The Institute and Faculty of Actuaries (IFoA) has today (31 March) announced three leading research programmes that will further actuarial science world-wide.  The programmes have been chosen following a Call for Research in August 2015 which garnered 25 proposals, involving over 100 institutions from over 20 countries.

Following a rigorous review of the 25 proposals received, the IFoA identified three significant research programmes addressing the following issues:

  • Future pension products that meet customer needs, balancing stability, performance and cost, with Cass Business School and Heriot-Watt University, partnering with Blackrock and Danica Pension
  • The development of new statistical and actuarial methods in the use of Big Data, in the context of health and wider applications, with the University of East Anglia, with assistance from technical experts within Aviva
  • The development of a new generation of mortality and morbidity models, with a specific focus on the drivers for mortality and the management of longevity risk, with Heriot-Watt University, partnering with Cass Business School, University of Southampton, Aarhus University in Denmark, University of California Santa Barbara and Longevitas Ltd

The three programmes, extending over five years, will be run through the IFoA’s Actuarial Research Centre (ARC) and will form part of the IFoA’s ground-breaking research programme that will be underwriting £3.1 million of research worldwide.

Colin Wilson, President-elect of the IFoA, comments:

“This new research programme represents a significant step change in how the IFoA supports research and is a long term investment in ground breaking research that is relevant to actuaries around the world, industry and others such as policymakers. The programmes complement many of the existing research activities already undertaken within the IFoA, such as our volunteer working parties.

“The research programme is also the first step in expanding the IFoA’s Actuarial Research Centre (ARC) to include a wider range of projects, researchers, institutions and partners.”

Professor Mark Cross, Chair of the IFoA’s Research and Thought Leadership Committee, comments:

“We set out some of the key challenges in actuarial science and were overwhelmed with the response from the actuarial community in how it would seek to address those challenges.  What we have here are three world-class programmes and I am delighted that they will form the foundations of our newly expanded Actuarial Research Centre.”

~ENDS~

Contact:

Annette Heninger, Media Relations Manager

Tel: 07525 592 198

Email: annette.heninger@actuaries.org.uk

Editorial notes:

About the Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries is the chartered professional body for actuaries in the United Kingdom, as well as accrediting members from across the globe. A rigorous examination system is supported by a programme of continuous professional development and a professional code of conduct supports high standards, reflecting the significant role of the Profession in society. The ARC stands as testament to the Institute and Faculty of Actuaries’ commitment to driving innovation and advancing knowledge and understanding in actuarial science worldwide. www.actuaries.org.uk

About The ARC 

The ARC is a virtual network of researchers from around the world and seeks to deliver research that combines academic rigour with practitioner needs.  On behalf of the IFoA, the ARC works collaboratively with academics, industry and other actuarial bodies in delivering cutting-edge research programmes that aim to address some of the significant challenges in actuarial science. The ARC was launched in 2012 by the Scottish Board of the Institute and Faculty of Actuaries in partnership with the Scottish Financial Risk Academy (SFRA).  It was established to create a bridge between actuarial research and business and is an international centre for the furthering of actuarial science.  

About the Research Programmes

Further detail on the research programmes can be found on the IFoA’s website

Contact Details

For all media queries please contact Sonia Sequeira, Media Relations Manager

sonia.sequeira@actuaries.org.uk

+44 (0) 207 632 2126

For out of hours the Press Office can be contacted at: press.office@actuaries.org.uk. We aim to respond to all enquiries as quickly as possible.