Actuarial Post Magazine - October 2019 Issue by BB Media Co

ACTUARIAL POST FOR THE MODERN ACTUARY •

EXPLORING THE DARQ SIDE

BIG IS BEAUTIFUL KNOW THE SCORE 2019 AP AWARDS SHORTLIST

TAIT’S MODERN PENSIONS

RETIREMENT PUZZLE page 1

PENSION PILLAR

BRIDGE

the Gap

RISK & FINANCE

Between

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Actuarial Post Team EDITOR Jennifer Redwood jennifer@actuarialpost.co.uk SUB EDITOR Jennifer Stone article@actuarialpost.co.uk ADVERTISING MANAGER Alan Burns alan@actuarialpost.co.uk

www.actuarialpost.co.uk @actuarialpost @APjobs Head Office 13 Vale Rise Tonbridge Kent, TN9 1TB 01732 359488

EDITOR’S NOTE On our front cover this month is not one of our nominees for our Actuarial Post Awards, but you can view all of our wonderful finalists in this edition and with voting now open please go to www.apawards.co.uk and cast your vote! Where you were in October 2012 asks Dale Critchley as he reminisces on the anniversary of Auto-Enrolment and the success it has turned into but warns there is still work to be done. With Climate Change being the main topic across the world we have an extremely topical article from Kareline Daguer from PwC asking what role insurers can play in the climate change crisis. With the Rugby World Cup in full swing in Japan we also take a look ahead a year to the same country when Tokyo hosts the Paralympics’ games and a unique insight into how travel insurance affects them and in everyone in general when disclosing for travel insurance. Our regular authors also touch on subjects such as Junk Bonds, Knowing the score on motor insurance and going back to my opening paragraph Tom Murray explores the Darq side. We hope you enjoy this month’s edition and we hope the candidates for this year’s awards can, as they say, count on your vote. Look forward to welcoming you back next month when we unveil this year’s Stars of the Future winner.

Legal Notice All rights reserved. No part of this publication may be reproduced or transmitted without the prior permission of the publisher in writing. Whilst every care has been taken to ensure the accuracy, Actuarial Post cannot accept responsibility for loss of business to those referred to in this magazine as a result of errors.

Jennifer Redwood

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Transforming Culture and Conduct page 4 10 Lower Thames St, London EC3R 6EN

CONTENTS 10

2019 22

News

Movers & Shakers

City Dealings

Exploring The Darq Side

Taitâ&#x20AC;&#x2122;s Modern Pensions

Pension Pillar

Paralympic Games - Medical Travel Insurance

Retirement Puzzle

Solvency II & Beyond

Information Exchange

Lights, Camera, Actuary

TPR To Make Trustee Model Better

2019 Actuarial Post Awards Finalists

Recruitment

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NEWS OCTOBER Brexit may cause pension values to overtake property Economic uncertainty around Brexit is likely to lead to pensions values rising to a higher level than property assets in the UK, according to analysis* by Hymans Robertson, the leading pensions and financial services consultancy. Commenting on the analysis of, Ross Fleming,

co-head of DB Investment, Hymans Robertson, says: “Figures from the ONS show that UK property prices are on the precipice of decline with Brexit on the horizon as the economic outlook remains uncertain. Our analysis shows that DB pensions, on the other hand, are expected to be more resilient than property in

Linking pensions and banking may be a good place to start Alarm bells should be ringing following the publication of withdrawal rates from pensions, according to Stephen Lowe, group communications director at Just Group. Following today’s publication of the Financial Conduct Authority’s latest Retirement Income Market data bulletin for 2018-19, he said: “Once again the data raises concerns with more than half (54%) of all pensions accessed last year completely emptied out. More than 350,000 pensions were fully withdrawn with an average size of nearly £13,000 so these are by no READ MORE

the near term, particularly if there is a no deal Brexit scenario. “We analysed the expected financial impact of Brexit which, as has already been widely reported, is expected to lead to greater economic uncertainty in the near term. In times of greater uncertainty when READ MORE

Which Lottery Prize would you choose Congratulations – you’ve won the jackpot! Would you prefer £3 million now or £10,000 a month for the next 30 years? Not everyone chooses to live for the moment, according to new research by specialist financial services company Just Group that found younger adults were more likely to opt for the steady income stream while older people favoured the instant hit of the cash lump sum. Overall, seven in 10 (71%) said they would take a £3 million jackpot as cash while the rest (29%) opted for £10,000 a month

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for 30 years (giving a total return of £3.6 million). But there were distinct preferences by age group. A much higher proportion (44%) of 18-34 year olds opt for the monthly £10k prize compared to 36% of READ MORE

NEWS Savers in DC pensions missing out on higher returns Savers in defined contribution pension schemes are missing out on higher returns due to a lack of investment in some of the UK’s fastest growing and most innovative companies reveals a new report. Retirement savings for the average 22-year old could be increased by as much as 7-12 per cent if schemes made a small allocation to venture capital and growth equity funds. This is according to The Future of Defined Contribution Pensions, a new report published today by the British Business Bank and global management consultancy, Oliver Wyman. The report provides an in-depth assessment on the case for defined contribution pension scheme investment in venture capital and growth equity, identifies READ MORE

Aon expand golf platform with Ryder Cup partnership

Willis Towers Watson comments on the IFRS17 Exposure Draft Willis Towers Watson has responded to the International Accounting Standards Board (IASB) with comments on the IFRS 17 Exposure Draft (ED), which was released on 26 June 2019 The ED contains amendments to the IFRS 17 Standard, published in May 2017 following a lengthy consultation process with the insurance industry, and represents those items which the IASB considers most significant to the reporting under IFRS 17, while maintaining the proposed new effective date of January 2022. Serhat Guven, Managing Director and Global IFRS Lead at Willis Towers Watson, commented, “We

commend the IASB for reopening and updating the Standard to address key concerns brought forward by those impacted by the Standard.” Willis Towers Watson has analysed the proposed amendments, testing its conclusions with clients, and has this week submitted a response to the IASB. Willis Towers Watson’s submission, which includes additional suggestions for improvement will, according to the consultancy, serve to further harmonise the reporting of insurance results. The most significant areas for further improvement in the READ MORE

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The Ryder Cup and Aon have announced a multi-year agreement establishing Aon as a Worldwide Partner of The Ryder Cup. Beginning in 2020, The Ryder Cup and Aon will introduce a multiplatform partnership that focuses on the risk reward narrative which is so authentic to the event and includes the introduction of a new award that celebrates the defining moments at the Ryder Cup. This first-of-its-kind innovation will add yet another level of excitement to the greatest team competition in golf. In addition, the partnership will see the integration of Aon risk/reward insights into the global broadcast and exclusive onsite hospitality for Aon clients and colleagues. READ MORE

MOVERS & SHAKERS The latest moves and appointments from the actuarial marketplace Buck announce Actuarial appointments Buck has announced a range of new appointments in its retirement and investment consulting divisions. The new additions to the team will support Buck’s expertise and delivery of services in a number of key areas, such as GMP equalisation, pension scheme taxation, investment consulting, and scheme funding. Brian Fray joins Buck’s modelling team as a Senior Consultant after spending more than 20 years at Mercer, where he led the design, development, and delivery of technical client-facing solutions in the defined benefit pensions market space. Brian will play an instrumental role in the ongoing evolution of Buck’s market-leading risk management software, Stride™, as well as its GMP equalisation solution, Square™. Formerly at XPS Pensions Group, Sarah Brown joins Buck as a Principal and Senior Consulting Actuary. With nearly 20 years’ experience in the pensions industry, Sarah’s knowledge surrounding pension scheme taxation READ MORE

DB Master Trust appoint actuary as new Chair of Trustees

Aviva appoints Mike HollidayErica Arnold as Williams to Chief Operating become new CEO Officer of Aegon UK

Aegon have announced that Mike Holliday-Williams will succeed Adrian Grace as Chief Executive Officer of Aegon UK. Mike Holliday-Williams will join the company on October 1, 2019. Adrian Grace will retire following ten years with the company.

Aviva plc has announced the appointment of Erica Arnold to the new role of Chief Operating Officer, reporting to Maurice Tulloch. Erica will join Aviva in early 2020 and will be a member of the Aviva Leadership Team, responsible for improving how Aviva operates, customer strategy and all aspects of IT across the group. The appointment is subject to regulatory approval.

“I am pleased to announce the appointment of Mike HollidayWilliams as the successor of Adrian Grace”, Aegon CEO Alex Wynaendts said. “Mike’s appointment signals Aegon’s continuing commitment to build on the strong foundation of our UK business. Mike brings extensive experience in the financial industry and a strong track record in focusing on customer solutions. I look forward to working with him.” READ MORE

Erica joins from Zurich Insurance where she is currently Chief Group Enterprise Services Officer. Prior to joining Zurich, Erica was at AIG for over six years in a number of senior READ MORE

Citrus, the Defined Benefit (DB) master trust, has appointed Peter Thompson of Capital Cranfield as the plan’s Chair of Trustees. Peter is a qualified actuary with almost 15 years’ experience as a professional

trustee. In his role as a professional trustee, Peter has dealt with a wide range of schemes including several with assets in excess of £1bn. He has also handled a Regulated Apportionment Arrangement, several buy-outs, a Company Voluntary Arrangement

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and many sets of employer negotiations and Regulator interactions. Peter has also been Chairman of the PLSA and Master of the Worshipful Company of Actuaries. READ MORE

CITY DEALINGS Keeping up to date on acquisitions, mergers and the dealings of companies in the city

Cardano Group completes acquisition of NOW Pensions The Cardano Group has completed the acquisition of pension provider NOW: Pensions Ltd from Danish pension fund Arbejdsmarkedets Tillaegspension. NOW: Pensions is the UK’s third largest auto-enrolment provider, serving over 30,000 businesses and 1.7 million pension savers. The completion of the deal follows the original announcement of the acquisition made on 13 February and, more recently, Master Trust Authorisation of NOW: Pensions’ by The Pensions Regulator announced on 24 September.

