The IFoA Conference 2022

Wed 22 Jun 2022, 08:30 -
Thu 23 Jun 2022, 17:00

New ideas – new directions

Join us in June for an in-person and virtual event, focused on discussing and exploring ‘tomorrow’s actuary’. Our first ever fully-hybrid event is designed to spark conversation, learning, and thought-leadership across a range of traditional and emerging topics, such as sustainability, health and care, Covid-19, careers, and data science.

The two-day calendar is packed with cross-practice sessions, panel sessions, and a range of top-flight speakers. It’s also your opportunity to network in person or virtually, and be part of the global actuarial community.

The series of compelling and exciting sessions and speakers are listed here and in more detail below, with highlights including:

  • The opportunity to ask questions of Matt Saker, Louise Pryor, and Kalpana Shah in a fireside chat, along with the IFoA’s CEO Stephen Mann
  • A range of valuable career and professional development workshops to ensure you stay at the top of your game and develop your actuarial career
  • Networking drinks reception on the evening of 22 June

We’re excited to be back and look forward to welcoming you to our inaugural IFoA Conference.

We hope the conference will grow your knowledge, open doors and even propel you in new directions.

Schedule

Activity Time Details
Registration 08:30 - 09:10 Registration
Plenary session 09:10 - 09:20 Welcome opening address Read more

Matt Saker, incoming President IFoA (2022/23) welcomes you all in his opening address for the inaugural IFoA Conference 2022.

Plenary session 09:20 - 10:20 Plenary: Challenges ahead for pensions and the welfare state Read more

Everything has changed in the last 15 years. Growth has stalled. Earnings have barely risen. Interest rates have remained at their lowest levels in history. We now face the highest inflation in 40 years. Yet pension policy was effectively set by the Turner commission which reported pre financial crisis. The welfare state and the NHS remain essentially unreformed. Paul will look at the challenges ahead and the degree to which current policy is sustainable, and will ask whether we need to think again about how we support pensions, savings, and the wider welfare state.

Speaker: Paul Johnson
Chair: Matt Saker, incoming President IFoA (2022/23)

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Plenary session 10:20 - 11:00 Awards Ceremony Read more

Join us as we introduce the awards followed by the Awards ceremony

Format

  • Join us in person and meet award recipients
  • Watch via live stream online
Refreshments 11:00 - 11:45 Networking coffee break Read more

A great opportunity to strengthen your business connections and discuss the topics presented in the first sessions.

Workshop A1 11:50 - 12:50 Workshop session A1: Creating a globally diverse and inclusive profession Read more

A1: Creating a globally diverse and inclusive profession

Topic: Diversity, Equity and Inclusion (DEI)

Senior IFoA, industry and business leaders will discuss the strategic and moral importance of delivering the IFoA’s recently published DEI Strategy, which aims to champion and embody the benefits of a globally diverse and inclusive profession. The plenary will also consider the implications of diversity on actuarial work and developments in the regulatory sphere.

Topics to cover include:

  • How to best implement the IFoA DEI strategy and achieve true impact
  • How can we make the profession and financial services more accessible to those from underrepresented or lower socio-economic backgrounds?
  • How does the profession need to adapt to the shifting political and regulatory landscape on diversity?
  • What might the DEI strategy mean for actuarial work?


Speakers:

  • Stephen Mann, IFoA
  • Chika Aghadiuno, Diversity Action Group (DAG)
  • Iain Anderson, Executive Chairman of Cicero/amo and the UK Government’s Former LGBT Business Champion
  • Chair: Louise Pryor, President, IFoA

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop A2 11:50 - 12:50 Workshop session A2: Climate change and the insurance industry Read more

A2: Climate change and the insurance industry

Topic: Sustainability

An overview of topical climate-related issues impacting the insurance industry, where we explore shortcomings in the journey so far and lessons to take away. This includes:

  • The Task Force on Climate-related Financial Disclosures (TCFD) recommendations, what they are, and how they are being implemented
  • Key outcomes of the Climate Biennial Exploratory Scenario (CBES) as they have emerged so far
  • COP26 and the insurance industry's response
  • synergies between different areas of climate risk modelling and reporting.


Speakers: Conal Shirazi and Natalia Mirin, Grant Thornton

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop A3 11:50 - 12:50 Workshop session A3: Mental Health and Life Insurance: Data and Modelling Read more

A3: Mental Health and Life Insurance: Data and Modelling

Topic: Health and Care

The Data and Modelling workstream of the Institute and Faculty of Actuaries Mental Health Working Party is publishing a paper in Q2 focused on data analysis and underwriting of mental health conditions in life and protection insurance products. This talk is focused on exploring potential avenues for improvements in data collection, changes to how mental health risks are modelled and considerations of innovative product designs.

Speakers:

  • Lisa Balboa, Hannover Re
  • Joseph Wilson, RGA
  • Serena Soong, Legal & General
  • Maryse Nashime, Partner Re
  • Cillian Tierney, Chief Medical Underwriter UKI/I at Partner Re
Workshop A4 11:50 - 12:50 Workshop session A4: IFRS 17: The bigger picture Read more

A4: IFRS 17: The bigger picture

Topic: IFRS 17

Our workshop will focus on the wider operational areas within an insurance company that are impacted by IFRS 17, and discuss the impacts beyond financial statements. The target audience is anyone in the insurance community.

