You are here

Assurance for insurance. Promoting quality actuarial work for insurance organisations

The working environment plays an important part in ensuring that actuaries are properly supported in relation to both technical and professional issues. And actuaries feel empowered to carry out their work with confidence. The operation of quality controls within an organisation is vital in ensuring actuarial quality. Quality also helps in maintaining public confidence in the organisation, as well as the actuarial profession in general.

The Quality Assurance Scheme (QAS) recognises that actuaries do not work in isolation from the organisations within which they work. It recognises the importance of the working environment in enabling Members to fulfill their professional responsibilities. QAS also recognises the validity of appropriate monitoring of quality controls at an organisational level.

The objectives of QAS will be familiar to most organisations: to promote effective quality assurance at an organisational level and so the quality of actuarial work; to promote confidence in the work of actuaries; and to provide a mechanism by which to identify issues affecting the quality of actuarial work.

  • Why is it important?

    It is part of a range of measures that focus on ensuring Organisations have a culture that supports actuaries in producing good quality work and on confirming that appropriate policies and procedures are in place to assure the quality of actuarial work produced by IFoA members.

    The QAS mark will demonstrate that you have the right working culture to get the best from your employees. A supportive work environment leads to a high quality of work.

  • Why should I apply?

    The QAS mark demonstrates, by way of independent assessment, an organisation’s commitment to promoting high quality actuarial work.

    This will assure the quality of your actuarial work and result in better outcomes for the business. You will also be in a better position to align your own business processes with the professional requirements and standards imposed upon your employees.

  • Is this for insurance organisations?

    The QAS provides benefits to any type of organisation that employs actuaries, including insurance companies, reinsurers, consultancies and regulators.

  • What are those benefits?

    Benefits include:

    • Raising positively the profile of an actuarial department or team within an organisation.
    • Improving the consistency of the actuarial service provision across larger organisations.
    • An experienced independent team coming in and giving bespoke feedback and suggestions (formal and informal) in relation to the policies and procedures that are in place.
    • Demonstrating your commitment to actuarial employees in terms of supporting them in their work and their professional responsibilities.
    • Demonstrate to potential future employees that you value and are committed to excellent actuarial work.
    • Providing an opportunity to influence, through engagement, the professional regulator of your actuarial employees.
    • Through the application process, encouraging organisations to review and consider practices and procedures and thereby allowing an opportunity for reflection and checking that wouldn’t otherwise arise
  • But what if the actuarial service provision in my organisation is undergoing change?

    We understand that timing may be a crucial factor in your decision to apply. However, the nature of the application and assessment process means that getting feedback from an independent team can assist with implementing changes. It can also be a good way to galvanise an actuarial team or department.

  • What does the QAS involve?

    The QAS is outcomes focused and looks at whether an organisation is meeting those outcomes, rather than on how it achieves them. This is a voluntary scheme open to any organisation (or identifiable part of an organisation) that employs IFoA members, irrespective of the type of work they do. An independent assessment team will conduct qualitative interviews with a range of staff. As well as seeing that an organisation has in place appropriate policies and procedures, they will be looking at whether they are embedded within the culture and are being applied by employees.

  • What does it cost?

    In the UK there is an annual fee payable and the band of fee (there are three) will depend on the size of your organisation. It is necessary to charge a fee in order to ensure that the QAS is an effective accreditation scheme which provides real benefits for those who participate in it and an annual fee is seen as the most simple and straightforward approach. The fee structure has also been designed to be as fair as possible and to make the QAS as accessible any potential applicant.

  • How does an organisation apply?

    If your organisation wishes to apply for the QAS you will need to complete and return an application form. These forms are available on our Quality Assurance Scheme (QAS) page. Applications can be made at any time.

  • Can part of an organisation apply?

    Yes, as long as it is a clear, separately identifiable part of the organisation.

  • How soon after registration can the process review commence?

    The precise dates for assessment will be agreed between the organisation and the assessment team but can start quite soon after the application is made.

  • What is the role of the Senior Quality Assurance Representatives and their Forum?

    The Senior Quality Assurance Representatives Forum comprises senior appointed members of accredited organisations. Their role is to use their influence to ensure that the organisation continue to meet the QAS outcomes and to promote the organisations commitment to quality assurance. The role of the SQAR Forum is to share good practice on processes and procedures amongst participating organisations and to discuss relevant issues. It will work in partnership with the IFoA to develop relationships with regulators and other external stakeholders. Special seminars and training events will be open to participants on current hot topics.

Organisations can apply for accreditation by completing and submitting the Application Form by email to QAS@actuaries.org.uk or by post to:

QAS Team
Institute and Faculty of Actuaries
Level 2, Exchange Crescent
7 Conference Square
Edinburgh EH3 8RA.

Contact Details

Quality Assurance Scheme

qas@actuaries.org.uk

QAS Team, Institute and Faculty of Actuaries, Level 2 Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA

Filter or search events

Start date
E.g., 14/04/2021
End date
E.g., 14/04/2021

Events calendar

  • Spaces available

    Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the JFAR Risk Perspective bringing the Risk Perspective to life with practical illustrations and insights from subject experts from the IFoA and other Regulators

  • Spaces available

    Recent decades have seen institutions, such as employers and financial services, give people more choice and flexibility, but these freedoms have come with more responsibilities. Individuals are now responsible for managing more of their own financial risks, from ensuring they put enough money into their pension to securing affordable protection to be financially resilient.

  • Actuarial Innovation in the COVID-19 era

    This event is online. 
    26 April 2021 - 7 May 2021
    Spaces available

    Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a hackathon, that showcase the range of ways in which the actuarial profession has added value, in the public interest, to the understanding and management of the current and future pandemics through insight and learning.

  • Spaces available

    This event is now temporarily closed on Monday 26 April, but the session will be repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place. 

    Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offers an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.

  • Western Europe Town Hall

    28 April 2021

    Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Western Europe Town Hall, hosted by John Taylor with IFoA Council Members Alan Rae, Jennifer Hartley, Maribel Vasquez Flores and IFoA Chief Executive, Stephen Mann.

  • Spaces available

    Sessional Meeting - Free to viewMis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work

  • Finance & Investment Virtual Conference 2021

    Available to watch globally in May.
    10-12 May 2021
    Spaces available

    This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern

  • Spaces available

    IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Central and Eastern Europe Town Hall, hosted by John Taylor and IFoA Chief Executive, Stephen Mann. 

  • Spaces available

    This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.

  • Spaces available

    Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.

     

  • CILA 2021

    Available to watch globally in May.
    19-21 May 2021
    Spaces available

    We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards.