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Skilled actuaries required


Since the upheaval of pension freedoms in 2015 when drawdown rules were relaxed and annuity sales declined, the role of actuaries in the DC space has been fairly limited. But things may be set to change with the advent of Collective Defined Contribution (CDC) schemes.Towards the end of 2018 the government opened a consultation on this new type of pension saving vehicle which has proved popular in places like the Netherlands.

Posted on Wednesday Mar 20

A step change is expected for DB pension scheme funding

Mike Smedley, Pensions Partner at KPMG in the UK discusses some of the changes expected for DB pension scheme funding in 2019
Posted on Monday Mar 18

What does the ideal actuarial consultant look like

We recently published our Navigating Change report, which looks at the changing role of the actuarial consultant. One issue that struck me was the wide range of responses from pension scheme trustees as to what they look for in their ideal actuarial consultant, as well as the areas where actuaries have sometimes been found to fall short of expectations.
Posted on Friday Mar 15

The Ecosystem of Trust

Insurance is generally regarded as a background product, one of the necessities of life that most people have but do not regard as very exciting when compared to most of their other possessions. Rarely do you find people snapping or instagraming the moment when their policy proposal is accepted. In a world when even the most mundane events are seen as fodder for the voracious social media beasts, the highpoint of the insurance cycle doesn’t quite make the cut.
Posted on Thursday Mar 14

PLSA Investment Conference 2019

The Pensions and Lifetime Savings Association Investment Conference 2019 video
Posted on Wednesday Mar 13

Data Enrichment to drive commercial motor

The health of the commercial motor insurance market can be strongly linked to the health of the UK economy. As such, those working in commercial motor insurance are dealing with the current uncertainty affecting businesses which buy this class of insurance.Wrapped up in this challenge is the exposure this corner of the market faces from claims losses and fraud. We’ve all heard the phrase ‘no car is as fast as a rental car’.
Posted on Tuesday Mar 12

How to reach the polar extremes of the insurance market

In my previous article Survival of the fattist I talked about some of the challenges of insuring customers with pre-existing physical disabilities or conditions. With an increasingly rich dataset to base underwriting decisions on, such as biometric data from wearables, we are likely to see an increase in the premium loadings applied to such customers while reducing base “healthy person” premiums.
Posted on Friday Mar 8

Girls Count Us In from the IFoA

IFoA event on diversity in the Actuarial profession called Girls Count Us In
Posted on Thursday Mar 7

Pensions vs Brexit

In a few short weeks we’ll see decisions made that will determine the future finances of the UK population. You could be forgiven for thinking it’s Brexit. But no, the date I’m talking about is the 6th April – the day minimum auto-enrolment (AE) pension contributions go up to 8%. 6th April will kick off the 3rd ‘people’s vote’ on whether they as individuals want to stay in or leave their pension.
Posted on Thursday Mar 7

Digitising Insurance just what does it take

Digital transformation is not a single proposition. To some, it means building an entirely new platform, way of underwriting, or changing the distribution channel to disrupt the traditional legacy players. To others, it means taking a legacy book of business into the 21st Century. There is room in the insurance ecosystem for both approaches. However, for both sets of players, the future is a potential minefield.
Posted on Tuesday Mar 5

Connected Strategies for Claims Transformation

Welcome to the fourth and final piece in our series on Connected Claims Transformation. For this report, Insurance Nexus surveyed and interviewed over 600 executives from the insurance sector worldwide to find out how the industry views the challenge of creating a connected ecosystem within claims, where the challenges lie and what expectations are in the near to long-term.
Posted on Friday Mar 1

Voices of Brexit as KPMG meet FM Insurance Europe

KPMG met with Chris Johnson, CEO of FM Insurance Europe, to discuss how FM Global dealt with the Brexit vote.
Posted on Wednesday Feb 27

Consolidation and how actuaries are pivotal

DWP closed their Consultation on Consolidation of Defined Benefit Pension Schemes on 1 February 2019 and the general thrust of responses to the consultation seems to be that setting the bar too high could mean this market never takes off. A point that has received less attention is that the actuary may have a pivotal role in making transactions happen, and it is a role that may be hard to discharge.
Posted on Tuesday Feb 26