Topics covered will include the following:

  • IT systems/ data integration
  • Product design/ pricing
  • Planning/ budgeting
  • MI/ KPIs
  • Outwards reinsurance
  • Executive remuneration
  • Tax
  • Processes


Under each topic, we will discuss the regulatory requirements and how to realise greater benefits.

Speakers: Simon Sheaf, Bhavin Bhatt and Mark Wu, Grant Thornton

Workshop A5 11:50 - 12:50 Workshop session A5: The Growth of Non-Bank Lending – An Opportunity with Impact Read more

A5: The Growth of Non-Bank Lending – An Opportunity with Impact

Topic: Finance and Investment

  • Non-bank lending has a critical role to play in financing the global economy and driving a positive impact.
  • The market is large (approximately $4.5tn) and growing quickly, but remains fragmented.
  • Institutional involvement can help drive positive impact, notably environmental and social benefits, as well as improving governance in the sector.
  • Relative to other segments of private credit, such as corporate direct lending, and traded securitization markets, this sector can bring very attractive risk-adjusted returns.


Speaker: Hugh Cutler, Pollen Street Capital

Workshop A6 11:50 - 12:50 Workshop session A6: The big three: How DB pensions can help solve society’s biggest issues Read more

A6: The big three: How DB pensions can help solve society’s biggest issues

Topic: Pensions

We’ll look at how actuaries working across all sectors are putting “inclusive capitalism” into action. By supporting companies to protect pension scheme members’ benefits we can help to address some of the greatest societal challenges.

We will join the dots between DB pensions and solutions to what we see as three of the UK’s most pressing issues:

  • Economic inequality and underinvestment outside London and the South East
  • A lack of affordable housing
  • The climate emergency.

Speaker: Adrian Somerfield, Legal & General

Workshop A7 11:50 - 12:50 Workshop session A7: Infrastructure, the challenges facing the UK – Can actuaries help? Read more

A7: Infrastructure, the challenges facing the UK – Can actuaries help?

Topic: Finance and Investment

The UK needs a considerable amount of new infrastructure over the next 30 years but resources are likely to be limited and choices will have to be made between alternative projects. These choices will require complex analyses of the various options under different scenarios, given major uncertainties about the impacts of climate change and technological advances. Account will have to be taken of the estimated positive and negative social impacts arising from each project, given only limited evidence. The conference session will pose the question of whether it would help the nation if actuaries were to work alongside other professionals in carrying out such analyses.

Speaker: Chris Lewin, Chair IFoA Infrastructure Working Party

Refreshments 12:50 - 14:00 Lunch Read more

Discuss the morning's topics and enjoy lunch with your peers and colleagues new and old.

Workshop B1-7 14:00 - 15:00 Workshop session Plenary: Why Demographics matter? Insights from Macro-Finance for Investments & Risks Read more

Plenary: Why Demographics matter? Insights from Macro-Finance for Investments & Risks

  • A challenge to the conventional perspective of Demographics
  • Highlights from his book “Demographics Unravelled”
  • An interdisciplinary perspective
  • Impact on Growth, Debts, Capital Flows, and Inflation
  • Asset Pricing and Asset Allocation
  • Macro Systemic Risk modelling and the Future
  • Qualitative aspects— Gender Equality, Health, and SDGs.

Speaker: Amlan Roy, Research Associate, Systemic Risk Centre, and Senior Research Associate, Financial Markets Group at The London School of Economics and Political Science (LSE)
Chair: Kalpana Shah, Incoming President-elect

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop B1 14:00 - 15:00 Workshop session B1: Professional Skills: Tomorrow's Actuary – Working professionally in the new world Read more

B1: Professional Skills: Tomorrow's Actuary – Working professionally in the new world

Topic: Professional Skills

March 2020 was the last in-person professional skills session we presented. Since then we have seen major changes to where and how actuaries work and consequently changes in how we interact with our customers, clients, and colleagues.

There have been new challenges of isolation, communication, company loyalty, conflicts, and many others. Many of these changes will continue to some extent going forward as many of us adapt to a hybrid working environment.

Throughout all this it is imperative we remain professional in all we do.

What additional aspects do we need to consider to achieve this? How can the IFoA’s Regulatory approach support members in their endeavours to provide the best service to the users of actuarial work?

This will be a lively interactive session led by Malcolm Slee, Chair of the IFoA’s Professional Skills Sub-committee and an IFoA Regulatory Solicitor, where we consider these issues with the aid of a video case study and other material.

Speakers: Malcolm Slee, Chair of the IFoA’s Professional Skills Sub-committee and Emma Gilpin, IFoA

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop B2 14:00 - 15:00 Workshop session B2: Disaster Risk Finance – A multi-disciplinary approach Read more

B2: Disaster Risk Finance – A multi-disciplinary approach

Topic: Sustainability

Successful disaster risk finance involves a multi-disciplinary approach where a range of professionals, including actuaries, work together with stakeholders to arrive at effective solutions.

GAD has collaborated with a number of organisations (including FCDO, the World Bank and the Centre for Disaster Protection) in this space and during this session, we will discuss several of our projects.

