Kevin provided his insights into three areas: Interestingly, Kevin discussed analysis to mid-November that showed there is no significant increase in deaths than a normal year due to COVID-19 except for some spikes in late March to early April and the end of July. The 2020 Young Actuaries Conference (YAC) went virtual for the first time this year, covering the impacts of COVID-19 on the insurance sector, industry developments, emerging opportunities and risks, and the career journeys of three actuaries. Most ESG activity is focused on bottom up stock selection and Stewardship.    -Challenges/limitations and ways of addressing these in the future  where possible Monday 7 September 2020 04:00 - Friday 25 September 2020 10:00 The conference will take place throughout September via an online platform. Customer expectations are at the forefront of decision making following the Royal Commission. May, 3, 5 & 7, 2021. This session will be focused on a four person panel discussion, sharing their own perspectives on some of the key focus areas for the management of with-profits funds, taking questions from attendees. Drink Driving - is it really any of the Profession's business? This talk will provide you with a different, and hopefully provocative perspective on what Professional Skills actually means to us as jobbing actuaries. 2019 Life Conference presentation - IFRS 17 CSM. Cyber risk continues to emerge as a key risk for organisations and individuals. Our Life Insurance & Financial Services experts bring together decades of data, experience and cutting-edge technology to help insurers and reinsurers find intelligent solutions to tricky problems, ensuring better futures for their customers and shareholders. Speakers: Oliver Gillespie, Milliman and Hammad Akhtar, Pinsent Masons LLP, Onboarding With-Profits: All in to last out. Richard highlighted opportunities for young actuaries working on large projects like IFRS 17 and five key actuarial skills that set him up for success: Rachel Keaney, Director of Pacific Life Re, then shared her experience in improving disability income products to become more sustainable and align with the insurability principle. If you are an Enrolled Actuary, then you will not need your glasses to see why this meeting is a virtual educational experience made for you. An Introduction to Economic Scenario Generators & their Validation. Speakers: Sandy Trust, EY, Patrick Cleary, PRA, Matt Saker, Aviva and Wendy Walford, Legal & General, An alternative take on how to be 'professional'. The YAC has sold out three years in a row and the virtual format will mean no cap on attendance, so no one misses out. John O’Brien is a Chief Medical Officer and a Pulmonologist and therefore has a particular interest in disease with respiratory impacts. The upcoming ICS framework will affect many global insurers. ARC Big Health - Diabetic Mellitus II. •Introduction to ML/NLP We’ll discuss how these impacted life insurers, the commons characteristics of companies which emerged as winners and the pivotal role of the sustainable actuary in leading this seminal shift. Application of machine learning techniques to financial reporting. Readers can learn more about YAAB here. We’ll bring insights from multiple IFRS17 implementations globally and market leading practical analytics. AI in an actuarial world: training a machine to assess matching adjustment eligibility, Machine learning is changing the way we operate. ARC Big Health - Hormone Replacement Therapy abstract. We will discuss the perspectives of some of the key stakeholders, the challenges and the lessons learned. 179 young actuaries registered for the Conference this year, The theme for the YAC was ’Empowering through Uncertainty. The presentation will cover all stages of an advanced analytics project in Life Insurance, i.e. Sam Zheng, Co-Founder and CEO of Curious Thing, is a successful actuary and data scientist who inspired many young actuaries to take on the start-up challenge. Executive Director of Cyber Capability, Education and Training at. View Event. problem definition, data collection and analysis, modelling and results analysis, as well as lessons learned, and the challenges overcome. Monday 16 November 2020 09:30 - Friday 27 November 2020 16:30. A look back at the exponential 2020s: the decade in which finance became sustainable, allowing humanity to veer away from the cliff edge of biosphere breakdown. This presentation tells the story of that project. Kevin Zhang, Manager of Life Insurance and Wealth Management at EY, began the plenary with the COVID-19 impacts on Life Insurance. the limited amount of COVID-19 testing early on. The 2020 Young Actuaries Conference (YAC) has gone virtual! How firms have overcome some of these challenges. With think this will improve portfolio resilience while accelerating the shift of capital to climate solutions from legacy assets. Recap on the importance of ESG integration; Regulatory developments and guidance available; What firms could learn from the recent COVID-19 pandemic; Key steps for integrating ESG into firm’s day to day activities; Challenges that life insurance companies may face; and. Your comment will be revised by the site if needed. If you are an Enrolled Actuary, then you will not need your glasses to see why this meeting is a virtual educational experience made for you. Non-Member Full (from Saturday 21 November 2020) $75.00. ARC Big Health - Hormone Replacement Therapy poster. We