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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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.
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We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.