Speakers: Chris Paterson and Joanne Meusz, GAD, Nazira Lacayo, IFRC

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop B3 14:00 - 15:00 Workshop session B3: Under the Surface of the Solvency II Reforms Read more

B3: Under the Surface of the Solvency II Reforms

Topic: Risk

We will share findings from our analysis of industry data submitted for the PRA’s QIS (October 2021) and consider how the April 2022 consultation alters the direction of travel. Changes in the risk margin and matching adjustment have important implications for product pricing, capital management, reinsurance, internal models and many other areas, but few firms will have had the opportunity to get to grips with these. We will cover both technical and policy perspectives.

Speakers:

  • Kenneth McIvor, WTW
  • David Otudeko, ABI
Workshop B4 14:00 - 15:00 Workshop session B4: Impaired Lives Insurability: Dawn of a new era Read more

B4: Impaired Lives Insurability: Dawn of a new era

Topic: Health and Care

The last two decades have witnessed a bifurcation in the market for longevity risks as specialist insurers have started to distinguish between impaired lives and others. The distinction has given rise to impaired lives’ annuity contractual terms that are more favourable than those available to standard lives.

A market for impaired lives mortality risks is taking shape, in much the same way that it has become established in the longevity market in a number of jurisdictions. This distinction has always existed in the mortality risk market, albeit. Some may argue that this distinction is nothing new. However, impaired lives have traditionally been handled on an ‘exceptions basis’, and not as a separate market in its own right (and subject to inferior terms). It is likely that the growth of a fully-fledged dedicated market for impaired lives’ mortality risks will result in improvements in the terms offered to them. This is mainly because advances in medical science and technology have resulted in many impaired lives that were once considered uninsurable becoming insurable.

This change in the insurability of a significant segment of the population presents new opportunities for applications in the form of novel insurance products. In this presentation, I will use cancer as an example of an impairment that has undergone such a sea change. I will demonstrate how the march of medical science has rendered many of these cases insurable.

Taurayi will discuss two possible applications:

  • A product solution to an age-old problem that cancer patients face in many countries. This problem is the dilemma arising from the need to commit substantial sums of money to cancer treatment with no guarantee of success.
  • Coverage of financial support to elderly parents

Speaker: Taurayi Chinowona, Consulting Actuary

Workshop B5 14:00 - 15:00 Workshop session B5: Making the leap to C suite and NED roles using your unique talents Read more

B5: Making the leap to C suite and NED roles using your unique talents

Topic: Diversity, Equity and Inclusion (DEI)

  • How do you leverage your unique talents to stand out from the crowd?
  • How do you get comfortable stepping up when you don’t fit the “accepted mould” or usual stereotype?
  • How do you overcome hurdles to building a senior executive and/or NED career?
  • How can you be an ally to others on their journey?


In this interactive session, our three expert panellists will assist you with top tips on how to market your unique perspective to successfully become a senior executive or NED. With expertise in the Insurance & Financial Services sector, as well as Diversity, Equity and Inclusion, they will cover key topics such as networking, neurodiversity, executive search, career management, and allyship.

You’ll leave with the tools to overcome career hurdles and achieve your ambitions!

Speakers:

  • Barbara Schonhofer, MBE, Executive Chair Global of ISC Group
  • Fiona Hathorn, CEO of Women on Boards UK
  • Mark Freed, CEO E2W

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop B6 14:00 - 15:00 Workshop session B6: Algorithmic Fairness: Philosophy to Practice Read more

B6: Algorithmic Fairness: Philosophy to Practice

Topic: Data Science

The classic approach in the governance of social decision-making has been to develop regulations designed to guide decision-makers to follow and uphold certain principles such as dependability, transparency, privacy, and fairness. As more and more decisions get automated using modern machine learning algorithms, it becomes more challenging for governing bodies and regulatory authorities to enforce social choices and cultural ethos. This work describes how the ostensibly abstract philosophical principle of fairness can be instantiated, measured, and enforced in any recommender system. The structure of the proposed talk is as follows. I start by demonstrating the inherent inductive biases in machine learning algorithms. Then follow it by defining the currently accepted notions of fairness and showcasing examples where it might be desirable from a business standpoint. Thirdly, I demonstrate how such definitions can be formulated as a standard learning problem and discuss their inherent trade-offs with accuracy and robustness. Finally, I showcase an open source Python/R package, which provides many of the tools necessary to implement a large-scale fair recommender system.

Speaker: Arjit Das, ERGO Group AG

Plenary session 15:10 - 16:10 Plenary: Supporting the transition: insights from the Bank of England's Climate Biennial Exploratory Scenario (CBES) exercise Read more

The CBES explored the resilience of the UK financial system to the physical and transition risks associated with different climate pathways. The exercise used three scenarios of early, late and no additional action to explore the two key risks from climate change; the risks arising from the significant structural changes to the economy needed to achieve net zero emissions – ‘transition risk’; and risks associated with the higher global temperatures likely to result from taking no further policy action – ‘physical risks’. This is the first time the Bank has tested both banks and insurers to capture interactions between them and understand the risk presented by climate change across the financial system.

