Life insurance news and articles written by acturies for actuaries - read the latest research pieces, today's news and latest articles in the Life insurance market.

Transforming the Life & Pensions back office

By Graham Twaddle, Chief Technology Officer at Corporate Modelling

The Life & Pensions back office has been through a number of significant changes over the past few years, including the push and pull of offshoring and onshoring. As the UK economy enters a more positive growth phase, what’s next for the insurance back office?

How can life companies work closely with their outsourcers to transform their businesses for the future? 
Many life companies are increasingly buying closed books and their actuaries are predicting the costs to outsource the administration based primarily on averages. Actuaries currently have to look at the expenses in front of them and then make predictions based on what can be seen as simple, overarching information.
 
A shot in the dark
Due to a vast amount of product variations and policies, making truly accurate predictions is no easy task. Some policies will require a lot of administrative work, others less so, but how can this be identified on a case-by-case basis so that firms get the best possible deal when choosing an outsourcer to run their back office? More extensive analysis would...Read More

Ill-Health Early Retirement VS Group Income Protection

By Paul Avis, Mrketing Director at Canada Life Group Insurance

The long-term absence of an employee may do more than cause disruption in the workplace. Employers who dismiss staff on capability grounds may find that they have not met the requirements of the Equality Act 2010 and are liable to pay an Employment Tribunal award. However, Ill-Health Early Retirement provisions - made under pension schemes - may also have unexpected consequences. 

The possibility of a return to work may not be considered if the employer does not know how to get the specialist support that this may require. Medium or long-term abs...Read More

A General Procedure for Constructing Mortality Models

The general procedure for constructing mortality models is a new approach based on analysing mortality rates across the dimensions of age, period and year of birth. It uses a combination of statistical methods and expert judgement to identify sequentially every significant demographic feature in the data and give it a specific functional form. This means that it can be used to give a better understanding of the historic changes in mortality and therefore more reliable forecasts of future mortality rates.
 
Longevity risk is one of the key demographic risks faced by pension plans and life assurers. In recent years, ...Read More

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Lifestyle Actuary

The trappings of fast paced city lifestyles rarely take into account the charm and elegance that a room, a dinner or a cup of tea can afford; characteristics lost to a by-gone era of debutante balls and black tie for dinner.

The Luddite

Sam Richardson looks into the up and coming and the outgoing of the technology and gadgetry world in 2014.

Travelling Actuary

This month Travelling Actuary Eve Hartridge takes us to Greece's very own Emerald Isle located in the heart of the Ionian Sea, Corfu.

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