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Giada Milloco is organising committee chair for IFoA Life Conference 2025.

FCA on Consumer Duty

In a post-Consumer Duty world, it is expected that all insurers act to deliver good customer outcomes. This has been a material change to the regulatory landscape and has required considerable resource from firms to implement. 

To build on this, the FCA has recently launched its strategy for the next five years. This will focus on four key areas:   

• Being a smarter regulator 
• Helping consumers 
• Fighting financial crime 
• Supporting growth 

Speakers from the FCA will explain how these areas will drive the work programme for life insurance supervision and build on the Consumer Duty.

They will share some specific areas that will be the focus for the next five years and enable the audience to get an early insight into why these areas have been chosen. 

The session will be interactive, allowing the audience to contribute questions to the speakers. 

Speakers: Andrew Ruddle, Head of Department, Insurance Policy and Andrew Kay, Head of Department, Life Insurance Supervision 

Professional Skills

This will be your regular conference dose of Professional Skills, presented by Peter Heffernan, Chair of the Professional Skills Working Group, and Michelle Lister, Chair of the Life Lifelong Learning Sub-committee. 

From the people (well, Peter) who brought you 鈥楾he Waterfall of Calamity鈥� and 鈥楾he Only Way is Ethics鈥�, the session is 100% guaranteed to be (a) interactive, (b) stimulating and (c) informative. 

Speakers: Peter Heffernan, Chair of the Professional Skills Working Group, and Michelle Lister, Chair of the Life Lifelong Learning Sub-committee

FCA Consumer Duty: price and value for unit-linked pensions and savings 

During 2025 the FCA has been conducting a review into non-workplace pensions and savings products which allow investment into unit-linked funds. A key objective of the review is for the FCA to understand how firms are meeting the price and value requirements of the Consumer Duty, both for open and closed (legacy) products.  

The FCA will present key findings from the review and look to discuss several key areas of focus: 

• The key challenges insurers face in identifying whether products offer fair value 
• The adequacy of current fair value approaches by firms 
• How outcomes differ for different groups of customers: for example, new or legacy customers, customers with larger or smaller pots 
• What firms or regulators may be able to do to improve the value provided to customers 

Speakers: Andrew Ruddle, David Berenbaum and Stefan Ielapi, FCA

Mind matters: mental health as a strategic priority for insurers 

Mental health is no longer just a wellbeing issue 鈥� it鈥檚 a strategic imperative for insurers. With rising claims, increased public awareness, and growing demand for support across all demographics, insurers have a pivotal role to play in reshaping how mental health is approached across prevention, treatment, and rehabilitation. 

We will explore the evolving role of insurers in addressing mental health from a holistic and long-term perspective. Drawing on insights from across the insurance value chain 鈥� including pricing, product design, claims, digital health, and customer engagement 鈥� we鈥檒l discuss how insurers can move from reactive claims management to proactive, personalised mental health support. 

We鈥檒l share practical examples and emerging innovations, including digital tools for early intervention, integration of mental health within broader health products, and the challenges and opportunities in underwriting and product strategy.  

The session will discuss the responsibilities insurers have under the Consumer Duty and ESG agendas, and how mental health investment can promote long-term customer outcomes and sustainable growth. 

This talk offers a multi-faceted, real-world view of the current state 鈥� and future possibilities 鈥� for mental health in insurance. 

This session will be jointly presented by professionals from two different organisations. Dharshini Navaratnam is an experienced health actuary with over eight years in the health insurance industry, working across pricing, capital, product innovation and Consumer Duty in both insurer and consultancy roles. Lisa Balboa is the Head of Life & Digital Business Accelerator at a global reinsurer, who also brings deep health industry expertise and plays an active role in the IFoA鈥檚 Mental Health Working Party. 

Speakers: Dharshini Navaratnam, 4most and Lisa Balboa, Hannover Re 

With-profits: key focus through survey highlights 

Using the 2025 With Profits Survey we will be exploring the key focus areas for with-profits funds, covering both a company and external perspective. Topics will include Consumer Duty, asset share approaches and investment performance. There will be a combination鈥痮f鈥痠nsightful presentations with interactive Q&A sessions. Attendees will gain valuable insights into the with-profits management focus areas. 

Speakers: Kris Overlunde and Desigan Mudliar, PwC and Craig Burns, Weslyan  

Legal developments in Part VII insurance business transfers 

The landscape of insurance business transfers under Part VII of the Financial Services and Markets Act 2000 is evolving, driven by a combination of legal and regulatory change and technology. This session will delve into the latest developments for Part VII insurance business transfers and their implications. 

Topics of discussion will include:

• Preservation of tax treatment: examining the recent clarification that Part VII insurance business transfers do not constitute a novation, with a focus on the transfer of Scottish Equitable鈥檚 individual protection business to Royal London 
• Splitting and replicating contracts: analysing the transfer of Canada Life鈥檚 on-shore individual protection business to Countrywide Assured plc, demonstrating the versatility of the Part VII regime 
• Digitalisation of policyholder communications: exploring how the process of communicating with policyholders has evolved, and the impact of the Consumer Duty on this evolution 
• Sanctions: recent experience navigating the impact of sanctioned individuals and assets on Part VII insurance business transfers 

These developments present opportunities and challenges for insurers.鈥� 

This session will be conducted as an interactive discussion with industry legal experts who will share insights and practical experience. 

This session will be of particular interest to senior actuaries. 

Speakers: Peter McCusker and Hamad Akhtar, Pinsent Masons 

Global macro pivot: impact on UK pensions and insurance?

The recent shift in the global macro narrative 鈥� driven by the prospect of renewed Trump-era tariffs 鈥� marks a potential turning point in market dynamics. Proposals range from sweeping 10% tariffs on all imports to targeted 60% levies on Chinese goods. We鈥檙e entering an environment that could reshape inflation expectations, trade flows, and central bank reaction functions. While this might initially seem like a US-centric development, the implications for UK institutional investors are real and underappreciated. 

This session will explore how these global currents interact with the UK鈥檚 long-duration balance sheets 鈥� particularly for insurers and pension schemes. Rising inflation risks, diverging monetary policy paths between the Fed and BoE, and volatility in real rates all have knock-on effects on solvency positions, funding ratios, and hedging strategies. 

Key discussion points will include: 

• The potential revaluation of inflation-linked liabilities 
• Cross-border capital shifts and their impact on GBP asset markets 
• Implications for strategic asset allocation and regulatory capital efficiency 
• How insurers and pension funds might respond 鈥� defensively or opportunistically 鈥� to a more fragmented global economy 

This is not a forecast 鈥� it鈥檚 a framework. One that asks whether existing portfolio and balance sheet strategies are robust enough to navigate a world that may be returning to old patterns of geopolitical and economic rivalry. 

Speaker: Ashwinder Moti, Goldman Sachs 

Would you like any open source with your models today? 

Is open-source software truly a viable alternative to traditional vendor-maintained offerings? We will look at the reasons for choosing open source, supported with AI, as a preferred method of implementation when we onboarded a recent new client. We will look at the decisions and choices from both the company鈥檚 designated chief actuary and the implementation partners鈥� viewpoints. 

We will present our thoughts and findings by answering several key questions related to the process: 

• How did we determine open source as the preferred option in this case? 
• What were the perceived risks of using a fairly new approach? 
• Did we approach the implementation any differently? 
• What were the pros and cons along the way? 
• Did we achieve everything we set out to? 

There will be time at the end for further questions from the audience to both the chief actuary and the implementation partner lead. 

We hope this session will appeal to anyone interested in modelling and technology. And to those who want to understand how the landscape is shifting with the advent of an increased appreciation of open-source capabilities and how AI has helped this shift. 

The presentation will discuss a .  

Evolving landscape of the UK funded reinsurance market 

Funded reinsurance is playing an increasingly important role in the UK鈥檚 bulk annuity market, enabling growth by diversifying asset sourcing and securing additional capital. Over the past 12 to 18 months, the market has seen notable innovation alongside growing global regulatory scrutiny. 

In this session, representatives from the IFoA鈥檚 UK Funded Reinsurance Working Party will examine key market developments and share their outlook at this pivotal moment. The session will also provide an overview of the working party鈥檚 objectives and ongoing initiatives. 

Speakers: Wei Hou, Gallagher Re and Shreyas Sridhar, Canada Life

More than a price: unlocking value through additive features in BPA transactions 

The talk will focus on the increasingly common additive components to BPA deals鈥� such as termination rights, residual risk covers, and price locks 鈥� and how they are shaping transaction outcomes for both trustees and insurers. 