Michaël De Lathauwer, CEO of Cardano, commented:

“Completing the acquisition of NOW: Pensions is a key milestone for our Group. With master trust authorisation now secured, our combined business offers new and existing clients a unique offering of pensions risk management, investment skills, and a bespoke DC platform, which in combination, creates a new force across the UK pensions landscape.”

L and G in buyout of Edwards Wildman Palmer pension scheme

AGEAS & URIS ENTER NEW 4YR PARTNERSHIP READ MORE

Legal & General announces that it has agreed a c£35m buyout for the US owned law firm Edwards Wildman Palmer LLP’s UK pension scheme. The scheme was an existing Legal & General Group client through its partnership with Legal & General Investment Management’s (LGIM) fiduciary management team. It is one of the first schemes to have moved to buyout by leveraging the combined solution that only the Legal & General Group can offer across its fiduciary management and buyout teams. READ MORE

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AXA Partners extend long term partnership with Atlanta Group AXA Partners has extended its partnership with Atlanta Group, the retail division of the Ardonagh Group, with anew multi-year contract that will see the company continue to provide Motor and Home related services, to three of its biggest brands. AXA Partners was already Atlanta’s preferred long-term provider for the Autonet, Swinton Group and Carole Nash brands, with the Swinton Group partnership having been in place for over 15 years. All three brands will continue to receive products & services from READ MORE

INNER WORKINGS EXPLORING THE DARQ SIDE

by Tom Murray Head of Product Strategy LifePlus Solution, Majesco The insurance industry was slower than most to adapt to the digital era, but it is making up for that now. Digitalisation is front and centre in insurers’ strategies, as they have recognised that it is the key to increasing the level of personalisation that can be given to the consumer. Digitalisation lies at the heart of innovation in products and services supplied to the market. It is a core component in cost-reduction by increasing the efficiencies inherent in the business processes of the organisation. However, we are reaching a stage where more organisations have gone digital than not. Digital is quickly becoming a standard, rather than a differentiating factor. So, whilst many insurers are focusing on completing their digital strategies, already those with vision are looking beyond this to the post-digital era. In the post-digital era, companies will need to recognise that individual’s needs change at a moment’s notice. Across many industries, customers are expecting goods and services to be delivered on demand and in the moment. As a result, strategies need to keep evolving, in order to exploit new and emerging technologies that can deliver the instantaneous services that are required to meet customer expectation levels. It is not just the

rate of technological change that is picking up; it also the rate at which people are adopting these technologies. Post-digital consumers could even be said to be outpacing corporates in their adoption of technology. As was pointed out in a recent Accenture report, Facebook reached 50 million users in four years, while WeChat took one year and Pokémon Go took a mere 19 days to reach the same size audience. This new era will be underpinned by what is being referred to as DARQ technologies - Distributed ledger, Artificial intelligence, extended Reality, and Quantum computing. It is these technologies that will drive the post-digital age, an age where every moment will represent a potential new market of one. It is in fulfilling these individual markets that would represent the biggest opportunity for companies. However, there are many difficulties inherent for an organisation to achieve this goal. Firstly, these are very complex technology areas and getting hold of expertise in them is not going to be easy. Secondly it is not purely about technology; it is about reimagining the business in the post-digital age. And to do that, some prioritisation has to

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be made. Extended reality, while a very useful technology, doesnâ&#x20AC;&#x2122;t seem to have many obvious applications in the field of financial services, whilst quantum computing, as perhaps the newest of the technologies, is therefore the one with the least practical application at this time.

so that the bots can take decisions based on the information available to it without seeking consent from the client. This a long-distance play but it is one that insurers should be seeing as the ultimate endpoint.

But distributed ledger is one of the areas that can be imagined as useful within the insurance industry quite quickly. Embedding contracts in blockchains will eliminate the need for trusted third parties and ensure that all parties are always working on the most recent version of the contract and that the history cannot be modified by unauthorised operatives. The use of blockchain to support â&#x20AC;&#x153;smartâ&#x20AC;? contracts, where real-time information can trigger processes such as claims and payments, will bring greater accuracy at a reduced cost.

While many life and pension providers have still quite a journey to go to fully embrace digital as part of the strategy until making part of their DNA, nevertheless at some level, strategies should be focused on what comes next. Although DARQ technologies are still in their infancy, the future belongs to those who are the quickest to adapt to these technologies to meet the evolving needs of the consumer. This also means identifying those technologies which whilst new and exciting, contribute nothing to the financial consumers environment and should be rejected.

Similarly, artificial intelligence will play a hugely important part in the life and pension sector at an early stage, whether by round-the-clock monitoring of investments, automated trading according to pre-defined rules or the provision of alerts and even advice to the consumer. In the future, it can be even be envisaged that customers will give their own personal bots agency to act on their behalf,

Their pace of technological change is not going to slow down and insurers need to embrace these technologies as they mature, if they wish to stay at the forefront of the industry. Grasping the potential of the technologies that will anchor the post-digital age is going to be key to survival and to thriving in the future marketplace. There is no need to be afraid of the DARQ.

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TAITâ&#x20AC;&#x2122;S

MODERN

PENSIONS

Big Is Beautiful It’s official – size does matter. The Pension Policy Institute (PPI)’s latest review of the DC pension market concentrates on the factors which might improve member outcomes and concludes among other things that bigger schemes are likely to result in greater savings pots at retirement. This is very comforting, as the report also shows that 83% of employees who are automatically enrolled join a master trust, while only 15% will enter smaller contract-based arrangements. The vanishingly small remainder join DB schemes or other trust-based DC arrangements. This is a viewpoint supported by the Pensions Regulator (tPR) and, unsurprisingly, the master trusts themselves. In tPR’s response to the report, David Fairs confirms their desire to see an acceleration in the consolidation of small schemes, having found that a number of pension schemes are not meeting even the basic standards of governance and some “particularly at the smaller end of the market” will never have the capacity to do so. Larger schemes, it is argued, don’t just produce economies of scale, they are also likely to have better governance procedures and access to a greater range of diversified investments, all of which could lead to larger pot sizes at retirement.

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How will this work

that scheme administration is efficient and that member communications help them to understand and engage with their benefits. This is important because the greatest increase to future pot size does not result from reduced charges or improved investment decisions, it comes from member behaviour and, in particular, how much they choose to save.

1. Investment

3. Contributions

Diversified growth funds offer an alternative derisking strategy to lifestyling which is intended to protect members against the higher volatility of equities, while still allowing some potential for growth. This also suits members who want to retire more gradually and who are twice as likely to remain in drawdown rather than buying an annuity. Investing in property and other illiquid assets provides further diversification as well as high-yield income streams, making it ideal as a long-term investment for larger schemes who can manage the up-front capital investment and align returns to required income streams.

The PPI reports that basing contributions on total rather than band earnings, as recommended by the government’s review into automatic enrolment, and increasing the minimum level from 8% to 9% could increase Sam’s pot size by a proportion, 13%, which is more or less equal to the effect of all the above factors put together. Working for two extra years could further increase his pot size by 5%.

Basing their calculations on the mythical average scheme member – in the personification of Sam, a median earner - the PPI suggests that these factors could, taken together, increase pot size by around 13-16% over a 40+ year working life (breakdown shown in the diagram).

