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Sessional Meeting: Your reserves may be best estimate, but are they valid?

Tuesday 30 November 2021 13:00 - 14:00

This paper outlines key frameworks for reserving validation and techniques employed. Many companies lack an embedded reserve validation framework and validation is viewed as piecemeal and unstructured.  The paper outlines a case study demonstrating how successful machine learning techniques will become and then goes on to discuss implications.  The paper explores common validation approaches and their role in enhancing governance and confidence. Common weaknesses are covered and components of a reserving validation framework are proposed with the impact of Covid-19 and IFRS 17 examined, before the paper looks at the future and discusses the data challenges to overcome on the path to embedded reserving process validation. 

Speakers:

Al Lauder

Al Lauder joined DARAG as Group Chief Actuary in May 2021 after almost 10 years at Barbican insurance as Syndicate Actuary and a year working for the newly formed Arch Managing Agency post the acquisition of Barbican later in 2019.

Al brings a focus on data quality and technology to the Darag exec team.  His vision is the enable better deal pricing through the acquisition of the vast amounts of unstructured data that lie in claims files.  He believes that most COOs of insurance companies are missing a trick by not embarking on the journey to automate data entry from insurance contacts using the various tools that have come to market.  He wishes Actuaries has more say on what goes on operationally in London market companies.

Al headed up the Actuarial team at Barbican and was then central to planning and performance management in the Arch Managing Agency.  He has extensive experience of reserving, pricing and capital modelling in a wide range of commercial lines insurance.  He also helped build out various technology and data platforms to support the Barbican and Arch planning, reserving and financial reporting processes.

 Previous to this Al qualified in 2007 and worked as a consultant at Lane Clarke & Peacock on various London market Syndicates.

Ed Harrison

Ed is a senior consultant at LCP and advises firms on a wide range of actuarial matters, including reserving, solvency II, and risk management. He has a particular interest in helping firms develop their reserving processes through better use of data and automation. In addition to being a member of TORP, Ed chairs GIROC – the reserving research group.

 

Arun Vijay

Arun is a qualified actuary and manager at Deloitte with experience in reserving, capital and solvency, strategy and IFRS 17. In recent years his professional focus has been helping companies transform their finance and actuarial teams to be impactful and insight driven partner to business. 

 

Laura Hobern

Laura is a Principal at LCP and is an actuary with over 15 years’ experience. She enjoys working with her clients and advising on a range of actuarial matters. Having worked in-house for (re)insurers previously, she has broad experience covering areas such as reserving, pricing, portfolio analysis, transaction support and management reporting. She has a particular interest in increasing the value that actuaries bring to the business, including through improvements to the actuarial processes and through better communication of results.

 

Fergal Dolan

Fergal is a Director in the KPMG Actuarial team focused mainly on IFRS 17 and transformation. He has a particular interest in bridging together the various complex processes actuaries may work within to work more optimally end to end, with significant experience in each of the individual components (Reserving, Solvency II and IFRS 17)

 

 

William Diffey (Chair)

William is Regional Director and Chief Actuarial Officer (Europe) at Assurant with oversight of reserving for Assurant’s Asia Pacific region.  He serves as Chief Actuary for 2 PRA regulated non-life insurers and is AFH for Assurant’s Dutch insurance platforms.   Assurant acquired TWG in 2018 where William was Chief Actuary and Chief Risk Officer for TWG Europe’s insurance legal entities.

Up to end 2013, William worked as worked as Chief Actuary / Appointed Actuary at Genworth as Vice President and Finance Actuary at Genworth Lifestyle Protection Insurance (“LPI”).  William managed capital modelling, business planning, assumptions/actuarial risk controllership and solvency 2 technical provision / reserving teams in this role. 

Between early 2014 and mid 2015, he served as Director of General Insurance Business Practice at SunGard where he recruited and led a worldwide team of actuarial consultants focusing on General Insurance (GI) capital and reserve modelling client projects.   In the last part of 2015, he worked for a major Lloyds Syndicate on model validation.  Prior to this, William, worked at Tillinghast-Towers Perrin (now Towers Watson) for 10 years.  He worked on a wide range of predominately life clients.  

William is Chair of the Towards the Optimal Reserving Process Working Party, a role that he has carried out since late 2016. During this time he has led presentations on a range of reserving process validation topics at the last 4 GIRO events.

Event organiser

Contact Events Team for more information.

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0207 632 1498

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