Attendees will gain insights into how these features function in practice, their impact on pricing and risk, and the circumstances in which they are most beneficial. The session will explore market trends, insurer approaches to structuring these options, and the legal and operational considerations trustees must weigh. 

We will draw on recent transactions, anonymised case studies, and input from legal and broking professionals. 

Speakers: Zubair Arshed, Grant Thornton and Matthew Nelmes, JUST Group 

Automating spreadsheet documentation with LLMs 

Spreadsheets are an essential part of the daily work life of actuaries but documenting them can be a tedious process. This presentation introduces an AI-powered approach to automating Excel documentation using large language models (LLMs). By leveraging LLMs like ChatGPT, the system can generate meaningful summaries, describe column contents, detect patterns, and highlight inconsistencies in datasets. 

The session features a live demonstration of an AI-driven Excel documentation tool, showcasing its ability to process an uploaded spreadsheet, extract key insights, and produce structured reports. We will explore the underlying framework including Python, FastAPI, Pandas, and OpenAI鈥檚 API, and learn how these tools work together to enhance data interpretation. 

This talk will also highlight real-world applications, discussing the benefits of AI-driven documentation, including improved efficiency, accuracy, and transparency in data handling. Potential enhancements and future directions in AI-powered data processing will be explored. 

Speaker: Aniketh Pittea, Grant Thornton  

NHS and care systems productivity and sustainability 

In conversation: Anita Charlesworth 
Interviewed by Nicky Draper, Honorary Fellow 

Join Anita Charlesworth  Director of the Health Foundation鈥檚 REAL Centre and one of the UK鈥檚 leading health economists, for an in-depth conversation on the critical challenges facing the NHS and social care. 

In a one-on-one, interview-style format led by Honorary Fellow Nicky Draper, this keynote will explore the shifting landscape of health service delivery, the long-term implications of workforce pressures, funding constraints, and population ageing. And it will delve into how these complex issues intersect with the work and expertise of actuaries. 

A lifetime of risk 

Health outcomes depend not only on whether we are exposed to a risk factor, but crucially on how much exposure we have, and for how long. A smoker鈥檚 morbidity and mortality risk is shaped by the number of cigarettes smoked and the timing of that exposure over their lifetime. Similarly, an overweight individual鈥檚 risk depends on both the duration and the degree of excess weight. 

Most traditional risk models rely only on current risk factor exposure (for example, proportion of smokers), ignoring exposure history.  

We present 鈥榣ifetime exposure modelling鈥�, a novel hazards-based approach that quantifies risk based on lifetime exposure history incorporating the amount of exposure, when it occurs, and how its impact changes over time. This presentation will focus on its application in analysing and projecting population mortality trends under different scenarios. Using age, period, and cohort analysis of risk factor trajectories, we combine this with biomedical evidence to estimate future disease-specific mortality based on lifetime exposure patterns across different cohorts. 

Lifetime exposure modelling offers actuaries an intuitive way to quantify long term risk, capturing not just where people are today, but how they got there. This approach has broad application across pricing, reserving and risk management. We invite you to explore how it can enhance your own modelling, inform strategic decisions, and bring fresh insight into the drivers of future population health. 

Speakers: Ashley Campbell and William Letton, Crystallise 

Solving the UK's retirement crisis 

The UK is facing a retirement income crisis. 

With the demise of defined benefit pension schemes, alongside a lack of product innovation following 2015鈥檚 pension 鈥榝reedom and choice鈥�, the next generation of working individuals may find themselves unable to fund a comfortable retirement, while enduring increasing uncertainty along the way. 

However, our analysis indicates that product innovation may allow consumers to affordably meet their retirement needs, while presenting an attractive commercial proposition to the UK鈥檚 life insurers. 

In this talk, we will: 

• Summarise the current retirement product landscape and the scale of the problems facing the UK鈥檚 working population 
• Present our modelling of deferred annuity products, including a version with a (with-profits style) participating element 
• Discuss how these products could be best used by consumers and insurers 

Our talk will build on the following publications: 

Speakers: James Gillespie, NatWest Markets and Owen Griffiths, Deloitte

Are you seeing your valuation results with 8K clarity? 

In this session, we will explore how a major UK life insurance consolidator achieved a rapid transformation of its actuarial systems, delivering enhanced analytics and operational efficiency. The discussion will delve into the implementation of a modular approach that enabled swift deployment across IFRS 17, Solvency II, ORSA and business planning frameworks. The presentation will be supported by the CFO of one of the main subsidiaries within the group providing their personal view of the transformation programme. 

Key highlights include: 

• A modular approach to the build, enabling the solution to increase in scope with each acquisition 
• Taking the guesswork out of projected risk margins, risk adjustments and SCRs by re-using code to accurately forecast those values 
• Achieving 鈥榸ero unexplained鈥� variances in analysis of change through seamless integration with accounting movements data 
• Realising significant improvements in analytical capabilities, leading to more informed strategic decisions through the automation of thousands of runs to build robust scenario forecasts 

This session is designed for actuaries with an intermediate to advanced understanding of regulatory reporting and actuarial systems transformation. Attendees will gain ideas about how they may improve their own actuarial processes and systems or structure their transformation programme. 

Format: The session will be in the form of a presentation by the programme lead and will include the CFO鈥檚 personal view of the programme and the benefits achieved.  The presentation will be followed by an interactive Q&A session with the audience. 

Speaker: Stuart Calder, WCS and Sarah Johnston, Upmost 

Embracing neurodiversity 

How often do we consider that 1 in 7 people are neurodivergent, and what untapped potential does this represent for the industry? What unique strengths do neurodivergent individuals bring to the table? How can understanding these strengths help you become a more effective colleague or manager?   

With an increasing number of adults being diagnosed with neurodiverse conditions, it鈥檚 crucial for professionals to understand the unique challenges and strengths these individuals bring to the workplace.  

In our presentation and panel discussion, we鈥檒l delve into the complexities of neurodiversity, focusing on dyslexia, ASD, ADHD and other conditions. You鈥檒l gain valuable insights into how neurodivergent employees can thrive in an actuarial environment and discover potential strategies for supporting them effectively.  

Key discussion points:  

• What are the common challenges faced by neurodivergent individuals in the workplace?  
• How can colleagues and managers create an inclusive and supportive workplace for neurodivergent employees?  
• What are the benefits of embracing neurodiversity within your team?  

Join us to hear from a panel of actuaries sharing their experiences and engage in thought-provoking conversations. Whether you鈥檙e a manager of a neurodiverse team, or seeking to better   understand neurodivergent colleagues, this session will offer insights from neurodivergent people navigating the actuarial profession. 

Speaker: Ben Purkis, KPMG 

Evaluating the predictive power of postcodes and pension amounts in m+A10ortality analysis 

Geo-demographic risk factors based on residential postcode have been used in the UK鈥檚 pension risk transfer market for nearly two decades, while pension amount has been around for many decades prior. Postcode modelling that seeks to explain socio-economic mortality differentials appears to take a second seat to the pension amount risk factor, at least as far as in explaining past mortality experience. But as most pension schemes are now closed to new members and long-term tenure among future pensioners becomes increasingly rare, the predictive power of pension amounts in determining mortality differentials is gradually diminishing. 

Can enhanced postcode models take over as the most predictive risk factor? 

In a collaborative study, Nay Wynn of SCOR Global Life Re and Stefan Ramonat of Ad Res Advanced Reinsurance Services leverage the largest ever set of mortality data curated by LexisNexis Risk Solutions.

They explore:鈥� 

• How we can measure the predictive power of different postcode models 
• To what extent do refined postcode models explain mortality differentials between pension schemes? 
• Whether there is a means to predict pension amount using geo-demographic information gleaned from big data 
• Whether we can find a general predictive model for pension risk that avoids the pitfalls of pension amount while still predicting the differences in mortality between various pension schemes 

Join us in this insightful workshop session as we delve into multiple case studies, uncovering answers and gaining practical insights.鈥� Actuaries at all levels will benefit from the real-world applications of these findings in pension risk transfer pricing. 

Speakers: Nay Wynn, SCOR and Stefan Ramonat, Advanced Reinsurance Services 

Avoiding pitfalls in setting longevity assumptions: going beyond technical proficiency 

Actuaries often focus on the technical aspects of data analysis and modelling when setting long-term future assumptions. But biases and implicit subjectivity can result in sub-optimal assumptions, despite the use of even the most technically sophisticated methods.  

This presentation will consider ways to help combat these problems and thereby improve the reliability and robustness of assumptions in the face of significant uncertainty.

