Application closing date: 19 May
The IFoA is seeking to appoint both members and suitably experienced or qualified non-members to join this recently launched working party.
For the past generation many sources of risk pooling have been demised or reduced. Some of this was highlighted by the Great Risk Transfer. But this continues to be the case with many financial products. If it isn’t considered now, then many forms of insurance will be unaffordable, unviable, or unattainable for an ever greater minority.
This risk increases with the increasing use of machine learning and AI to use data and insights. If this is transferred, unchecked, into risk selection, then this trend may increase exponentially.
This is a public interest topic, to start the discussion on preventing this issue, ideally leading to policy changes.
This working party will cover all forms of insurance, protection, general insurance, annuities, and pensions.
The recent discussions on car insurance, covered by BBC News in February, argue that postcode pricing leads to an ‘ethnicity penalty’. This is an area to be covered and discussed when this moves to the non-life arena. This is an extension of the work on ‘poverty premium’, which is of course linked to rating factors as part of reducing risk pools.
We anticipate a wide range of outputs such as blogs, research papers, and conference presentations.
The time commitment is about half a day per month. That is made up of attendance at a monthly meeting by conference call lasting about 1.5 hours, with follow-up research and actions between meetings.
The Deputy Chair will support the Chair in running the working party and may deputise for them in running meetings when the Chair is unavailable.
If you are interested in this role but would like an informal conversation before applying, please email us at engagement.team@actuaries.org.uk.
If you have read all the above and would like to apply, please send us:
Please email all the above to engagement.team@actuaries.org.uk. Please note, we are unable to accept late applications.
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