This is the game-changer and, unfortunately, still the hardest to deliver. ESG investing might help but financial education and behavioural nudges will probably do more. Financial education 2. Governance courses among adults improve financial capability Good scheme governance is intended to result by around 27% on average however, only 15% of in better value for money (VFM) for scheme employers currently offer them. members. Unfortunately, VFM is notoriously At the end of the day, the size that really does hard to define and even harder to measure and matter for DC savers is the size of their individual the focus to date has largely been on lowering pot at retirement and if any, or all, of these management charges. Lower charges certainly strategies mean their pot is likely to be bigger, help. The PPI modelling shows that reducing they should be given serious consideration. charges from the current average ongoing charge, 0.72%, to the average applicable to trust-based DC schemes with a thousand or more members, 0.37%, could improve outcomes by up to 8%. There are however, other considerations. Much emphasis has been placed recently on environmental, social and corporate governance (ESG). ESG investments not only concentrate on firms which are well run and - at least in theory – are likely to do well, they may also help to improve member engagement with their funds. Research by the Defined Contribution Investment Forum found that 63% of members surveyed would feel more positive about their pension and 40% say they would invest more if they knew their money was being invested in a responsible investment. Other factors which also come under the umbrella of governance but where the impact is extremely hard to quantify include, ensuring page 14

by Fiona Tait Technical Director Intelligent Pensions

ACTUARIAL POST AWARDS 2019

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Contact rachel@actuarialpost.co.uk

PENSION PILLAR THE 7TH ANNIVERSARY OF THE REVOLUTION by Dale Critchley Policy Manager Aviva Where were you in October 2012? I hope you can remember. I know I can. It was a revolutionary moment in the history of this country. I was in a proposition team, wrestling with the problem of how we could support employers to communicate details of the revolution to millions of employees. It was the moment auto-enrolment (AE) began. Companies up and down the land were compelled to introduce a workplace pension scheme and every member of staff (over 22 and earning more than £8,105 a year (£10,000 now)) were automatically signed up. Over the past seven years it has largely been a roaring success. The numbers speak for themselves. Over 10 million people have been introduced to pension saving since AE began. The latest figures show that 76% of all UK employees are now members of a workplace pension scheme. That is up from just 51% in 2008. If we look at eligible workers, 90% are in a workplace pension scheme. A colleague has a really good way of explaining the impact AE has made on employers: “Before AE just 1 in 10 employers offered a workplace pension – now it’s 10 in 10’. I think that’s a pretty neat way to summarise it. That’s the success story, and it should be celebrated. AE has done more for helping people prepare financially for their future than just about any government policy before it – excluding the introduction of the state pension. But, let’s not get too carried away. There’s still work to be done. Imagine that instead of workplace pensions, in 2012 we had all set out to build a race car. Over the past seven years we’ve developed a good engine, decent tyres, a robust suspension kit and we’ve got the car out on the track. But there’s a few problems. The first is we can’t get enough fuel into it. Everything is in place, but unless the

driver takes it upon themselves to top up their tank, they’ll end up pushing it over the line. The analogy is obvious (I hope). Our AE retirement vehicle has a default tank that’s too small. Contributions need to increase, or people have to accept that they won’t have a comfortable journey in retirement. In April this year, minimum contributions increased to 8%, split between the employee and the employer. But even a 22-year-old earning £25k, who joined their workplace pension this April and who saves for 46 years until state retirement age could end up with a pension pot of only £105k*. It’s not to be sniffed at, but it’s difficult to see how that will provide a decent level of retirement income. (The value of your pension can go down as well as up.You could get back less than you paid in.) The other problem is that our AE vehicle isn’t a “Ford” - a car for everyone. There are those who are excluded from AE, most notably the self-employed. The latest figures say there are almost five million self-employed workers in the UK now, up from 3.3 million in 2001. But of 35-54-yearolds, almost half have no pension wealth at all. The young and those with multiple jobs are disadvantaged too. There are plans in place to reduce the minimum age for AE to 18 and remove the contribution threshold which will help, and hopefully we’ll see more concrete proposals soon. But more needs to be done and we’d like to see AE minimum contributions rise to around 12.5% during the next decade. We’d also like a plan to be drawn up to encourage the self-employed to join a pension scheme. But let’s not overlook the phenomenal success of AE. It’s revolutionised the pension landscape. And it’s taken people who were sleep walking towards a retirement entirely dependent on state pension and put them in the driving seat. Happy Birthday auto-enrolment.

1. *22-year-old joined an AE pension scheme in April 2019 paying 8% minimum contributions. They pay in for 46 years until their state pension age of 68. Annual management charge of 0.75%, investment returns of 2.5%, all calculations exclude inflation. The value of your pension can go down as page 16 well as up.You could get back less than you paid in.

ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 . 2016 . 2017 . 2018

C U RR E N T U K VA C A N C IE S SCOTLAND

NORTH EAST & YORKSHIRE

PENSIONS

INVESTMENT

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LIFE

INVESTMENT

NON-LIFE

LIFE

NON-LIFE

MIDLANDS

NORTH WEST PENSIONS

INVESTMENT

LIFE

NON-LIFE

PENSIONS

INVESTMENT

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NON-LIFE

EAST ANGLIA NON-LIFE

SOUTH WEST & WALES LONDON

PENSIONS

INVESTMENT

PENSIONS

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SOUTH EAST SOUTH COAST

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CONTACT STAR TODAY TO DISCUSS THESE ROLES page 17 Antony Buxton FIA MANAGING DIRECTOR +44 7766 414 560 | antony.buxton@staractuarial.com

staractuarial.com

PARALYMPIC GAMES AND MEDICAL TRAVEL INSURANCE

With one year until the Paralympic Games people from around the world may be busy planning their travel arrangements to spectate and support the incredible 22 sports being showcased. However, what many of us may not have realised or even thought of, is how our GB athletes or spectators will be affected when it comes to purchasing their medical travel insurance. The Paralympic Games welcomes athletes with an impairment and takes place shortly after every Olympic Games in the same host city. Next year the games will be hosted in Tokyo from 25 August to 6 September 2020. More than 4,000 athletes from 159 nations and regions will compete in one of the most spectacular events to be held.

as powerlifting, cycling, archery, swimming, and judo, as well as some sports which are unique to the Paralympics. In goalball, a sport exclusively for athletes with visual impairments, the players aim is to roll a ball into the opposing team’s goal. There is an important rule for those spectating and that is that there is no cheering in goalball. The audience must always remain silent to ensure that players can hear the bell within the ball.

Wheelchair rugby, sometimes called quad rugby, is a full-contact sport in which players in specially designed wheelchairs seek to carry a ball across the opposing team’s goal line. The play is fast and intense, making rugby one of the most popular Paralympic sports. Other wheelchair sports include fencing, dancing, tennis, and basketball. According to the International Paralympic Games including para badminton and taekwondo Committee, or IPC, “athletes competing in will be added to the games for the very first time Paralympic sports have an impairment that leads at the Tokyo 2020 Paralympic Games. to a competitive disadvantage in sport.” The Paralympic Games are a competition for top The athletes participating in the Paralympics will athletes who must qualify in order to participate. often find purchasing travel insurance expensive, The IPC’s goal is to minimise the degree to which unclear and in some cases unobtainable. As the an impairment affects a competitor’s athletic games are an inspiration to many with a disability performance so that winning is all about skill, and existing medical conditions, travelers from fitness, endurance, and focus. around the world will come together to celebrate the Paralympic athletes. Obtaining specialist These include many familiar Olympic sports, such travel insurance can also be a consideration page 18

by Tommy Lloyd, MD, Medical Travel Compared

for those going to watch. A recent survey held by Medical Travel Compared found that 79% of British travellers incorrectly identified what they need to disclose when purchasing medical travel insurance, urging the public to ensure they are correctly covered should anything happen when they are outside of the UK. For those with pre-existing medical conditions, making sure you have the right cover offers additional peace of mind when travelling abroad. Specialist providers offer this type of cover as some standard travel insurance policies will not pay out for pre-existing conditions.

The research conducted by Medical Travel Compared shows there is a lot of confusion about what medical conditions need to be declared in order to ensure people are fully covered by their travel insurance policy. With almost a third of the UK population suffering with a pre-existing medical condition, itâ&#x20AC;&#x2122;s imperative to know what must be declared. With a specialist panel of over 40 insurance providers, Medical Travel Compared ask customers a series of questions relating to their health to determine whether they need to disclose any pre-existing medical conditions as part of a quote application. These medical history questions are representative of those asked by the wider travel insurance market. The team work hard to ensure that they have a wide selection of medical travel insurance products to offer substantial comparison opportunities. Only specialist travel insurers are eligible to sit on the panel, offering confidence that no matter the age, destination or type of medical condition, there should be able an opportunity to assist in finding the cover that meets individual needs.

Pre-existing medical conditions go beyond what you can physically see to heart conditions and psychological conditions. It is just as important to ensure they are covered by the appropriate travel insurance, most conditions will need to be declared if youâ&#x20AC;&#x2122;ve been diagnosed with, or received treatment (including repeat prescriptions) for the condition within a certain time period (usually 2 years), do check though as some providers will usually need to know if you have ever suffered from them. These include any diagnosed heart, respiratory, circulatory, If you have pre-existing medical conditions and psychiatric or psychological and cancerous are travelling to Tokyo for the Paralympic Games, conditions. make sure you have the correct insurance. page 19

RETIREMENT PUZZLE KEEPING JUNK (BONDS) IN YOUR TRUNK by Alex White Head of ALM Research Redington The corporate debt universe can be split in hundreds of different ways, but one of the simplest and most useful is between investment grade (IG) and high yield â&#x20AC;&#x201C; also known as junk bonds. In principle, investment grade bonds are very unlikely to default, while high yield bonds are at a far higher risk of default. High yield bonds offer a higher return for more risk- or so the conventional thinking goes. But is it that clear cut? For defaults, yes. Based on issuer-weighted annual default rates from Moodyâ&#x20AC;&#x2122;s, default risk is much higher in high yield. While IG default rates have averaged 0.15%, high yield bonds default nearly 20 times as often. So far, no surprises.

However, there are a few nuances. Firstly, these are single year default rates, but bonds are typically held over longer periods. A 10-year A-rated bond is very unlikely to default over one year (a 0.1% chance), but is much more than ten times as likely to default over ten years (a 3% chance). This is because high-rated bonds tend to get downgraded before they default.