Specific issues that will be covered include: 

• How relying on data does not necessarily remove subjectivity and how best to deal with this by making conscious decisions and applying healthy scepticism鈥� 
• Behavioural biases: how these can unconsciously affect modelling and assumption choices, and how to counteract them 
• Default model calibrations, including use of models from other territories: ensuring someone else is not making key choices for you 

The session would be of interest to actuaries at all levels with an interest in setting assumptions, whether from the perspective of research, pricing or valuation. Some awareness of basic longevity concepts would be helpful, as longevity assumptions will be used to illustrate these topics, but this is not essential. 

Speakers: Michael Anderson and Tom Honeywell, RGA 

Bonds, bricks and balance: linking macroeconomic turbulence, UK productive finance and capital resilience 

The global economy鈥檚 tectonic plates are shifting: an abrupt re-ordering of world trade is underway. 4most鈥檚 Chief Economist Keith Church, Government Actuarial Department鈥檚 Investment Lead Christophor Ward, and 4most鈥檚 Associate Partner Dharmesh Roopun will trace the shock waves.  

The steep, blunt levies show Washington now treats trade deficits as subsidies to foreign governments, aiming to erase them. The adjustment 鈥� the rest of the world consuming more, exporting less 鈥� will hurt. China must find new markets and the US must consume less and invest more of its domestic resources. Transition may bring temporary US inflation but deflationary forces elsewhere. European central banks will act to avert recession. Crucially, investment flows mirror trade reordering: a smaller US trade deficit means less overseas financing for its huge fiscal gap. Higher US yields amid looming recession illustrate the dangers: what does this mean for bond yields? 

Against that unsettled horizon, Chris Ward (GAD) will present recent works on advising government departments as they set policy, especially with regards to productive assets such as in the energy and carbon capture space. Leveraging their knowledge on funding models and economic scenarios, Chris will set out how the organisation is empowering officials with actuarial analysis and governance support. That in turn helps evaluation of productive investment opportunities leading to positive impacts for investors and society. 

For insurers, productive asset allocations lengthen cash flows and introduce opaque valuation, while trades-driven volatility inflates market risk. We will show how boards can maintain solvency and support national investment goals. 

Speakers: Christopher Ward, GAD, Keith Church and Dharmesh Roopan, 4most 

What could climate change mean for the future of longevity? 

The human impact of climate change is highly visible. Catastrophic fires, floods, and other weather events regularly hit the news. But the impact of climate change on our lives is much broader than the weather. 

This session will consider the potential impact of climate change on longevity through the lens of several scenarios developed by Club Vita. These scenarios take a holistic approach to the impact of climate change on longevity, including consideration of infectious/parasitic diseases, health system impacts, lifestyle impacts and direct climate impacts. 

This session will introduce scenario modelling, then examine three potential climate change scenarios in more detail 鈥� including how impacts vary for different socioeconomic groups. 

The scenarios will help to bring the longevity impact of climate change to life, and detailed technical longevity knowledge will not be needed to appreciate the content. This session should be of interest to a broad group. That includes those working directly with longevity projections and anyone with a general interest in longevity or climate change. We hope the topic will generate some lively discussion. 

Speakers: Daniel Poole and Jill Jamieson, Club Vita 

Overview of climate change disclosures 

Climate change disclosures, as well as broader environmental, social and governance (ESG) disclosures, are important tools. They help stakeholders understand the risks and opportunities faced by companies and the impact companies have on the environment and beyond. 

They are tools to help us understand where companies are on their journey to net zero. They act as potential signposts to remind companies about the commitments they鈥檝e made. 

Over recent months, the ever-changing landscape for climate disclosure is continuing to evolve at a rapid pace.  

I have published several blogs, newsletters and a research paper on global climate change disclosure requirements via the IFoA blog site https://blog.actuaries.org.uk/topics/climate-change-disclosure/ - previously as co-chair of a working party. 

The paper gives a general background to disclosure requirements, discusses greenwashing, and details disclosure organisations including TCFD and the ISSB. It also provides details on a country level, for example the UK, the EU and the US, including green taxonomies.  
 
The aim of the talk is to:  

• Give an overview of current prominent climate disclosure requirement practices around the world 
• Help understand challenges faced by companies and individuals in implementing climate change disclosures 
• Look at potential solutions for example to internal governance or IT via Microsoft 

Speaker: Debashish Dey, Aviva

From bottlenecks to five minutes: how to secure management buy-in for your actuarial transformation 

Management does not automatically sign off on technology 鈥� they sign off on outcomes. This session will follow the story of how actuaries at one of Africa鈥檚 largest insurers secured executive backing for a major operational overhaul. They proposed and achieved measurable, repeatable savings of hundreds of person-hours per quarter while slashing key model runtimes from hours to seconds. 

Speakers, including the CFO of BIHL and the Executive Head - Actuary of BLIL, will share how the actuarial team moved from a vision to management-approved execution. They will explore how they implemented the transformation strategy in a way that reduced audit continuity noise and avoided full system upheaval while addressing management risk-aversion. 

Speakers will share how the actuarial team moved from a vision to board-approved execution by: 

• Mapping and quantifying critical reporting processes (cost, time, effort, duplication, bottlenecks) 
• Translating the transformation into board-ready metrics on benefits 
• Addressing risk aversion with a low-disruption, staggered rollout strategy 

And how they executed the strategy by: 

• Rapidly refactoring key models and processes for automation 
• Leveraging low-code high-performance compute to accelerate delivery and turnaround times 
• Minimising disruption, increasing audit readiness, and improving team capacity 

Speakers: Frank Dalo and Lebeilwe Semandi, BIHL and Chris Martis, Green 13 Solutions 

The unified theory of model risk management: industry perspective 

Model risk management (MRM) is a well-established practice, with actuaries deeply familiar with the fundamental concepts. Traditionally, the focus of MRM in insurers has been on financial reporting and capital models, especially for internal model firms. 

But the use of models extends far beyond financial reporting. Models support a wide range of critical decisions across the organisation and errors can have a disproportionate impact on customers. Yet the approach for managing model risks in areas outside financial reporting varies significantly and they are often only scrutinised after costly errors have surfaced.  

In recent years, we have observed meaningful expansion in MRM practices beyond financial reporting models in many firms. Join us for an insightful presentation as we explore the evolving landscape of MRM covering:  

• Model risk myopia: uncover the unseen risks from models not typically in focus and understand their potential impacts 
• The journey: gain insights into what this journey involves, including good practices for broadening your model risk management framework 
• Challenges and pitfalls: learn from real world examples about the challenge and pitfalls encountered along the way  
• Lessons from banking: gain valuable insights from the banking sector, which is currently navigating similar challenges due to SS1/23   

Speakers: Harvard Lee and Adam Tan, KPMG, Andrew Dobinson, Lloyds Banking Group and Dominic Wallom, M&G 

Protecting the balance sheet: reinsurance strategies for mortality and mass lapse shocks from international perspective 

In an increasingly complex risk environment, insurers face significant exposure to tail events such as mass policyholder lapses and extreme mortality shocks. These low-frequency but high-severity risks can severely impact solvency positions and capital requirements, particularly under stress testing and regulatory frameworks like Solvency II. 

This session will explore the role of reinsurance as a strategic risk management tool to mitigate the financial impact of these extreme events. We will examine the structures and features of mass lapse reinsurance and extreme mortality reinsurance, discuss their relevance in both life and saving portfolios, and consider practical implementation challenges.  

Drawing on case studies and market insights, the session will also highlight how these solutions can enhance capital efficiency, support strategic risk transfer, and build greater resilience into insurers鈥� balance sheets from international perspectives. 

Speakers: Wei Hou and Etienne Busson, Gallagher Re 

Can we make conversational AI good enough to put in front of your customers? 

Most actuaries have probably already discovered that conversational AI systems such as ChatGPT are powerful tools that can help them get work done more efficiently.  These AI systems often get things wrong, but are nevertheless still valuable to an expert user when used as an assistant. 

In contrast, building conversational AI systems that you can use in customer-facing use cases is a more challenging task as the bar for accuracy and quality is much higher. 

This talk explores some of the techniques and lessons we have learnt as a startup over the last two and half years of building out conversational AI technology for customer-facing pensions use cases.  We will cover some of the dos and don鈥檛s for 鈥榩inning down鈥� these flexible, probabilistic systems so that they get closer to meeting the quality and safety standards required for public release.  

We鈥檒l look at some real-world cases 鈥� in customer-facing DC pensions support 鈥� and talk through some of the techniques for testing, evaluating and constraining AI behaviour.  

This is a very fast-moving space with new evaluation frameworks, models, tooling and techniques emerging every few weeks from the major AI labs and various startups. 

