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Current Issues in General Insurance (CIGI) 2020

Wednesday 22 April 2020 08:00 - 19:15

Spaces available

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. 

The event will be a mix of plenary sessions for all attendees and workshop sessions where you can choose to attend a session that is specific to your area of work or interest. 

Although primarily aimed at actuaries, the seminar may also be of value to others who have an interest in General Insurance

08.00-09.00 Networking Breakfast, registration and refreshments
09.00-09.05 Chairs Introduction
Richard Williams
09.05-09.40 Plenary 1 - TBC
09.40-10.15 Plenary 2: Jumping the Gap - Updating Embedded Systems

InsurTech headlines are often big statements, which seem impossible to many working in the sector day-to-day. How can actuaries implement new systems, keep the value from legacy systems, deliver BAU and not require the resources of three teams?

This talk:

Highlights effective strategies to jump the gap to new technologies

Illustrates practices that provide contingency for future technical growth 

Introduces the concept of “technical debt” and how you can best manage it

Speaker: George Wright, Vounder Analytics

10.15-10.35 Morning Refreshments
10.35-11.10

Plenary 3 - The Influential Actuary: identity's Effect on Data Interpretation

Scientists, data analysts and actuaries can struggle to influence decision-making where strongly held political beliefs or membership of an identity group is threatened by their findings. Examples include: climate change, the disposal of nuclear waste and gun control.

To fulfil their roles, actuaries need to be heard when the objective interpretation of data contradicts commonly held beliefs, such as business planning assumptions, the expected development of claims, and the assessment of underwriting or reserving risk in a capital model.

It might be assumed that this influence can be achieved if only people were more educated, more numerate and hence better able to interpret data. However, psychologists have carried out research that strongly challenges this assumption. Indeed: the more numerate someone is, then the more likely they are to interpret data in a way that supports their prior held political or membership-defining belief, even when an objective analysis of the data contradicts this.

Our talk will explain the design of the research, its results and conclusions. Learning from this, we will then explore how to better influence decision-making, with the aim of helping the businesses you advise make the best use of their data. No prior knowledge is required.

Speakers: James Orr, Bank of England and Chris Smerald

11.10-11.45

Plenary 4 - Operational Resilience - Is it time for a Top Down View of Risk?

There have been a number of events across the financial markets where particular services have fallen below customer expectations.  These have included inability to receive or make payments or or the inability to check your own status or access services.  In an increasingly interconnected world the causes of this are often complex and hard to spot in advance, but can be a major impact to the reputations of firms.

Consultation paper CP29/19 on operational resilience from the PRA sets out draft new requirements for firms in both the banking and insurance sectors with the aim to build the resilience of the market to these sorts of events.

This presentation will 

  • Explain the approach taken by the PRA for these new requirements
  • Consider the differences to current risk approaches
  • Consider whether there are other areas where a "top down" approach to risk would be beneficial.

Speaker: Richard Holloway, LCP

11.45-12.45 Lunch
12.45-13.35

Workshop Session A
A1: Evaluating Cyber Risk

Cyber risk has become a rather all-encompassing category of risk as the world becomes ever-more integrated with, and supported by, technology. In truth, cyber “risks” are actually traditional types of risk outcome which can now happen as a result of cyber “threats”. This means that risks like fraud, business interruption, etc. can happen faster, with larger impacts and with higher correlations between insureds than previously expected. This session shows practical approaches to evaluating risks arising from cyber threats, allowing for these more complex underlying drivers and the fact that they are constantly evolving and adapting.

Speakers: Laura Hobern, Neil Cantle and Emma Hutchinson, Milliman

A2: Are you vulnerable ?

With ever increasing focus from the FCA on pricing practices and the relationship between insurers and their customers, it is critical to ensure appropriate controls are in place. This presentation summarises the latest developments in the market and showcases practical approaches to mitigate the risk of poor customer outcomes in pricing, with a particular focus on protecting vulnerable customers.’

There is minimum technical content, as it summarises the latest UK regulatory changes and uses dashboards to highlight monitoring techniques.

Pricing GI area - applies to all levels (beginners / advanced).

Speakers: James Hillon and Kyveli Charsouli, KPMG

A3: An Update for Property and Casualty Reinsurance Renewals 2020

Update on renewal pricing outcomes for Property and Casualty markets at the latest 1/1 reinsurance renewals.

The focus will be on capacity availability and price drivers.  These issues include but are not limited to the cat bond market, wider trends in claims outcomes, trends in Casualty RI space that affect pricing such as social inflation, yield curve and the reserving cycle.

Finally, a note on how this may affect actuarial pricing, reserving and capital.

Learning objectives: Business knowledge of reinsurance renewal outcomes and the main drivers

Speakers: Xiaohan Fang and Amrita Pattni, Guy Carpenter

13.25-13.35 Transfer time
13.35-14.15

Workshop Session B
B1: TBC

B2: TBC|

B3: Unlock the value of IM validation

Model validation should not be a tick box exercise. It has all the right ingredients to be a value adding exercise that can help senior management understand what really drives the business from a risk and capital perspective. Model validation can be a stressful, bloated process - and may not be as value adding as it could be.

Key points the session will talk about 

  • What are the current issues
  • Ways to overcome them
  • Role of model use

Speakers: Nasir Shah and Wendy Kriz, Barnett Waddingham

14.15-14.25 Transfer time
14.25-15.00

Plenary 5: Improving Customer Outcomes through Pricing

The FCA’s interim report into general insurance pricing practices has brought into focus a number of market wide issues including:

  • Price walking
  • Poor governance
  • Higher prices for potentially vulnerable customers
  • Higher prices for less aware customers

These underlying issues span across the pricing activities that insurers undertake, from technical model development and data usage through to internal pricing policies and governance. We will discuss these changes in the regulatory landscape and the impacts it might have on actuaries from a pricing and reserving perspective.

Speaker: Steven Perkins and Jae Lake, PwC

15.00-15.20 Afternoon refreshments
15.20-16.00 Plenary 6 - TBC
16.00-17.00

Plenary 7: Professional Skills - 'A Trusted Profession'

Speakers: Andrew Newman, Richard Winter and Richard Chalk

17.00 Chairs closing remarks

 

Location

Address

Hilton London Tower Bridge, 5 More London Riverside, Tooley St, London SE1 2BY

Nearest Public Transport

Tower Bridge

Pricing information

Members  - £445.00
Non-member - £595.00

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