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This has consequences. A bond that looks very safe is quite likely to become less safe over its lifetime. If an investor buys a portfolio of corporate bonds, some are likely to get downgraded. The investor can then either sell the bonds (almost certainly at a loss), or accept the increase in default risk (effectively changing their strategic allocation). If the investor decides to sell any bonds that get downgraded, then the risk at the point of purchase is not so much that the bonds default, but that they get downgraded and have to be sold at a loss. This draws out the related issue of mark-to-market risk. Most of the variation in value of a corporate bond portfolio is from pricing- changes in interest rates and credit spreads- rather than from defaults. Even if a bond is unlikely to default, its price can move around and, if it has to be sold, this can lead to losses. Now this is true of high yield bonds too, and high yield spreads are much more volatile. But this is somewhat offset by duration- high yield bonds typically have a duration of 3-5 years, while investment grade bonds can have 20 or 30-year maturities, with durations of around 12 years. This means that a much smaller move in IG spreads can lead to large losses. Building on that, for high yield to suffer large mark-to-market losses, the spreads need to rise dramatically. This means that the carry on the bonds is much higher, which means recoveries should be faster. And the higher yield earned anyway means greater losses are needed to derail the portfolio. Which begs the question- with a longer-term view of risk, which is riskier. Putting this all together, what does the history tell us?

High yield has outperformed, but with larger losses and more volatility- no surprises there. But IG has had meaningful drawdowns, and has recovered from them much slower. For a low risk asset, 17 years is a long time to be in drawdown. So high yield is not as obviously riskier as it might seem.

What does this all mean? The simple story (high yield offers more return for more risk) is right in a lot of ways, but there are some subtleties that mean itâ&#x20AC;&#x2122;s not that straightforward (and there are others- eg when bonds trade above

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SOLVENCY II & BEYOND

WHAT ROLE CAN INSURERS PLAY IN THE CLIMATE CHANGE CRISIS?

Our brains are heavily wired to deal and focus on immediate and short term issues. For example here in the UK, in the last three years the domestic political agenda has been dominated by the single issue of Brexit, overshadowing many others. An example of a critical issue requiring our attention is climate change. News and reports on the issue seems to have intensified recently together with a feeling that swift action must be taken now or it will be too late. As the old adage goes, when is the best time to plant a tree? 20 years ago. However, the next best time is today. So what is the role of the insurance and reinsurance industry in the midst of this unfolding drama? Insurers are cautious and, I would say, conservative players. However, climate change presents a number of challenges that potentially put the insurance industry in a special place: A place that can ensure the industry’s own survival but also give it a pivotal role in driving adaptation and risk mitigation across the society. I believe there are three key aspects to the roles that insurers can play in this challenge. First, it is estimated the insurance industry manages USD30 trillion of global assets, resulting in a leading role when it comes to investing in assets whilst

transitioning to a low carbon economy. It’s an area that has attracted regulators’ attention - in just a few days’ time life insurers in the UK will have to spell out to the Prudential Regulation Authority (PRA) their plans on climate change risk and provide stress test results that include three blunt scenarios of transition or drastic temperature rises. Obviously, this attention focuses squarely on regulators’ concerns about insurers viability in these extreme events but it says very little about the power of insurers to influence events.The insurers’ ability to invest in the low carbon economy and their willingness to do so on a bigger scale can make a significant difference to the path ahead. At the moment it is estimated insurers invest less than 1% of their portfolios in investments that support the low carbon transition. Some large international insurers have started to challenge policymakers to unlock more opportunities to invest in for example clean infrastructure. The push and pull influence of insurers as investors who are in turn heavily regulated makes for a complex dynamic. In this case a collaborative approach between industry and policymakers with the objective of taking bolder action to meet the goals of the Paris agreement should be the way forward. These actions can include appropriate

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consideration of the impact of fossil fuel subsidies, use of tax mechanisms and potentially mandating more transparency and better disclosure on climate change impact along the lines of the Task Force on Climate related Financial Disclosures (TCFD) recommendations. Secondly, insurance is about measuring and managing risk. Very few outside governmental or scientific institutions have the expertise and ability to invest in risk modelling and data analytics to quantify what might happen in the next few years like insurers do. Some insurers are starting to integrate climate change risk across their groupwide risk management practices. We canâ&#x20AC;&#x2122;t manage what we canâ&#x20AC;&#x2122;t measure, therefore modelling and measuring efforts are essential in pricing risks correctly.

Some large insurers are starting to develop a new generation of climate-supportive products and services. These can range from life and pensions products that actively focus on a more climate aware investment profile to non-life products where collaboration with governments and other institutions is necessary to avoid insurers withdrawing from high risk areas of the market (like Flood Re in the UK). Some of the innovations can actually work in tandem with new technology to allow a more preventative approach to disasters through for example the use of parametric insurance, commonly used in agriculture.

Again, the use of parameters that act as triggers requires a lot of modelling and data analysis to ensure incentives are not misaligned and create moral hazard. As an example, some drought insurance products in Africa now use levels of The right approach to risk and modelling can green/yellowing on the landscape (measured influence and accelerate adaptation and mitigation. through satellite images) to trigger payments. In a number of developing island countries where These disasters are slow and gradual and therefore disaster liquidity instruments and protection could early payments and food aid can prevent the worse be very valuable, the discussion with insurers and consequences of a famine, also allowing to improve reinsurers about measuring and pricing their risk the logistical response to the event. has in turn led to a better understanding of a range of preventative measures. Insurers can be proactive and take climate change and its related risks as an opportunity or only focus These can range from building defences and on adapting to the changes that will no doubt come. levees where it matters or allowing mangroves Playing an active role will require efforts to educate on coastlines to become more resilient to tidal customers, policymakers and other stakeholders surges or tsunamis. Also, once disaster strikes and highlighting the valuable advice insurers can many are calling for a link between insurers and provide on climate adaptation and mitigation. building regulators to encourage building back better through buildings that will be more resilient This effort should pay off, not just for insurers but to disaster in the case of a future event. This leads more importantly for wider society and its most us to the third aspect where insurers can excel vulnerable members who might stand a chance to which is product innovation resulting from climate have better and more timely protection against change. disasters resulting from climate change.

by Kareline Daguer, Director, PwC page 23

INFORMATION EXCHANGE

KNOW THE SCORE ON MOTOR INSURANCE RATING

Martyn questions the role and relevance of credit data in motor insurance underwriting.

determine insurance risk. The use of credit data in insurance pricing is also coming under increasing scrutiny over concerns around financial exclusion.

The rules over the use of credit data in motor insurance pricing are clear, but the future of motor insurance underwriting lies in customer policy history data. It is standard practice for motor insurance providers to use public records’ data- such as the presence of current County Court Judgments, insolvencies and edited Electoral Roll data - to help assess risk for pricing and underwriting. At the point of quote, this public records’ data alongside an increasing volume of data attributes helps the industry to understand the likelihood of claim and potential loss cost better. But what about private credit data? The use of contributory credit data about how people pay their credit cards and other financial commitments is used to assess credit risk and affordability for premium instalments but the use of this data in underwriting and pricing is prohibited. It is deemed that when and how a customer pays their credit cards and loans should not help determine the kind of insurance risk they represent. The problem is that often the private and public credit data are presented as a credit score, so the lines become blurred in the use of credit data to

The logical solution is to build a score based on a person’s insurance history – not just with one provider, but a score that represents their experience with the market as a whole. This is not only ‘Treating Customers Fairly’, a formal requirement by the industry but also far more accurate in predicting risk. Until recently, an insurance provider working in silo has needed to rely on the customer data in their own databases to gain a view of their insurance history. Customer data naturally varies from provider to provider, but evidently, those operating in the market the longest with the largest database have been at an advantage. However, given that even the largest insurance companies only have a market share of 10-15%, this leaves at least 85% of the market entirely unknown to them. They also needed confidence that their data was providing the complete view of their experience with a customer over the years, despite possible address changes, name changes or typing errors. Is the John Smith insured on a motor policy in 2019 the same John Smith insured with a motor policy in 2010?

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However, now this challenge is resolved thanks to industry collaboration, data analytics and linking technology.

all there are over 200 data attributes built into the score to ensure the insurance provider has the clearest view of the risk possible.

To create the insights needed to understand risk accurately related to policy history has meant gathering data from across the market into a contributory database. The good news is that so far in 2019, over 70% of the motor insurance market is contributing, with the figure expected to rise to 80% by the close of the year. The more data, the deeper the data insights and the better insurance providers can understand the risk and deliver quotes to customers reflective of their individual insurance risk.

All of this valuable information is consolidated into one score ranging from 200-999 to give insurance providers an immediate indication of the propensity for insurance loss.

