- A Retrospective on Solvency II - looking at Solvency II's objectives and analysing the outcome of the final regulation against those goals
- Aggregation and Simulation techniques - looks at aggregation and simulation techniques in capital models, and in particular how the methods used are tested, communicated and justified to stakeholders, including regulators
- ALM Dynamic Hedging Strategies - contrasts the different approaches to ALM dynamic hedging strategies, understand the reasons for the differences and see what lessons can be learned to improve the current environment and make recommendations for ALM best practice
- ALM Non Traditional Assets - identifies the opportunities available to insurers and the risks and impediments to their adoption
- Communicating Defined Ambition - builds on previous research to develop an IFoA proposal for the Department for Work and Pensions to shape pensions policy - This is a Cross Practice Working Party, shared with Pensions
- Consumer Risk Metrics - this was a Cross Practice Research Working Party shared with Risk that developed simple and easy ways to understand risk metrics to allow consumers to understand risk in a consistent way
- Life Solvency and Capital Management: Expert Judgement - writing a further paper on Expert Judgement (EJ) with full survey results, insights and suggestions for best practice/standards/templates
- Linked Matching Considerations - looks at the potential implications and issues for the management of unitised business
- Longevity, Morbidity and Fairness - looks at the impact of different morbidity and longevity experiences of socio-economic groups
- Liquidity Premium - provides a summary of how life insurance actuaries currently use the liquidity premium for pricing, valuation and risk management
- Management and Run-Off of With Profits Funds - considers what funds will be like in five years' time
- 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
- Optimal Approach to Pensions Income - undertaking research that explores some of the issues and that helps to inform public policy
- Policyholder Behaviour in Extreme Conditions - This group disbanded in August 2019. They researched an understanding of how policyholder behaviour could impact an insurer and the drivers of such behaviour, in order to enable the company to better manage the unexpected when extreme conditions occur
- Procyclicality: Counter Cyclical Capital Buffers - aiming to establish a position whereby the profession is able to contribute to a wider debate on the viability of Counter Cyclical Capital Buffers and the optimum structure of such buffers if they were to be introduced, and to support practitioners
- Recovery and Resolution Plans - to co-ordinate the development of a framework for actuaries, in both the life and non-life sectors, working to develop Recovery and Resolution Plans (now a Member Interest Group)
- Risk and Customer Outcomes - looks at risk and customer outcomes and explores the management of risk from the customer's perspective
- Role of Actuaries in Life Offices - identifies what roles actuaries have in life offices, along with trends, threats to and opportunities for actuaries
- Stress and Scenario Testing – looks at the role of stress testing in a risk based ‘Value at Risk’ style world
- Takaful Life Insurance - ensures that the working party adds to the overall body of knowledge of takaful and advance actuarial science in this area
- Tomorrow's Consumer Needs - to consider how customer needs are evolving and the potential impacts on the consumer environment
- Transitional Measures for TPs - examining the management of Transitional Measures for TPs, a measure, one approved by PRA under Solvency II but whose subsequent management is not laid down in all areas
- Trends in Young Age Mortality - created to review the comparisons of the causes of death by broad classification since 1993
- Unit Linked Fund Structures - undertake research to improve the understanding of recent developments and emerging trends in structuring unit-linked funds
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Research working parties active in the Life Insurance field
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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.
This webinar will provide an update on the emerging thinking around future regulation of DB schemes:
The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.
Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.
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.
Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year
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.
Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.
We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.