Fraud poses a critical risk to the sustainability of injury and disability schemes across Australia. Ahead of the 2017 Injury and Disability Schemes Seminar (IDSS), Hugh Miller outlines where fraud risk will be discussed in the Program, as well as opportunities to improve outcomes in the industry through behavioural economics.
Posted on: October 6, 2017
The previous AASB 17 Insurance Taskforce update on insurance contract accounting implementation looked at the BBA Drafting Group and particularly focused on the issue of coverage units. This time, its focus falls on the Variable Fee Approach (VFA) work-stream, headed by David Rush.
Posted on: September 27, 2017
Mental health is a key theme at this year’s Injury and Disability Schemes Seminar (IDSS). Here, Hugh Miller outlines some of the issues - including exercise benefits, best practice claims management, and secondary harm - that will be explored by speakers in depth.
Posted on: September 22, 2017
Since the Life Insurance and Wealth Management Sub-committee put together the first instalment of their China Series in March this year, Henry has had the opportunity to experience Chinese culture first-hand, by spending a week there in June.
Posted on: September 14, 2017
After attending last month's Insights Session on Australian Disability Income Table, Graham Kelly provides a comprehensive overview of the session that covered implementation, key learnings, strengths and cautions.
Posted on: September 13, 2017
Trang Duncanson reports on the AASB17 Implementation Taskforce’s Member Insights Session last week.
Posted on: September 13, 2017
This student column, by Barry Sun from Macquarie University, delves into the issues surrounding longevity risk. Barry tells us what longevity risk is and summarises the work that is currently being carried out by academics and insurance professionals.
Posted on: August 24, 2017
If it takes nine hours to read the online contract for Kindle e-readers, and this is considered simple compared to current insurance contracts, have we gone wrong somewhere? Robert Kerr explores the benefits and drawbacks of increasingly complicated insurance products.
Posted on: July 21, 2017
With the finalization of the long awaited IFRS17 global accounting standards in May 2017, the Institute of Actuaries IFRS17 Implementation Taskforce will be updating its members monthly on its activities.
Posted on: July 11, 2017
Our ability to predict disease risk based on genetics is rapidly advancing. What does this mean for life insurance? Jessica Chen and Damjan Vukcevic share insights from their presentation at the Actuaries Summit 2017.
Posted on: June 29, 2017
Rickie Fong and Anna Byrne have prepared a recap of the recent insights session, 'War Stories from Life Insurance Actuaries', presented by Greg Martin, Richard Lyon and Grant Peters. The three presented a compact survival guide for fighting corporate wars.
Posted on: June 21, 2017
In this edition, Managing Director at CommInsure, Helen Troup, discusses her upcoming speech on 'Thinking Differently about Customers' to the Actuaries Summit in May; how her actuarial training has helped her career; and what she finds interesting in her current role.
Posted on: April 10, 2017
Trang Duncanson reflects on “Futurist” Mike Walsh’s keynote speech at the FSC Life Insurance Conference and ponders our readiness for the near future ‘non-human’ actuary.
Posted on: April 6, 2017
The Life Insurance and Wealth Management Sub-Committee has put together the first instalment of their China Series. This article introduces the series, highlighting the economic environment in China and some implications for the future.
Posted on: March 23, 2017
The Actuaries Institute’s Pre-Budget Submission encourages timely Government action to introduce and promote Comprehensive Income Products for Retirement (CIPRs); facilitate the rationalisation of life insurance legacy products; and implement stronger risk mitigation measures to protect against the potential impacts of climate change.
Posted on: January 25, 2017
Craig Turnbull, Investment Director at Standard Life Investments (UK), recently published the book 'A History of British Actuarial Thought'. In this book, Craig illustrates the development of the actuarial profession within each of the three key practice areas of life assurance, pensions and general insurance.
Posted on: January 19, 2017
After a frustrating visit to a financial planner to reassess his life insurance cover, Angat Sandhu considers issues in the life insurance underwriting process and how the industry might “retain the soul, but design a new body”.
Posted on: January 11, 2017
The Actuaries Institute has just released the first collection of Practice Update videos! See what each committee has been up to and also earn CPD points.
Posted on: December 22, 2016
In this article, IASC Convenor Grant Robinson illustrates the historical developments of a common way of reporting insurance contracts which started in 2005. He also shares details of future plans and potential impacts of the new process.
Posted on: September 16, 2016
There are many ways of measuring superimposed inflation. In this article, Aaron Cutter of Finity explains how to measure superimposed inflation by pairing claims that ‘look-a-like’ - a technique adapted from home price inflation techniques.
Posted on: September 8, 2016