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:
- 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
- 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
- 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 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
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.
- 9 November 2017
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For more information about Life working parties contact the CommunitiesTeam.
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View the full schedule of webinars in this series via this link.
This webinar series will provide topical and practical updates and discussion on the latest thinking and innovations in mortality and longevity, and is designed to be very accessible to a broad range of experience.
Part of the Mortality and Longevity webinar series. As an industry, it has been important to be able to look to the future to identify the next quantifiable risk. In this session, I will explore some of the less tangible, but none-the-less concerning risks to future health, such as the health risks associated with exposure to pesticides, ingestion of plastic in the food chain, and the hazards of indoor air pollution through exposure to volatile organic compounds.
Part of the Mortality and Longevity webinar series. The working party will help the industry to update and enhance how potential risk from diabetes and excess mortality is considered, including the need to understand the underwriting implications as treatments improve, and potentially to develop new products that are tailored to those with diabetes.
A Trusted Profession
This free 1 hour CPD webinar is designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020 and is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive.
Modelling the structure and trends of cancer morbidity risk is important for pricing and reserving in related health insurance fields such as critical illness insurance and care provision. We model the dynamics of cancer incidence over time in different regions in England, using 1981-2016 ONS data. The modelling allows estimation of cancer rates at various age, year, gender and region levels, following a Bayesian setting to account for statistical uncertainty. Our analysis indicates significant regional variation in cancer incidence rates.
In this talk we will outline the steps Aviva took in pulling together our first large-scale disclosures on the exposure of our business to climate change published in March 2019; in line with the recommendations of the Taskforce on Climate-related Financial Disclosures. After touching on why insurers have such an important role in climate change, we'll cover a brief “how-to” guide for those who have not yet embarked on thinking about these topics before giving a case study of how the learnings from a TCFD disclosure exercise can be applied to investment portfolios.
The insurance industry currently underwrites customers with diabetes based on a range of factors, medical expertise and various medical studies. The work undertaken by the Diabetes Working Party would help the industry to approach this using current research findings to update and enhance how potential risk from diabetes is considered. This includes the need to understand the underwriting implications as treatments improve, and potentially to develop new products that are tailored to those with diabetes. This webinar will present our latest findings in the management of this important chronic condition which will include research in collaboration with the ARC.
This event is now fully booked. To join the wait list, please register here.
Get ready for the new CPD Scheme launching on 1 September. Join us for a discussion on what the new Scheme will look like in practice. There will be an opportunity to field questions to the IFoA Executive on how the Scheme’s requirements will affect you.
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.
In this webinar we will provide an insight into enterprise-wide risk management in banking, showing similarities to the world of insurance as well as identifying differences. Just as insurance companies have to submit an ORSA, so bank’s have to submit their own equivalent, the Internal Capital Adequacy Assessment Process or ICAAP.
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.