will discuss the implications for IFRS17 and consider multiple use cases, broadening AoC out from a controls and compliance activity. Insights and Other events. Speakers: Harriet Dunscombe; Carina Lindberg, Natwest Markets and Kelly Moohan, The Pension Protection Fund, Autumn Lecture 2020: Professor Elroy Dimson, Mortality and Longevity Webinar Series 2020, Webinar series - Protection, Health and Care Conference 2020, Current Issues in Life Assurance (CILA) Webinar series, Webinar series - Pensions Conference 2020, Webinar series - Finance and Investment Conference 2020, Webinar series – TIGI 2020 (Technical Issues in General Insurance), Webinar series - Current Issues in General Insurance (CIGI) 2020, Data Science: Opportunities for Actuaries, Continuing Professional Development (CPD). Event Reports 2020 Young Actuaries Conference The 2020 Young Actuaries Conference (YAC) went virtual for the first time this year, covering the impacts of COVID-19 on the insurance sector, industry developments, emerging opportunities and risks, and the career journeys of three actuaries. 2020 African Actuarial Conference. 20/20 All-Actuaries Virtual Summit; Young Actuaries Conference 2020; 2019. Speaker: Peter Heffernan and Rod Bryn-Hussey, PwC, Changes in insurers investment strategies. But it can sometimes be hard to see how we can match our professional duties with an often heartfelt desire to make an active contribution to that better future. The new format for this event offers you a convenient way to receive the top-notch professional development you expect from the SOA from wherever you are in the world. We offer confidential advice, market intelligence, remuneration guidance, career support and the most comprehensive range of actuarial opportunities in the marketplace. The 2020 Young Actuaries Conference (YAC) has gone virtual! He also. If with-profits cannot survive, can mutual insurers? Learn, share and have fun with colleagues who want to make a positive impact in the world – just like you! With-Profits - current areas of focus: A panel discussion. In this presentation, Deloitte and Eigen Technologies, a provider of natural language processing (NLP) technology with the ability to extract answers from documents, will share their experience on using NLP in the assessment of matching adjustment eligibility. The intent is to ensure products are designed, targeted and sold to the right customers. We will cover the options considered and why this performed the best in this circumstance. Insights - Review of Code of Conduct; Insights - New Professional Standards – Role of Appointed Actuary ; Young Actuaries Conference 2019; 2018. Speakers: Andrii Buriak, EY and Rodwel Mupambirei, Lloyds Banking Group, Integrating ESG into long-term strategic asset allocation. Our body of professionals includes actuaries, technologists, clinicians, economists, climate and data scientists, benefits and compensation experts, and many others. This talk covers the key turning points of the decade – starting with how the COVID 19 lockdown showed world and business leaders that transformational “unimaginable” change in the face of a crisis was possible. If you missed out, register now to watch recordings of the event. This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. , Director of Pacific Life Re, then shared her experience in improving disability income products to become more sustainable and align with the insurability principle. 56, Modeling, which is effective for work commenced on or after October 1, 2020. The statistics on withdrawals were quite astonishing with the most impacted funds receiving early release applications from 23-40% of their members who withdrew $1-5 billion per fund. Were these models for investment risk designed with application during an economic downturn in mind? Creative Commons Attribution-NonCommercial-No Derivatives CC BY-NC-ND Version 3.0 (CC Australia ported licence), Under the Spotlight – Jia Yi Tan (Councillor), Role of the Underwriter in the age of Data & Analytics, Risk Management Practice Committee Practice Update Podcast, The role of insurance in enhancing societal resilience to flood risk, An introduction to energy markets and some of the actuaries working within the sector, Personalised pricing of annuities in the UK. During his presentation, Andrey also debunked three common NLP myths to further convey how NLP works and shared how interested young actuaries can start building their own NLP models. •Insight into the pilot including: Non-Member Early Bird (to and including Friday 20 November 2020) $55.00. •Looking to the future: other possible uses for ML in Life Insurance, Speakers: Rachael Armitage, Deloitte and Simone Bohnenberger-Rich, Eigen. Monday 22 June 2020 09:00 - Tuesday 7 July 2020 10:00 Due to the COVID-19 we are running the programme as a series of six webinars commencing 22 June. Attend and Earn Up To 18.5 EA Credits! Forget equity volatility, low interest rates will be the killer of this type of business. We will cover issues and implications for life companies implementing ICS. Presenters in this plenary shared their insights into how COVID-19 is affecting general insurance, life insurance and retirement incomes, and the uncertainty that remains. The Conference of Consulting Actuaries is excited to announce the 2020 CCA Annual Meeting will be held virtually, from Monday, October 19th to Wednesday, October 21st and Monday, October 26th to Wednesday, October … The