Building Connected Claims in the Future

Welcome back to our series on Connected Claims transformation. For this report, Insurance Nexus surveyed and interviewed over 600 executives from the insurance sector worldwide to find out how the industry views the challenge of creating a connected ecosystem within claims, where the challenges lie and what expectations are in the near to long-term.
Posted on Friday Feb 22

What went wrong at British Steel

On 22 January Caroline Rookes published the results of an independent review into the “Time to Choose” exercise carried out by Tata and British Steel, at the request of the Work and Pensions Committee (WPC).First of all, it is worth saying that over 80% of members took the active and positive decision to transfer to the new scheme provided by Tata, British Steel Pension Scheme 2 (BSPS2).
Posted on Thursday Feb 21

Machine intelligence influence on risk

Doctor Jeffrey Bohn the Head of the Swiss Re Institute talks about machine intelligence's influence on risk measurement, management and markets
Posted on Tuesday Feb 19

Current Progress in Connected Claims Investment

Welcome to the second piece in our series about Connected Claims transformation. For this report, Insurance Nexus surveyed and interviewed over 600 executives from the insurance sector worldwide to find out how the industry views the challenge of creating a connected ecosystem within claims, where the challenges lie and what expectations are in the near to long-term.
Posted on Monday Feb 18

Government fires starting pistol for collective DC schemes

The Department for Work and Pensions (DWP) published a consultation on implementing collective defined contribution (CDC) schemes which closed on 16 January. This came following a request from Royal Mail for UK legislation to be amended to allow CDC schemes. Unlike traditional pure defined contribution (DC) schemes, where the member bears the bulk of the risks, and defined benefit (DB) schemes, where the employer takes on the risks, CDC schemes allow risks to be shared between members.
Posted on Friday Feb 15

Can you spot the Investment Scam

Can experienced investor Alvin Hall spot the scam when pitched three potential investment opportunities?
Posted on Tuesday Feb 12

What are the End Game Options

Over the last few years, strong market returns and positive mortality experience (from a pension scheme’s perspective, if not its members’) mean that a number of pension schemes are now firmly in the end game, and are considering solutions such as CDI or buyout. This piece is intended to be a brief run-through of the possible options.
Posted on Tuesday Feb 12

Taking Responsibility for Claims Transformation

The arguments surrounding the need for change in the insurance industry have largely been won. In recent years, dramatically increasing regulations, competition and customer expectations, along with dwindling resources and technical skills shortages have combined to produce an environment of uncertainty. All too often, insurance carriers have tended to push what they have been able to produce, rather than respond to what the customer demands.In a setting where that demand is changing radically, it is more important than ever that carriers step back and listen to customers. Enter ‘Connected Claims’.
Posted on Friday Feb 8

IFoA on the impact of Genomics for actuaries

IFoA video on the impact of Genomics for actuaries featuring Peter Joshi, John Taylor, Angus MacDonald and Alan Watson
Posted on Wednesday Feb 6

Alexa should I do a fund switch

Among the biggest sellers last year for Christmas gifts were voice-controlled assistants that allow people to control various operations in their houses from the comfort of their own sofas. Alexa from Amazon is the most famous but other tech companies, such as Apple, Google have similar devices now, which respond directly to the owner’s voice and carry out basic tasks such as playing music, timing dishes being cooked, answering general knowledge queries and providing news and weather information.
Posted on Wednesday Feb 6

What does 2019 have in store for the LGPS

2018 was another eventful year for pensions. In the LGPS we saw three new sets of regulations passed introducing exit credits, equalisation of survivor benefits and new powers for MHCLG to issue statutory guidance.We also saw possible employer cost cap breaches, increased scrutiny from The Pensions Regulator (TPR) and Section 13 valuation reviews by the Government Actuary’s Department (GAD).
Posted on Thursday Jan 31

Willis Towers Watson on Risk Protection and Managing Stress

Willis Towers Watson video on Risk Protection and Managing Stress
Posted on Wednesday Jan 30
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