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The Governance Gap just what does great governance look like

With the growing focus on good governance, how do trustees and consultants meet best practice and ensure good outcomes for pension beneficiaries? What is great governance and what is being missed? The Pensions Regulator provides guidance on best practice around governance, focused on people, structure and processes, all of which bring their challenges. Our discussion looks at the ‘governance gap’ – areas that trustees and their advisors should give thought to that currently may not be fully addressed – and we go ‘under the bonnet’ to identify how using new technology can improve governance outcomes.
Posted on Friday Jan 17

Key priorities for DC Consulting in 2020

The next 12 months promise to be a very busy time for DC pensions. With increased focus on Responsible Investment and the final consultation expected on the Future of Trusteeship and Governance, the regulatory landscape continues to evolve. We also now have clearer targets in regard to retirement living standards, presenting an opportunity to really engage members with their savings and help them work towards a decent income in retirement.
Posted on Thursday Jan 16

2019 A year in pensions and a 2020 preview

2019 was a big year for pensions. But the way the British public took it in their stride, you would be forgiven for forgetting all about it. Cast your mind back to April. Spring was in the air, the days were getting longer and warmer, and auto-enrolment (AE) minimum contributions were about to rise for the second time in 12 months, from 5% of earnings, up to 8%. We watched with bated breath to see what people would actually do.
Posted on Wednesday Jan 15

The ADAS Data Challenge

Having studied immense amounts of data, at LexisNexis Risk Solutions we believe that by 2025 all new cars rolling off the production line will be ‘connected’, and the connected car data marketplace will be worth $5 billion. This is a huge opportunity, and something we’re extremely excited about. But there is already connected car data piling up and underutilised. Forward collision warning, adaptive cruise control, parking assist, lane departure warnings, blind spot monitoring.
Posted on Monday Jan 13

Insurance Nexus unveils 4th Annual Connected Claims USA 2020

As customer expectations have risen thanks to new platforms and products, so too has the level of technological sophistication as artificial intelligence, chatbots, drones, telematics and apps have become common in multiple industries. The insurance industry is now at a critical juncture as carriers seek to transform their claims processes, using new technologies to meet rising customer expectations and reduce costs.
Posted on Monday Jan 13

Spreading like wildfire

I’ve watched in horror recently, as I’m sure you have too, the wildfires that have been engulfing Australia. The destruction that’s been caused to life, the animal population and property has been devasting. Wildfires in Australia are not new – my dad was recalling recently a trip he made many years ago to the Antipodes where he witnessed similar scenes. But previous fires have been much less extreme than those of today.
Posted on Thursday Jan 9

A CEOs perspective on The Future of the Actuarial Profession

John Taylor, IFoA President along with three Actuary-CEOs discuss the future of the profession
Posted on Tuesday Jan 7

Understanding members

Pension schemes exist for the benefits of their members. Making the most of how you engage with your membership can materially improve the prospects for your scheme and improve their experience at the same time. There are over 6 million members of defined benefit (DB) schemes in the UK yet to retire. Members are making choices every day that have an impact on their scheme’s funding progression and risk profile.
Posted on Tuesday Jan 7

Insurance AI and Innovative Tech Summit Returns to Chicago

As insurance carriers look to technology to meet customer demands at scale, how carriers react to competition and rising customer expectations today will define their success tomorrow. From providing bespoke products, instant customer service and real-time risk monitoring, the likes of AI, machine learning and other innovative technologies are proving the only means through which insurance carriers can meet the high demands of consumers today.
Posted on Monday Jan 6

Plenary 7 HRT effects in morbidity and longevity in women

This ARC technical workshop was delivered by the ARC’s Big Health and Actuarial Data commissioned research programme. The programme develops new methods for assessing basis risk and evaluating longevity improvement based on Big Health and Actuarial Data. The workshop covered contemporary methods of survival analysis and their use in assessment of possible changes in longevity and population life expectancy due to medical advances.
Posted on Friday Jan 3

