David Shaffer

The latest PPF 7800 showed funding of defined benefit schemes improved during April, with surpluses increasing for another month running and rising to £458.3bn. Get the thoughts of Broadstone's Senior Actuarial Director Jaime Norman on the impact of continued uncertainty in investment markets over Bank of England rate cuts as well as the recent tightening in corporate bond spreads. Find out more on the data and Jaime's musings in the Professional Pensions article below. https://lnkd.in/gPb_czv4

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Roz Briggs and Ian Robertson chat about insights gleaned from the opening session of today's SAI Annual Convention on Navigating the future: Opportunities and Risks in the Evolving Actuarial profession. Have a listen below!

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UK regulation is the tip of the iceberg when considering the challenge of managing the systemic risks associated with global reinsurance. The interest in moving risk and capital to different jurisdictions is not going to slow down to wait for regulation to catch up. Great summary John Morley.

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It's always good to get an extra layer of insight behind insurers' financial results - thanks to Hiscox's Joanne Musselle for talking me through the headwinds impacting its London market operations. Read the full article on Insurance Times... #insurance #insuranceindustry #insurancenews #UKGI #b2b #insurer #insurers #financial #financialresults #London #Londonmarket #interview

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Discover the latest: CMI publishes update to mortality projections model, indicating slightly lower life expectancies, and highlighting continued post-pandemic uncertainty for the path of mortality. https://ow.ly/kAzw50RjNI9 #pensions #pension #retirement

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While I look at the figures of $25bn and $81bn with a large pinch of salt, it is still an interesting shift I could witness during my working career. To be honest I am not clear how much of an impact did Electric cars and telematics had on lost profit and revenue, so it is very much possible that the change is so gradual, it almost goes unnoticed like evolution, but an interesting potential case study of change adoption and adaptation.

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Exciting to see captives back on the government agenda as discussions about the need for regulatory reform in the UK gain momentum. Various sources suggest that implementing a greater level of proportionality in captive regulation could unlock significant growth opportunities across the economy, industry, and talent landscape. Looking forward to seeing how this unfolds! #Captives #LMG #MarshMcLennan #Insurance #RiskManagement

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Curious about the journey to becoming an actuary? Not all paths look the same, as explored by Munich Re Life's Sean Kim, who had a non-traditional start to the profession. Read the full article here: https://ow.ly/gkUA50RzPeW Learn about Sean's progression in the field, from taking risks and being outside of your comfort zone, to identifying opportunities and achieving personal fulfilment. #MunichReLifeNA #actuary

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Why an Actuarial Career in the London Market is a great option Check out our latest blog post outlining some of the reasons why a career in the London Market is a great option - if you're considering a change in this market or interested in moving across, reach out to one of the team to discuss! 💻 [email protected] #actuarial #recruitment #actuarialrecruitment #londonmarket

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Two-thirds (67%) of financial services leaders are more optimistic about the sector’s growth under the new Labour government, according to KPMG’s latest UK Financial Services Sentiment Survey.

