innovations in data systems and financial instruments provide governments with a wide menu of financial solutions to choose from.
These trends have made the actuarial skill set increasingly important in the fight against extreme poverty. This session will showcase examples from around the world of actuarial work that has helped governments to make informed investment decisions.
Speaker: John Pelvin, Government’s Actuary Department
- Other Wed, 01/11/2017 - 15:15 - 15:25 Chair's Closing Remarks
Chair: Christele Hall, Aon
Papers will be available in due course. You will need to log in to access them.