Wed 19 Nov 2025, 11:00 - Join us for the IFoA GIRO Conference 2025, from 19 to 21 November in Liverpool
The IFoA GIRO Conference returns this November, bringing together general insurance professionals for three days of insight, innovation, and connection. With over 130 expert speakers covering topics from AI and climate change to capital modelling and reserving, it’s a must-attend event for anyone shaping the future of the industry.
Whether you’re looking to connect with peers, deepen your expertise, or celebrate industry achievements, IFoA GIRO Conference 2025 is the place to be.
GI Board Awards and Brian Hey Prize
Don’t miss your opportunity to celebrate your peers.
Nominations are open until 12 September for the GI Board Awards 2025, which will be announced at the conference.
We will also celebrate this year's Brian Hey Prize.
Dave Fishwick is the Burnley businessman who made policymakers, industry regulators and multinational banks sit up and take notice. The man behind ‘The Bank of Dave’ has torn up the rule book and generated huge media and popular interest.
From humble beginnings Dave began work on a building site – but his passion lay with cars, and he persuaded a dealer to let him clean up and sell an old banger. He made twenty-seven-pound profit, enough to start trading in his own right. Spotting a gap in the market, he turned his attention to vans and buses. Since then, he’s become the UK’s largest independent supplier and fitter of minibuses.
But that wasn’t enough. When the banking crisis descended, Dave was convinced he could do better. How difficult is it, he asked himself, to offer savers decent interest and lend their money to local businesses at a slightly higher rate? He set out to do just that. What followed is a tale of Dave and Goliath, with experts telling him it was impossible and potentially criminal to set up a retail bank. But they didn’t reckon with Dave’s determination and spirit: Burnley Saving and Loans is now succeeding beyond all expectations – giving any profits to local charities.
Dave’s down-to-earth humour and unwillingness to take ‘no’ for an answer has been captured in Channel 4’s Bank of Dave. In presentations he talks passionately about entrepreneurial zeal and what made him take on a seemingly insurmountable challenge. With lessons for business big and small, he also shares his four rules of business; number four is never ever give up.
The film version of Bank of Dave was released on Netflix, with Rory Kinnear portraying Dave, was a smash hit and went to number one in the most watched charts. The Bank of Dave documentary series has been acquired by Netflix, remastered into 4K and launched on the streaming platform.
An expert on entrepreneurship, business, and finance, he shares the story behind taking on a seemingly impossible challenges, offering valuable lessons for businesses big and small.
Katherine Grainger is one of an elite group of athletes to have won medals at five consecutive Olympic games. A silver medallist at three consecutive Olympics, she finally took gold at London 2012 providing one of the most thrilling moments of the Games. Having considered leaving the sport, she was tempted back for one last shot at a medal at the Rio Games, where she once again took silver.
Alongside rowing, Katherine combined her sport with studying law, taking a Masters in Medical Law and a PhD in Homicide, the latter of which coincided with London 2012. In presentations, she talks about the challenge of combining academic and sporting careers. She recalls “the mixture of terror, fear, excitement, passion and emotion†at the beginning of a race – and describes the impact the Olympics has had on her life. She reflects on the little things she changed to improve, how identifying and exploiting opportunity pays off in elite competition, and the importance of legacy and her move from focusing on her own performance to helping up-and-coming athletes do the same.
Having narrowly missed out three times, winning gold at the home Games was particularly special, but also came with extra pressure. After finally winning, Katherine reconsidered her future, but returned to the water ready for the Rio Olympics where she again won silver. Alongside her Olympic titles she has six World Championship titles.
After leaving elite-level participation, Katherine became Chair of UK Sport, a role that saw her share her hard-earned expertise in performance and planning the next generation of Olympians. After seven years at UK Sport, she then became Chair of the British Olympic Association, the first women to lead the organisation in its 120-year history.