Speaker: Matt Gosden 

Reclassifying mortality risk: how wearable-driven mortality modelling reshapes risk stratification in life insurance underwriting 

Wearable fitness devices and smartphones are transforming life insurance underwriting by providing health and activity data. This session examines how AI-driven predictive models built on wearable data can dramatically improve mortality risk stratification compared to traditional methods based on static metrics.  

We will highlight insights from recent collaborations with Willis Towers Watson (WTW) and Munich Re Life. For example, daily step count has emerged as a more powerful predictor of mortality risk than many conventional factors (second only to age). A wearable-data-driven model outperformed one using traditional underwriting inputs in stratifying mortality risk. These findings reveal that active lifestyle indicators can trump classical risk factors 鈥� for example, smokers averaging 7,000+ steps per day exhibit lower mortality rates than sedentary non-smokers.  

Attendees will learn how incorporating wearable-derived measures (such as steps, heart rate, and sleep patterns) into underwriting can enhance accuracy, expand insurability, and encourage healthier customer behaviours. The presentation underscores a shift toward customer-centric, data-driven underwriting and the significant potential for innovative, more inclusive life insurance products on a global scale. 

Speaker: Will Cooper, Clarity Health 

Social Care Working Party: modelling update 

Following a well-received session at last year鈥檚 IFoA Life Conference, the IFoA Social Care Working Party returns to share our significant progress and ongoing work in this vital and evolving policy area. Since our last presentation, we have submitted evidence to the House of Commons inquiry on The Cost of Inaction and continued developing our actuarial modelling framework to support long-term care policy and product design. 

This year, we will present our work on constructing a set of actuarial assumptions, incidence and transition rates, that reflect how individuals in their 50s and 60s may move between health states such as: healthy, receiving care at home, in residential care, or requiring nursing care. These assumptions will feed into a multi-state model designed to estimate the future cost of care across different settings. 

The model has multiple potential applications. It can support the development and pricing of pre-funded insurance products (for example policies that pay benefits when care needs arise), as well as enhance government planning and cost modelling for state-provided care. Crucially, it allows for assessment of the impact of preventative measures, enabling cost-benefit analysis of social care policy options. 

This session contributes meaningfully to the broader debate on social care reform. It provides an evidence-based, actuarial approach that is aligned with, and can inform, the recommendations of the Casey Commission on adult social care reform in England. Importantly, it ensures that actuaries are recognised as key contributors to this complex debate on one of society鈥檚 most pressing challenges. 

Speakers: Mohamed Elsheemy, NHS, Vincent Bodnar, Alvarez and Marsal and Tom Kenny, JUST Group 

What next for regulatory reform? 

Recent years have brought an extensive and wide-ranging portfolio of regulatory reform, which have fundamentally impacted the business model of insurers.  This talk will reflect on the impacts of recent policy changes such as Solvency UK, matching adjustment, funded re, solvent exit, and liquidity reporting, and ask two questions: 

Have the changes prompted the intended changes? 

How can firms maximise benefit from the reforms? 

The talk will then turn to the forward-looking view and discuss what is next, including whether there is a role for sandboxes, the case for updating Standard Formula calibration and further changes to the reporting regime (SFCR). 

Finally, the speakers will provide some personal perspectives on how this is all aligned to government policy and the implications for the future of the sector.  This will be a joint presentation with KPMG and the ABI. 

Gain insight into how modernisation initiatives being used across the industry are reimagining processes, systems, and team structures 鈥� bridging gaps between actuarial and finance domains, improving efficiency, and unlocking more strategic value. Real-world examples will highlight both the opportunities and challenges that come with this transformation.  

This session is aimed at actuaries looking to understand their role in finance modernisation programs, and how to contribute meaningfully to building a future-fit finance function. 

Speakers: James Isden, KPMG, David Otudeko, ABI and Himesh Sheth, Aviva 

Speakers: Alice Hutchinson, Canada Life and Kieran McGing, PwC 

Bitcoin life insurance: innovation or impossibility? 

This session will explore the emerging intersection of Bitcoin, life insurance and blockchain technology, drawing on insights from the IFoA Blockchain and Fintech Working Party and Meanwhile (The world鈥檚 first Bitcoin life insurer). It will examine how digital assets are influencing the design and delivery of life insurance products, with a particular focus on Bitcoin-denominated policies. 

The discussion will highlight the opportunities and challenges of this evolving space, including operational, regulatory, and actuarial considerations. It will also reflect on the broader implications for wealth preservation, intergenerational planning, and the future of insurance in a digital economy. 

Key discussion topics: 

• The concept of Bitcoin-denominated life insurance and how it compares to traditional models 
• Market demand and adoption trends across different demographics 
• Regulatory and compliance considerations in digital asset-based insurance 
• Managing volatility and ensuring long-term policyholder protection 
• Operational models for underwriting, claims, and administration in a crypto context 
• The role of Bitcoin in long-term financial planning and macroeconomic shifts 
• Insights from recent authorisation processes and regulatory engagement 
• Broader implications for the actuarial profession and the insurance industry 

Format: Panel discussion or Q&A featuring members of the IFoA Blockchain and Fintech Working Party and Meanwhile CRO 

Speakers:  

• Zubair Arshed FIA (Panel Chair), IFoA Life Lifelong Learning Sub-committee member
• Carsten Ragborg, Chief Risk Officer, Meanwhile  
• Aly Soliman, Chairman of the IFoA Blockchain and Fintech Working Party  
• Zhixin Lim, IFoA Blockchain and Fintech Working Party member

How can an actuary be proportionate when applying the Technical Actuarial Standards? 

In today鈥檚 complex and dynamic business environment, it may seem that complying with standards is a burden that slows you down and makes you less productive. However, the issue may be that you have not considered how to apply the standards in a proportionate manner. 

If this is something that interests you, then this session will help to provide an answer, and includes several example scenarios where actuaries are applying the Technical Actuarial Standards in a proportionate manner. 

This session is a presentation and will cover: 

• The purpose of the Technical Actuarial Standards 
• How to apply them in a proportionate manner 
• Illustrative examples in insurance 

Following the presentation there will be an opportunity to ask questions. 

This session is suitable for all levels of technical knowledge. It should be of interest to any actuary looking to ensure they are applying the standards in the most efficient way. 

Speaker: Matthew Myring-McCullagh, Alice Piper and Michael Hodges, Financial Reporting Council 

GLP-1 receptor agonists and the future of mortality: what actuaries need to know 

GLP-1 receptor agonists (GLP-1 RAs), such as semaglutide and tirzepatide, have rapidly moved from diabetes treatment into mainstream use for obesity, with prescription rates soaring. But their impact extends far beyond weight loss. These drugs are now demonstrating a broad spectrum of health benefits. Large-scale clinical trials have shown significant reductions in major adverse cardiovascular events, including heart attacks and strokes 鈥� benefits that appear to be independent of weight loss alone. 

Crucially, GLP-1 RAs are being explored as possible anti-ageing therapeutics. By addressing key biological drivers of ageing such as inflammation, insulin resistance, and cellular stress, these drugs may compress morbidity, delay onset of chronic diseases, and shift long-term health trajectories. This raises crucial questions for actuaries and life insurers. For example, will widespread uptake of GLP-1 RAs affect population-level mortality improvement rates? What timescales are we working with? Could we see a meaningful increase in healthy life expectancy? 

This session will explore emerging clinical evidence, potential risks, and socioeconomic considerations. It will outline how these developments may affect mortality and morbidity assumptions. We will also present modelling of GLP-1 uptake scenarios and their impact on future mortality. 

Speakers: Nicky Draper and Chris Martin, Crystallise 

Navigating the waters: liquidity reporting 

The 鈥榙ash for cash鈥� in March 2020 and the liability-driven investment (LDI) crisis in September 2022 were significant market stress events. They shone a spotlight on the critical importance of robust liquidity risk management and reporting.  

The Prudential Regulation Authority鈥檚 response has involved proposals to enhance liquidity reporting requirements. This would require the largest life insurers to materially increase the granularity, frequency, and timeliness of liquidity reporting. The proposals are broadly leveraged from the liquidity reporting framework for banks. While the industries are different, there are valuable lessons to learn from the banking industry鈥檚 decade-long liquidity reporting journey. 

This talk will explore the evolving landscape of liquidity reporting for insurers, insights from the banking industry, and insurance firms鈥� journeys since the publication of Consultation Paper 19/24. 