Expertise in modelling climate-related risks is in its infancy, so this exercise was designed to support capacity building for the Bank, CBES participants and the broader financial sector.

This session will cover the main learnings for the insurance sector.

Stefan Claus, Jethro Green and Giorgis Hadzilacos, Bank of England

Format

  • Join us in person and meet award recipients
  • Watch via live stream online
Refreshments 16:10 - 16:40 Refreshment break and networking Read more

A great opportunity to take a break and discuss the topics presented in the first day.

Workshop C1 16:40 - 17:40 Workshop session C1: Rethinking Diversity – Harnessing human Capital through Diversity of thought Read more

C1: Rethinking Diversity – Harnessing human Capital through Diversity of thought

Topic: Diversity, Equity and Inclusion (DEI)

  • How do you flex and adapt your approach?
  • How do you appreciate difference?
  • How do you navigate the tension that difference brings?

In this engaging session, we will explore the workplace benefits of diversity of thought, what you can do to increase diversity of thought in your team, and how understanding personality preference can help you optimise diversity of thought in your organisation.

You’ll leave thinking differently!

Speaker: Jenny Garrett OBE is a Coach & Leadership development consultant. She is an experienced facilitator of programmes for managers, Directors, and CEOs from a variety of organisations, including the private and public sectors.

Chair: Matt Saker, incoming President IFoA (2022/23)

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop C2 16:40 - 17:40 Workshop session C2: Decentralized Finance and Crypto Assets – Genesis of new risks and business models Read more

C2: Decentralized Finance and Crypto Assets – Genesis of new risks and business models

Topic: Finance and Investment

In our session we will give an overview of:

  • the development of the Decentralized Finance landscape and the related risks
  • the development of new insurance solutions tailor-made to crypto-related risks
  • our underwriting and pricing approach
  • the raise and advantages of crypto-native insurance companies
  • are crypto-native insurance companies a thread for traditional insurers?

Speakers: Daniel Cantzler and Peter Bärnreuther, Munich Re

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop C3 16:40 - 17:40 Workshop session C3: The nature imperative in the actuarial profession Read more

C3: The nature imperative in the actuarial profession

Topic: Sustainability

  • What is biodiversity and why should we be concerned about it now?
  • How could biodiversity loss manifest as a material financial risk for the insurance and pensions industry?
  • How can we leverage the latest thinking on climate change to tackle the biodiversity crisis?
  • Detailed case studies exploring what tangible steps firms are taking today including:
    • Carbon in-setting as a nature-based solution
    • Parametric insurance designed to protect natural assets and the ecosystem services they provide
    • Sovereign blue bonds and ESG debt swaps to support innovative ocean financing

Speakers:

  • Ryan Allison, Phoenix
  • Alex Martin, Aviva
  • Lisa Yu, World Bank Group

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop C4 16:40 - 17:40 Workshop session C4: CMI analysis of the impact of socio-economic status on mortality/morbidity Read more

C4: CMI analysis of the impact of socio-economic status on mortality/morbidity

Topic: Health and Care

The CMI has been seeking Index of Multiple Deprivation (IMD) data to enable socio-economic analysis of its mortality and morbidity experience.

This is an exciting new area of research and analyses have already been undertaken into the experience by IMD for annuitants, term assurance policyholders and pensioners.

We will share:

  • A summary of the work that has already been undertaken
  • An overview of future plans for IMD analysis
  • Insights into socio-economic variation of Covid-19

Speakers:

  • Matthew Edwards, WTW
  • Hamish Wilson, Pacific Life Re
Workshop C5 16:40 - 17:40 Workshop session C5: Data Ethics and the Actuarial Profession - Past, present and future Read more

C5: Data Ethics and the Actuarial Profession - Past, present and future

Topic: Data Science

  • Data Ethics and the Actuarial Profession - Past, present and future
  • What has developed as best practice for responsible use of data / codes of conduct so far (in general and in the actuarial field)?
  • What are the biggest challenges companies/actuaries face in this area?
  • What are the opportunities?
  • What do companies need to be prepared for and how can they prepare for the future?

Speakers: Stuart Coleman and John Ng

Workshop C6 16:40 - 17:40 Workshop session C6: Levelling up - The great health challenge Read more

C6: Levelling up - The great health challenge

Topic: Health and Care

The UK Government recently proposed targets for levelling up Healthy Life Expectancy (HLE). However, people are increasingly living with poor health.

Smoking cessation could be a key intervention, but its full benefits are yet to be realised. We discuss demographic and epidemiological analyses on:

  • Its contribution toward HLE targets
  • Its impact on HLE in different regions and socio-economic groups
  • Realistic cessation scenarios, and learnings from other countries
  • Transferability to other health risk factors

Speakers:

  • Les Mayhew, International Longevity Centre (ILC) and Bayes Business School, City University
  • Andrew Cairns, Heriot-Watt University
  • Mei Sum Chan, Lane Clark & Peacock
Workshop C7 16:40 - 17:40 Workshop session C7: Sharing investment risk or longevity risk, which would you choose and why? Read more

C7: Sharing investment risk or longevity risk, which would you choose and why?

