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The Future of Insurance

The long-term policy issues underpinning the insurance industry are diverse, and include the effects of everything from changes in demographics, advances in data science, cyber risk, adverse weather events and natural disasters, low interest rates, and much, much more. Actuaries can provide valuable insights in these areas by applying their expertise and encouraging appropriate adaptations in the insurance sector and beyond.

Reforming the private sector has been a hot topic this election as companies are coming under ever increasing public scrutiny. Business are under pressure to not only turn profits but do so in an ethical way, for the benefit on the consumer. In insurance we have seen this trend develop, as regulators advance principles on, for example, fair pricing and protecting vulnerable customers, as well as the rise of data science and how it can be used to protect rather than penalise consumers.

The long-term policy issues relating to the insurance world are diverse, reflecting the wide reach and range of application of insurance right across the globe. Policy concerns are both national and international, with the impact of changes in demographics, advances in data science, cyber risk, adverse weather events and natural disasters, low interest rates, insurance inclusion and much, much more. Actuaries can provide valuable insights in these areas by applying their expertise and encouraging appropriate adaptations in the insurance sector and beyond.

The COVID-19 crisis, Brexit (and its implications for Solvency II) and the ongoing focus on insurance conduct regulation are making for a busy 2021. As the insurance world, policymakers and wider society emerge from the shadow of the pandemic, the role of insurance and how it needs to adapt to the emerging ‘new normal’ interconnected world will be the focus of much attention and effort. It is important that the insurance world does evolve, as the protections it can offer society has scarcely been needed more. Actuaries are sure to play their part in pushing insurance along its evolutionary journey.

Steven Graham - Technical Policy Manager 

Insurance policy papers 

Insurance Consultations

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Start date
E.g., 04/12/2021
End date
E.g., 04/12/2021

Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

  • Spaces available

    Actuaries need to take action now - but how?  With a focus on climate change, this session will provide informed insight to enable you to improve your knowledge and understanding of the issues involved, demonstrate how it will impact advice to your clients, and highlight prospective opportunities for actuaries within pensions and wider fields.

  • Spaces available

    A joint webinar from the CMI Mortality Projections and SAPS committees that will cover: recent mortality experience in the SAPS dataset and the general population; the CMI Model benchmarking survey; the MPC 2021 interim update paper; plans for CMI_2021; and initial thoughts on possible "S4" Series pensioner mortality tables.

    The webinar will be presented by Cobus Daneel (Chair of Mortality Projections Committee) and Matthew Fletcher (Chair of SAPS Committee).

  • Spaces available

    Pension scams have become more prevalent as a result of the pandemic, and Trustees have increased responsibilities to protect members, which means that actuaries need to be in a position to provide advice in this area. Our specialist panel will include a professional trustee, an IFA and head administrator, two of whom are members of PASA.

  • Spaces available

    The Covid-19 pandemic creates a challenge for actuaries analysing experience data that includes mortality shocks.  To address this we present a methodology for modelling portfolio mortality data that offers local flexibility in the time dimension.  The approach permits the identification of seasonal variation, mortality shocks, and late-reported deaths.  The methodology also allows actuaries to measure portfolio-specific mortality improvements.  Results are given for a mature annuity portfolio in the UK

  • Spaces available

    In this webinar, the authors of the 2021 Brian Hey prize winning paper present a new deep learning model called the LocalGLMnet. While deep learning models lead to very competitive regression models, often outperforming classical statistical models such as generalized linear models, the disadvantage is that deep learning solutions are difficult to interpret and explain, and variable selection is not easily possible.

  • Spaces available

    The dominant underwriting approach is a mix between rule-based engines and traditional underwriting. Applications are first assessed by automated rule-based engines which typically are capable of processing only simple applications. The remaining applications are reviewed by underwriters or referred to the reinsurers. This research aims to construct predictive machine learning models for complicated applications that cannot be processed by rule-based engines.

  • Spaces available

    With the Pension Schemes Act 2021 requiring a long term strategy from Trustees and sponsors, choosing a pensions endgame strategy has become even more critical. However, it is important that the endgame options available are adequately assessed before choosing one. With an ever-increasing array of creative and innovative options available, this decision may not be straightforward.