Key focus areas: 

• The evolving liquidity landscape: we鈥檒l provide a concise overview of the latest liquidity reporting requirements and what they mean for insurers. 
• Banking insights: drawing on insights from the banking industry, we鈥檒l examine key takeaways for the insurance sector, focusing on: 

• • Interpretation of the reporting instructions  
  • Data mapping and the strategic solutions 
  • Processes and controls 
  • Operating model and governance  

The session will offer firsthand insights into the practical challenges and successes encountered during the implementation of liquidity reporting. 

Speakers: Kelvin Fryer and Claire McColl, Deloitte 

Successes and setbacks: a deep dive into product development 

Product development is a journey filled with both triumphs and setbacks. In this session, we will delve into the intricacies of product development by examining a recent case study: the development of a new cancer product in China. We will walk through the key aspects of this successful project, highlighting the strategies and decisions that led to its success.  We will also offer insights from other product development experiences across the globe, enriching the discussion with diverse perspectives and strategies. 

Additionally, we will share valuable lessons learned from less successful projects, providing a balanced perspective on what works and what doesn't in product development.  

Key topics we will cover include: 

• Critical factors for successful product development 
• Common pitfalls and how to avoid them 
• The importance of stakeholder engagement 
• Balancing innovation with regulatory compliance 
• Adapting strategies based on regional and cultural differences 

Join us for an insightful discussion that will benefit professionals involved in product development, from project managers to senior executives. This session aims to equip attendees with practical knowledge and strategies to enhance their own product development processes. 

This session will include interactive discussions. It is designed to be accessible and engaging for professionals at all levels interested in improving their product development outcomes. 

Speakers: Chris Reynolds and Lourens Fourie, Sirius Pt 

Is there gold at the end of the rainbow? New HP investment opportunities unlocked by Solvency UK reform

Follow the journey as we look at how UK life insurers can take advantage of the new opportunities provided under Solvency UK to invest in assets with highly predicable cashflows (HP assets). We will look at the regulatory change and the modelling challenges that need to be solved. We will consider some of the more interesting asset opportunities, including investing in assets with a construction phase or prepayment risk. And we will hear from L&G how it is meeting the challenges to take advantage of the reform. 

The session will start with an introductory presentation focusing on the regulatory change and asset opportunities. It will be followed by a panel discussion on what it took to be able to start investing in these assets and the potential going forward. 

Speakers: Daragh Culley, L&G, James Hayes, L&G Asset Management, Bob Tyler and Carlo Coen Castellino, Hymans Robertson 

Collective defined contribution versus with-profits annuities: new dog, old tricks? 

The first collective defined contribution (CDC) scheme in the UK is now a year old. New legislation is emerging to allow different types of CDC pension schemes including in-decumulation CDC. Conceptually, in-decumulation CDC offers the potential for the mass market to access a product at retirement with greater investment freedom than guaranteed annuities, while still offering protection from longevity risk. But then so do with-profits annuities, which have been around for decades. 

Brian Murray, Chief With-Profits Actuary at Phoenix, and Keith McInally, Chair of the IFoA CDC Working Party, debate the similarities and differences of the two products. 

Can the two products be structured in such a way that they are in effect the same? 

If a with-profits annuity was structured exactly like in-decumulation CDC, would it still be considered with-profits? 

If in-decumulation CDC has so much potential, why do with-profits annuities have a fairly small footprint in the UK? 

What can providers and government do to increase the footprint of with-profits annuities or launch CDC to the mainstream? 

Speakers: Alan Newton, Grant Thornton, Keith McInally, WTW and Brian Murray, Phoenix

Actuarial cashflow modelling with Python 

Python is widely used for process automation, data processing and machine learning, and is becoming a standard component of the actuarial technical toolkit. These use cases make use of a lot of readily available open-source packages. But one challenge for the aspiring actuarial engineer is how to integrate cashflow modelling: Python is not famed for its native high numerical performance. 

Chloe Tervit leads the pricing models and assumptions team at Lloyds Banking Group. Lewis Fogden is the senior manager in the team and the lead developer of the open-source Python heavylight library. 

In this session, Chloe and Lewis will explore this challenge, cover a mix of technical and higher-level concepts: 

• Leading and influencing innovation 
• Growth mindset 
• Developing new skills 
• Why Python: the opportunity 
• Modelling: what鈥檚 the problem that needs solving? 
• Development and objectives of the heavy light package 
• Performance and challenges 
• What the future might hold 

Speakers: Lewis Fogden and Chloe Tervit, Lloyds Banking Group 

It鈥檚 not feelings, it鈥檚 numbers: supporting clients with financial trauma through a trauma-informed lens 

Financial trauma can leave lasting emotional and psychological impacts, shaping how individuals make decisions, trust others, and emotionally respond with financial professionals. In this session, we鈥檒l explore how to use trauma-informed practices to recognise signs of financial trauma and support clients with empathy, clarity, and respectful boundaries. 

Attendees will learn the principles of trauma-informed practices and how to apply them in everyday financial conversations. We鈥檒l examine real-world scenarios that illustrate how past financial harm, instability, or systemic injustice may show up in client behaviour. We鈥檒l explore how to respond in ways that promote healing and financial confidence. 

Whether you鈥檙e working with clients recovering from job loss, generational poverty, financial abuse, or other stressors, this session will offer tools to build stronger relationships, reduce shame, and create a space where clients feel seen, heard, and capable. 

Speaker: Allessandria Polizzi, Verdant Consulting 

Getting the right measure: liquidity risk management and reporting 

The PRA has a continued focus on liquidity management and reporting for life insurers. In March 2025, the consultation period for 鈥楥P19/24 鈥� Closing liquidity reporting gaps and streamlining Standard Formula reporting鈥� closed, and the current expectation is that firms will need to implement the reporting proposals by 31 December 2025. In addition to the new reporting requirements, the regulator鈥檚 existing expectations for a robust liquidity risk management framework are set out in SS5/19, with the PRA indicating that this remains an area of focus in its 2025 insurance supervisory priorities. 

In this session we will consider three key areas: 

• An overview of the reporting requirements outlined in CP19/24 and of the areas of challenge being observed across the market, and actions being taken by firms to meet the reporting requirements 
• A summary of current liquidity risk management practices being adopted by firms, which will be supported by findings from a survey that will be published in 2025 by the working party   
• Consideration of the key interactions between the existing liquidity risk management metrics and the information that is being presented within the PRA reporting templates. This will consider areas of consistency and differences and the risks or opportunities that this may present to firms.  

This talk will be presented by the IFoA Liquidity Working Party and is aimed at both those currently involved in liquidity risk management and reporting and those with a general interest in current areas of regulatory focus. 

Speakers: Jon Mitchell. PwC and James Gillespie, NatWest Markets  

Causal mortality data: getting the most out of the data 

In 2024 the Population Improvements Working Party published an innovative set of causal-based mortality data, with the aim of categorising the data into different driver groups. These would use not only the primary cause on the death certificate, but other information from the death certificate that shows the chain of events leading to the death. 

We will firstly give an overview of causal-based data and why it can be useful to help understand future longevity trends. We will then go on to discuss what have we learned from this data, and some limitations and challenges we found when using it. 

Speakers: Caroline Roberts, The Phoenix Group and Ben Rees, LCP

Reducing morbidity risk in a changing climate: forecasting the impact of emerging health threats 

As climate change accelerates the emergence of climate-sensitive infectious diseases,  

including arboviruses like dengue, chikungunya, and West Nile virus, European populations are becoming increasingly exposed to morbidity risks historically confined to tropical regions. These expanding threats challenge long-standing actuarial assumptions in life and health insurance.  

Accurate forecasting of these evolving threats requires the integration of genomic, epidemiological, and eco-epidemiological data using machine learning approaches. By combining real-time genomic surveillance with climate indicators, land use, and human mobility patterns, it is now possible to identify regions at increased risk of outbreaks, enhancing the management of climate change-induced morbidity risks in a data-driven way. 

Machine learning models grounded in high-resolution interdisciplinary datasets enable early warning systems that forecast morbidity risk with improved spatial and temporal precision. These tools provide a quantitative foundation to refine actuarial models and support adaptive, forward-looking strategies.  

As climate-sensitive pathogens expand, forecasting approaches offer insurers a scalable way to anticipate and mitigate emerging morbidity risks across Europe. 

This sessions is aimed at actuaries keen to reflect climate change in risk management, and who are looking into novel ways to assess and quantify climate change-induced risks. 

