Part of the Current Issues in Life Assurance (CILA) 2023 Webinar Series IFRS 17 came into effect on 1 January 2023. Many insurance companies also applied IFRS 9 for the first time at that date. Insurers must now consider what to disclose in the first financial statements in which IFRS 17 and IFRS 9 are applied. For insurers who prepare interim reports, this will be required either in the first quarter or first half of 2023. We will present an analysis of insurers’ disclosures, including the level of qualitative and quantitative information disclosed.
Part of the Current Issues in Life Assurance (CILA) 2023 Webinar Series For those forecasts characterised by a lack of data, extreme events or high uncertainty, expert judgement is a powerful, under-utilised ally for both costing and reserving decisions. The quality of expert judgement can vary widely, though. Behavioural economics studies indicate that cognitive biases and inconsistencies (noise) undermine the quality of expert judgement. We aimed to identify the degree of noise and bias in various re/insurance decisions and test the effectiveness of a custom-built toolkit for boosting the accuracy of expert judgement. We achieved substantial improvements in forecasting accuracy in a pre-post analysis (5-40%) when applying our toolkit to a variety of forecasts.
Part of the Current Issues in Life Assurance (CILA) 2023 Webinar Series We will consider how AI has been, and can be, used in the context of life and non-life insurers, as well as wider fields. We look at how ‘large language models’ work and their strengths and weaknesses. We will illustrate the use of this technology with the following use cases: IFRS 17 and AI – information search tool New AI coding assistant for actuaries How to prevent another global financial crisis. We will also consider WTW’s response to the recent consultation on AI in financial services.