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ARC Technical Workshop on Beyond Proportional Hazards

Posted on Tuesday Dec 10

Actuarial Post Awards 2019 - The Winners

Welcome to our main Awards winners issue for 2019. Once again a big thank you to all of our readers for voting in their numbers to make this year the most voted awards since we began the awards in 2011. We need to congratulate all of our winners as the voting in every category was once again extremely close. We also need to thank our sponsors Aon Remetrica for their sponsorship of Actuary of the Year 2019 and Bolton Associates who sponsored the GI Actuary of the Year 2019.
Posted on Tuesday Dec 10

Webinar on Results Driven Claims Innovation

Unlock the Real Value of Claims Tech with AIG, Ameriprise and Metromile. In an age where customers are demanding their Insurance Carrier be more like Amazon or PayPal with a smooth, touchless customer experience, Insurance Carriers face multiple obstacles to satisfying this demand. Chief among them is the overwhelming multitude of technologies available to reach that touchless claims goal.

Posted on Monday Dec 9

Pension saving trumps inheritance tax reform

The Institute of Economic Affairs (IEA) have proposed that Inheritance Tax (IHT) be abolished. The IEA feels that the tax is a big disincentive for people to save, as it hinders them from passing on the accumulated wealth to their offspring. The idea of inheritance tax is always a controversial one. Those against say that IHT penalises savers who want to provide for their kids while those in favour believe it should be looked at from the recipients’ side.
Posted on Monday Dec 9

Creating Fast, Agile and Service-Driven Insurance

Creating Fast, Agile and Service-Driven Insurance, Hippo and AXA Insurance to Join Live Webinar. Insurance leaders to join Insurance Nexus to discuss strategies to successfully implement insurance technology, Wednesday, December 11, 10am EDT.
Posted on Wednesday Dec 4

State of Play for IFRS 17

Hear from Mary Trussell, KPMG's Global Lead Partner for Insurance Accounting Change on IFRS 17, the new insurance contracts standard, that bring fundamental changes to international insurance accounting. We discuss how insurers are approaching this huge undertaking and making the most out of the extra year deferral.
Posted on Wednesday Dec 4

Time to talk about the pension gender gap

The gender pay gap has become a hot topic of late. The BBC’s China editor, Carrie Grace, famously resigned over the issue in January 2018, sparking a sweeping review and large pay cuts for some very high-profile presenters. Across the UK, firms are under pressure to address systemic issues around gender balance at board level and throughout their organisations.
Posted on Wednesday Dec 4

Member tracing be accurate be compliant and be innovative

Gary Swallows of Target Professional Services summarises PLSA's recent teach-in on tracing pension scheme members
Posted on Tuesday Dec 3

Is the General Election Christmas cheer or beware the Grinch

It is now only a few weeks to the latest UK election. Markets hardly noticed the 2017 General Election, whereas the Referendum vote in 2016 caused significant moves in UK markets in particular. So what of the 2019 vote? Does this have the potential to shock markets or can investors sleep soundly, unfazed by potential outcomes?
Posted on Tuesday Dec 3

Cashflow matching Liquidity and Security

DB funding levels have improved over the last few years, meaning many schemes are looking for safer, simpler allocations. With most schemes now closed, they’re also maturing and face concerns over cashflow management. Cashflow matching, or CFM, has become more popular as a result. Intuitively, if you buy safe assets that pay out the necessary cashflows, you may not have the best strategy but you may have one that it is “good enough”.
Posted on Monday Dec 2

RPI to be aligned with CPIH

On 4 September 2019, the Chancellor of the Exchequer and the UK Statistics Authority (UKSA) announced that RPI is to be aligned with CPIH, a variant of CPI introduced in 2013 which includes an allowance for owner occupiers’ housing costs (OOH). The change proposed is due to happen sometime between 2025 and 2030 but there will be a consultation in early 2020 on the precise timing of the proposed change.
Posted on Wednesday Nov 27

Nest Insights sidecar savings trial

Nest Insight's sidecar savings trial is exploring whether the approach can improve people's financial resilience today and in retirement by creating an optimal level of savings. In this video, Matthew Blakstad, Assistant Director of Nest Insight, discusses the need for emergency savings and explains how the savings tool works.This trial is supported by BlackRock, the Money and Pensions Service (MAPS) and the JPMorgan Chase Foundation.
Posted on Tuesday Nov 26

Are insurers heading into a recovery and resolution regime

It’s been more than a decade since the financial crisis and almost four years since Solvency II came into effect. Over that period banks quite expectedly went through a regulatory revamp that included among other things extensive recovery and resolution (R&R) requirements in the shape of a European Directive (BRRD). At that time insurers were undergoing painful preparations to implement Solvency II and escaped the R&R train or so they might have thought until now...
Posted on Monday Nov 25

