The initial focus is on the insurance sector (InsurTech) but subsequent phases could build this out to include other industries/sectors more generally.
The scope of “Phase 1” (completed):
- A typical timeline for InsurTech investment and implementation
- Consider how key elements of a typical risk management framework may be applied to help assess InsurTech opportunities
- Run a survey to gain a range of views and experiences
- Look at all of the capability areas:
- people (including training, communication and culture)
- processes (including management information production)
- technology & data
- Consider specifically the role of the actuaries and the role of the risk function in managing digital risk
- Review the experience of FinTech and the Banking sector, to a lesser extent, RegTech, to see what lessons learned may benefit InsurTech
- Produce a typical lifecycle of an InsurTech project and highlight how the risk management framework can be deployed to facilitate each step.
- Paper published in British Actuarial Journal
- IFoA news article 'InsurTech - are you Confident?' 25 January 2019
- 'Actuarial Post' posted a video from the sessional event, 15 November 2018
- Sessional meeting, 22 October 2018: paper and presentation
- Risk and Investment Conference 2018: 27-28 June
- The Protection, Health and Care Conference, 21-23 May 2018
- Risk in Life Insurance, 6 February 2018
The scope of “Phase 2" (in progress):
A survey was undertaken in December 2017 to better understand the current views and activity in relation to InsurTech, along with the current practice and capability in assessing risks emerging from Insurtech.
The working party has identified the following areas to focus on in Phase 2:
1. Digital Risk Appetite
The working party will seek to provide guidance to actuaries and other risk professionals on the following:
- Identifying digital risks which form part of their risk universe
- Determining risk preferences for digital risks, in the context of needing to manage the downside while also seeking to optimise the upside
- Setting risk appetite and associated risk tolerances and limits for these digital risks.
2. Blockchain / Distributed Ledger Technology (DLT)
The working party will seek to provide insight on:
- Education and understanding of what the technology is and what its potential is, including introducing common language where there are possible variatons
- Blockchain/DLT solutions for insurance problems, including risk management in insurance
- The advantages and disadvantages of using the technology, and the corresponding implications from a risk perspective.
3. Education and Training
The working party will seek to:
- Identify gaps in the existing actuarial syllabus, CPD and training opportunities which may explain the lack of working knowledge on emerging technologies and techniques
- Summarise findings and develop recommendations for addressing these gaps.
- 9 November 2017
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