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Bulk Annuities and Longevity Swaps MIG - get involved
8 February 2019
The Bulk Annuities and Longevity Swaps Member Interest Group (MIG) is seeking to appoint a volunteer Chair and volunteer members of the Managing Committee.
Update from Catherine Jones, Chair of the Pensions Research Subcommittee
7 February 2019
The Pensions Research Subcommittee is an extremely productive group of people. Despite all being volunteers, mostly with demanding day jobs, there are currently 10 active working parties researching an array of topics including the future pensions landscape, the impact of the changes in working patterns, savings in retirement and the taxation of retirement savings.
Several of the working parties have submitted reports, which include responses to consultations on Collective Defined Contribution Schemes (CDC), CDC consultation and the Pensions Dashboard.
New research paper on Consumer Risk Metrics
5 February 2019
The cross practice Consumer Risk Metrics Working Party (Life and Risk Management) has recently published their final report, and now invite you to review the report on their website.
The aim of the working party was to examine the way in which consumers understood risks, and as part of this process, a survey of consumers was undertaken via YouGov. The research report includes the full survey questions and data.
The rise of Quick Response (QR) codes for payments.
4 February 2019
This paper is an addendum to the interim report, “Cashless Society- Benefits Risks and Issues”, published by the Cashless Society Working Party, in December 2017. In the process of researching into the various aspects of a cashless society, Quick Response codes (QR codes) featured as a popular and widely adopted technology as part of the digital economy and payment system.
This paper seeks to understand the phenomenal rise of QR codes use by:
Resource and Environment Consultations and Reports
4 February 2019
The following consultations and reports have recently been launched:
A Cashless Society in 2018: a year of tension
4 February 2019
The 2017 interim report from the Cashless Society Working Party, and its later addendum, focused on the “Cashless Society- Benefits and Issues”, and reported on global developments for the topic during the year. The 2018 version of the “Cashless World in Motion” is now available.
The paper first identifies the driving trends for the year, pointing to structural disruption of the payments ecosystem from conflicting forces. It then reports on regional developments for the topic, with emphasis on India, Kenya, the UK and Australia.
New GI Subcommittees for Lifelong Learning and Research
4 February 2019
Last year we announced that the GI Practice Area was undergoing a restructure and two new subcommittees were forming to replace the General Insurance Organising Committee (GIRO) and GI Education and Continuing Professional Development (GI ECPD) Committee.
InsurTech – are you confident?
25 January 2019
InsurTech has gone from the new kid on the IT block to becoming well enough established to attract the attention of risk teams. But how do we assess the delivery and BAU risks?
Each InsurTech project can be very different and aimed at a wide variety of end users. You may not have a previous example of a similar project to use as a guide in assessing the risks. Or you may need to employ a wider range of risk disciplines than you have done historically.
Sessional Meeting: Investment risk for long term investors - risk measurement approaches
25 January 2019
Monday 18 March 2019 17:00 - 19:00 Staple Inn Hall, London The term ‘investment risk’ is often used loosely, and frequently confused with the notion of short term price volatility, particularly for equity instruments. For the long term investor, however, what is most apposite is the ability to meet future real cash flows as they become due.
Celebrating and supporting IFoA volunteer impact
25 January 2019
Our volunteers - nearly 4000 individuals - give in so many ways.
We all share in the benefits of the time given by IFoA volunteers who use their skills and experience to support, run, regulate and enhance our membership body, and use their intellectual expertise to advance our research and thought leadership.
Volunteering for the IFoA means different things to different individuals. Some volunteer quietly while others have a more public facing role: both are impactful.
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Other actuary news
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UK drivers caught in £1.2bn insurance 'loyalty trap'
Added: Tue, 26/02/2019 - 13:56Millions of British drivers are automatically renewing their car insurance every year and overpaying by £1.2bn as a result, research by GoCompare has revealed. -
New standards published for professional pension trustees
Added: Tue, 26/02/2019 - 12:28All professional pension trustees in the UK will be expected to abide by a new set of standards to demonstrate that they have a higher level of expertise than other trustees. -
IFoA proposes new model for equity release mortgage calculations
Added: Mon, 25/02/2019 - 17:24The Institute and Faculty of Actuaries (IFoA) has proposed a new model that better reflects historic UK house prices for equity release mortgage calculations. -
Insurers publish new guide to help mitigate climate risks
Added: Fri, 22/02/2019 - 15:00A group of leading global insurers has today published a practical guide to help investors better understand how climate change could impact their portfolios. -
Self-driving cars cannot yet be considered 'autonomous', ABI warns
Added: Fri, 22/02/2019 - 10:56Car manufacturers must not be able to describe their vehicles as autonomous if drivers are expected to handle emergencies, the Association of British Insurers (ABI) has warned. -
Insurers looking to mirror Amazon's 'customer obsession'
Added: Thu, 21/02/2019 - 14:30The success of Amazon, Airbnb and other digital businesses has forced insurers to make radical technological changes as they aim to satisfy evolving customer expectations. -
Four-fold increase in AI cost savings forecast for insurers
Added: Wed, 20/02/2019 - 14:05Artificial intelligence (AI) is set to have a highly disruptive impact on insurance claims management worldwide, leading to a more than four-fold increase in cost savings. -
Investors report growing interest in sustainable development
Added: Tue, 19/02/2019 - 15:14Environmental, social and governance (ESG) issues are becoming increasingly important to investors worldwide, an annual survey by PricewaterhouseCoopers (PwC) has found. -
Communication named the most desired quality in actuarial consultants
Added: Tue, 19/02/2019 - 13:00Communication skills are the most valued quality in actuarial consultants, a survey of 100 senior pension trustees has found, but many are finding this to be in short supply. -
Illiquid assets could boost pension pots by 10%
Added: Mon, 18/02/2019 - 12:53Defined contribution (DC) pension scheme members could enjoy a 10% boost to their savings by adding illiquid assets to their default investment strategies, new research has found.