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Disbanded research working parties

Listed below are the life working parties which have now completed their research and are disbanded. Please use the links provided to find out more about the area of research each working party undertook and to view their final output
  • 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
  • Consumers: Solvency II and the current economic environment impact on investment needs and solutions - investigated whether the current post-financial crisis low interest environment is causing changes in the way consumers evaluate the products that meet their needs
  • Financial Literacy - The research encompassed life, pension and investment. This was 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: Transversal - investigated if IFRS 17 met 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 examined the link between regulation and risk management behaviours
  • 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
  • Risk Margin - This Research Working Party proposed both theoretically sound and practical solutions to the current Risk Margin limitations. It closed in December 2019.
  • 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
  • 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
  • Value of with-profits for consumers - This working party investigated whether consumers understand the value of their with-profits policies
  • 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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Contact Details

For more information about Life working parties contact the CommunitiesTeam.

professional.communities@actuaries.org.uk

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Events calendar

  • Spaces available

    Over recent months there has been a sharp rise in M&A activity involving British businesses, with interest from overseas, domestic buyers and Private Equity investors.  

  • Spaces available

    Frank Redington is recognised as one of the most influential actuaries of all time. In this talk, Craig will review some of Redington's most important ideas. He will identify the consistent actuarial principles that form a common thread across the contributions Redington made to a broad range of actuarial fields, and will highlight the ongoing relevance of Redington's thinking to 21st century actuarial practice.

  • Spaces available

    The IFoA Mental Health working party look back over their week of blogs and podcasts considering all aspects of the relationship between mental health and life insurance. The expert panel spans adviser, underwriter and actuarial experience and they  explore triggers for purchasing insurance relating to mental health, the various routes to insurance and how these may be more suited to different people depending on their conditions and preferences, the products and processes involved in purchasing these as well as what claims and support are available to policyholders and how to access them.

  • Spaces available

    Part of the 'Finance in the Public Interest 2022' webinar series. If it was ever okay to consider your business in isolation from its surroundings, today it most definitely is not. Thinking about business within its surrounding system is now a necessity. The question we seek to discuss is: How should we prescribe the boundaries in which we consider problems to enable us to create better products and more resilient companies and systems?

  • Spaces available

    What will happen to DC pension savers who see life annuities as poor VFM but still want an income for life?  Pooled annuity funds could offer them a decent lifetime income while reducing significantly the complex choices and risk inherent in income drawdown.  They could be the next generation of CDC pension schemes, slotting into the existing DC framework as a post-retirement option.