Topic: Pensions

Investment risk-sharing and longevity risk-sharing are the main elements of a collective defined contribution (CDC) scheme, which distinguish them from an individual DC plan. How much do each of them matter? Can you have one without the other? And what do each of them imply for members' outcomes?

This session summarises the research results obtained to date in the IFoA's ARC funded project "Optimising future pension plans II" on these questions. Audience participation and discussion is most welcome!

Speaker: Catherine Donnelly, Heriot-Watt University

Refreshments 17:40 - 18:30 Networking drinks and canapes Read more

A great opportunity to exchange ideas in person, strengthen your business connections, make new business connections, and foster business or career opportunities.

Activity Time Details
Registration 08:15 - 08:30 Registration
Plenary session 08:30 - 08:40 Welcome to Day 2 - Matt Saker Read more

Matt Saker, incoming President IFoA (2022/23) welcomes you to day 2 of the inaugural IFoA Conference 2022.

Plenary session 08:40 - 09:10 Conversation with Kalpana Shah, Louise Pryor, Matt Saker and Stephen Mann, CEO IFoA Read more

In conversation with...

Speakers:

  • Kalpana Shah, incoming President-elect IFoA (2022/23)
  • Matt Saker, incoming President IFoA (2022/23)
  • Louise Pryor, President of the IFoA (2021/22)
  • Stephen Mann, CEO IFoA

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Plenary session 09:10 - 10:10 Is Corporate Purpose Authentic? Read more

Join this plenary panel discussion to hear leading figures in academia and business provide their perspectives on the purpose of business, the future of corporations and how we can restore trust in our commercial institutions. Covid-19 and the climate crisis are shining a light on the way corporations act. How can we create more purposeful, more trustworthy, and more ethical businesses to meet the needs of today’s society?

Panel: Professor Colin Mayer CBE, Said Business School

Chair: Tan Suee Chieh

Format

  • Join us in person and meet award recipients
  • Watch via live stream online
Workshop D1 10:10 - 11:10 Workshop session D1: Thank Goodness it's Not a Friday – from the Covid-19 Actuaries Response Group Read more

D1: Thank Goodness it's Not a Friday – from the Covid-19 Actuaries Response Group

Topic: Covid-19

The Covid-19 Actuaries Response Group has been widely applauded for the quality, breadth and depth of its work commenting on many of the issues as they arose throughout the pandemic. The mainstay of the group’s production has been its regular ‘Friday Report’, covering all major Covid-19 papers, analyses and data publications as they emerged. Over 60 of these have been published.

In this session, core members of the Friday Report team provide their perspectives on the main themes of the pandemic, discuss whatever pandemic ‘hot topics’ may have emerged over 2022 Q2, and reflect on whether this type of bulletin could work for the profession in other fields.

Speakers: John Roberts Gen Re and Matt Fletcher, Aon

Workshop D2 10:10 - 11:10 Workshop session D2: Understanding the Future of the Actuarial Profession Requires Thinking Outside the Box Read more

D2: Understanding the Future of the Actuarial Profession Requires Thinking Outside the Box

Topic: Careers

What actuaries do has been shaped by their skills, technology, business needs, and social, economic, and envoronmental effects.

We will understand the future of actuaries by examining how these factors interplay: past, present and future and by examining what is going on in other statistics-based problem-solving professions, systems sciences and futurism.

Speaker: Chris Smerald, Emerald Lake Consulting and Sheila Moorcroft, Realising your Future

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop D3 10:10 - 11:10 Workshop session D3: Reskilling the Skilled in a Rapidly Changing Professional Landscape Read more

D3: Reskilling the Skilled in a Rapidly Changing Professional Landscape

Topic: Careers

In the rapidly changing world of work Actuaries, like many other high-status professionals need to take greater personal ownership over their Career-Long Learning. Qualification is not the end, merely the start of this journey.

  • How does one create a Habit of learning to support a successful and sustainable career from the examination room to Board room?
  • What are the skills and competencies employers will value most?
  • What are the sources successful Actuarial Career-Long Learners draw on?

This session looks at how Actuaries can own more of their learning and where the opportunities for learning lie.

Speakers:

  • Dr. Helen Wright, Education Advisor
  • Helena Ingram, WTW
  • Clifford Friend, IFoA

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop D4 10:10 - 11:10 Workshop session D4: The Self Aware Actuary Read more

D4: The Self Aware Actuary

Topic: Diversity, Equity and Inclusion (DEI)

  • Introduce the concept of personal development been more than Analytical system training.
  • To cope with the future people could benefit from developing softer skills, including building empathy.
  • Explain the concept of psychometrics.
  • Take them through the model and the background of these tools.
  • Explain the preferences that underpin these personality profiles.
  • Practical tips on how to establish rapport/empathy with diverse groups and individuals.
  • A look at the average Actuary personality type.
  • Understanding how different personality types respond to Risk.

Speaker: Brad Gentry, Gentry Worldwide

Workshop D5 10:10 - 11:10 Workshop session D5: Embedding data analytics in internal audit Read more

D5: Embedding data analytics in internal audit

Topic: Data Science

Data analytics adds value to the audit life cycle and changes the way assurance is delivered.

We discuss examples of how audit functions can invest in analytics including the areas of emerging risks assessment, predictive insights, red flag triggers, and cognitive analytics.