purpose of the project was to build a model that will predict the level of future premiums on a policy. CPD: Actuaries Institute Members can claim two CPD points for every hour of reading articles on Actuaries Digital. Speakers: Chintan Patel and Paul Collins, Bank of England / Prudential Regulation Authority, ESG and climate change integration – the journey for life insurers. support and extract information from unstructured text. Accra, Ghana March 18 - 20, 2020. Since our inception, objectivity and professional excellence have been our hallmarks. It is our pleasure to invite you to Mumbai for the 20th Global Conference of Actuaries (20th GCA) on 4th to 6th March, 2019 and Actuarial Gala Function and Awards (AGFA) 2019 evening on the 4th March, 2019. In this session we take a pragmatic look at the subject and explore: Speakers: Stephen Carlin, Montoux and Ewen Tweedie, PwC, Part VII transfers in the current environment. He is the President of the Young Actuaries Program Committee (Queensland), and a member of the Young Actuaries Advisory Board Task Force and the Queensland Actuarial Community Organising Committee. ... and much much more!!!! Present at one of Life’s biggest events of the year However, a measured approach must be taken to prevent the flood gates opening for claims that were never intended to be covered and have not been funded for through premiums. Speakers: Dale Walmsley, First Actuarial LLP and Stephen Humphrey, Government Actuary’s Department Workshop Tue, 30/06/2020 - 12:00 - 13:00 Webinar: Decumulation in pension plans: Income drawdown and pooled annuities A key takeaway is how significant an achievement this was for the industry. Insurer’s asset portfolios have evolved dramatically over the last few years due to low yields, regulatory changes and a number of conflicting metrics to measure against. This talk will explore how actuaries might look to future-proof their capital models to make them fit for purpose under a wider range of economic conditions, and how doing so could impact an insurer's reported financial position. •The challenge of managing MA eligible assets Member Full (from Saturday 21 November 2020) $70.00. claims that were never intended to be covered and have not been funded for through premiums. Assessing Model Drift – Do internal models accurately reflect the risks that UK life insurers face? Seminars and Conferences. •Roles of Deloitte and Eigen We provide targeted advice in a number of areas including : product development; risk and capital management; investment and ALM; longevity management; transactions and structuring; and insurance transfers and reporting. Readers can learn more about YAAB. An overview of current asset portfolios and the metrics they’re measured against. James Aclis (Convenor) James Aclis is a qualified FIAA and CERA in the General Insurance Actuarial team at KPMG. 2020 Life Insurance Conference. Starting with Richard Trendall, Valuation Actuary at IAG New Zealand, who provided the lessons and opportunities of working on IFRS 17. Stochastic Modeling of Mortality with Special Focus on Pandemic Risk. Examine key issues for annuity and with-profit products in the UK life insurance market.. The project addresses the common problem of volatility in financial reporting caused by irregularity in premium payments on savings products. , Co-Founder and CEO of Curious Thing, is a successful actuary and data scientist who inspired many young actuaries to take on the start-up challenge. The key longer-term risk for life insurers will be the longer-term economic impacts to morbidity insurance products. To meet the requirements of SS3/19 (Enhancing banks’ and insurers’ approaches to managing the financial risks from climate change), one of our client’s embarked on a programme in 2020 to enhance its Task Force for Climate-related Financial Disclosure (“TCFD”) for its insurance business and asset manager and to undertake climate stress and scenario testing for select key funds. What can be done and what changes are required in the product? Speakers: Catherine Thorn, ReAssure, Kris Overlunde, PwC, Jonathan Welsh, Wesleyan and Wei Tham, KPMG, Sustainability and climate change: I’d like to help – but I’m an actuary. However, it is a complex subject that’s further complicated by industry jargon and competing perceptions of what it is and is not. Insights – Discussion on PS300 , Manager of Life Insurance and Wealth Management at EY, began the plenary with the COVID-19 impacts on Life Insurance. The theme for the YAC was ’Empowering through Uncertainty’, and featured thirteen speakers from various industries who presented across four plenaries: The Conference concluded with an hour of virtual networking, comprising of four 15-minute speed networking groups, enabling attendees to meet other young actuaries across Australia and around the world. Today, we are helping clients address some of the world’s most profound social and business challenges, including a looming retirement crisis, an evolving healthcare landscape, the effects of climate change and a global pandemic, and an insurance industry burdened by low interest rates and daunting reporting requirements. Murray Goldschmidt, Executive Director of Cyber Capability, Education and Training at CyberCX, provided a high-level overview of the cyber threat landscape and developing cyber capability. 