Momentum Conference 2015

A1: Funding Long Term Care needs under the new Social Care Regime

This presentation considers how pensions can meet consumer needs under the new social care regime, referencing the IFoA paper published in May 2014 and further research of the Pensions & Long Term Care working party.  The presentation focusses on long term care needs, and will provide an update on the current state of play including:1. The Care Act implementation - details of the final regulations from Phase 1 and Phase 2, including case studies2. Possible products that may emerge3. A consideration of how the advice process at retirement and in retirement will change

Speakers: Ailsa Dunn, Hymans Robertson and Tom Kenny, Partnership

Practice area: Health and Care/Pensions

Speaker: David Hughes, Barnett Waddingham

Practice area: General Insurance

A3: Industrialising Financial Reporting

The IFR Working Party has been developing a methodology for assessing sensitivities of a reported result to many risks at once, for efficient stress testing and profit and loss attribution.  The Working Party has to date focused on annuities in life insurance, but is broadening its remit.  This session will describe the work performed to date and how it will be extended to achieve practical application of the techniques across a wide range of businesses.

Speakers: Oliver Lockwood and members of IFR Working Party

Practice area: Life

This session will focus on:

• What the Regulator would require in the context of 'Freedom and Choice'
• What 'retirement' may look like
• An ideal investment structure to deliver Freedom and Choice
• How communications can support it
• How the market is innovating to deliver the products and solutions members need.

Speaker: Paul Enderby, Mercer

Practice area: Pensions

A number of supranationals have highlighted the urgent need for investment into infrastructure.  Many aspects of some infrastructure investments seem ideal for the actuarial client base yet several barriers remain.  One of which has been identified as a lack of suitably skilled practitioners.  This session will provide a collation of research around the subject as well as resources.

Speaker: Chris Lewin

Practice area: Finance and Investment/ Risk Management

Masterclass A: Why Networking is Important for your Career and the Skills to get it Right

This interactive workshop focuses on why networking matters for career development and the key skills to do it well and with confidence to achieve results. It will explore what networking is and what it is not. Subsequently, the session will include developing the skills to start conversations in a room full of people, build relationships and rapport.  The workshop will also look at how to continue the relationship after the event.

Speaker:  Joanna Gaudoin, Inside Out

Masterclass B: Social Media: Enhancing Personal and Business Reputation

When you meet someone new do you look up their name on social media?  Do you google their name?  Have you ever googled your name?

Increasingly our personal and brand reputation is being found online.  What does yours say about you?  How do you build a brand online? How do you take control of what google is telling people about you?

In this short workshop we will look at:

Where people are going to find out information about you
How you control or influence what shows up on google about you
How you go about building your brand and reputation online
The most important ways to get found online

Speaker:  Alan Donegan, Enjoy Presenting

Masterclass C: Building Beliefs

This masterclass provides participants with key insights for accomplishing more through increasing self-motivation, believing in themselves and attitude of personal responsibility

Speaker: Speaker from Rogen SI

Masterclass D: Presenting with Confidence

This masterclass will provide an overview of what it takes to present with confidence by understanding the behavioural components and the mindset required to present in a compelling way that will leave audiences captivated and engaged. 

Speaker: speaker from Rogen SI

B1: Bio-markers for Early Detection of Alzheimer’s Disease

It is predicted that the number of people living with dementia will top 1 million in 2025 and the commonest cause of dementia is Alzheimer’s disease (AD). In this talk, Dr. Ball will discuss the impact of the increasing number of people with AD on insurance companies and society as a whole. Dr. Ball will also discuss the ways in which AD can be identified, such as neuroimaging, blood tests and genetic testing, to allow pro-active management of the disease. Finally, the moral and ethical dilemmas will also be considered.

Speaker: Dr Chris Ball, Gen Re

Practice area: Health and Care

CANCELLED B2: How to be Successful in Non-traditional Actuarial Roles – The Qualitative & Quantitative

This session will consist of:

• Background & introductions
• The non-life risk & insurance market
• Career success criteria – theory & practice. How to position yourself for future success
• Q&A

Speaker: Eddie McLaughlin, Aon

Practice area: General Insurance

B3: The Over 50s Rip Off?