Away from sport, Katherine has published her autobiography, has been appointed an Honorary Colonel in the Army Reserve, and was chancellor of Oxford Brookes University. She's appeared on TV on shows including Superstars, Question of Sport, and Countdown. She has also co-presented Rowing World Cup coverage for the BBC, and appeared as a pundit during their Commonwealth and Olympic Games coverage.
| Activity | Time | Details |
|---|---|---|
| Registration and refreshments | 11:00 - 12:00 | Registration and refreshments |
| Chair’s welcome | 12:00 - 12:15 | Chair’s welcome Read more |
Matthew Facey, Chair of the IFoA’s General Insurance Lifelong Learning (GILL) Sub-Committee | ||
| Plenary 1: Keynote speaker Dave Fishwick | 12:15 - 13:15 | Plenary 1: Keynote speaker Dave Fishwick Read more |
Dave Fishwick is the Burnley businessman who made policymakers, industry regulators and multinational banks sit up and take notice. The man behind ‘The Bank of Dave’, he set out to help local businesses by offering loans traditional banks hesitated to provide, tearing up the rule book and generating huge media and popular interest in the process. An expert on entrepreneurship, business, and finance, he shares the story behind taking on a seemingly impossible challenge, offering valuable lessons for businesses big and small. | ||
| Lunch | 13:15 - 14:15 | Lunch |
| Transfer time | 14:15 - 14:25 | Transfer time |
| Workshop A1 | 14:25 - 15:15 | From best practice to standard practice: How commercial P&C underwriters and actuaries are applying AI from submission to decision Read more |
From best practice to standard practice: How commercial P&C underwriters and actuaries are applying AI from submission to decision AI is no longer the future of insurance pricing – it’s fast becoming the standard. In this session, we’ll explore how leading commercial and specialty insurers are moving beyond experimentation and embedding AI into everyday underwriting and pricing decisions. Drawing on fresh insights from hyperexponential’s State of Pricing report, we’ll share:
Target audience and assumed knowledge level: Speaker and company: Sponsored by hyperexponential | ||
| Workshop A2 | 14:25 - 15:15 | Climate change: The bigger picture Read more |
Climate change: The bigger picture Climate change is an evolving risk and the Climate Change Working Party has evolved with it. No longer solely focused on reserving, we have become the general insurance Climate Change Working Party. In this, the first of two workshops at GIRO, we will try to cover climate issues for the generalist:
Target audience and assumed knowledge level: Speaker and company: | ||
| Workshop A3 | 14:25 - 15:15 | The state of the market 2025 Read more |
The state of the market 2025 Presented by the IFoA general insurance Pricing Research Group (PRG), we will cover a macro-level view of the state of the market and the key actuarial issues in the pricing function. This updates and refines a similar well-received session at GIRO 2024. We will cover: 1. Market overview 2025 We will present recent and projected market performance statistics, analysing the main underlying factors and trends driving the results, across the following segments:
2. Key issues in pricing The PRG maintains an issues register that captures the main influences affecting pricing, the pricing function, and the actuarial role within that function. These then form the basis of focused discussion and research. Examples of recent discussion points have included algorithmic underwriting, the rise of GBMs, and pricing model governance. As well as the overall picture, we will focus on a couple of specific issues and provide the PRG views on how actuaries should be addressing the related challenges.
Target audience and assumed knowledge level: Speaker and company: | ||
| Workshop A4 | 14:25 - 15:15 | Setting the personal injury discount (Ogden) rate Read more |
Setting the personal injury discount (Ogden) rate This session will set out some of the mechanics of setting the personal injury discount rate across different jurisdictions in the UK. It will look at the role of the Government Actuary and the Government Actuary’s Department in those processes, and examine the impact of the 2024 review being the first in England and Wales in which the Lord Chancellor consulted with an expert panel, as opposed to the Government Actuary only. We will also reflect on the impact of market conditions and the evidence gathered as part of the recent review processes, and its impact on the decision-making process. The session will include a personal account from the Government Actuary of chairing an expert panel through its first review. The subject matter is of high interest to insurers and reinsurers pricing and reserving high-value liability claims. It provides a great example of actuaries working together with experts from different fields, and ties into the topics of market and economic trends and social fairness – a key consideration and a theme for this year’s conference.
Target audience and assumed knowledge level: Speaker and company: | ||
| Workshop A5 | 14:25 - 15:15 | Update from the Third Party Working Party Read more |
Update from the Third Party Working Party The results presented cover the annual update from the IFoA Third Party Working Party. There will be a detailed summary of claims trends for private car insurance, including own damage, third party property damage and third party bodily injury, with data collated from participating UK insurers. We will also cover prominent issues and understanding the inflation of motor insurance losses.