We consider the advancement of software tools and how this removes many of the traditional barriers to analytics, such as handling disparate data sets or an inability to ingest live data sources.

Speakers: Jamie Crossmann-Smith and Mark Whyman, Grant Thornton

Workshop D6 10:10 - 11:10 Workshop session D6: The New Norm – the impact of hybrid working on our mental wellbeing (and what we can do about it) Read more

D6: The New Norm – the impact of hybrid working on our mental wellbeing (and what we can do about it)

Topic: Health and Care

As we move into the new world of hybrid working and it becomes the New Norm – what impact could it have on our mental wellbeing? This presentation will look at the impact of hybrid working on our work-life balance and our mental health from the lens of the employee, employer, and business leaders. For each, I will set out the changes that have occurred over the last 2 years and what the future could look like with case studies from real-life actuaries. As an actuary and life coach, I will make suggestions on how we can improve our work-life balance and mental health and will provide tools to help tomorrow’s actuary cope with tomorrow’s world.

Speaker: Lisa Staker, Lisa Dawn Coaching Limited

Workshop D7 10:10 - 11:10 Workshop session D7: GHG Emissions – The Road To Net Zero Read more

D7: GHG Emissions – The Road To Net Zero

Topic: Sustainability

What we will cover:

  • Scope 1, 2, 3 emissions – why they are important and should not be treated as a tick box exercise
  • Current practices on measuring and disclosing GHG emissions
  • Most common pitfalls when defining targets for the net-zero transition
  • Examples of success stories
  • What validation best practice tools could be used to ensure the commitments made are credible and will have a positive contribution to the world's journey to net-zero

Speakers: Raluca Stefan and Khushil Modi, Grant Thornton

Refreshments 11:10 - 11:40 Refreshment break
Workshop E1 11:45 - 12:45 Workshop session E1: Tomorrow’s Actuary – Moving beyond traditional actuarial roles Read more

E1: Tomorrow’s Actuary – Moving beyond traditional actuarial roles

Topic: Careers

Are you in a traditional actuarial role and wondering what else you could do with your actuarial skillset? We have a great panel of actuaries who have used their actuarial knowledge and expertise to diversify their careers into a wide range of interesting and unusual opportunities. Hear them share their experiences that led them to their current roles and how their actuarial skills have fitted with what their employers are looking for.

Speakers:

  • Daniel Clarke, Centre for Disaster Protection
  • Wendy Walford, Legal & General
  • Russell Gill, Perenna
  • Sara Joslin nee Ronayne and Matt Gurden, GAD
Workshop E2 11:45 - 12:45 Workshop session E2: Data Science – it's all very nice, but what's in it for actuaries? Read more

E2: Data Science – it's all very nice, but what's in it for actuaries?

Topic: Data Science

  • What are the use cases of data science in general insurance, health, life, and pensions?
  • How advanced predictive analytics techniques can outperform traditional actuarial methods?
  • Introducing the Actuarial Data Science Control Cycle
  • How the use of data science tools can improve the speed and robustness of traditional actuarial work?
  • How change management and “Explainable AI” are important to the acceptance of new methods in existing processes and governance
  • How is the IFoA supporting data science?

Speakers:

  • John Ng, Reinsurance Group of America (RGA)
  • Alexis Iglauer, Partner Re

Format

  • Join us in person and meet speakers
  • Watch via live stream online
Workshop E3 11:45 - 12:45 Workshop session E3: Emerging risk - Complex systems and lessons from Covid Read more

E3: Emerging risk - Complex systems and lessons from Covid

Topic: Risk

Standard actuarial techniques do not work well with emergent risks. I use Covid-19 as a case study to look at how these techniques fail, and outline an alternative approach drawing on complex systems theory. The presentation draws on the work of FINSTIC and the author's Emerging Global Risks course at Bayes Business School.

Speaker: Nick Silver, Callund Consulting Limited

Workshop E4 11:45 - 12:45 Workshop session E4: Are tail risks the next frontier in climate scenario modelling? Read more

E4: Are tail risks the next frontier in climate scenario modelling?

Topic: Sustainability

The standard (NGFS) climate scenarios are not intended to be extreme scenarios and hence often do not demonstrate much differentiation between each other or the base scenario; arguably the tail risks are the most important and would highlight the key implications.

This talk will set out a framework for understanding climate-related tail risks, including direct effects of extreme weather on disease/pandemic risks, and land/infrastructure risks effects on food systems. Designed based on a collaboration with researchers at the University of Cambridge.

It will also explore one of those pathways in more detail, indicating how modelling complex scenarios incorporating international trade and political systems can add greater insight to the risks in an insurance balance sheet.

Speaker: Sanjay Joshi, Hymans Robertson

Workshop E5 11:45 - 12:45 Workshop session E5: What do the UK government’s changes to actuarial regulation mean for the future of the profession? Read more

E5: What do the UK government’s changes to actuarial regulation mean for the future of the profession?

The UK Government announced proposed changes to the regulation of actuaries in the UK in 2021 as part of wider audit and corporate governance reform proposals, with potentially significant changes anticipated for individual actuaries and their employers.

The IFoA has been a strong voice in warning of serious potential unintended consequences if the wrong arrangements are put in place and the risk that might pose to the contribution of actuaries to wider society.