2020 CCA Virtual Annual Meeting October 19-21 & 26-28, 2020 . The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, … The Society of Actuaries in Ireland held its first virtual Annual Convention on 8th December, 2020 and it was a huge success. Take a jump and get started. The Association is the largest national grouping of consulting actuaries in the World and is a full member of the International Actuarial Association. The 2020 Young Actuaries Conference (YAC) went virtual for the first time this year, covering the impacts of COVID-19 on the insurance sector, industry developments, emerging opportunities and risks, and the career journeys of three actuaries. This field is for validation purposes and should be left unchanged. 2030 – a view from the future - lessons in resilience and climate change risk management. An overview of Part VII transfers in the last year or so and some comments/observations on how things have changed and how tings may change going forward. The COVID-19 pandemic assumed a temporary role in driving the front end as the oil crash sent front end valuations lower. Make your research matter by attending the 2020 Actuarial Research Conference hosted online by the University of Nebraska–Lincoln in the summer of 2020. An insightful comment from Murray was that a resilient eco-system no longer relies on software and hardware alone, it requires a cyber capable workforce who understand the cyber risks and how to mitigate them. Michael Rice, Executive Director of Rice Warner, then covered the effects on retirement incomes, specifically the impact of the early release of superannuation scheme. International Actuarial Colloquium-Dates to be confirmed Hong Kong, Hong Kong. However, Conference Organizers will not be responsible for any travel, hotel accommodations or other costs incurred. The Actuaries Code - what does it mean in practice models can be created to classify documents. Seminar Archives 2005 and Earlier. Whilst Brexit-related volatility subsided at the start of 2020, it will soon come back into focus. The final presentation was by Hugh Miller, Principal at Taylor Fry, on how actuaries are becoming involved with the social sector. Registration fees are in Australian dollars and include GST. Thank you to all our speakers, Finity Consulting for sponsoring, the Actuaries Institute and the YAC Organising Committee for delivering another successful event. The impact on general insurance lines varies but in each case the government, the judiciary, insurers and customers must strike a balance between meeting customer expectations while maintaining insurer stability. He also encouraged the audience to find both internal and external mentors for more diverse perspectives. Actuaries have a role to play across product design, pricing, risk management and experience monitoring. The development of life insurers' Solvency II capital models occurred during a period where markets were much calmer than they've been in 2020. The team used a wide range of data sources, including policy and client data, employer data, historical scheme data, and third-party external data.Several machine learning algorithms were tested and compared. The RPI consultation is seen as the main driver of the back-end, though with continued uncertainty and lack of supply, increased demand is seeing valuations drift higher. However, some of these findings are uncertain due to potential misclassification of deaths due to the limited amount of COVID-19 testing early on. WEB SESSION. The PRA regularly assesses the risk of internal model drift for UK life insurers; the risk that, over time, the SCR calculated using an internal model no longer remains reflective of a firm’s risks. 24/25 Mar 2021. Webinars. A three-day virtual conference from 19-21 May 2021. The highest performing model was fitted with an XGB (eXtreme Gradient Boosting) algorithm with a Bayesian hyperparameters optimisation procedure. Speakers: Adele Groyer and John O'Brien, Gen Re. It has been adopted in Nov 2019 by the IAIS, and has the backing of international regulators (e.g. Price optimisation is emerging as a key theme in the world of life insurance pricing, particularly as insurers look for new ways to create customer and shareholder value through the lever of price. We serve the full spectrum of business, financial, government, union, education, and nonprofit organisations. “I reckon it might have been the best all round actuarial conference in the world this year.” “Great content, super discussions, impressive set-up. There will be updates from an insurance equity market analyst who presents her views on ICS, and also solvency/capital (on-going SII long-term guarantee review) across UK and EU markets, including impact from Covid-19. Members of the CCA receive support and assistance with professionalism, continuing education, client work, representing members' interests, and research support. Conference papers for 2020. Executive Director of Rice Warner, then covered the effects on retirement incomes, specifically the impact of the early release of superannuation scheme. Scottish Friendly has a strong history of acquiring closed with-profits funds. The 2020 Convention Converts to Virtual Introducing our first-ever virtual Convention. With majority of with-profits funds now in run-off there is a clear trend of, and an increasing need for, consolidation of funds between companies. The first presentation focused on data analytics, specifically natural language processing (NLP) and was presented by Andrey Ponomarev, Lead Modelling and Analytics Specialist