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Life research working parties

The Life practice area is active in member-led research

Member-led research working parties are volunteer-led working groups that conduct research on timely topics of wide interest to the practice area and the profession.

The Life Research Sub-committee (LRC) 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 or workshops.

There are currently 17 active Life research working parties working on the following topics:

  • Advice Gap in UK Market - the research encompasses life, pension and investment, and the working party will align and build on existing research, both from within the profession and externally.
  • Artificial Intelligence and Automation - this group will consider how new technology will change the future role of life and health and care actuaries, and will consider how actuarial practice needs to evolve
  • Climate Change - this working party will seek to help life actuaries efficiently find such information and understand industry practices.
  • Consumers: Solvency II and the current economic environment impact on investment needs and solutions - will investigate whether the current post-financial crisis low interest environment is causing changes in the way consumers evaluate the products that meet their needs
  • Equity Release Mortgages - looking at the "matching adjustment" of Solvency II.
  • Extreme Events - this is a Cross Practice Research Working Party shared with Finance  and Investment, that is widening understanding of the various methodologies that could be used for developing benchmark figures, including the advantages and disadvantages of each
  • Financial Literacy - The research encompasses life, pension and investment. This is an opportunity to produce thought leadership that can be used to influence Government, the market and consumer groups. A key objective is to demonstrate how financial literacy could be improved if the ideas and conclusions of the research are followed.
  • IFRS 17: Contractual Service Margin (CSM) - will analyse the impact of different approaches of calculating the Contractual Service Margin (CSM) at initial recognition and subsequent measurement, with respect to life insurance products under the Building Block Approach (i.e. Annuities and Protection) and the Variable Fee Approach (i.e. With-Profits) for both existing and new business.
  • IFRS 17: Future of Discount rates - will investigate discount rates as they function under IFRS 17
  • IFRS 17: Transversal - will investigate if IFRS 17 meets its stated objective of ensuring that entities provide relevant information in a way that faithfully represents insurance contracts, the implications of IFRS 17 on insurance accounting, profit reporting and supplementary reporting and any IFRS 17 related issues arising for UK life insurers
  • Impact of Regulation on Risk Management - this group will examine the link between regulation and risk management behaviours
  • Insurers' hidden risks from Reinsurance recaptures: the perspective of  UK annuity writers - to explore annuity writers’ exposure to; and management and mitigation of a reinsurance recapture or similar event that leads to an insurer being required to recognise previously reinsured risk(s)
  • Life Asia Sub-committee Research Group - will investigate Life Insurance in Asia, including commisioning a consumer survey in three territories.  The research is entitled The Protection Gap: Assessing Consumer Protection Needs in Asia
  • Life Office Taxation - aims to keep abreast of new developments in the field of Life Office tax
  • Life Reinsurance - improving the understanding of the benefits of reinsurance in the life sector and the issues that currently exist
  • Long Term Product Guarantees - will investigate long terms guarantees on pensions, savings, protection and annuity products.  The two key questions to be answered are: Do long term insurance guarantees have a future in the UK?  And what could be done to make them more affordable and attractive?
  • Management of closed With-profit Funds - to improve customer outcomes for those who have policies in closed with profits funds
  • Management of Matching Adjustments - considering the management of Matching Adjustments as a measure approved by PRA under Solvency II but whose subsequent management is not laid down in all areas
  • Modelling Pre and Post Retirement Savings Products - “The goal (of this working party) is to support the life insurance, pensions and retirement industry with relevant research to support new product innovation by bringing together research on investments, products and consumers with the ultimate goal to increase consumer choice and value for money”.
  • The Role of Actuaries in New Product Delivery - this group will examine the role Actuaries play in the design, marketing and management of products for life insurers

If you have your own ideas for member-led research you would like to pursue, please refer to our Guidance for Research Working Parties or contact the communities team.

All members are encouraged to volunteer for a research working party

Members interested in volunteering for a research working party should check Volunteer vacancies for current and new working parties.

The IFoA is also actively involved in commissioning strategic and external research relating to Life 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.

Related documents

Contact Details

For more information about Life working parties contact the CommunitiesTeam.

professional.communities@actuaries.org.uk

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Spaces available

    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

    In this webinar, we will discuss how cause-of-death data from the Office for National Statistics can help us to understand how inequalities arise at the all-cause level. The key to understanding mortality inequality is to think about the chain that connects risk factors, relative risks, and cause-of-death mortality through to all-cause mortality.

  • Spaces available

    The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • GIRO 2021 Webinar Series

    Online
    8 November 2021 - 19 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.