As we begin to understand and consider the implications of those changes, this session looks at what it might mean for actuaries working in the UK as well as for the future of the profession as a whole.

Speakers:

  • Ben Kemp, IFoA
  • Matt Saker, President, IFoA
  • Jane Curtis
  • David Everett
  • Chair: Louise Pryor, Immediate Past President
Workshop E6 11:45 - 12:45 Workshop session E6: Freedom and choice: Public attitudes seven years on Read more

E6: Freedom and choice: Public attitudes seven years on

Topic: Pensions

Since April 2015 individuals have had greater flexibility in how they can access their pension benefits, for example, they are no longer required to take an annuity and can now access their benefits as cash or transfer them to a drawdown arrangement. This change offers individuals much more choice and flexibility. A good thing – but are people aware of how to use these new freedoms and are confident in doing so?

The IFoA carried out some work in 2016 on how individuals were reacting to new flexibilities and pensions freedoms. In early 2022, we carried out an updated study amongst 2000 55+ year olds to see whether public attitudes to the reforms had changed in the intervening six years and to assess the current state of play as to how individuals understand and manage their pensions.

The findings highlight interesting trends in consumer understanding, money concerns, the role of advice and guidance services, as well as considerations in terms of socio-economic status and gender.

In this session we will summarise the survey findings and then chair a panel discussion to consider what they mean for pension savers in the UK, explore the problems that currently exist, and highlight a range of possible solutions on how to improve outcomes for consumers.

Speakers: Joe Dabrowski, PLSA, Sarah Luheshi, PPI and Paul Tremelling, Visa

Chairs: Kelly Hurren, Aon and Andrew Kemp, Clarity Global

Refreshments 12:45 - 14:00 Lunch Read more

Take a break and strengthen your business connections while you discuss the topics presented this morning.

Plenary session 14:00 - 15:00 Plenary Session: Risk, measurement and the many dimensions of intelligence: understanding the future in turbulent times Read more

This Keynote Session will look at how organisations and whole systems can organise their intelligence - particularly in times of turbulence when pandemics, war, energy crises, and other factors make long-term planning harder. On the one hand, a range of new tools make it easier to map and measure: we have a wealth of new data, sensors, AI as well as collective intelligence to help us look ahead, whether in relation to demographics or labour markets, climate or security. On the other hand, no one has been able to eliminate profound uncertainty, particularly if deep changes are underway in the structure of the economy, geopolitics, and daily life, so past data is not a good guide to future patterns. The talk will reflect on how best to combine evidence, judgment, and wisdom, and how actuarial sciences may respond to a period of transition.

Speaker: Sir Geoff Mulgan

Chair: Matt Saker, incoming President IFoA (2022/23)

Format

  • Join us in person and meet award recipients
  • Watch via live stream online
Workshop 14:00 - 15:30 CERA Thought Leadership – Reflections on a decade of ERM Read more

In 2012 the IFoA awarded the CERA credential to 10 thought leaders in Enterprise Risk Management, recognising their invaluable contribution to this new field in actuarial practice. A decade on, we invite these individuals to reflect on how ERM and the role actuaries play in it have developed – for better or worse, and their predictions for the future.

Speakers: Paul Sweeting, Colin Wilson, GAD, Malcolm Kemp, Nematrian Ltd and Kathryn Morgan

Chair: Louise Williamson, Smart Pension

Workshop F1 15:10 - 16:10 Workshop session F1: Neurodiversity – a disability or a superpower? Topic: Finance and Investment/Risk Read more

F1: Neurodiversity – a disability or a superpower?

Topic: Finance and Investment/Risk

15% of people are “neurodivergent” - i.e. have a marked difference in sensing the environment, processing information, regulating emotions, and managing energy. Conditions include autism/ADD/dyslexia and more.

Neurodivergent individuals are often innovative, quick thinking, can "join the dots", spot trends in data, and more. However, they can also be perceived as “different” or have difficulty reading or suffer tiredness brought on by noise or colours.

Three experts explain how understanding this area of diversity, equity and inclusion (DEI) can improve teams' effectiveness.

Speakers: Alicja Nocon, Expand the Circle, Charlotte Valeur, and Brandon Horwitz

Chair: Steve Wilson

Workshop F2 15:10 - 16:10 Workshop session F2: Advancing analytics with Covid-19 Read more

F2: Advancing analytics with Covid-19

Topic: Data Science / Covid-19

Making sense of the uncertainties presented by Covid-19 falls into the actuarial skillset but it has also presented the opportunity to advance our data and analytics skills.

Using a model built by the author to monitor Reproduction Numbers in South Africa, along with some other research examples, we introduce the audience to:

  • Open source coding
  • Automation of data feeds not in machine-readable format
  • Infection modelling
  • Ensemble modelling approaches
  • Applications in traditional pricing

Speakers: Robert Kaner and Louis Rossouw, Gen Re

Workshop F3 15:10 - 16:10 Workshop session F3: Do actuaries have what it takes to survive in the tech jungle? Read more

F3: Do actuaries have what it takes to survive in the tech jungle?