Insurance industry the most exciting for Data Scientists

Jennifer Cruise, Head of Data Science reminds us that the insurance industry is actually the original data industry and she believes insurance is now the most exciting industry for data scientists
Posted on Friday Nov 22

Identifying the root causes of subsidence risk

Explaining the factors causing a ten-year spike in subsidence claims and how insurance providers can more accurately assess the growing risk through tree and soil data combined. Subsidence can be caused by man-made issues, like dramatic cases of mine shaft collapse, however the most common causes are natural, unseen and unpredictable which makes pricing for this risk a challenge for the insurance sector.
Posted on Thursday Nov 21

Why do pensions have an image problem

I was recently thinking about stereotypes and how unfair they can be. It came about when I was explaining to a colleague that I write a column for Actuarial Post. We somehow got onto actuary stereotypes. My colleague then went on to tell me about a BBC comedy from a couple of years ago called ‘Uncle’. (Disclaimer: there is some fruity language included, so avoid if that’s not your thing)
Posted on Tuesday Nov 19

Mental health how can insurers make a difference

Societal views and clinical practice related to mental health have been changing rapidly over recent years with a big potential impact on Swiss Re's book of business. The aim of this one-day forum was to exchange with experts on the current mental health landscape and factors affecting prevention and treatment of mental health-related conditions.
Posted on Monday Nov 18

Webinar: Allstate, Nationwide, Liberty Mutual on Carrier-OEM

Webinar: Allstate, Nationwide and Liberty Mutual on Carrier-OEM Collaboration. The wheels are now in motion and it’s sure to be an interesting journey. OEMs, insurers and new market entrants are all jockeying for position. The question is how do industry players identify a roadmap through new and different business models, data exchanges and partnership structures, that lead to workable, exciting new ecosystems; one able to deliver on customers’ high and still rising needs and expectations.
Posted on Thursday Nov 14

Exploring the DARQ side

The insurance industry was slower than most to adapt to the digital era, but it is making up for that now. Digitalisation is front and centre in insurers’ strategies, as they have recognised that it is the key to increasing the level of personalisation that can be given to the consumer. Digitalisation lies at the heart of innovation in products and services supplied to the market. It is a core component in cost-reduction by increasing the efficiencies inherent in the business processes of the organisation.
Posted on Thursday Nov 14

Stars of the Future 2019 Winner is....

Welcome to our first Awards edition where we congratulate all of our Stars of the Future 2019, sponsored by Star Actuarial Futures, nominees and especially to our worthy winner Mohammed Raza from Gen Re, you can read Mohammed’s reaction to winning inside. I would also like to congratulate the runners up Rose Pashley from Asta and Andrew Shaw from Royal London. It was a close run contest with all of our nominees in very close order at the end of voting so congratulations to all.
Posted on Tuesday Nov 12

Insurance systems integration

Marisa Ruscitto from Willis Towers Watson discusses the rationale and considerations for insurance systems integration, and why she sees its implementation as becoming more pressing as many insurers employ multiple IT systems, platforms and solutions, which are challenged to connect and speak effectively with one another. Merger and acquisition activity or the need to meet various business initiatives may explain the use of multiple systems.
Posted on Monday Nov 11

How NGOS are driving the flight from carbon

Behind the headlines generated by Extinction Rebellion’s city blockades and Greta Thunberg’s emotional tirades against national leaders there has been a firm but rising drum beat of pressure from environmental activists, demanding financial institutions break ties with the fossil fuel industry – and it is working. Within the last two years, a host of major European financial institutions including L&G, AXA, Allianz and Munich Re have committed to exiting deals and investments concerned with coal mining and coal-fired power.
Posted on Friday Nov 8

Big is beautiful

It’s official – size does matter. The Pension Policy Institute (PPI)’s latest review of the DC pension market concentrates on the factors which might improve member outcomes and concludes among other things that bigger schemes are likely to result in greater savings pots at retirement.This is very comforting, as the report also shows that 83% of employees who are automatically enrolled join a master trust, while only 15% will enter smaller contract-based arrangements.
Posted on Tuesday Nov 5

Mastering business risks through Advanced Analytics

The harnessing of existing as well as new digital data from sensor networks and digital platforms is becoming increasingly important. However, only a few businesses in Europe manage to truly embrace the potential of Advanced Analytics. In this webinar, we look at large businesses and how they can mitigate corporate risks through modern analytics models such as forward-looking methodologies.
Posted on Monday Nov 4

Further changes to SIP requirements for trustees

On 6 June 2019, the Government introduced further regulations which will extend the disclosure requirements for trustees of defined contribution (DC) and defined benefit (DB) schemes in relation to their Statement of Investment Principles (SIP) and annual reports. Most trustees will have already prepared for the amended disclosure requirements that have been applied from 1 October 2019.
Posted on Friday Nov 1