General Insurance

2018 General Insurance Seminar Event Report – Day One

More than 230 delegates gathered at the Sofitel in Sydney this week for the 2018 General Insurance Seminar. The event set out to inspire attendees to "Transform the Future" of the industry with Day One sessions including Consumer Trust, Mental Health, Data Led-Innovations in the Insurance Value Chain, and the launch of the Australian Actuaries Climate Index.

General Insurance and Trust – is there a role for Actuaries?

The issue of consumer trust has attracted significant attention in the financial services industry in the last year or two. Here, Estelle Pearson offers her view on why this evolved to be the case and gives a glimpse into how the role of actuaries may potentially need to adapt to help foster trust again in the general insurance industry.

The Role of Actuaries in Claims Management - Actuaries Podcast

Angat Sandhu and Katherine Gobbi discuss the role of actuaries in claims management, future opportunities and key trends in the area including enabling technologies and better understanding the customer.

The view from a start-up perspective: Is competition broken? How can it be fixed?

Insurtech, fintech and disruptor are the new buzz words. Ask John Connor a few years ago what these words meant and he would have pictured a mix of bohemian tech-savvy hipsters in a trendy office, a place not for the traditional actuary. He was wrong, there are many actuaries working in fintech and insurtech start-ups.

Leading the profession in general insurance

Tackling the big issues in the general insurance industry, representing actuaries and motivating a group of volunteers has been the remit of IAG’s Tim Clark for the last five years.

The HIH Royal Commission: Lessons for today - Actuaries Podcast

From "excitedly finding 'smoking guns' in emails" to getting "requests for interviews from 4-Corners within 24 hrs", Estelle Pearson and Tony Coleman share their unique insights into the HIH Royal Commission, drawing lessons for today.

AASB 17 Information Note: Insurance Contract Update

AASB 17 Implementation Taskforce releases the first operating version of the Information Note for practitioners.

Analytics Snippet: Multitasking Risk Pricing Using Deep Learning

Jacky Poon shows you how to build a risk premium pricing model using deep learning, in this example for a motor portfolio - a classic general insurance problem.

International CPD opportunities

There are over 30 committees, subcommittees, task forces, and working groups of the International Actuarial Association. These groups all commission, create and share content that may be relevant to Actuaries Institute members. Links to some of the content discussed at the recent meetings in Berlin, Germany are provided below.

The role of the actuary in social schemes – National Redress Scheme for Child Sexual Abuse

The Royal Commission engaged actuaries at Finity Consulting to conduct an actuarial assessment of the potential costs of an Australian National Redress Scheme, estimating it would cost around $4 billion. Here, Danielle Casamento discusses the estimates and the framework used for assessing liabilities.

Mental Health and Insurance - Understanding. Validating. Contributing

Chief Actuary for Medibank Private, Andrew Matthews outlines the prevalence of mental health conditions, government spending, and the role of insurance in improving services.

Climate Change Blog - July 2018

Welcome to the first instalment of the Climate Change Blog, an article series that aims to cover news and events related to climate change and relevant to actuaries and the industries they advise. This month’s edition summarises news relating to transition risk.

Fast five with Fintechs  - an introduction

Elayne Grace outlines a new Actuaries Digital series where we spend five minutes with Australian Fintech and Insurtech companies, asking about their products and start-up journeys so far.

Fast five with Fintechs - Plenty Wealth

Greg Einfeld, Director at Plenty Wealth outlines his journey in fintech and where he sees his business, and the broader fintech landscape heading.

Why is this the most exciting time to be a young actuary? - YAC 2018 report

The 2018 Young Actuaries Conference (YAC) began with more than 150 young actuaries around the country devoting half their day, seeking to be inspired. Chetana Koganti reports.

A different road to success - Interview with Martin Fry

After an eventful 43-year career, Taylor Fry Principal Martin Fry looks back on a lifetime of quiet achievement, his passionate aversion to hierarchy and the guru that inspires him to this day.

The Appointed Actuary Role: Back to the future

Responsibilities of the Appointed Actuary (AA) role have expanded in recent years with an increased focus on compliance activities, reducing capacity for the AA to be involved in the provision of strategic advice to the Board and senior management.

Mission Possible – reviving the ‘M’ in STEM

Farheena Ahmad describes her experience going ‘back to school’ as part of CSIRO STEM’s Professionals in School Program and discusses the need to revive positive attitudes and enthusiasm towards mathematics in the classrooms of the future.

Inspiring Change: Interview with Actuary and Director at the National Disability Insurance Agency (NDIA)

In this Q&A, Meng shares why she loves working in "revolutionary disability reform", and the advice that changed how she approaches work and measures success. All ahead of her talk at the upcoming Young Actuaries Conference (YAC)!

YAP Workshop - Climate Data and Insurance

Participants of a recent YAP Climate Workshop were asked to cast their minds forward to 2025 in a fictitious scenario where the small town of Derby, WA – now 'New Derby' – is a similar size to Darwin with a population of 100,000.

Also this month