Topic: Data Science

Advanced tech is knitted ever more closely into our day-to-day lives with recommendation engines driving our choices and Siri and Alexa keeping us company at home… And step by step it's taking hold in the insurance industry… Come along to this talk if you want to hear about: the evolution of tech in insurance over time, the rise of the data scientist, where actuaries fit into the picture, and how to maximise your value and the value of tech brings you in this new world.

Speakers: Kieran McGing, PwC, and Clara Hughes

Workshop F4 15:10 - 16:10 Workshop session F4: Update from the IFoA working parties in the Health & Care practice area Read more

F4: Update from the IFoA working parties in the Health & Care practice area

Volunteers from five of the IFoA working parties in the Health & Care practice area will be presenting the aims of their respective working parties, a summary of the work they have done to date and what they are currently working on. The working parties taking part are: Mental Health, Diabetes, Role of the Actuary, AI & Automation and Population Health Management.

Speakers:

  • Atreyee Bhattacharyya, WTW
  • Siaowearn Leong
  • Ian Catchpole, Aviva
  • Alpesh Shah, PwC
  • Lisa Balboa, Hannover Re

Chair: Ewen Tweedie, PwC

Workshop F5 15:10 - 16:10 Workshop session F5: Careers - NEDS - Insight and growth - The steps to continuing to influence and inform Read more

F5: Careers - NEDS - Insight and growth - The steps to continuing to influence and inform

Our speakers tell their stories of how their NED careers started, what they do in their roles, how they prepared to take on their roles and what they had wished they had known on starting out.

Once engaged as a NED, where will you go what are the further opportunities and where and how do you learn the new skills roles may demand.

Speakers:

  • Sally Bridgeland
  • David Lamb
  • Ashok Gupta
Refreshments 16:10 - 17:00 Networking drinks Read more

A final opportunity as the inaugural IFoA Conference 2022 comes to a close to discuss the topics of the day with colleagues and peers over drinks.

Featured Speakers

President of The Institute & Faculty of Actuaries

Matt has 30 years of experience working as an actuary in the life and general insurance industry. After a long career at Watson Wyatt, Matt joined Aviva in 2009 where he held the role of Group Chief Actuary until January 2022.

Matt’s responsibilities in this role covered all aspects of the Group’s actuarial methodology in respect of both Life and General Insurance. In addition, Matt led the development of data science and the embedding of climate risk within Aviva’s Risk management Framework. Matt plays an active role in the UK actuarial profession and was elected to the Council of the Institute & Faculty of Actuaries (IFoA) in 2016, before joining the Regulation Board in 2018.

More recently Matt has been closely involved in the profession’s response to climate change, the development of the IFoA’s Diversity, Equity & Inclusion strategy.

Paul has been director of the Institute for Fiscal Studies since 2011. He is a columnist for The Times and is a regular contributor to other broadcast and print media. He is a visiting professor in the UCL Policy Lab and at the UCL department of economics.

He was for 10 years a member of the UK Climate Change Committee and has served on the council of the ESRC and of the Royal Economic Society. Paul led reviews of pension auto-enrolment and of inflation measurement for the UK government, and of fiscal devolution for the Northern Ireland executive.

Previous roles have included time as chief economist at the Department for Education and as director of public spending at HM Treasury, where he also served as deputy head of the government economic service.

Paul published the Sunday Times bestseller “Follow the Money” in 2023.

He was appointed CBE in the 2018 birthday honours.

Research Associate, Systemic Risk Centre, and Senior Research Associate, Financial Markets Group at The London School of Economics and Political Science (LSE)

IFoA President

Kalpana brings 30 years of business experience in the insurance and investment industry. She was longstanding Group Chief Actuary and Partner at Hiscox until 2016. She is now one of a handful of female Chairs in the insurance industry and a non-executive director of several organisations.

She is also a liveryman and committee member of the Worshipful Company of Insurers and a trustee for Unitas, a local charity supporting young people. She has Chaired and contributed to committees for the IFoA, Bank of England, Lloyd's of London and the Bermuda Monetary Authority. In the early stages of the COVID-19 pandemic, Kalpana headed the first voluntary team of actuaries helping the UK’s National Health Service with emergency analytics and planning.

Kalpana is a regular judge for the Women in Insurance Awards and a frequent speaker on insurance and diversity related topics. Over the years she has been recognised for her work by organisations including the Institute of Directors, Financial Times, Cranfield University, Insurance Insider and Brummell Magazine, and became President-elect of the IFoA in June 2022.

Immediate past President, IFoA

In the course of a varied career as an actuary, software engineer and academic, Louise was Director, Actuarial Standards at the Financial Reporting Council, where she led the development of the Technical Actuarial Standards. She has practised as an independent consultant in the areas of software risk and sustainability and has worked on financial modelling for social security and pensions reform in a number of emerging economies.

Louise is Chair of the London Climate Change Partnership and a non-executive director at the Ecology Building Society.

She became a Fellow of the Institute of Actuaries in 1987 and a Fellow of IEMA in 2019. She has a degree in Mathematics from the University of Cambridge, and a PhD in Artificial Intelligence from Northwestern University.

Chief Executive of the Institute and Faculty of Actuaries (IFoA)

Panellist

Said Business School

Keynote Speaker

 

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