In January this year Which? published analysis of 55 products for overs 50s and found “some are a rip-off compared with mainstream alternatives”.  Nick and Hamish will take a fresh look at the products studied – over 50s insurance, equity release and funeral plans – and ask the question “Can the industry do better to provide better consumer outcomes”?  Concentrating initially on recent innovations to improve consumer protection in over 50s products they will debate whether they are just papering the cracks or are actually delivering the full makeover required.  They will further discuss whether this can lead to improvements for customers in other products.

Speakers: Hamish Wilson, Hymans Robertson and Nick Reilly, Royal London

Practice area: Life

B4: Public Service Pensions: Long Term Financial Management and Reform of Benefits

With a membership of almost 13 million, public service pension schemes affect the finances of a significant proportion of the UK population, and of the country as a whole.  Unlike private sector pension schemes, they do not usually set aside a fund of assets to meet future liabilities.  This presentation considers the reforms to public service pensions introduced by the 2010-15 Coalition Government, their fiscal impact, and long term financial management more generally.
Speakers: Michael Scanlon and Paul Butcher, GAD

Practice area: Pensions

B5: Investment and the Optimising of Capital under Solvency II

On the eve of Solvency II going live, two industry experts reminisce about what the industry has done to re-optimise capital under the new regime, and to forecast developments and methods to come. They will focus on the use of investments in optimisation. Matt Modisett is the author of Solving Solvency: 100 Tips for Managing Insurance Capital in a Shifting Regulatory Landscape, and is an innovative leader in capital optimisation. Joshua Waters is an Investment Risk Actuary specialising in quantitative finance.

Speakers: Matt Modisett and Joshua Waters, KPMG

Practice area: Life/ Finance and Investment/ Risk Management

C1: Food Security

This session will talk about why scenarios are such a useful tool, especially when looking at high impact low frequency events. It will run through the background, why this is such a big concern. Talk about the process of constructing a plausible scenario, and then briefly outline the scenarios that were raised. 

Speakers:  Kenneth Donaldson and Louise Pryor

Practice area: Resource and Environment

C2: The Actuarial Function

Speakers: Richard Williams, PricewaterhouseCoopers LLP and Matt Byrne, NFU Mutual

Practice area: GI

C3: Communicating Aggregation and Simulation Techniques in Life Insurance

With the increased use of Internal Models for capital requirements under Solvency II, techniques employed will come under greater scrutiny from stakeholders including Boards, who would be expected to understand the approaches used, and regulators who will expect evidence-based justification of the choices made.    The emphasis of this session is not on technical details and merits of specific techniques, but rather on how insurers can test, communicate and justify to stakeholders the choices made. The session looks into how different techniques are used in practice and how actuaries and insurers can assess and choose between the approaches available.

Speakers: Members of the Life Aggregation and Simulation Working party.

Practice area: Life

C4: Integrated Risk Management

The profession has set up a working party to explore current and future tools and techniques to respond to the Pensions Regulator’s requirements for integrated risk management within schemes. The session will covers its findings to date and lines for future research, with particular reference to the needs of small/medium schemes and the balance between theoretical and practical tools. Delegates will have the opportunity to contribute to the direction of the work

Speakers: Members of the Integrated Risk Management Working party

Practice area: Pensions

C5:  What is Impact Investment?

Speakers: Mat Backus, Towers Watson and Rin Cho, Mercer

Practice area: Finance and Investment

D1: Sugar Consumption – a Rating Factor of the Future?

In this session, Jean will reveal how and why sugar consumption has a considerable impact on our health and will explore the viability of using sugar consumption as a rating factor of the future.

Speaker: Jean Eu, Correlation Risk Partners

Practice area: Health and Care

D2: Commercial Insurance Pricing where Traditional Data becomes Scarce

Commercial line insurers are increasingly embedding data analytics into the core of underwriting and pricing decision making processes. However, even with ‘big data’ being captured in almost every aspect of life, the volume and quality of data can be inadequate for commercial line insurance pricing in many situations. The presentation explores a number of case studies we have encountered in practice, and different data sources/techniques used to tackle the problem

Speakers: David Ovenden and Eric Yang, Towers Watson

Practice area: General Insurance

D3: Comparing Capital Model Validation Techniques Used in Banking and Life Insurance Industries

Different industries use different models for measuring risk and calculating capital requirements, but creating the model is only half the battle. Once the model is in place, there is an ongoing need to verify that it captures the risks appropriately.

