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Research project on long term care

This call for research closed on 8 July 2012 and the content on this page is for information only

Background

With the Dilnot Commission on the Funding of Care and Support due to report in July 2011, the Actuarial Profession wishes to undertake research which will enable it to take a full part in the detailed work that will be needed to deliver whatever solution is proposed and finally implemented.  The Profession’s response to Dilnot is published on our website. 

Many of the financial drivers for the successful delivery of care in the future are related to the core actuarial skills in managing long-term risks and the Actuarial Profession wishes to be in position to play its part in the public interest by working collaboratively with other bodies and disciplines to develop those long-term solutions. To that end the Profession has identified two initial work streams it wishes to pursue:

Phase One: an in-depth review of the international literature in the area of long-term care and the various means of funding it and then producing an analysis of any gaps in topics relating to long-term care in the published or publicly available material. This will be presented at an event to discuss the findings, gain wider input and to confirm, or revise, the identified gaps.

Phase Two: once phase one is completed the Profession will review the data available with the possibility of developing new data capturing analyses. This may lead to a separate call for research later in 2011. 

This call for research relates to Phase One of the project and a more detailed specification is given below. 

The output required from Phase One will be an initial report which should be available by 30 September 2011 ready for a forum of invited leaders from inside and outside the Profession during October 2011. The purpose of this forum would be to review and discuss the initial research report, consult on what aspects might warrant further consideration, and identify any further significant gaps in the existing literature. Following the forum, the researchers would be expected to produce a final report incorporating the feedback from the forum in order to allow the Profession to input to the Government’s ongoing process.  

Phase One project

Phase One of the Actuarial Profession’s long-term care project is to produce an in-depth review of the international literature in the area of long-term care and the various means of funding it. The research should identify any significant gaps in the research relating to long-term care in the published or publicly available material. The research and subsequent report should cover at least the following areas:

Countries to be covered:

  • Canada
  • France
  • Germany
  • Ireland
  • Japan
  • Netherlands
  • Norway
  • Singapore
  • UK
  • US

Scope of literature review for each country:

  • demographics – now and projected 
  • state provision (including how it is funded)
  • private financial services solutions, e.g. •products
  • sales
  • experience
  • distribution, e.g. individual, via employer, direct, etc
  • regulatory issues, e.g. distribution requirements, capital requirements
  • tax issues/concessions
  • care provision – supply versus demand
  • home/domiciliary  care versus nursing/residential care
  • care providers
  • regulatory issues, e.g.  regulation of care providers
  • tax issues
  • wealth of society (including source, e.g. house, pension)
  • key statistics, e.g. – average cost of care, average length of stay, probability of needing care

Potential sources of data:

  • actuarial organisation websites
  • government websites
  • care provider websites
  • conference presentations/papers
  • charity websites
  • university websites
  • press, media

The Actuarial Profession would expect you to undertake this research assignment under a legally binding agreement and we will be making available drafts of standard contracts shortly. Please comment on whether you are prepared to take our draft as an initial starting point as shown on the website. Please highlight any issues you can envisage and any changes you would want to propose.

The Actuarial Profession may wish to build upon and develop the research commissioned in this proposal and so would wish to retain the intellectual property and copyright involved. Our preferred wording is given on the standard contracts. We appreciate that each piece of work brings individual circumstances so please confirm that you accept the standard wording or highlight any changes you would want to propose.

Contact Details

If you have any questions or wish to discuss any aspect of our funding for member-led research please contact the Research and Knowledge Team:

arc@actuaries.org.uk

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Events calendar

  • Pensions Conference 2019

    Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
    18-19 June 2019
    Spaces available

    Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June).  There is also a day ticket option available for the 19 June. 

  • KSS event – FinTech and The Actuarial Profession

    EY, Atria One, 144 Morrison Street, Edinburgh
    19 June 2019

    Spaces available

    This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.

    To book your place, please email Barry_Shannon@standardlife.com 

  • Current Issues in General Insurance (CIGI) 2019

    Inmarsat, 99 City Road, London, EC1Y 1BJ
    19 June 2019

    Fully booked.

    CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

    There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas. 

  • Cass Event – New Thinking about Deferred Annuities

    Cass Business School, Executive Education Facilities 200 Aldersgate St, London EC1A 4HD
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    Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.

  • IFoA/SAS Joint Professional Skills Training – Singapore

    Room 903, NTUC Centre, Level 9, One Marina Boulevard, Singapore 018989
    25 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Webinar Series: Risk and Investment Conference 2019, 26 June

    These are online webinar events.
    26 June 2019

    Spaces available

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  • AGM and Presidential Address 2019 + Volunteer and Member Drinks Reception

    The Hub  Castlehill Edinburgh EH1 2NE
    26 June 2019

    Spaces available

    Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.

  • IFAM event - Actuarial Teachers’ & Researchers’ Conference 2019

    Institute for Financial and Actuarial Mathematics Department of Mathematical  Sciences The University of Liverpool Mathematical Sciences Building Peach Street Liverpool, L69 7ZL
    27 June 2019 - 29 June 2019

    Spaces available

    The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.

  • IFoA/ASM Joint Professional Skills Training – Kuala Lumpur

    Menara AIA, Auditorium, 99 Jalan Ampang, 50450, Kuala Lumpur
    28 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS: The Impact of Air Pollution on Health and Life Expectancy

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
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    Spaces available

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  • Implications of 2019 IFRS 17 Exposure Draft

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    24 July 2019

    Spaces available

    Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments. 

    For more information on the FRG please visit this webpage

  • KSS event – The Regulatory Perspective

    Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    5 September 2019

    Spaces available

    This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:

    • FCA business plan priorities
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  • Sessional Research Event - Risk Margin Working Party

    Staple Inn Hall, High Holborn London, WC1V 7QJ
    9 September 2019

    Spaces available

    For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
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    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year. 

     

  • Life Conference 2019

    The Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 1
    20-22 November 2019
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    The Life Conference is the premier event for professionals interested in life insurance.  Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.

  • Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP

    Lincoln's Inn The Treasury Office, London WC2A 3TL
    2 December 2019

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    The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker.  Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.