Speakers: Marta Giovanetti, Universita Campus Bio-Medico di Roma / Oswaldo Cruz Foundation, Abdal Chaudhry and Michael Leitschkis, Althora 

Quantum computing for actuaries: A practical primer 

Quantum computing opens an entirely new horizon for actuaries. Despite their reputation, quantum concepts can be surprisingly intuitive when framed in actuarial contexts. This introductory session will leverage actuarial analogies and practical examples to clarify core quantum concepts: 

• Qubits and quantum circuits:鈥疻hat they are and how they are used to encode and process information 
• Superposition: Actuarial analogies like Schr枚dinger鈥檚 Policyholder, where a life simultaneously embodies survival and death probabilities 
• Entanglement: Illustrating correlated risks like joint-lives, where the state of one qubit immediately informs another 
• Quantum encoding: Representing entire life tables efficiently with just a handful of qubits, drastically reducing computational and memory requirements 
• Quantum algorithms: Explaining quantum amplitude estimation (QAE), offering significant speedups over traditional Monte Carlo methods. 

Inspired by recent , attendees will develop foundational quantum literacy, practical familiarity with quantum methods relevant to actuarial work, and actionable insights into integrating quantum tools into their analytical toolbox. 

Speaker: Muhammad Ahmer Amjad, WTW

Expanding actuarial horizons: IT insights from beyond the spreadsheet 

In today鈥檚 rapidly evolving landscape, actuaries must innovate in how they handle, process, and share data. While we spend our careers assessing risks for companies and clients, we seldom take time to assess the risks to our profession as a whole. The past decade's advancements in data science and GenAI present both opportunities and risks. How do these external forces impact our profession? 

This session introduces the 鈥楢ctuarial Citizen Developer Ecosystem鈥�, challenging what the actuary of the future will look like, and how we can embrace new technologies to empower the next generation of actuaries. 

Panellists will discuss their successful use of advanced software tools beyond our comfort zone of spreadsheets. The session will cover strategies for transitioning to these tools, including real-world applications and case studies. It will explore how integrating advanced analytics and technology can enhance actuarial efficiency and effectiveness. Insights will be provided on overcoming challenges, optimising stakeholder engagement, and fostering team collaboration. The session will address key success factors and challenges in building this ecosystem, aiming to answer questions such as: 

• What is an 鈥楢ctuarial Citizen Developer Ecosystem鈥�? 
• How can actuaries transition to advanced software solutions? 
• How to get your team excited to implement new technologies 
• How to collaborate effectively with your IT department 
• How can actuaries continuously develop their skills to keep up with technological advancements? 

This session will equip participants with the knowledge and tools to thrive as actuaries of the future, fostering innovation, efficiency, and influence. 

Speakers: Amar Gorania, APR and Darragh Pelly, Reitigh, Jennifer Loftus, Acorn Life

Navigating a Part VII transfer with insights from Phoenix Life and Abrdn Life and Pensions 

This presentation explores the Part VII insurance business transfer recently executed between Phoenix Life Limited and abrdn Life and Pensions Limited, with Grant Thornton providing the independent expert to act for the transfer. Through a detailed discussion, our presenters 鈥� the independent expert from Grant Thornton, lead project actuary from Phoenix Life, and Chief Actuary of Abrdn Life and Pensions 鈥� will share their experiences and insights into the complexities, challenges, and successes of this high-profile transfer. 

Designed for actuaries and insurance professionals with an intermediate to advanced understanding of Part VII transfers, this session will delve into: 

• The background of business relationships between the two insurers, which led to a need for the transfer 
• Technical challenges of dealing with group pension business, pooled property funds, reinsurance arrangements and floating charges 
• Operational challenges of the Part VII coinciding with a planned admin system migration 
• Practical insights into the regulatory process, regulatory interactions and the independent expert's role. 
• Handling changes to the scope, tight timelines, and other project management challenges that required careful navigation 
• The scale of change to the Abrdn Life business 
• Lessons learned that attendees can apply to future transactions. 

Speakers: Simon Perry, Grant Thornton, Richard Preston, Phoenix Life and Amit Lad, Barnett Waddingham 

Climate inequality and the just transition: actuarial perspectives on fairness and risk 

Climate change is not only an environmental crisis but also a significant driver of social and economic inequality. As the global community accelerates efforts to decarbonise economies, the concept of a 鈥榡ust transition鈥� has emerged, emphasising the need for fairness in distributing the burdens and benefits of climate action. This presentation examines the intersection of climate risk, inequality, just transition, and actuarial science, drawing on the paper 鈥楥limate Inequality and Just Transition鈥� by the IFoA Inequality of Climate Change Working Party. 
 
We will explore how climate change disproportionately impacts vulnerable populations and how transition policies can either mitigate or exacerbate existing inequalities. It will highlight regulatory and public interest considerations from a life insurance perspective, including the impacts on implicit scenario assumptions, and its relevance to IFoA risk alerts and consumer duty. By connecting these issues to broader economic and political contexts, attendees will see how awareness of climate justice impacts life actuaries鈥� work and aids the alignment with government objectives on domestic economic growth. 

The session will highlight the importance of a just transition for all, including those who are at the more privileged side of the inequalities. Finally, attendees will gain insights into the ethical responsibilities of actuaries and the vital role of equity in advancing climate solutions. 

Speakers: Nick Spencer, Millman, Helen Nicholas, WTW and Clare Keeffe

The mutual market is ready for growth 

The government identified in its manifesto an ambition to double the size of the sector, and commissioned reports from the FCA and PRA assessing the current mutuals landscape. The sector already punches above its weight, but how can the market live up to the government鈥檚 ambitions, delivering inclusive growth across the UK? 

Within our talk we will leverage our mutual-specific, market-leading SFCR analysis to highlight potential areas for growth. Joined by industry experts from Royal London (TBC), Co-Op (TBC) and the AFM, we will share our views on the three whiches鈥�: 

• Which markets and propositions will be key? 
• Which regulations could the government consider changing to unlock growth? 
• Which investments do mutuals need to make now? 

How can actuaries use their knowledge and skills to guide mutuals along the path of achieving doubling in size? 

We will also reflect on any further regulatory developments emerging over the year as the regulators prepare and release their reports, and share our viewpoints on which 鈥榳hich鈥� will unlock inclusive growth for the mutual benefit of all. 

Speaker: Ewan Tweedie, Broadstone 

Event host, musical comedian, science presenter and 鈥榁oice of an Angle鈥� Helen Arney regularly features on TV, radio and in theatres around the world with her unique mix of stand-up, songs and science.  

As a corporate entertainer, Helen has performed under a dinosaur for Europe鈥檚 science ministers, next to a Saturn V rocket in Alabama for ThinkerCon, on stage with Commander Chris Hadfield at the Royal Albert Hall and has sung a Googolplex at Google's head office in California, to name a few memorable moments. 

She hosts live events of every kind, from the annual international celebration of women in science and engineering, Ada Lovelace Day Live, to鈥痵cience-themed classical concerts with the London Philharmonic Orchestra, BBC National Orchestra of Wales and Orchestra of the Age of Enlightenment. She also curates the very best of science comedy in her regular show in London: 鈥淎n Evening Of Unnecessary Detail鈥�.鈥� 

Helen is a regular after-dinner entertainer, host and speaker at conferences and events for institutions and organisations including the United Nations, CERN, Google, Natural History Museum, British Science Association, WIRED, Institute of Physics, Royal Institution, Royal Society, The Turing Festival, and many more. 

CMI_2024: A panel discussion 

The CMI mortality projections model was first released in 2009 and is the UK industry model for assessing future mortality improvements. The COVID-19 pandemic posed a unique challenge for the CMI and other data-driven models, as this turbulent period for mortality was unlikely to be indicative of future trends.  

The latest version of the model, CMI_2024, contains the most fundamental changes to the model structure since CMI_2016 to deal with this issue, namely: 

• Extending the existing age-period-cohort improvement to have three period terms, to reflect different trends in mortality at different ages, rather than one as in earlier versions of the model 
• Modelling the impact of the COVID-19 pandemic on mortality by adding a 鈥渇itted overlay鈥� to the APCI model, rather than using weights as in earlier versions 
• Applying cohort constraints after fitting the model, rather than as part of the fitting process, to avoid distorting cohort components at intermediate ages 
• Changing the algorithm used to fit the model to be quicker and more robust. 

In this session we will have a panel discussion featuring the CMI mortality projections committee and model users from across the industry, to discuss these changes to the model. Actuaries of all levels with an interest in mortality trends will benefit from this session. 

Speakers: Cobus Daneel, CMI Mortality Projections Committee, Roshan Tajapra, SCOR, Caroline Roberts, Phoenix Group and Steve Baxter, Club Vita 

Ethics of modelling: with great ability comes great accountability 

98%... 99%... 100%. Build complete. Time to deploy. 

It鈥檚 a milestone moment: your latest release harnesses cutting-edge AI, promising to do the work of 100 actuaries in seconds. 