Plenary 6 on Diabetes and its effect on Longevity

How to be a prudent person and what the regulator expects

Some things never go out of fashion, and the regulator’s focus on prudence is one of those things. I clearly remember more than a decade ago when interest rates plummeted, most people in the industry were really worried about how insurers were going to survive such an environment for long. The expectation was that it could not last - so what has happened over the past ten years and what role does prudence play?
Posted on Thursday Jan 2

Plenary 5 on Stroke Mortality and Morbidity in the UK

Return of the annuity

Following the famous announcement in 2014 that “no one will ever need to buy an annuity again” anyone with a brain could probably predict that the majority of retirees would decide that more flexible withdrawal was better for them and the annuity/drawdown pendulum would swing heavily towards the latter. Indeed, we still have many clients who inform us definitively as part of their initial questionnaire that they “never want to buy an annuity”. So why am I getting more questions about the return of annuities
Posted on Monday Dec 30

Plenary 4 The landmark analysis of the use of statins

It is all about control

One of the most salient features of modern life is the increasing need for people to feel in control. Perhaps it is an overhang of the tremendous changes that have happened at such speed over the last few decades; technology, in particular the Internet, has speeded up the pace of life whilst reducing the effect of distance. The result has been a demand by people for more control over their personal life and, correspondingly, far less tolerance for depending upon other bodies such as companies and governments.
Posted on Tuesday Dec 24

DB transfers a framework for best practice

Autumn is coming to a close; the nights are drawing in and many trustees are gathered around their meeting tables for the first time since the noisy days of a Brexit-dominated summer that left most other stories struggling to be heard. PASA’s defined benefit (DB) transfer guidance, a serious, aspirational and fairly far-reaching piece of work with some key players on board, is one of those stories that trustees are really only now starting to notice as they come together over their end of autumn agendas.
Posted on Thursday Dec 19

Beyond Proportional Hazards: Plenary 3

Plenary 3 - Modelling non-proportional hazards: time-varying coefficients, parametric “double Cox” regression and landmark analysis. This ARC technical workshop was delivered by the ARC’s Big Health and Actuarial Data commissioned research programme. The programme develops new methods for assessing basis risk and evaluating longevity improvement based on Big Health and Actuarial Data. The workshop covered contemporary methods of survival analysis and their use in assessment of possible changes in longevity and population life expectancy due to medical advances.
Posted on Thursday Dec 19

Time to stop kicking the can down the road

2019 has been a year of big ideas and proposals for the pensions industry but, thanks largely to Brexit-related inertia, there has been very little in the way of meaningful legislative change. We have seen a lot of the now-familiar refrains that legislation will be brought forward “at the earliest opportunity” or “when Parliamentary time allows,” and when we did manage to momentarily glimpse a new Pensions Schemes Bill, it was disappointingly light and arrived just in time for another general election.
Posted on Tuesday Dec 17

An Actuarial perspective on Student Loans

This is not a political piece. This is not a polemic, or a campaign for change. This is merely factual analysis of the student loan system from an actuarial and investment perspective, rather than from a moral or governmental one. For those like me who were lucky enough to have studied before the new system, and may not know it, the new student loan system allows £9,250 per annum for tuition fees and a variable maintenance loan.
Posted on Monday Dec 16

Reuters Events in pole position for new Auto Insurance event

What a time to work in Auto insurance! The stakes have never been higher, have they? To secure market reputation and deliver personalized product and seamless claims, carriers are tearing up the rule book and it’s exciting to see first-hand. Why? Undoubtedly OEMs have changed the game. By providing high volume, quality data, and therefore insight on customers and their driving behaviours, customers’ expectations on what ‘insurance’ should look like have changed forever.
Posted on Thursday Dec 12

Beyond Proportional Hazards Plenary 2

Plenary 2 - Linking survival modelling results to longevity improvements.This ARC technical workshop was delivered by the ARC’s Big Health and Actuarial Data commissioned research programme. The programme develops new methods for assessing basis risk and evaluating longevity improvement based on Big Health and Actuarial Data. The workshop covered contemporary methods of survival analysis and their use in assessment of possible changes in longevity and population life expectancy due to medical advances.
Posted on Wednesday Dec 11

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