Member-led research working parties are volunteer-led groups that 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:
- Better Sensing and Responding to Change – 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 impacting members in the region
- General Insurance Pricing Actuaries Considerations – This working party has come out of the group’s ICAT (Covid-19 Action Taskforce) workstream work which was looking at the longer-term impacts on (re)insurers and the wider market from the changing risk profile of policyholders.
- IFRS 17 for General Insurers – (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.
- 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
- Programming for Actuarial Work – exploring and supporting the adoption of best practice computer programming concepts and techniques in daily actuarial work
- Public Data for General Insurance – addressing the use of public data by General Insurance companies and research actuaries
- Risk Considerations for Autonomous Vehicles – seeking to identify the key risks associated with AV and examining 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 – 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 – 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, investigating trends, and reacting 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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