This talk considers different ways in which evidence of appropriateness can be accrued to support the case that the model is fit for purpose.

We look at different approaches that are commonplace in the life insurance industry as well as takes on the problem from the banking world.

Speaker: Peter Mason, PIC and Neels Vosloo, Deloitte

Practice area: Life

D4: Considerations on State Pension Age in the UK

State Pension Age (SPA) is an issue of topical interest in the UK at the time of writing due to the Government’s plans to link SPA at future dates to estimates of the projected longevity of the population.

The IFoA’s SPA working group have considered the background to the current position, how the linkage is proposed to work, other factors that may need to be considered and some changes in the proposed State pension regime that could be alternatives to, or complementary with, a changing SPA. The group are proposing further research is carried out in the area of factors other than longevity which could be taken into account when setting the SPA and into alternatives to the current approach.

Presentation will cover the considerations on State Pension Age in the UK, In particular:
• The need for change
• The DWP formula
• The role of the Panel
• Alternative designs 
• The role of the IFoA

Speaker: Richard Bramley and members of the State Pension Age working party

Practice area: Pensions

D5: Surfing the Silver Tsunami with Thematic Investing: Can Long Term Investment Ride the New Mega Trends?

Worldwide, people are living longer, they are getting wealthier and consuming technology and energy at increasing rates. These are the mega-trends.

At times, investing can appear to the outsider to be an overly sophisticated process with largely random outcomes. Thematic investing is intended to be different, and we’ll look to see if it really is. This talk aims to illuminate the strikingly simple concept of investing to take advantage of mega trends to generate excess returns, if you are able to hold on for long enough!

Speaker: Russ Bowdrey, Aviva Capital

Practice area: Finance and Investment

E1: Microinsurance from an Actuarial Perspective

Insurance is vital to social and economic development. It delivers tremendous impact for households, enterprises and countries, with the impact being most notable amongst the low-income where a single adverse event can leave entire families stuck in a cycle of vulnerability and poverty. Microinsurance, encompassed by the wider sphere of Impact Insurance, promises to help break this cycle. In this workshop, Lisa will share some of her experiences with microinsurance and outline some of the key challenges actuaries and other insurance professionals face in designing, pricing and administering microinsurance products.

Speaker: Lisa Morgan, UN's Impact Insurance Facility

Practice area: Health and Care

E2: Make it or Break it – Post Merger Survival Kit

How to ensure a thriving relationship between two parties following a merger or acquisition? This talk will take you through the lifecycle of the M&A process in the insurance sector, with particular focus on getting it right after you've signed on the dotted line. This session couldn't come at a better time considering the recent spate of M&A activity in the industry.

Speakers: Aly Jamal, Grant Thornton, UK LLP

Practice area: Multi Discipline

E3: Longevity Risk 101: A Review of Mortality and Improvements Through Time

This is a journey of two actuaries around the world, searching for the Holy Grail Longevity Risk model.

David Alison a Longevity Risk Actuary and Joshua Waters a Market Risk Actuary review mortality and improvements through time. Joshua and David will compare the international experience and compare the applicability of different modelling approaches to mortality improvements. They will present an overview of the existing global longevity market and insight into current industry practice and the future direction of travel.

Speakers: David Alison and Joshua Waters, KPMG

Practice area: Life

E4: End of Contracting Out – Legal Perspective – is this the End of DB?

For those companies with open DB schemes, this session will focus on what actions employers are taking in advance of the end of contracting out in April 2016.  Presented by lawyers from Squire Patton Boggs, this session will offer a legal and actuarial perspective on what scheme changes can be made and how; and will include a discussion on whether this change has meant the end of DB for all.    

Speaker: Speaker from Squire Patton Boggs

Practice area: Pensions

E5: Risk-Based Decision Making

This talk will aim to cover the links between ERM and a range of business decisions within an insurance company, highlight the importance of integrating risk management into the way the business works, and discuss the benefits that ERM can deliver.

Speaker: Darko Popovic, BaxterBruce

Practice area: Risk Management