Speed is essential when it comes to motor insurance quoting. The key has been to build that policy history data into a score so that insurance providers gain an instant understanding of risk based on their underwriting criteria. This new insurance specific score factors in a whole range of policy history behaviours predictive of insurance loss that could never be reflected in a credit score that is designed to predict financial defaults. For example, it can factor for the likelihood of that person cancelling their policy; whether the person has had a previous gap in cover; what their switching behaviour is; when they purchase cover and what their current policies and no claims discount entitlements are. It can also factor for the risk of named drivers on a policy and claims history including their NCD entitlement. In addition, the score factors for the aforementioned public data - CCJs, edited electoral roll data, Council Tax bands, Insolvency and Land Registry data. In

At its heart, this score is a true reflection of the individual concerned insurance risk – not someone with the same name at a similar address. This type of pinpointed accuracy is achieved using linking and matching technology to create one customer view. In essence, this takes around 1.8 billion rows of data and crashes all of that down into a single reference number- we call this number LexID®, which is assigned to that individual’s record. Fundamentally, by pulling all these powerful data sets, containing insurance specific data, trained on insurance outcomes, into one score, insurance providers can gain a far more accurate view of risk for customer segmentation, underwriting and pricing. How do we know this? Based on our analysis with one motor insurance provider , when we identified the worst 10% of their customer base using the score we found these customers had a 200% higher claims cost than average. At the other end of the scale, the customers who had the best score – again those in the top 10%, had a 41% lower claims cost than the average. Policy history data is a key component of this motor insurance score and is changing the nature of motor insurance underwriting, giving providers the confidence to compete, with a price that is right for the risk.

1. Internal analysis conducted 2019 in association with a motor insurance provider.

by Martyn Mathews, Snr Director of Motor Insurance, Telematics and Connected Car at LexisNexis Risk Solutions, UK & Ireland page 25

LIGHTS, CAMERA, ACTUARY... Bolton Associatesâ&#x20AC;&#x2122; focus is specifically in the non-life actuarial space; the largest dedicated GI actuarial specialist in the market, working across the whole insurance market. The consultants at Bolton Associates offer an exceptional service, managing the process with the utmost tact and respect for all parties. We are passionate about our market, taking great interest in the insurance world as a whole; keeping up with trends and changes, and maintaining our ever-expanding network. We are good at what we do, because we enjoy what we do.

search & selection

The next focus for Bolton Associates’ Spotlight page, is an interview with a leading actuary within one of the top three Global Broking Houses. With the broking firms now offering important analytical, actuarial and deal-assisting advice, for the next few months Zoe Bolton will be talking to the senior actuaries in these firms, getting a brief insight into their career paths and visions for the future. This month Zoe talks to Jack Buckley of Beach & Associates What is your current role, and how did you end up in it? My current role is Chief Actuary with Beach. Beach is a reinsurance broker that is part of the Acrisure group. Beach is an integrated team of insurance and reinsurance specialists who bring together vast experience and expertise gained from working in markets and sectors across the world. I joined Beach in 2018, having previously worked with Argo International where I was Chief Actuary and Director of Risk of the Syndicate. Having been a member of the reinsurance committee at Argo, I was drawn to more fully understanding how the broking process worked. When the opportunity at Beach arose, I was delighted to become part of the team here. What is the defining moment of your career to date? After qualifying I moved to Sydney and I really enjoyed living and working in another country. I believe this really opened my eyes to other methods and models that are used in different regimes around the world. It helped me to think about a problem, rather than applying the same solutions/processes to everything. In your opinion, what prepared you best to take on your current role? I believe it has been a mixture of the roles I’ve had in the past. I’ve spent about 5 years in consultancies and the rest in a mixture of insurance and reinsurance roles. This has really given me a general understanding of what both parties are looking for from a reinsurance transaction. What is the biggest challenge you face in your role within this market? Finding an efficient solution for our clients, whilst minimising the execution risk on the transaction. Our solutions embed our clients’ KPI’s at the heart of the design process. While we do always have a range of competing ideas, we need to keep focused on the solution that best suits our clients. Sometimes this can lead to short term solutions, but we need to bear in mind how to maintain a robust programme for them in the long term. We aim to

create core solutions that are resilient to market losses or changes and a range of other solutions that complement the core. How does your actuarial training and background assist in your day-to-day role now? My actuarial training is a core part of my day to day role. It’s a mixture of the technical and communication skills that are important. The analytical team works extremely closely with the brokers, and their input into the analysis and structure is invaluable. Actuarial training encourages an understanding of different areas and this is really important in reinsurance broking. The brokers, clients and markets have the key insights that we need to incorporate into our analysis and presentations. When did you first join the IFOA, and what advice would you give to those students looking to emulate your career path? It was in 1999 that I first joined the Institute having completed my actuarial degree at UCD in Dublin. I would encourage actuaries to select individuals rather than companies, when starting out in one’s career. I’ve been very lucky in my career to have worked with some great bosses (actuarial and nonactuarial), colleagues and clients. Some of the most interesting and challenging projects I’ve had have been working outside the traditional actuarial areas, with professionals from other arenas. If you had your time again, what would you do, career-wise? I don’t have any real regrets in my career to date; the only thing I would say is that I could have used my training to work in more countries over the years. Whilst my job has generally involved quite a bit of travelling, I think I would really have enjoyed working in Asia or mainland Europe for a few years. Please share your favourite piece of trivia with our readers! My son loves the London Transport Museum, so the first underground opened in 1863 and ran between Paddington and Farringdon.

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FURTHER CHANGES TO SIP RE TPR SEEKS TO MAKE THE TRU

by Guy Plater, Head of Investment, XPS Pensions Group

On 6 June 2019, the Government introduced further regulations which will extend the disclosure requirements for trustees of defined contribution (DC) and defined benefit (DB) schemes in relation to their Statement of Investment Principles (SIP) and annual reports. Most trustees will have already prepared for the amended disclosure requirements that have been applied from 1 October 2019. These were set out in regulations issued in September 2018 and affect trustees of all occupational pension schemes that are required to produce a SIP (those with at least 100 members) who will be required to prepare or update it to include their policies in relation to: • financially material considerations over the appropriate time-horizon of the investments, including how they are taken into account in investment decision making (financially material considerations include environmental, social and governance (ESG) factors); • the extent to which non-financial matters are taken into account in investment decisionmaking; • the stewardship of investments, including the exercise of voting rights associated with, and the undertaking of engagement activities in respect of, those investments.

These policies must also be included in the annual report. The June 2019 regulations have been introduced to implement certain requirements of the EU Shareholder Rights Directive II. They extend further the disclosure and stewardship requirements for both DB and DC scheme trustees in relation to their SIP. New information to be included in a SIP from 1 October 2020 From 1 October 2020, trustees of all schemes that are required to produce a SIP must include (or explain why they have not included) their policies on the following: • how their arrangement with their asset manager(s) incentivises them to: • align their investment strategy and decisions with the trustees’ investment policies set out in the SIP; • make decisions based on assessments of medium to long-term financial and nonfinancial performance of an issuer of debt or equity; • engage with such issuers of debt or equity to improve their performance in the medium to long term.

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EQUIREMENTS FOR TRUSTEES USTEE MODEL WORK BETTER • how, and over what time horizon, the evaluation of the asset manager’s performance and remuneration is in line with the trustees’ investment policies;

where the relevant scheme has at least 100 members, this SIP must include the trustees’ policies on the stewardship of investments in that arrangement.

• how the trustees monitor portfolio turnover Extension of implementation statement costs; and From 1 October 2020, there is a requirement • the length of the arrangement with the asset for trustees of relevant schemes to include an implementation statement in their annual report, manager. which broadly sets out: The trustees’ stewardship policy must also be expanded from 1 October 2020 to include how • how, and the extent to which the SIP has been and when they would monitor and engage with followed during the year; an issuer of debt or equity about their capital structure and management of actual or potential • any review of the SIP that has taken place during the year, with subsequent changes explained, or conflicts of interest. if there has been no review, the date of the last Extension of requirement to publish SIP review. online All other schemes that are required to produce From 1 October 2019, there is already a a SIP will also now be required to include an requirement for trustees of ‘relevant schemes’ implementation statement in their annual report (broadly, most DC schemes) to publish their SIP and, by 1 October 2021, to publish on a publicly on a publicly available website, free of charge, and available website. The implementation statement signpost members to it in their annual benefit will cover: statement. A. the voting behaviour during the past year, including the most significant votes cast, and From 1 October 2020, the new regulations extend this requirement to trustees of DB stating whether any proxy voting has been used; B. the extent to which the policies in their SIP schemes that are required to produce a SIP. on the exercise of voting rights, stewardship and Additional requirements for default engagement activities have been followed during the scheme year. investment arrangements There is already a requirement for trustees of TPR’s updated guidance relevant schemes, regardless of their size, to produce a separate SIP covering their default The Pensions Regulator (TPR) has updated its guidance on DC investment governance investment arrangement. to incorporate these changes. This provides Since 1 October 2019, this must include further guidance on stewardship and the scope the trustees’ policies on financially material of ‘financially material considerations’, and also considerations and non-financial matters in clarifies what the implementation statement respect of that default arrangement. Furthermore, must include. page 29

Sponsored By

GI ACTUARY OF THE YEAR 2019 FINALISTS Erin Bargate Hiscox Erin joined Hiscox in 2010 after completing a Masters in Financial Economics at the University of Oxford. She is currently the Head of Casualty Pricing for London Market and has previously done a variety of roles including the Interim CFO for Special Risks and Group Capital Model Manager. Outside of work, she has completed an Ironman and raced at the World Championships. Her next sporting endeavour is an eight-day mountain bike stage race, to raise money for Qhubeka charity.