But then you pause. Is it really ready? The training data: was it vetted? Could it be biased? And what about the environmental cost? Cooling, energy, water鈥� does anyone even know how much? 

You glance up at your framed picture of William Morgan, first Appointed Actuary of Equitable Life. He never had to make decisions like this. Or did he, in his own way? 

In this session, we鈥檒l explore the fast-evolving ethical challenges in actuarial modelling. From hidden biases in AI to the environmental footprint of high-powered computation, today鈥檚 decisions are more complex 鈥� and more urgent 鈥� than ever. 

We鈥檒l dive into real risks and offer practical strategies to navigate them. Whether you're designing models or setting strategy, you鈥檒l leave with a framework to bring ethical clarity to complex decisions. 

Because in a world where technical skills are increasingly everywhere, it鈥檚 ethical judgment that could define the future of the profession. 

Speakers: Cath Hodges, 4most and Will Swales, LBG 

What incorporating DEI and promoting inclusive leadership can do for your business 

Diversity, equity, and inclusion (DEI) remain pressing priorities in today鈥檚 corporate landscape, but they鈥檝e also become a point of contention, particularly in the United States, where some political and cultural movements are seeking to roll back progress. 

At a time when others are stepping back, we鈥檙e leaning in. While we're still on the journey to fully embedding DEI into the core of how we work, it's a direction that we're committed to, and one we're approaching with intention.  

In this session we'll share our experiences so far 鈥� the successes, the setbacks, and the lessons learned 鈥� as we work to make inclusion a sustained, everyday part of our culture. We'll explore the real challenges that come with this work: the discomfort, the resistance, and the complexity of making change stick in a fast-paced, outcome-driven environment. 

We'll also provide a broader view on why embedding DEI and promoting inclusive leadership is not only the right thing to do, but a smart business strategy. Drawing from our own journey as well as broader industry insights, we鈥檒l examine how inclusive cultures drive innovation, strengthen employee engagement, enhance decision-making, and ultimately contribute to stronger business outcomes. 

Whether you鈥檙e just beginning this work or seeking to evolve your approach, we鈥檒l share practical, honest perspectives on what inclusion really looks like 鈥� and what it can do for your business. 

Speakers: Bob Tyler, Scott McGruther-Johnson and Lorna Tonner, Hymans Robertson 

The effect of climate change on long-term interest rates 

As awareness of climate-related risks grows, it becomes increasingly evident that the physical impacts and the transition to a sustainable economy will have significant implications for the broader economic environment, both locally and globally.  

In this context, our working party has focused on interest rates as a key economic indicator. We have studied its various facets and examined the drivers of long-term trends and how these are reflected in leading climate scenarios.  

Our research draws on a comprehensive range of literature review and a survey of professionals working in sustainability and investment. This session will provide a structured overview of the following key topics: 

• Interest rates theory:鈥痙ifference between nominal, real and natural rates and why it matters 
• Drivers of long-term interest rate change:鈥痬acroeconomic and structural factors, with the focus on the鈥痠mpact鈥痮f climate change 
• Survey results:鈥痯erspectives on interest rate expectations and risks from the industry professionals 
• Summary鈥痮f鈥痶he working party's conclusions and views. 

The session is tailored for professionals in life insurance, pensions, risk and investment seeking to enhance their understanding of long-term economic trends. No prior knowledge of climate change and sustainability is required. A basic understanding of climate change risks is useful, but not essential. The session will consist of a presentation, followed by a Q&A session. 

Speakers: Members of the Effect of Climate Change on Long-Term Interest Rates Working Party 

Resolution planning: strategic insights into solvent exit planning 

Fundamental Rule 8 has been in place in the UK for many years and requires insurers to 鈥減repare for resolution so, if the need arises, it can be resolved in an orderly manner with a minimum disruption of critical services鈥�. However, until now, it has been largely overseen through individual supervisory relationships and only really applied in practice to large UK insurance groups or those providing niche insurance products.  

With the introduction of solvent exit planning for insurers, the range of firms having to conduct orderly wind-down analysis is due to increase significantly from June 2026. 

In this session, we will provide an overview of the final solvent exit planning requirements and consider what lessons can be learned from: 

• Insurance resolution planning and solvent exit planning exercises conducted to date 
• Solvent exit and orderly wind-down planning in other FS sectors (e.g. brokers, investment firms and non-systemic banks). 

As part of the session, we will share industry insights on the topic, including practical suggestions on how to structure a successful solvent exit planning programme, leverage existing analysis, and embed the process in BAU. 

Speakers: Rachel Chew and Matt McLeod, KPMG and David Chen, JUST Group 

From silos to systems: how teams can do more with less 

How can teams and organisations flourish, not just survive, amid ongoing complexity, hybrid work environments, and pressure to deliver more with less? 

While actuarial teams are skilled in analytical thinking and technical delivery, questions about collaboration, communication, team culture and dynamics often remain unspoken. These challenges significantly influence performance, impact, and the ability to drive real change. In this session, we鈥檒l explore important questions such as: 

• How can systemic coaching support high-performing, outcome-focused teams? 
• What helps break down silos and create a collaborative culture? 
• How do we influence mindset and improve communication without losing accountability? 

This highly participative workshop will blend insights from disciplines of high-performing teams, developing thinking environments, and Linda Gratton鈥檚 work on Redesigning Work. 

Target audience: Actuaries, team leaders, and professionals at all levels with an interest in improving how teams work, not just what they deliver. 

Speakers: Richard Galbraith and Thomas Chalmers, Leading Figures 

How can we grow the income protection market sustainably? 

The UK income protection (IP) market has been growing steadily in recent years, with an increasing number of life companies entering the market and consumers and advisers realising its importance. We anticipate that the IP market could match, if not surpass, the critical illness (CI) market. 

In contrast, not far in the rearview mirror, some overseas markets have experienced significant losses in the last decade. Our review of industry experience has identified important features of the UK market and revealed key drivers that could help the UK IP market avoid similar pitfalls to continue growing sustainably. 

Speakers: Jierui Liu and Ben Mercer, Pacific Life Re 

Practical Part VII transfers and case study 

Recent regulatory changes, including the FCA鈥檚 consumer duty requirements, have had a significant impact on Part VII transfers. This session looks at these and their effect on transfers, including as a case study a recent successful transfer. 

Key outcomes from the session include: 

• Understanding the current environment for Part VII transfers 
• What the transferor and transferee consider before entering into a Part VII transfer. 
• The impact of the consumer duty regulations on the transferor, transferee and the independent expert for a Part VII transfer 
• How dependencies, in particular those that impact policyholders, can complicate a transfer.  
• How sanctions can cause difficulties 
• What do good policyholder communications look like? 
• How to have a successful transfer. 

For the case study, the speakers were the Chief Actuary at the transferee, Chesnara plc, and the independent expert. 

The session is aimed at those interested in Part VII transfers and will assume a basic knowledge of UK insurance regulation. It will also be of interest to anyone involved with looking at the impact of consumer duty on customers, and more broadly keeping up to date with regulatory changes and practice. The presentation will be followed by a Q&A. 

Speakers: Rob Goodwin, Chesnara and Phil Simpson, Milliman 

Learnings from a new entrant in the bulk annuity market 

The bulk annuity market continues to go from strength to strength and has attracted various new entrants in recent years. Strong demand has created a vibrant market and significant investment has driven innovation.

Over the last few years we have taken our bulk annuity business from an idea to over 拢1bn of premium written. We were lucky enough to be building on strong foundations but still faced challenges along the way.

In this session, we intend to: 

• Provide brief context on the market and why it remains attractive to new entrants 
• Discuss the market reception for the first mutual bulk annuity insurer in the UK 
• Reflect on our journey and the challenges we overcame; and compare our experience to the previous wave of new entrants  
• Share thoughts on what the future might hold for Royal London and the bulk annuity market in general. 

Speakers: Phillip Sturgess and Baljit Khatra, Royal London 

ORSA scenarios and the implications of sustainability-driven inflation 

ORSA solvency assessments depend on "extreme but plausible scenarios", yet few foresaw the COVID shutdown, Truss Crash, or Russia-Ukraine war鈥檚 effects on energy and the cost of living.

Considering these events from the past five years, are our extreme calibrations still relevant, or do we need a "new plausible"? 
 
Climate change and the sustainability transition are known unknowns poised to impact future economies, but their effects are often under-estimated and under-reported. The 2024 IFoA Risk Alert advised actuaries to consider whether a realistic worst-case scenario might surpass current climate scenarios.  

