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MiFID II – The Implications of Research Unbundling

Mahesh Narayan, Head of Research at Thomson Reuters, discusses the research unbundling aspects of the MiFID II regulations with Emily Horler from Finextra. Mahesh outlines how he expects the research unbundling regulations to impact firms consuming investment research and how firms producing research might adapt their services.
Posted on Tuesday Sep 26

Where is insurance prudential regulation going?

In mid- July the International Association of Insurance Supervisors (IAIS) published its latest iteration of the Insurance Capital Standard (ICS 1.0) for extended field testing. How important is this development for the insurance industry? If you’re reluctant to get dragged into global initiatives with many complex acronyms you have my sympathy. Having said that, there is value in knowing what regulators consider appropriate insurance prudential regulation for the 2020s.
Posted on Monday Sep 25

Stars of the Future Awards - Voting Open Now

Actuarial Post is delighted to announce that Voting is now Open for our Stars of The Future awards, sponsored by Star Actuarial Futures. After an overwhelming response to the nominations, our shortlist of 20 finalists are listed here. Each finalist has their own voting form complete with photograph and bio, so you can simply click on their name here to complete their voting form.
Posted on Tuesday Sep 19

Are we at our pension peak?

A raft of labour market and retirement statistics have been released by the ONS this month which, taken together, show that the average income of a retired household continues to increase and is in fact higher than the average earnings of a worker at £29,032. Furthermore the reason for this increase is clear – private pension saving.
Posted on Monday Sep 18

The truth about Telematics Insurance

A reader’s letter appeared in a broadsheet newspaper recently headlined ‘Can I Get Away with Not Buying Car Insurance? Writing as ‘devil’s advocate’, the reader was asking about the risks of driving a car without insurance because premiums are so high, especially for young drivers. A forthright reply was published but this question summed up so many of the challenges the motor insurance sector faces right now – premiums at record levels, rising claims costs, uninsured driving and fraud.
Posted on Wednesday Sep 13

Managing unit-linked volatility: Unit shorting

The regulatory balance sheet under Solvency II is more complicated than under the previous solvency regime. Various new features, such as the risk margin and the ability to allow for value-in-force (“VIF”) as an “asset”, have all added complexity. Owing to significant market volatility over 2016, how the balance sheet responds to evolving financial conditions has been severely tested since Solvency II went live.
Posted on Tuesday Sep 12

MiFID II and the Future of Asset management

MiFID II comes into effect in January 2018, and Europe's asset management industry is preparing to adapt. Tommaso Corcos, CEO of leading Italian asset manager Eurizon, explains how the industry is going to change – and discusses his company's latest products.
Posted on Friday Sep 8

Usage-Base Insurance is set to boom

Usage-Based Insurance (UBI) is set to boom in the coming years. It provides an opportunity to tailor insurance to customers’ specific behaviours and usage patterns. But how can insurers optimize this opportunity? Global UBI market penetration stood at just one per cent in 2015, but market penetration in Europe, Asia, and America is expected to soar to 15 per cent by 2020, EY research suggests.
Posted on Friday Sep 8

Derogation or Maybe Not?

For PRIIPs manufacturers, Article 14.2 of the Regulatory Technical Standards (RTS) provides an optional derogation until 31 December 2019 enabling them to use the UCITS KIID data in certain circumstances. Some insurers see the derogation as a way of minimising the shorter-term work required in implementing the PRIIPs regulations in a tight time-frame whereas other insurers have decided to bite the bullet and implement the PRIIPs regulations in full without derogation from 1 January 2018.
Posted on Tuesday Sep 5

Should Model Governance Apply to Actuaries

With Solvency II, actuaries were the first among financial service practitioners to enshrine principles of data governance in core regulation. To paraphrase the initial CEIOPS guidance from way back when, data quality should be assessed and validated. It should be accurate, complete and appropriate.
Posted on Friday Sep 1

Quite a few regrets when it comes to our finances

Aviva have produced some interesting research recently which has revealed that it’s not only Frank Sinatra who has a few regrets, at least when it comes to our finances. Our survey found that 4 in 10 people in the UK say they are still negatively impacted by financial mistakes they made in the past. That’s a pretty frightening figure. Living with regrets is not great.
Posted on Tuesday Aug 29

The insurance industry is about to get a whole lot weirder

Francois Robinet, Managing Director, AXA Strategic Ventures, is a French venture capitalist who invests in startups that are disrupting the insurance industry. He talked to MarketWatch about the future of insurance.
Posted on Friday Aug 25

