Member-led research working parties are volunteer-led groups which conduct research on timely topics of interest to the practice area and the wider profession.
The General Insurance Research and Thought Leadership Committee has oversight of all the working parties listed below and encourages them to undertake research that can be shared with Institute and Faculty of Actuaries (IFoA) members via sessional papers, articles in The Actuary or the British Actuarial Journal (BAJ), and presentations at conferences and workshops.
The following are active General Insurance research working parties exploring various topics:
- A Study of Major Hurricanes and Subsequent Market Response - aiming to educate and inform actuaries on the nature and predictability of hurricanes and how they can cause insured loss in different classes of business
- Better Sensing and Responding to Change (GIROC) - examining ways of better detecting (‘sensing’) and responding to change
- Data Science - integrate data science application within IFoA into our educational system and techniques
- Developing your reserving Team - Identifies the extent of the common challenges within reserving teams across the industry and summarise key issues and concerns
- Flood - focusing on matters relating to flooding and the Actuarial Profession with a particular focus on the UK
- GI Asia International - providing a forum for GI actuaries to discuss local and international GI issues imapacting members in the region
- IFRS 17 for General Insurers (GIROC) - (previously the IFRS 4 Phase II for General Insurance Working Party) examines the implications of the accounting changes on general insurers and the work carried out by actuaries
- Insurance as a Force for Social Good - explores an aspect of what it means for actuaries to work in the public interest in the insurance sector
- Insurtech Opportunities in General Insurance - To identify the practical use cases for new technology in general insurance, and the opportunities for actuarial involvement in developing and implementing them.
- Machine Learning in Reserving - is to help move this forward, by identifying what the barriers are, communicating any benefits, and helping develop the research techniques in pragmatic ways.
- Measuring Uncertainty Qualitatively (MUQ) (GIROC) - specifically explores how reserving uncertainty should be developed
- Nat Cat Risk Validation Framework - formed in order to further examine Cat Model Validation
- Ogden Discount Rate - to consider issues and resolve uncertainties regarding the implementation of the Ogden Discount Rate.
- Periodical Payment Orders - investigating Periodical Payment Orders (PPOs) and their effects on the UK insurance and reinsurance industry
- Pragmatic Stochastic Reserving (GIROC) - researching the stochastic reserving methods available to general insurance reserving actuaries
- Programming for Actuarial Work - exploring and supporting the adoption of best practice computer programming concepts and techniques in daily actuarial work
- Risk Considerations for Autonomous Vehicles - seeking to identify the key risks associated with AV and examning in detail how the insurance industry might be affected
- Solvency II Practical Review - seeking to evaluate the practical implications of Solvency II 1 year post implementation and develop improvements for the PRA to consider in respect of this regulation
- The Good Actuarial Report (GIROC) - exploring how ‘story telling’ might provide insights into how to better communicate potential future development and adverse outcomes, better supporting decision-making under uncertainty
- Third Party - investigating emerging claim trends in third party motor insurance
- Towards the Optimal Reserving Process (GIROC) - exploring the governance and design of existing processes within reserving, ensuring that principles-based guidance (small ‘g’) is given
- UK Asbestos - investigating asbestos related claims, collect UK based data, investigate trends and react accordingly
All members are encouraged to volunteer for a research working party
Members interested in volunteering for a research working party should check the Volunteer vacancies webpage for current and new working parties.
The IFoA is also actively involved in commissioning strategic and external research relating to General Insurance
Information on research undertaken by universities and other external agencies which receive funding and/or support from the IFoA, as well as the IFoA’s strategy for involvement, the process for calls for research, current research initiatives and funding, can be found in Research and Knowledge.
- 9 November 2017
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There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia. The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.
This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.
This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements.
The programme will include an overview of the new CPD Scheme; specifically sharing with you key messages to support you implement and embrace the new CPD Scheme for our members within your organisation and regional community; how to arrange a reflective practice discussion; and an interactive reflective practice discussion learning exercise. In addition, delegates will gain information about accessing, and making the most of the IFoA event Toolkits which you can make use of to run your own in-house events and events for regional communities.
“Lifestyle Product” being the key to make insurance a daily necessity rather than a luxury, by having high engagement and interaction with the consumers through:
Consumer expectations are changing Insurance. The Royal Commission in Australia, Design Obligations in the UK, the insurtech ecosystem, and digital-first consumers demanding personalised solutions will all revolutionise how insurance looks like in the future.
This presenter / panel workshop hybrid will be anchored by two presentations examining the socioeconomic, medical and technological factors that will have a significant impact on mortality and our pricing over the next 20 years and beyond. It will also discuss whether significant mortality improvement will continue in Asia or whether varying experience of low improvements or deterioration.
16.00-17.00 (GMT+8) | 09.00-10.00 (BST)
This presentation explores some liability-aware investment solutions to address local regulatory changes faced by insurance companies in Asia.
This presentation aims to provides an overview of the reformation of current Chinese regulatory solvency regime, how industry coping with the new normal after pandemic time and how the reformation of the regulation could help the insurance industry gets back on its feet as well as coming back to the “protection” core value for the policyholders. The presentation would include:
16.00-17.00 (GMT+8) | 09.00-10.00 (BST)
The basic data of China’s 2nd Critical Illness Mortality Table covers 2000+ products in Chinese market, including about 340 million insurance policies and 5.1 million claimants. Presenter will give the audience a general understanding including but not limited to the following contents:
What are the advantages of using artificial intelligence (AI) in investing? What are the differences between traditional quant and AI? This new webinar discusses challenges and the future of AI in the investment sector.
Delivered by the IFRS 17 Contractual Service Margin working party.
The Certified Actuarial Analyst (CAA) qualification has rapidly established itself as adding real value, to insurers and consultancies, and to the clients of consultancies, around the World. CAAs work alongside actuaries and actuarial students, as well as other financial services professionals, in an increasingly broad range of roles and fields.
This session is a repeat of the one earlier today at 09:30
Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.
This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.
Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.
The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.