Paul Moorshead Aviva I am currently actuarial lead in Aviva’s Global GI and AIL Actuarial Function and also Chief Risk Actuary for Aviva Re. Highlights in this role to date, beyond working with a talented range of colleagues, are establishing an internal independent reserve review process and embedding the Aviva Boardgame club. I am currently putting my passion for machine learning to good use while on parental leave by building ever more complex models to predict how long my newborn son will sleep at night.

Emma Peacock Lloyds of London Head of Financial Risk at Lloyd’s of London. General insurance actuary currently working in the Risk Management team at Lloyd’s of London. Prior to this Emma worked at Barnett Waddingham

Seema Thaper Enstar Group Seema recently joined Enstar as Deputy Chief Transaction Actuary, responsible for actuarial input into M&A Transactions. Prior to this, she spent the majority of her career at Deloitte, most recently leading the GI Actuarial Advisory team. She is on the IFoA GI Board, Chair of the GI Lifelong Learning Committee and Chief Examiner for Subject SP7. Seema loves hanging out at home with her family (nothing keeps you grounded like a 1 and 5-year-old bossing you around!), watching B-Movies (so bad they’re good!) and supporting Manchester United (come on you Reds!).

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PENSIONS ACTUARY OF THE YEAR 2019 FINALISTS Laura Andrikopoulos Hymans Robertson Laura Andrikopoulos qualified as a Fellow in 2005 and currently leads pensions governance consulting (private-sector) for Hymans Robertson in addition to acting as a Scheme Actuary, working across a range of DB and DC schemes. She is an elected Council member of the IFoA from the global constituency and sits on their Life-long Learning Board. She was shortlisted at the inaugural women in pensions’ awards in 2018. In her spare time, Laura is a mother to two lively sons and enjoys travelling to inspirational places (hence photo selection!).

Ronan Donaghy XPS I am a Senior Consultant at XPS Pensions with over a decade’s experience of helping trustees and sponsors navigate the ever-increasing complexities of the pension landscape. I’m fortunate enough to have received compliments from trustees and sponsors on my ability to provide straightforward advice by breaking down complex problems and identifying key issues. Outside of work, I love everything sport related. I’ve spent too much of the last few years watching sport instead of playing it, so am currently training for the London marathon.

Michael Ingram Deloitte I am a Senior Manager in Deloitte’s pensions advisory team with over 10 years’ experience in the pensions industry. Throughout my career, I have always tried to embrace new (sometimes quite random) opportunities and as a result found myself helping both corporates and trustees with projects that cross all aspects of the DB pension world and well beyond. My latest and possibly biggest challenge has been leading Deloitte’s GMP Equalisation team and helping our clients start to overcome the many challenges that this brings.

Aysha Patel Legal & General Aysha is a director in Legal & General’s pension risk transfer business. She joined the company in 2015 and has taken lead roles in the origination and pricing of landmark bulk annuity transactions. Previously, she worked in pensions consulting at Willis Towers Watson where she specialised in pension scheme de-risking. Outside of work, she spends her time chasing around after her one year old son, running and enjoying the amazing restaurants London has to offer.

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INVESTMENT ACTUARY OF THE YEAR 2019 FINALISTS Niall Aitken Royal London Niall is an Investment Actuary in the Investment Solutions team within Royal London Intermediary. He has spent his entire 14 year career there starting off in DB before also spending time in protection and finance. Outside of work Niall’s young family (3 boys under 5) make sure he falls asleep on the couch after 10 minutes of whatever is on most evenings. When he gets a spare minute he enjoys all sports (far too competitively if taking part) but particularly road cycling and trail running.

Callum Duffy Insight Investment I recently joined Insight Investment as a Solution Designer, where I am responsible for the design and delivery of tailored investment solutions. Prior to Insight, I spent my career at KPMG as an investment consultant. At home, I have had an incredible couple of years, taking a short sabbatical to travel the world with my partner Jack (13 countries in 3 months) and coming home to donate a kidney to my dad (which was nowhere near as scary as a night in the amazon!).

Ben Farmer Hymans Robertson Ben is an Investment Consultant and has been with Hymans Robertson for almost six years. He provides advice to trustees on the full range of investment strategy, investment structure, investment manager selection, investment monitoring and governance issues. Out of work, he’s a keen sportsman and socialite. The former will often lead to the latter and unfortunately there have been times when he’s turned up at client meetings with a black eye / rugby injury to explain away.

Simon Guard Mercer Since joining Mercer, I have had the opportunity to support consultants on delivering an extensive variety of work to DB and DC clients (with asset bases ranging from £50m to £7bn), and have been involved in: Client performance reporting and analysis, Asset Liability management, Investment strategy, Investment manager research, Assisting with new business pitches, Attending and presenting at client meetings.

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LIFE ACTUARY OF THE YEAR 2019 FINALISTS Kenny Cheng E&Y I am a senior manager in EY’s life actuarial team. My passion is capital and optimisation where I have been fortunate to support clients on some really interesting projects, including business restructuring for capital efficiency, development of internal / economic capital models and supporting clients across the world on the Insurance Capital Standard. I am a new father and I like to run or play basketball when I am not changing nappies.

Philippa Gillham BUPA Philippa has worked for Bupa UK Insurance for 7 years and is Head of Corporate and SME Pricing. She recently took part in the IFoA’s mentoring programme and credits the experience with a renewed passion for her belief that actuaries have a greater role to play in a business’s success than simply the numbers. Outside of work you’ll find her baking cakes, to balance that out, she’s recently survived her first ever Tough Mudder (don’t ask about the bruises)!

Anna Graham AIG Life I joined AIG Life in 2015 as a newly qualified actuary running the (then small) pricing team. Since then the business has tripled in size and is now in the top 3 protection providers in the country. The highlight of my career would be my promotion to Chief Pricing Actuary in April, leading teams across three distribution lines. Outside of work I’m a keen equestrian, devoting my spare time (and cash) to training and competing an event horse.

Evan Hanley Zurich IRE I came to the UK to attend university and loved it here so much I stayed. I qualified in 2011 and I’m fortunate to have 12 years’ experience in a variety of pricing and product development life insurance roles. Having previously worked at Munich Re and Just Retirement, I joined AIG Life in 2016.

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SOFTWARE OF THE YEAR 2019 FINALISTS Fusion KMG KPMG Fusion® is an online modelling tool developed to support trustees and pension scheme managers transform their approach to risk management. The tool provides instant information about defined benefit pension schemes and their financial positions to help dynamic decision making and the efficient production of accounting disclosures.

FUSION

Radar XPS Radar is an intuitive, web-based tool that provides real-time information and modelling functionality to pension scheme trustees, corporate sponsors and advisers. The recent addition of Radar’s sophisticated journey planning functionality has been described as a “game changer”.

ReMetrica AON Insurers are demanding more value from their investment in capital models. To create a more sophisticated and robust platform, Aon developed ReMetrica Version 7 which is helping to transform the role of actuaries by introducing a new more efficient and scalable way of working.

Skyval PwC PwC’s leading online pensions platform, Skyval, is designed to enable trustees, sponsors and advisers to share and manage analytics related to the funding, investment and risk of their defined benefit pension funds, all in one place.

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Re-metrica

EMPLOYER OF THE YEAR 2019 FINALISTS AIG We are the UK life insurance business of global insurer AIG. We have an entrepreneurial, inclusive and flexible working culture with over 300 employees nationally delivering double-digit growth in the last two years. The team of 25 driven, passionate people have a strong work-life balance ethic. They have a reputation for being competitive especially in the companyâ&#x20AC;&#x2122;s annual Steps Challenge for Health and Wellbeing month.

AON AonÂ empowers organisations and individuals to secure a better future through innovative talent, retirement and health solutions. We advise, design and execute a wide range of solutions that enable clients to cultivate talent to drive organisational and personal performance and growth, navigate risk while providing new levels of financial security, and redefine health solutions for greater choice, affordability and wellness.

Barnett Waddingham Barnett Waddingham is proud to be a leading independent UK professional services consultancy at the forefront of risk, pensions, investment and insurance. Our primary focus continues to be providing the personal, quality, tailored approach that has driven our success and has led to our high level of client retention.

Hymans Robertson Hymans Robertson provide independent pensions, investments, benefits and risk consulting services, as well as data and technology solutions, to employers, trustees and financial services institutions. At the forefront of our industry, weâ&#x20AC;&#x2122;re influencing the way it works.

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RECRUITER OF THE YEAR 2019 FINALISTS Paul Fox HFG Paul recruits GI actuaries at the newly qualified to head of level within the insurance market. He possesses over 7 years experience in the actuarial and risk space and will be focusing on mid to senior level positions across the Non-Life insurance market. During the winter months Paul plays hockey for a local London club and keeps fit enjoying regular open water swimming and cycling. He is also a keen golfer and ski enthusiast.

Ani Pannell Oliver James Ani specialises in the placement of Actuarial consultants within the life and general insurance market throughout the UK and Switzerland. I provide a consultative service to clients who require exceptional skills on a contract basis.

