Advancing actuarial science in the public interest
As a Learned Society a key objective of the Institute and Faculty of Actuaries (IFoA) is to promote and support a wide range of research and knowledge exchange activities with members, external stakeholders and international research communities. The IFoA places the advancement of actuarial science at the heart of its activities by commissioning and funding research that advances actuarial science as a subject, supports industry practitioners and helps inform evidence-based public policy development.
The Actuarial Research Centre
A key way in which we aim to advance actuarial science is via our cutting edge Actuarial Research Centre (ARC). ARC research programmes aim to be relevant to the global actuarial community, with genuine application for practitioners, clear impact for industry and potential to influence public policy.
ARC research is committed to supporting the advancement of the entire global actuarial profession, so all ARC outputs are open access and available for all to use. Our research reflects the key areas actuaries work in, primarily life insurance, general insurance (non-life), pensions, health and care, finance and investment, risk management, mortality and morbidity studies and resource and environment.
Library and Knowledge Hub
The IFoA also supports the research process by providing members with access to an extensive range of Library Services, including the new Actuarial Knowledge Hub, and additional support via the guidance for researchers. IFoA members can access the premium features of the Actuarial Knowledge Hub including thousands of full text papers and eBooks by logging in here.
The IFoA recognises individuals whom have made significant contributions to the profession through the awarding of prizes, medals and Honorary Fellows.
A range of research options:
If you have any questions or wish to discuss any aspect of IFoA research please contact the Research and Knowledge Team:
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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.
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.
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.
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.
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?
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.
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.
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
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.
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.
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.