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AI in Actuarial work is not a silver bullet   But there are a few steps you can take to add even more value:   The FRC this week updated it’s Technical Actuarial Guidance on the use of Models to include practical steps on using AI. Practical guidance is essential to build confidence in clients and stakeholders understanding how actuaries use AI. That’s why this guidance was so of interest to me. AI in actuarial work is no different to other models, and the guidance recommends that: 𝐄𝐱𝐩𝐥𝐚𝐢𝐧𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐫𝐞𝐬𝐮𝐥𝐭𝐬 𝐢𝐬 𝐚𝐥𝐰𝐚𝐲𝐬 𝐞𝐬𝐬𝐞𝐧𝐭𝐢𝐚𝐥 ⇢ Understand the AI models used in your work ⇢ Including their intended uses and limitations. ⇢ So, use ICE plots, Shapley values, and LIME to explain models. ⇢ And, a less accurate model may be preferred because it is explainable 𝐌𝐨𝐝𝐞𝐥 𝐆𝐨𝐯𝐞𝐫𝐧𝐚𝐧𝐜𝐞 𝐢𝐬 𝐨𝐟𝐭𝐞𝐧 𝐟𝐨𝐫𝐠𝐨𝐭𝐭𝐞𝐧 ⇢ Share the approval processes for AI model development and use ⇢ High risk applications mandate strong governance for AI/ML models ⇢ So, use version control systems capable of managing AI/ML model development. ⇢ And for self-updating models, implement additional monitoring and control measures. 𝐃𝐞𝐚𝐥 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐝𝐚𝐭𝐚 𝐚𝐧𝐝 𝐛𝐢𝐚𝐬 ⇢ It’s not going to be perfect ⇢ It’s the same data you always used ⇢ AI might amplify or focus on hidden biases ⇢ So, identify causal explanations for variables used in AI models. ⇢ And consider legal, regulatory, and ethical implications of model outputs. 𝐌𝐨𝐝𝐞𝐥𝐬 𝐰𝐢𝐥𝐥 𝐧𝐨𝐭 𝐛𝐞 𝐩𝐞𝐫𝐟𝐞𝐜𝐭 ⇢ They might fool you to think they used judgement ⇢ So, compare AI results with traditional actuarial models ⇢ And test for drift of or accuracy or bias in AI model over time. 𝐈𝐧𝐯𝐞𝐬𝐭 𝐲𝐨𝐮𝐫 𝐭𝐢𝐦𝐞 𝐭𝐨 𝐫𝐞𝐦𝐚𝐢𝐧 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥 ⇢ Find training, and know your stuff ⇢ Keep up with AI and their applications in actuarial work ⇢ Because, we're the translators for stakeholders The FRC was clear – don’t just use AI model blindly – “Practitioners must ensure they understand the models used in their technical actuarial work, including intended uses and limitations.” I’m confident the future of actuarial work isn't about AI replacing us, but about actuaries who can harness AI's power while maintaining professional judgment and ethical standards. What issues are you starting to run into the use of AI?

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🎉 Exciting News: Launching Our YouTube Channel! 🎉 After months of preparation and planning, we are thrilled to announce the launch of our Whitepaper Actuaries and Consultants YouTube channel! 🎥📊 We’re creating a space to simplify complex actuarial concepts, discuss trends in financial services, share insights on employee benefits, pensions, and valuations, and much more! 🌍💼 Our aim is to deliver value through informative, insightful, and practical content—perfect for business leaders, HR professionals, and anyone interested in understanding the actuarial side of things. 🔔 What to Expect: Actuarial insights for businesses 🧮 Employee benefits explained 🏆 Case studies from our practice 📝 Industry trends and best practices 🌟 We’d love for you to join us on this journey. Subscribe to our channel, watch our videos, and let us know your thoughts! 🚀 👉 https://lnkd.in/gUSHHtAu Stay tuned for more updates! Neelesh Tripathi, FIAI Hemanshu Jain #actuarialscience #employeeBenefits #financialservices #WhitepaperActuaries #actuary #businessgrowth #pensions #YouTubeLaunch #actuarialinsights

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With no sign of premium relief, now is a good time to reassess your business and book of business. #Construction #Businessinsurance #manufacturing #captiveinsurance #hardmarket

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EXCLUSIVE: Arcadian Risk Capital is weighing options to launch a balance sheet platform, including a potential rated Lloyd’s or Bermuda vehicle, and is engaging (re)insurers to add to its existing capacity panel as it looks to onboard new underwriting teams, The Insurer can reveal... https://lnkd.in/ghWG-kER #insurance #insurancemarket #insurancenews #reinsurance #reinsurancemarket #reinsurancenews

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All packed up again and heading back across the pond to Casualty Actuarial Society annual seminar in Phoenix. ✈️ Will you be there? If so, come visit me and Catherine Drummond on stand B, to find out how LCP InsurSight can help take your reserving and portfolio analytics to the next level! 🚀

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Has Solvency II worked? This is the question that Jessica Snowball and I pose to regulatory expert Robert Chaplin in the latest episode of Insurance Uncut, out now. https://lnkd.in/erHmrV7K

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Thrilled to report that Trium Syndicate 1322 is the top performer among the five new underwriting platforms that entered the Lloyd’s market in 2023 reporting a solid 95.8% Combined Ratio in its first year of operation. 2023 was an ideal year to exercise heightened underwriting discipline and in 2024 Trium remain acutely focused on driving profitable growth at a time when malicious activity against companies of all sizes continues to grow at an alarming pace. Alongside cyber coverage, the syndicate provides complementary risk management advisory services and customised real-time loss mitigation services to drive rapid claims decisions and favourable loss outcomes and support its growth aspirations. Market stability and carrier commitment to the cyber line of business are both areas of client concern that Trium seeks to address and a solid Combined Ratio is the first piece of the puzzle in our strategy to reduce volatility. https://lnkd.in/e6ia6zwz

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