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:
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
- 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.
If you have any questions or wish to discuss any aspect of IFoA research please contact the Research and Knowledge Team:
Filter or search events
Louise Pryor, IFoA President, will chair this free-to-view session, in which Alex Darsley, TPR, Actuarial Regulatory Policy, will be discussing the regulator’s Climate Change Guidance Consultation, which is seeking views on new guidance designed to help trustees meet tougher standards of governance in relation to climate change ri
Internal audit is often the Cinderella of the audit world. It’s a regulatory requirement for insurance companies to have an internal audit function, so why not make it as useful as possible? This session will look at how to link an internal audit plan to the risk register, and how that helps audit committees and boards to spot problems and fix them.
Climate change is one of the greatest risks facing our world today. Addressing it will require multi-faceted solutions. Through this panel session, we will explore the different levers that can be used to meet net-zero targets including climate science and data, government engagement, and mobilising green finance.