The current PRA consultation paper CP10/25 highlights the need to consider limitations, non-linearities and tipping points. It also requires consideration of whether the climate scenario represents a 'central' or 'stress case'.  However, data on the stress cases is limited and alternatives to current published scenarios are scarce. Few studies have examined how sustainability might influence the broader economy and key actuarial macroeconomic factors like inflation and interest rates.  
 
This presentation will provide insights from our 2025 survey of ORSA industry practices, focusing on sustainability and macroeconomic impacts. It will compare current practices with emerging models on sustainability's significant effects on economic variables. The presentation will explore potential gaps in current practice and outline what a realistic "extreme but plausible" scenario might entail, offering practical insights and solutions rather than just diagnosing the problem. 

Speakers: Nick Spencer, Adel Drew and Charlie Howell, Milliman 

Genetic testing: the elephant in the room 

Sequencing of the entire human genome was first completed in 2003, at a cost of $2.7 billion. However, the costs have fallen dramatically to now well below 拢1,000 and as a result we have witnessed a large number of companies offering genome sequencing services, although for some their 鈥榮uccess鈥� has been short lived.  

There is no doubt that genetic testing is a challenging area for the health insurance industry. Insurers are precluded from using the outputs from genetic testing in all but very limited circumstances, creating the risk of adverse selection. For an individual, understanding your genetic predisposition to certain diseases without adequate support introduces its own moral hazards.  

Bupa is helping people around the world to live longer and healthier lives. Seeing genomics as a key pillar in this mission, in October 2024 it announced the pilot of whole-genome sequencing for selected UK customers. In this session we will explain how Bupa is developing genomics testing capabilities to offer advanced healthcare and wellbeing, and the challenges it presents from a health insurance perspective. 

Speakers: Phil Roberts and Prit Hanspal, BUPA 

Phoenix 2025 with-profits fund/shareholder transaction 

In 2025 Phoenix carried out a material transaction between one of its large 90/10 with-profits funds and its shareholder fund. This transaction resulted in: 

• Enhanced benefits expected for the with-profits policyholders 
• Liquidity benefits for the shareholders 
• Simplification of the operation of the fund going forwards  

This session will explain the transaction, its rationale, and why it was considered fair, from the following viewpoints: 

• The overall Phoenix position (Brian Murray, Chief With-Profits Actuary, Phoenix) 
• The with-profits actuary鈥檚 considerations (Corinne McKinnon, WPA for the Fund, Phoenix) 
• The independent actuary鈥檚 considerations (John Jenkins, Principal, Milliman) 

The session will be of interest to actuaries involved with 90/10 (and other) with-profits funds. No specialist knowledge is required but some knowledge of with-profits business would be beneficial. 

Speakers: John Jenkins, Milliman, Brian Murray and Corrine Perkins, The Phoenix Group 

An update from the Critical Illness Population Incidence Rates Working Party 

Critical Illness insurance products play a vital role in protecting individuals against the financial risks associated with a critical illness diagnosis. The Critical Illness Population Incidence Rates Working Party (CIPIRWP) was established in 2024 to enhance the industry's understanding of critical illness (CI) rates by researching population health datasets and developing CI incidence rates for the general population. 

In this session, we will provide an update on the working party鈥檚 progress to date, including key findings and ongoing research efforts. We will cover the following topics: 

• Market developments of critical illness in the UK over the last 15 years 
• Current industry definitions of CI conditions and their mapping to ICD10 codes 
• Data challenges 
• Estimation of general population CI incidence rates for major conditions such as cancer, heart-related illnesses, stroke, multiple sclerosis, benign brain tumour, and Parkinson's. 

This session will also seek to demonstrate the value actuaries can bring to public health organisations by working with anonymised health data. 

Join us for an informative session that will benefit actuaries working in protection, product development, and those involved in setting assumptions for pricing or reserving CI products. This update will also be of interest to professionals in public health research and health service provision. 

Speakers: Members of CI Population Incidence Rates Working Party

GPUs in actuarial modelling: Is this the beginning of the end for proxy models? 

Following on from the thought-provoking talks on proxy models at the last conference, and the call for next generation modelling solutions on GPUs from software vendors, this session aims to answer the burning question: Is this the beginning of the end for proxy models?  

We will explore how the use of GPUs is transforming the life insurance industry by expanding actuarial modelling capabilities beyond what is possible with current industry processes. Imagine a world where model runs could take a fraction of the time and a fraction of the cost鈥� 

We are bringing together SME鈥檚 from: 

• Microsoft, to provide a theoretical foundation for the power of GPUs 
• Aon, on what is possible in practise with the use of GPUs and what this means for the future of proxy modelling 
• Deloitte, on what impacts this will have from regulatory, strategic and competitive perspectives. 

This will be a high-level session rather than a technical one. It should be of interest to actuaries at all levels with an interest in next generation modelling, including senior actuaries and senior leadership who are interested in using GPUs in their actuarial modelling. 

Speakers: Ka Hei Choi, Aon, James Thorpe, Deloitte and Dorota Zimnoch, Microsoft 

Could 鈥榥o code' technology be the key to unlocking growth in the UK protection market? 

The UK protection market has faced a number of challenging years post pandemic, with declining sales, increased regulatory pressures, excess mortality and consolidation. But despite the challenges, the need for these products is greater than ever, and in this workshop we鈥檒l be looking at the role 鈥榥o code鈥� technology has to play in unlocking innovation around pricing and proposition design, reaching underserved customers and fuelling growth in this market. 

Speakers: Katie Crook-Davies, t+1 and Will Wood, Instanda 

Taking the lead in product innovation: actuaries as product managers 

The IFoA trains actuaries to think rigorously about risk, value, and long-term outcomes. For two centuries, actuaries have used these skills in life insurance workflows that include pricing, reserving, and risk management. However, the world is evolving rapidly, with innovation and customer experience becoming critical to the success of life insurers. This has coincided or resulted in the reduction of statutory actuarial sign-off requirements, the automation of several actuarial processes, and the introduction of AI into actuarial work.  

This shift creates an opportunity for actuaries to broaden their influence in other domains that utilise their skills, such as product management. 

According to TheProductManager.com, there are currently around 700,000 product managers in the world. These dynamic professionals sit at the intersection of product design, product development, and product marketing, where they shape strategy, lead cross-functional teams, and deliver products to meet evolving market needs. Despite actuaries' expertise in core product management skills like quantitative research, financial analysis and customer-centric problem-solving, their participation in this domain remains limited. 

An actuarial product manager from a global technology firm will lead this session, which will include: 

• An introduction to product management as a relevant but unexplored domain for actuaries 
• The parallels between the actuarial control cycle and the product management lifecycle  
• Using theoretical frameworks and real-world case studies to explore how actuaries can reposition themselves as strategic product leaders 
• A demonstration of how actuarial thinking can bring discipline, insight, and long-term perspective to product strategy and execution in life insurance and beyond. 

Speaker: Masimba Zata, Moody鈥檚 

Panel on effective and transparent communication鈥�

With Consumer Duty embedded in everything we do, it is key for the financial services industry to communicate with consumers in a clear and concise manner. This is of particular importance for life insurers, given the long-term nature of the products. 

This session will include a panel from a range of industries to give examples and discuss the approaches firms can take. 

The areas covered will include: 

• Marketing channels: discussing how to engage consumers via the right media for them 
• Product literature: how to explain our products and services in an understandable way 
• Consumer types: looking at differences we may need to make to allow for certain consumer characteristics 

By improving information at the start, consumers will be able to make more informed decisions, leading to better outcomes in the future. 

Speakers: Beth Patterson and Luke Bozeat 

Mental toughness: the one thing that changes everything 

People are under more pressure than ever before, creating a feeling of overwhelm. Penny Mallory reveals how you can manage the pressure by developing a sense of control of your life and your emotions. 

The heavy workloads people are managing are creating stress. Penny shows how you can manage stress by developing confidence in your ability to get the job done. 

The insane speed of change is making people feel out of control. Penny talks about how you can manage your emotions when things are moving fast. 

Deadlines are so tight that people are losing focus and energy. Penny explains how you can maintain enthusiasm and commitment when you鈥檙e up against it. 

People are required to deliver more, but with less resources. Penny shows how you can view these challenges as exciting opportunities, rather than threats. 

Penny defied the odds by achieving her childhood ambition of becoming a champion rally driver. She surpassed that dream by becoming the first woman to compete in a World Rally Car for Ford in the prestigious World Rally Championship. Remarkably, she remains the only woman to accomplish this. 

Her journey is even more remarkable given her tumultuous past as a teenage runaway, enduring three  years of homelessness in London. 

Penny attributes her success to her mental toughness.