Current Issues in General Insurance 2017 (CIGI)

What does Brexit mean for Insurers?

Following the result of the referendum in June last year, the UK insurance industry has been grappling with the question of how does Brexit impact us? The session will consider:

• What being a Third Country means?
• How important is equivalence? 
• Practical consequences of Freedom of Services and Freedom of Establishment for an insurer
• Potential implications for UK Insurers”

David Innes, RSA; Alex Marcuson, Marcuson

Workshop A

A1: Framing and Messaging Reserve Uncertainty

After its debut at GIRO, the Measuring Uncertainty Qualitatively GI ROC Working Party looks forward to sharing their reserve uncertainty framework with attendees of CIGI. This will be an interactive session with a new example for members to put the framework into context of reserving work. Do you know all the risks your reserves are subject to when discussing reserve review results?

Erin Bargate, Hiscox; Tim Jordan, Medical Protection Society

A2: PPO Working Party - Qualitative Survey Output

Through the early period of 2017 we have been conducting interviews with senior actuaries in the market. We have asked about their approach to PPOs, including pricing, reserving and capital. We are presenting the results of this work here. The purpose of this presentation is to present a large amount of new information, there may be a small amount of old data used to set the scene

Peter Saunders, CHUBB; Patrick Tingay, Willis Towers Watson

A3: IFRS 17 - Will you be Ready for 2021?

The new accounting standard for insurance contracts, IFRS 17, is expected to be published in May 2017 and will be effective from 1 January 2021.

The planning phase for a major change like this is key and the IFRS 17 Working Party for General Insurers was formed following GIRO 2015 to investigate both the technical and operational impacts that the new Standard is likely to have. At first sight IFRS 17 may appear to have a lot similarities with Solvency II but significant differences in both recognition and measurement of insurance contracts are becoming apparent. Join us in this workshop to find out more about the technical requirements and practical implications. Please note that this will be similar in content to our GIRO 2016 workshop. No prior knowledge is required.

Laura Barella, PwC; Helen Cooper, Hiscox; Alice Boreman, Deloitte

A4: Personal Skills Session: Digital Reputation – Managing your Online Brand

After meeting someone new where do you go to find out more about that person? Google? Their Website? Social media? There is so much information now written about us online that we need to carefully manage our reputation online and make sure the right information shows up when people are searching for us.  In this interactive workshop we will look at, where people search online, what shows up about you and how you can take control of this.

Pop-Up School Business 

InsurTech and How Actuaries Can Help

InsurTech is the new buzz-word of the insurance industry. This talk discusses InsurTech business models and why founders feel they can make a difference to our industry. What skills do these new firms need? How can actuaries help? With these new firms, actuaries need to demonstrate expertise, commerciality and value to be part of this entrepreneurial movement.

Buu Truong, Insight

The Critical Role of Cybersecurity and Cyber-Breach Insurance: How and why it is Bought and Sold

Michael Colao, AXA 

Impact of Court Discount Rate Changes

Neil Sugarman, APIL, Grant Mitchell, Co-op Insurance; Tracey Pike, Zurich and Gus Park, DLG

Workshop B

B1: An Introduction to Bayesian Analysis and Bayesian Regression in R

In this workshop we introduce the concept of Bayesian statistics and how Bayesian reasoning can be used to solve a wide variety of problems. With the basics established, we move on to show the Bayesian approach to a simple linear model on claim size and how to interpret the output.

Specific learning points are:

* The key concepts of Bayesian reasoning
* How to use a Bayesian approach to regression
* Libraries in R to help implement this approach

Michael Crawford; Michael Cooney, Barnett Waddingham

B2: An Update from the Third Party Working Party

Seventh iteration of the Institute and Faculty of Actuaries Third Party Working Party (TPWP), which investigates third party motor claims (injury and property damage). The scope focusses on private car comprehensive experience and includes geographical analysis as well as the impact of recent regulatory change. Claim experience is expected to be enhanced by a range of additional analyses including but not limited to economic, traffic density and wider insurance market (e.g. claim management companies) developments. Please note that this is the same material that was presented at GIRO 2016.

Simon Black, Aviva; Robert Treen, Willis Towers Watson

B3: Visualisation of Capital Modelling Outputs and its Use

Communication of complex and technical work remains a challenge for the profession, particularly with regard to capital models as such outputs are used in wider areas such Risk Management. Communication challenges arise across all communication groups (upwards to senior management, to our peers, regulators, to other related users of the model outputs, and indeed even to the actuaries working on their own models).

Key learning points include:

• Sample of strategies for communicating such technical detail with example visuals from the working party
• Example of employing such visual aids in other business functions.

Nasir Shah, ANN Consulting; Martin Cairns, Aviva

B4: Personal Skills Session: Enhancing your Communication Technique using Video, Podcasting, and the Telephone for Structuring and Sharing Ideas

As workforces become more distributed with people working across the globe and from home different communications methods are becoming more and more important for sharing ideas and collaborating with colleagues.  This interactive workshop looks at communicating over different platforms such as video, audio and other formats and helps you to choose the right tool for your objective. If you manage or work in a distributed workforce that is doing more and more online then this is the workshop for you.

Pop-Up School Business 

The Macro-Economic Environment — The Backdrop to Insurance Companies’ Investment Strategies

• Discussion on the current economic climate and potential implications for insurers
• Regulatory volatility and the impact on insurers
• Expanding the current investment universe for insurers to illiquid assets
• Investment metrics and considerations; how can insurers optimise their investment strategies and asset allocation?
• Exploring the operational complexity and risk management framework underpinning investment strategies

Gareth Sutcliffe, EY; Sam Tufts EY

What can we Learn from an Ideal Capital Modelling Team

During late 2016 and early 2017, we interviewed 35 general insurers and reinsurers to understand how they are getting maximum value and efficiency from their capital modelling, and prepared an industry publication setting out findings.

This session will cover the findings from these discussions, from the perspective of both the capital modelling team and the wider business.

Key learning points will be insight from across the industry on how to:

•Key qualities shared between insurers finding most value from their modelling
•The ideal modelling team size and structure for your business
•Improving engagement and model use
•Building your team's skill set.

Tom Durkin, LCP

Professionalism: GI Actuarial Behaviour – What’s Right and what’s Left

Never before have your day-to-day practices been so fundamentally challenged.  “Risk alerts mean nothing to me” Think again. “The TAS changes are just window dressing; it’s business as usual” Think again. “I am always careful with privileged information” Think again. Richard and Neil will get you discussing some of today’s crucial topics and their impact on you personally, your firm and the profession. Come prepared for an argument!

Richard Winter, IFoA Professionalism Content Development Working Group; Neil Hilary, IFoA