Pensions Dashboard – information at the expense of knowledge

The arrival of pensions freedoms has left the insurance companies with a big concern. It is the risk that they would be held responsible if retirees released their pension savings and used it to buy unsuitable products in an unadvised scenario. Would the providers be in danger of being held ultimately responsible just because it is their product that the customer chose to purchase?
Posted on Wednesday Aug 23

InsurTech Transforming insurance through innovation

The pace of technological change is presenting the insurance industry with new opportunities. In this video, Milliman’s Pat Renzi and other InsurTech leaders discuss how strategic partnerships can leverage technological innovation to create new products and services for different generations of customers.
Posted on Monday Aug 21

How can insurers assess risks for new emerging products

The future of technology is fixated on intertwining the virtual world with the physical world. Digital sensors now sit in billions of cars, buildings, and wearable devices globally, continuously transmitting data to facilitate an endless stream of transactions, decisions and opportunities. By turning objects into network computers, the Internet of Things (IoT) is reducing friction and inefficiency across every major industry, from retail to healthcare.
Posted on Monday Aug 21

Predictive Analytics in Insurance

Building models alone is not an effective use of predictive analytics. He offers a four-step procedure that will position actuaries for leadership and endurance in the industry. Actuaries use predictive modelling and data analysis techniques on large data sets to identify patterns for business use. The profession is currently seeking to advance its use of predictive analytics methods across the board.
Posted on Friday Aug 18

Issues Arising from Pension Scheme Closure

ONS figures regarding DB membership indicate active membership of both open and closed private sector occupational DB schemes has fallen by approximately 3 million between 2000 and 2015. The rate of closures to accrual over that period has been steady, with employers being motivated by a desire to reduce both the cost of contributions and funding volatility. Inevitably, the number of active DB scheme members today will be even lower.
Posted on Wednesday Aug 16

UK Bulk Annuities Market

Martyn Phillips, Partner at Mercer’s Bulk Pensions Insurance Advisory, discusses the state of the UK bulk annuity market, covering buy-ins and buyouts. He looks at how the market continues to evolve, with better and more effective ways to transfer pension risk.
Posted on Monday Aug 14

How insurers are at risk of attack by hybrid mobile apps

Mobile apps have become a fixture in practically every element of our lives today, and the insurance industry is no exception. While the industry is still behind outliers in banking and payments for app adoption, apps have become a common offering from most providers, enabling customers to check and manage their claims, make payments, and other functions.
Posted on Monday Aug 14

Actuarial Post Awards 2017 - Nominations Now Open

We are delighted to announce that the nominations for the 2017 Actuarial Post Awards are now open. Following last years hugely successful awards, where we saw more of you nominating and voting than ever before, we are very excited to bring you this year’s awards. We would also like to welcome this years sponsors Aon's Remetrica Team, Bolton Associates and Star Actuarial Futures.
Posted on Monday Aug 7

What's stopping DC schemes reaching higher long-term return

DC is the new standard and the majority of young Britons will only ever save into DC pension schemes. This is reflected by the rapid increase of DC scheme assets - in 2016, DC assets in the UK were £377bn and are projected to reach £612bn by 2030. Although DB scheme assets currently dwarf DC scheme assets, these assets will reduce over time as the majority of DB schemes are now closed to new members.
Posted on Wednesday Aug 2

How Brexit can be a catalyst for change

Karen Briggs, Partner and UK Head of Brexit, KPMG talking to reinsurance at the 2017 Global Insurance Forum in London, on resilience in the insurance industry and how Brexit can be a catalyst for change
Posted on Monday Jul 31

Is the Law of Large Numbers still relevant to insurance

Traditionally, the insurance industry has operated within the law of large numbers, relying on data that became more credible as the size of the data pool under consideration increased . Until recently, the industry applied the Law of Large Numbers to price risk and develop offerings around the threats faced by a large number of people. Although insurers still do this, now they also slice and dice data and conduct more precise and personalized risk assessment using a variety of analytical tools.
Posted on Monday Jul 31

Walker vs Innospec – Equality wins, but will it cost?

On 12 July 2017, the Supreme Court unanimously ruled that civil partners and spouses in same-sex marriages should have the same pension rights and entitlements as people in heterosexual marriages. In particular, this equality should not be restricted according to the period an individual was a member of the pension scheme.
Posted on Wednesday Jul 26

Am I saving enough into my pension?

Working in the pensions industry, this is probably the question I get asked the most. The problem is it’s the hardest question to answer for the majority of people in DC pension schemes. Saving into a pension isn’t like saving for a holiday, a car or even a house deposit. All of those have a definite cost (a house deposit might fluctuate a bit) and once your savings are equal to that cost you can make a purchase.
Posted on Friday Jul 21
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