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Risk Management in a Digital World

This working party was established to form views and recommendations to assist actuarial practitioners in risk management considerations relating to operating in a digital world

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
    • governance
  • 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.

Outputs:

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.

 

Chair: Darko Popovic
Membership: 10
Established: 2017

 

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Contact Details

If you want more information about this research working party please contact the Communities Team.

professional.communities@actuaries.org.uk

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Events calendar

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