and Abhijeet Agarawal, Executive Manager. Hugh shared the following reflections on his actuarial experience in the social sector to date: Actuarial work is often highly regarded so involvement is increasing, Social sector work can suit actuaries because of complex funding arrangements, The importance of always considering the broader policy context, communication, , professionalism around the use and appropriateness of models, was a career focused panel discussion that, Each speaker was asked a range of questions to. COVID-19 has had an unprecedented impact on our personal and professional lives. End of April, 93.5p was needed to guarantee payout of £1 in 20 years. Instead consider whether the product can be sold, who won’t buy it and what are the drivers. Recurring single premium AWP whole life contracts in an ISA wrapper.Now, the low interest rate environment looks like it is becoming permanent. , provided a high-level overview of the cyber threat landscape and developing cyber capability. Ryan Starkey is an analyst at Quantium, providing actuarial advice and data-driven solutions to various insurance clients. WATCHING THE YOUNG ACTUARIES CONFERENCE. Sections Virtual Colloquium 2020. His work experience includes general insurance pricing and liability valuation across compulsory third party, commercial and personal insurance lines. This talk from members of the Resource and Environment Board explores how actuaries can play a critical role in building a better future by tackling climate change and helping to accelerate the move to a sustainable financial system. The project was completed jointly by Lloyds Banking Group and EY. Sam said to never question whether the idea is financially viable without starting because the answer will always be no. We will cover: You will be able to access sessions from wherever you are in the world and watch the plenary recordings if you miss anything. For the first time, the international actuarial streaming platform actuview will be hosting its own online event in September 2020 – the actuview online conference, aoc2020. Cyber risk continues to emerge as a key risk for organisations and individuals. This also helps clients meet new PRA climate regulations. The event is proudly hosted by The Actuarial Society of Malaysia (ASM) which will bring together 12 actuarial associations across Asia and Australia with over 30,000 members. and featured thirteen speakers from various industries who presented across four plenaries: A high-level update on COVID-19 impacts on the insurance industry. Established in 2002, Oliver James is a global recruitment partner excelling at handling interim and permanent appointments on a contingent and retained basis, up to C-suite level. Over the past seven decades, as the nature of risk has evolved, so has the scope of our work. However, this topic is not frequently covered in detail within our profession and especially with young actuaries. targeted and sold to the right customers. To help you plan, we have produced an overview of the full schedule as a PDF which is available to download. Submit. Ageing populations and inequality affect interest rates, the climate transition impacts key sectors. Conference of Consulting Actuaries - Advancing The Practice The Conference of Consulting Actuaries (CCA) supports consulting actuaries in all practice areas, in many countries. Authors. Speakers: Craig Burns, Scottish Friendly and Stephen Makin, Hymans Robertson, GBP inflation & the RPI curve: A tale of two halves. The RPI curve has been a tale of two halves with the front end reaching elevated levels whilst the back-end remains depressed. Conference: Heriot Watt event. All actuarial advice given by our members is subject to the Actuaries… Speaker: Dhiran Dookhi, Willis Towers Watson, IFRS17 – how do we explain ourselves better? Funds were able to issue refunds within a very short timeframe while successfully managing liquidity and asset allocation.    -Benefits Speaker: Craig Mackenzie, Aberdeen Standard Investments. We commence with an overview of ICS, comparisons with Solvency II, and how it fits into the UK regulatory framework. What's a 1-in-200 year stress when you're in a market downturn? For further information please contact Hannah Watson. by Peter Eben, Azhar Khan, Matthew Legg and Daniel Teng. Hugh started by highlighting how large the social sector is, which spends around $600 billion compared to $120 billion for insurance per year. The YAC has sold out three years in a row and the virtual format will mean no cap on attendance, so no one misses out. Sam said to never question whether the idea is financially viable without starting because the answer will always be no. Credit card surcharge of … encouraged the audience to find both internal and external mentors for more diverse perspectives. An overview of the CMI's activity on COVID-19 including: This session will be very relevant to life actuaries who are involved in assumption-setting or experience monitoring for mortality, morbidity and longevity. Ryan is passionate about creating networking and professional development opportunities for young actuaries. Tackling analysis of change. The intent is to ensure products are. Finally, Scott Duncan, Principal at Taylor Fry, shared the COVID-19 impacts on general insurance, highlighting the most impacted business lines, domestic motor, travel insurance and business interruption.
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