The GI Board will supervise the strategic outputs of this working party however, it remains a cross practice initiative with regular input from other practice area boards and members.
This Working Party was created to:
- further understanding of the latest in data science, big data, predictive analytics, machine learning and an ever wider range of mathematical techniques based on operational research, probability and statistics
- develop a tool kit for members of the profession dealing with techniques now associated with colloquial terms including but not limited to data science, predictive analytics, machine learning and big data
- consider where such tools and techniques are currently used; what sort of actuarial problems they might be applicable to; their implications for education, exams and continual professional development or the various codes of conduct
- outline ways in which this work can be made continual - and identify emerging areas that offer special opportunity in current or new domains
- undertake any other work and research as relevant and appropriate.
Keep up to date with the most recent developments in the data science realm, including outputs of the MAID Working Party, with the Data Science Digest.
Presentations from MAID Working Party Wrap Up Event, 21 May 2018
- Presentation 1: Summary
- Presentation 2: The Role of the Actuary in Data Science
- Presentation 3: Lifelong Learning
- Presentation 4: Data Science MIG
Outputs from GIRO 2017
Outputs from 12 May 2016 Data Science Universe Event:
- An Introduction to the Data Science Universe
- Data, Cognitive & The Internet of Things
- Use of Big Data For Actuarial Research on Longevity
- Data Science Universe Seminar - Modelling, Analytics and Insights from the Data Working Party - Update on work streams
- Audio file - Part 1
- Audio file - Part 2
- Audio file - Part 3
Practical Application of Machine Learning Within Actuarial Work - 01 February 2018
- IFoA Member Survey on the Data Science Universe. Results and Recommendations - 6 February 2017
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If you want more information about this research working party please contact the Communities Team.
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The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.
The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.
Presenter: Rahul Verma
Presenter Matt Modisett
An introductory session to help you get ahead with climate change.
- Science, terminology and initiatives: handy facts to keep in your back pocket
- Getting your point across: how to influence people and avoid common traps and pitfalls
- Taking action: what are actuaries expected to do...and what are we actually doing?
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better?
It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.