Lance Randles Star Actuarial Futures Lance is a Partner at Star Actuarial, with 15 years of experience within the actuarial market in South Africa and the UK. I thoroughly enjoy the variety and diversity of people I engage with across the Actuarial Profession at all levels of seniority, many of whom have become friends over the years, and I’m fortunate to work with a collaborative and like-minded team at Star Actuarial.

Pamela Wernham Bolton Associates Pamela has around ten years of recruitment experience, placing actuaries solely into the non-life market. Pamela’s experience spans the Lloyd’s and London Market as well as the larger Retail insurers, recruiting graduates through to qualified individuals. Very much a people person, Pamela enjoys building long lasting relationships with both candidates and clients alike and prides herself on her consultative approach.

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TEMPORARY JOBS • LIFE • GRADUATE • PENSION • IMMEDIATE JOBS • £100K+ • CONSULTANTS • TEMPORARY JOBS • LIF GRADUATE • PENSION • IMMEDIATE JOB • £100K+ • CONSULTANTS • TEMPORARY JOBS • LIFE • GRADUATE • PENSION • IMMEDIATE JOBS • £100K+ • CONSULTANT • TEMPORARY JOBS • LIFE • GRADUATE • PENSION • IMMEDIATE JOBS • £100K+ CONSULTANTS • TEMPORARY JOBS • LIF GRADUATE • PENSION • IMMEDIATE JOB • £100K+ • CONSULTANTS • TEMPORARY JOBS • LIFE • GRADUATE • PENSION • IMMEDIATE JOBS • £100K+ • CONSULTANT • TEMPORARY JOBS • LIFE • GRADUATE • PENSION • IMMEDIATE JOBS • £100K+ CONSULTANTS • TEMPORARY JOBS • LIF

RECRUITMENT

• • FE BS Y TS E • FE BS Y TS E • FE

search & selection Trainee / Part Qualified Actuary

Qualified Actuary – Broker

General Insurance £Market Rates London

General Insurance Circa £130,000 Per Annum London

A London Market insurer is seeking a Trainee / Junior Actuary. Outstanding academics are a must with high A Level grades and a 2:1/ 1st Class degree in a numerical subject. It is essential to have exceptional communication and IT skills (Excel, VBA, R and SQL). Our client is considering candidates from new graduates up to students with three years experience. .

A Lloyd’s/London market (re)insurance business is looking for a qualified actuary to join the pricing team. You will have a strong technical background in pricing, and experience of both reserving and capital would be advantageous. Candidates must have good communication skills - there will be matrix working across different professional disciplines and geographies.

REF: ZB 001247 JC/OG

REF: ZB 001244 MM

Capital Modelling Analyst

Senior Product Actuary

General Insurance Up to £55,000 Per Annum London

General Insurance £Highly Competitive Salary and Package London

Insurance start-up is seeking an ambitious part-qualified analyst to join their capital team. You will have an all-encompassing role working on the end to end capital modelling process. Experience in the non-life industry is essential but you do not need to come from a capital background. You must be a smart, diligent and switched on individual. .

Rare opportunity to join a highly respected Specialty lines insurer in a mixed role. You will be an experienced, qualified Actuary with a demonstrable track record in pricing and/or reserving within the Lloyd’s and London Market. A confident communicator, you will be dealing with the underwriters on a daily basis. Open to candidates requiring a 4 day week or flexi working.

REF: ZB 001209 HT

REF: ZB 001249 PW

Pricing Actuary

Head of Reserving

General Insurance £Market Rates London

We have a number of pricing actuary roles for qualified pricing actuaries with London market pricing experience. Those with specialty lines experience and / or reinsurance experience would be of most interest to our clients ranging from start-ups to large international players. First class communication skills with the ability to work well with underwriters are essential. .

Our client requires a Head of Reserving, with either a Lloyd’s or London Market focus, to join a small, dynamic team. You will be qualified with strong interpersonal skills and the capabilities to present to the board and face challenges from underwriters. Experience in both reinsurance or insurance will work, and the key is personality fit.

REF: ZB 001196 CC

REF: ZB 001231 ZB

www.bolton-associates.co.uk page 39 +44 (0)207 250 4718 Bolton Associates, 5 St. John’s Lane, London, EC1M 4BH

N OLNI -FLEI F E PROJECT MANAGEMENT ANALYST

TRANSACTION PRICING ACTUARY

RISK ACTUARY

Qualified

Part-Qualified / Qualified

Qualified

Major Reinsurer

LIFE LONDON

Use your experience with modelling systems to assist with the delivery of a range of projects including reporting changes (IFRS17, Internal Model) and business changes (acquisition integration).

Support the M&A team in the delivery of accurate pricing metrics for live transactions, performing financial and actuarial due diligence, analysis and modelling.

A fantastic opportunity to develop and lead the delivery of client projects, predominantly in risk and capital. You will have advanced knowledge of Excel, alongside other modelling packages, and ideally a CERA qualification.

ASSOCIATE DIRECTOR

IFRS17 PROJECTS - FLEXIBLE WORKING

ISLAND LIFE

Qualified

Major Consultancy

LIFE LONDON

STAR5882

A great opportunity to contribute to developing, launching and building upon new initiatives and service lines to diversify the business. In this key role, you will take responsibility for a portfolio of assignments and manage selected client accounts.

STAR5891

Large Consultancy

LIFE MIDLANDS / SOUTH EAST / NORTH WEST STAR5910

Part-Qualified / Qualified

Major Insurer

LIFE SOUTH WEST

STAR5875

LIFE RISK EDINBURGH / LONDON

Part-Qualified / Qualified

STAR5888

International Consultancy

LIFE BERMUDA

STAR5869

An excellent career-development role, assisting in the implementation of the new IFRS17 process, validating the financial outcomes from dry runs and refining working assumptions in parameters and models. SQL (or similar) skills required.

Join this innovative, inclusive and teamoriented work environment as a consultant or manager, and enjoy the opportunity to support a number of diverse, client-facing workstreams.

RISK (SENIOR) MANAGERS

SENIOR IMPLEMENTATION MANAGER

THE PRICE IS RIGHT - LIFE PRICING

Qualified

Leading Consultancy

LIFE LONDON

STAR5679

Large Life Insurer

LIFE MIDLANDS

STAR5859

Part-Qualified / Qualified

Global Reinsurer

LIFE LONDON

STAR5778

Take up this opportunity to join our client’s growing risk team where you will take day to day management responsibility for the delivery of client projects and team development. MoSes/RAFM experience is desirable.

Take responsibility for successfully implementing change projects. You will track budgets, manage how tasks are distributed between senior team members and produce formal reports for relevant committees.

An exciting opportunity to play a key role on quotations and basis development across all lines of business, and to provide technical input to the development of protection products, structured finance solutions and pricing tools.

ACTUARIAL TECHNICAL LEAD

LONGEVITY RISK ACTUARIAL ANALYST

MODELLING WITH THE BEST

Qualified

Major Insurer

LIFE SOUTH COAST / AGILE WORKING

STAR5818

Part-Qualified

Major Insurer

LIFE PENSIONS LONDON

STAR5901

A key role supporting the delivery and implementation of specialist solutions for the finance function. You will resolve any technical challenges, providing actuarial direction and support as required.

Assist in the development and communication of longevity assumptions, and support the evolution, maintenance and review of the predictive model describing the mortality experience of the business.

CREDIT RISK MODELLING ANALYST

LONGEVITY CONSULTANCY

Part-Qualified

Qualified

LIFE INVESTMENT LONDON

Leading Firm STAR5839

Working with a range of stakeholders, you will support on elements of technical advice, modelling and insight in relation to credit risk, whilst assisting in the design and implementation of updates and replacements to existing credit models.

Part-Qualified / Qualified

STAR5769

Use your experience building models with MoSes, Prophet, RAFM, or other similar platforms within a high-calibre team. The role has a specific financial modelling focus, and is part of a wider finance transformation team.

Large Consultancy

LIFE LONDON

Global Player

LIFE LONDON

Is your next role one of the

STAR5907

Use your specialist knowledge of capital modelling and longevity stress-testing to shape and develop this market leader’s longevity proposition, delivering project work for high-profile insurance clients.

LIFE

VACANCIES on our website?

Lance Randles MBA

Peter Baker

Jan Sparks FIA

PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

PARTNER +44 7889 007 861 lance.randles@staractuarial.com

PARTNER +44 7860 602 586 peter.baker@staractuarial.com

PARTNER +44 7477 757 151 jan.sparks@staractuarial.com

Jo Frankham

Adam Goodwin

Clare Roberts

James Harrison

ASSOCIATE DIRECTOR +44 7950 419 115 jo.frankham@staractuarial.com

ASSOCIATE DIRECTOR +44 7584 357 590 adam.goodwin@staractuarial.com

ASSOCIATE DIRECTOR +44 7714 490 922 clare.roberts@staractuarial.com

ASSOCIATE DIRECTOR +44 7591 206 881 james.harrison@staractuarial.com

Antony Buxton FIA

Louis Manson

Joanne O’Connor

Sarah O’Brien

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

SENIOR CONSULTANT +44 7841 025 393 sarah.obrien@staractuarial.com

Irene Paterson FFA

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ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 . 2016 . 2017 . 2018

NON-LIFE Major Consultancy

NON-LIFE LONDON

STAR5857

An incredible opportunity for senior actuaries with market presence, credibility and gravitas to take their next career step. Successful candidates will demonstrate a flair for business development and innovative thinking.

