Big Data and Machine Learning is already well established in Big Techs and also to some extend in banks and non-life and health insurance. But how about life insurance? With a short introduction and a plenary discussion representatives from life and health reinsurance and management consultancy want to shed light on what can be learnt from other industries, how can we implement effective solutions in life, what are regulatory limitations and how can we handle those.
Speakers: Dr. Frank Schiller, Andreas Bayerstadler, Munich Re and Gerold Grasshoff, BCG
Following the issue of the final IFRS 17 Insurance Contracts accounting standard in May 2017, there has been much debate in the insurance industry on how to interpret and apply the requirements of the standard. This talk will give an update on the latest TRG and IASB discussions and areas of current industry debate and uncertainty. This will include discussion on the following topics: 1. CSM amortisation 2. VFA eligibility 3. Dual CSMs 4. Fulfilment expenses and 5 Lifetime mortgages.
Speakers: Lucinda Parlett and David Hollliday, KPMG
This presentation considers a short re-cap on the risks Brexit presents to policyholders- A summary of the options which can be applied to simpler business lines such as unit-linked or annuities- An analysis of the challenges and considerations for with-profits policyholders- An overview of the innovative restructuring undertaken to protect with-profits policyholders in Standard Life's £13bn overseas branches
Speakers: Jonathan McGuffie, PwC and Leigh-Ann Plenderleith, Standard Life
The Risk Margin has proved to be one of the most controversial aspects of Solvency II: it is accused of destabilising balance sheets and causing insurers to fundamentally change product and reinsurance strategies. So what is the purpose of the Risk Margin? Does it do more harm than good? Is it flawed in concept, is it mis-calibrated or does it actually enhance policyholder protection? And how would actuaries redesign the Risk Margin if we started from a blank piece of paper?
The Risk Margin Working Party’s membership covers insurers, banks and consultants from the UK and overseas.
Speakers: Paul Fulcher, Milliman and Andy Scott, Hymans (IFoA Risk Margin Working Party)