NON-TRADITIONAL RISK Part-Qualified / Qualified

Market Leader

NON-LIFE LONDON

STAR5911

RESERVING IN THE MIDLANDS Part-Qualified / Qualified NON-LIFE MIDLANDS

CAPITAL MODELLING - LONDON MARKET

Global Business STAR5846 / STAR5847

Part-Qualified / Qualified

London Market

NON-LIFE LONDON

STAR5845

We have several roles offering flexible and enthusiastic candidates exposure to multiple lines of business. Ideally, you will have reserving and ResQ experience, alongside strong analytical and communication skills.

In this excellent career-development role, you will assist in the improvement and maintenance of capital models, help to parameterise new classes, and assist with business planning and reinsurance purchase.

LEADING ACTUARIAL ANALYTICS

NON-LIFE REINSURANCE ANALYTICS

Qualified

Part-Qualified / Qualified

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STAR5849

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NON-LIFE LONDON

STAR5841

Use your quantitative and analytical skills in this varied role offering exposure to senior management and the opportunity to develop your communication, presentation and negotiation capabilities.

Join a niche team, offering the opportunity to develop and deploy your strong analytical skills in the design and delivery of bespoke solutions for clients, taking account of capital and profitability considerations.

An ideal opportunity for a reinsurance pricing specialist to join a leading team in a global business. You will provide a diverse set of clients with cutting-edge solutions to a wide range of technical problems.

HOUSEHOLD PRICING EXCELLENCE

CATASTROPHE MODELLING SPECIALIST

GI ACTUARIAL ANALYST

Part-Qualified / Qualified

Qualified

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Part-Qualified / Qualified

Major Insurer

STAR5868

NON-LIFE SOUTH COAST

STAR5865

Leading Global Reinsurer

NON-LIFE LONDON

STAR5872 / STAR5873

NON-LIFE ZURICH

We have exciting opportunities for you to join a market leader to develop a new household insurance product. Strong modelling skills are required, and optimisation experience is desirable.

Seeking a talented catastrophe specialist to provide modelling analytics to stakeholders. You will conduct exposure data analysis, interpret model output and participate in portfolio reporting and loss estimations.

In this fantastic role, you will investigate new methods to improve capital and solvency modelling processes, estimate the Technical Provisions and support the delivery of business plans. Experience of ReMetrica is desirable.

PRICING ANALYST - LONDON MARKET

PROJECT PRICING ACTUARY - PART-TIME

AI AND MACHINE LEARNING

Part-Qualified

Leading Reinsurance Specialist

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STAR5822

Use your pricing or reserving experience to support performance reviews of a reinsurance portfolio, covering Property, Casualty and Specialty classes of business. VBA and R skills are essential. RESERVING ANALYSTS Part-Qualified

Qualified

London Market

NON-LIFE LONDON

STAR5813

A rare opportunity to take up a part-time, project-based role, supporting ongoing development work on the pricing models and portfolio analysis tools for the priority lines of business within a London Market firm.

MULTIPLE OPPORTUNITIES - DUBLIN Leading Insurer

NON-LIFE LONDON / SOUTH EAST

STAR5842

Two roles within a high-calibre team offering exposure to reserving, business planning, capital modelling and exposure to underwriters to inform decision-making on individual portfolios.

Part-Qualified / Qualified

Global Consultancies

NON-LIFE DUBLIN

STAR5828

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Qualified

Analytics Leader

NON-LIFE LONDON

STAR5858

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Is your next role one of the

NON-LIFE & HEALTHCARE

VACANCIES on our website?

Lance Randles MBA

Paul Cook

Satpal Johri

PARTNER +44 7889 007 861 lance.randles@staractuarial.com

ASSOCIATE DIRECTOR +44 7740 285 139 paul.cook@staractuarial.com

ASSOCIATE DIRECTOR +44 7808 507 600 satpal.johri@staractuarial.com

Clare Roberts

James Harrison

Diane Anderson

ASSOCIATE DIRECTOR +44 7714 490 922 clare.roberts@staractuarial.com

ASSOCIATE DIRECTOR +44 7591 206 881 james.harrison@staractuarial.com

SENIOR CONSULTANT +44 7492 060 219 diane.anderson@staractuarial.com

Antony Buxton FIA

Louis Manson

Joanne Oâ&#x20AC;&#x2122;Connor

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

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Qualified

PARTNER & DIRECTOR OPPORTUNITIES

ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 . 2016 . 2017 . 2018

PENSIONS Qualified

SENIOR MANAGER Large Consultancy

INVESTMENT NATIONWIDE

STAR5812

CLIENT-FACING PENSIONS

Qualified

Global Leader

PENSIONS SOUTH WEST / SOUTH EAST

STAR5720

Part-Qualified

Leading Pensions Consultancy

PENSIONS MANCHESTER

STAR5661

Join a growing team, in one of several locations, to perform asset-liability modelling, check liability projections, and analyse valuation results. You will also support investment management research and manage client meetings and relationships.

Take a lead role in providing strategic advice to clients with worldwide pension arrangements, particularly in relation to mergers & acquisitions and corporate restructurings.

Seeking candidates with client-facing experience to join a multi-disciplinary team providing leading-edge advice across funding, investment, risk transfer and covenant.

IN-HOUSE PENSIONS - RISK MODELLING

CORPORATE PENSIONS

LONGEVITY ACTUARIAL ASSISTANT

Part-Qualified / Qualified

Qualified

Global Insurance Company

PENSIONS LONDON

STAR5785

Leading Consultancy

PENSIONS LONDON

STAR5633

Part-Qualified

Global Reinsurer

LIFE PENSIONS LONDON

STAR5913

A fantastic opportunity to take up a nontraditional role within a leading company. In this exciting position, you will develop new skills in pension risk capital modelling whilst supporting IAS 19 reporting.

Take this chance to lead technical analysis for a variety of corporate clients, acting as a key point of contact. You will work on strategy, liability management, transactions, de-risking and other special projects.

Join the longevity team, and deliver new, profitable business opportunities, and in-force portfolio management. You will have a good understanding of DB de-risking offerings in the market.

SENIOR PENSIONS CONSULTING ACTUARY

IN-HOUSE ACTUARY

MANAGEMENT CONSULTANCY FOR PENSIONS

Qualified

Leading Consultancy

PENSIONS LONDON

STAR5890

Pensions Service Provider

PENSIONS INVESTMENT LONDON

STAR5751

Part-Qualified

Major Global Consultancy

PENSIONS EDINBURGH

STAR5810

Utilise your extensive knowledge of UK pensions to join a great multi-disciplinary team. You will provide clients with leading-edge advice on funding, investment, risk transfer & covenant.

Set up this new actuarial function, overseeing all aspects of the funding policy (including liability calculation and investment strategy), conducting risk analysis and developing in-house modelling capabilities.

A fantastic opportunity to join a market leader, solving a wide range of pensions problems. The successful candidate will possess excellent consulting skills alongside the commercial focus to spot opportunities to create value.

STRATEGIC PENSIONS

MAKE A MOVE IN PENSIONS CONSULTING

SENIOR PENSIONS ASSOCIATE

Part-Qualified / Qualified

Leading Consultancy

PENSIONS EDINBURGH

STAR5710

Use your strong client consulting experience to lead on the preparation and delivery of both day-to-day and strategic advice, with a focus on creating tailored solutions that meet client needs.

Is your next role one of the

Part-Qualified / Qualified

International Firm

PENSIONS NATIONWIDE

STAR5741

VACANCIES on our website?

STAR5709

Multiple opportunities with a leading client for actuaries with people and project management experience to work on innovative, marketleading analysis, including M&A, risk and liability management, plan design and more.

Leading global consultancy is seeking a partqualified or qualified pensions associate with good technical knowledge of Employee Benefits (DC Pension, Healthcare and risk, auto-enrolment).

DC INVESTMENT ANALYST

A STAR OF EQUITY RESEARCH

Part-Qualified

Leading Consultancy

INVESTMENT LONDON

PENSIONS & INVESTMENT

Part-Qualified / Qualified Leading Global Consultancy PENSIONS SOUTH EAST

STAR5906

Seeking an investment consultant to join our client’s practice to conduct investment manager and DC provider research, alongside calculating investment performance figures for monitoring purposes.

Part-Qualified / Qualified / CFA

Investment Bank

INVESTMENT LONDON

STAR5877

Become an Insurance Equity Research Analyst, building and maintaining financial models that evaluate historic data and produce forecasts. You will write research reports recommending trading strategies regarding listed insurance companies.

Adam Goodwin

Irene Paterson FFA PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

ASSOCIATE DIRECTOR +44 7584 357 590 adam.goodwin@staractuarial.com

Peter Baker

James Harrison

PARTNER +44 7860 602 586 peter.baker@staractuarial.com

ASSOCIATE DIRECTOR +44 7591 206 881 james.harrison@staractuarial.com

Antony Buxton FIA

Louis Manson

Joanne O’Connor

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

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