Target audience and assumed knowledge level: Speaker and company: | ||
| Workshop A6 | 14:25 - 15:15 | Capital modelling and validation market review: Industry trends and best practices Read more |
Capital modelling and validation market review: Industry trends and best practices During this presentation we will share insights from across capital modelling and validation, based on input from across the insurance market in the UK and beyond. We will bring together findings from our recent market review, benchmarking and regular capital roundtables, and provide practical examples and case studies showing how insurers can keep pace with the latest trends. Areas we will cover include:
Join us for a detailed analysis and practical examples that will help you enhance your capital modelling and validation strategies and team structures. The session will include a combination of presentations and interactive audience participation through polls and Q&A. This will be a technical session and will aim to answer the pressing questions that actuaries at all levels have around this emerging class of business.
Target audience/knowledge level: Speaker and company: | ||
| Workshop A7 | 14:25 - 15:15 | Risk drivers for general insurance capital modelling: Market practice, parameterisation, methods and validation Read more |
Risk drivers for general insurance capital modelling: Market practice, parameterisation, methods and validation Drivers of risk methods have become increasingly common within general insurance capital models over the last 20 years. While there has been discussion at GIRO and at a range of market forums, there is limited research available on this topic. The Risk Drivers for GI Capital Modelling Working Party is drafting a paper that aims to help fill that gap. The paper sets out the range of market practice relating to drivers of risk in capital models and tools for practitioners, and addresses the following questions:
In this session we will have a presentation featuring various members of the working party, who will cover the key conclusions set out in the working party paper. It should be of interest to actuaries at all levels working in capital modelling, including senior actuaries and team leaders who are either validating capital models or are interested in using drivers of risk in capital models.
Target audience/knowledge level: Speaker and company: | ||
| Transfer time | 15:15 - 15:25 | Transfer time |
| Workshop B1 | 15:25 - 16:15 | Rethinking reserving: Deterministic methods for a changing liability landscape Read more |
Rethinking reserving: Deterministic methods for a changing liability landscape As general insurance risks evolve, traditional reserving techniques are being stretched by increasingly volatile and high-severity claim profiles. Actuaries are turning to additional reference points to support reserve judgement, particularly for classes like cyber, US general liability, construction liability and high-excess property/energy/motor, where uncertainty is high and data is thin. This session explores two deterministic approaches, designed not to replace standard methods but to complement them, offering alternative perspectives in these challenging areas. We will cover:
We’ll highlight situations where these methods have proven helpful, and discuss how they can offer a valuable second lens for judgement in uncertain or emerging areas.
Target audience/knowledge level: Speaker and company: | ||
| Workshop B2 | 15:25 - 16:15 | Smarter governance for smarter models: Reimagining pricing governance in a machine learning world Read more |
Smarter governance for smarter models: Reimagining pricing governance in a machine learning world In a world where collaboration and credibility matter more than ever, how can pricing teams ensure their machine learning models are predictive yet trusted and future-ready? Machine learning is transforming insurance pricing, but governance practices haven’t kept pace. Many teams still rely on frameworks built for traditional techniques, leaving ML models under-challenged and vulnerable to regulatory fines, deployment errors, and overfitting. This session introduces a process-driven approach to ML model governance, tailored specifically for pricing teams, and will explore:
Catrin Townsend, Pricing Actuary and Director of Education at Price Writers, leads this interactive session, drawing on her hands-on experience of delivering seven end-to-end GBM model refreshes for a global insurer, as well as the creation of a training course focused on modernising pricing systems for ML. This isn't your typical governance talk. With relatable stories and clear takeaways, you'll leave equipped and inspired, with a forward-thinking approach to compliance and a clear understanding of how to embed governance into ML workflows without slowing innovation. Perfect for pricing actuaries at any level, including senior leaders who care about culture as much as compliance, this session offers a fresh perspective: governance as a force for unity, trust, and future-ready models.
Target audience/knowledge level: Speaker and company: | ||
| Workshop B3 | 15:25 - 16:15 | PRA focus Read more |
PRA focus This session will be led by Dan Curtis, Head of GI Risk Specialists in the Prudential Regulatory Authority (PRA), who will be joined by actuarial and risk experts. We will discuss some of our recent thematic work, such as an update on Solvency UK, key messages for general insurance firms and our planned priorities for 2026.
Target audience/knowledge level: Speaker and company: | ||
| Workshop B4 | 15:25 - 16:15 | The final calculation: Navigating your path to the NED role Read more |
The final calculation: Navigating your path to the NED role This session is designed for senior actuaries and insurance professionals in roles such as chief risk officer, chief actuary, chief underwriting officer, chief finance officer, director, partner, or executive leader. It is particularly relevant for those approaching the latter part of their full-time careers, or beginning to plan for long-term transitions into strategic board-level positions. Attendees are expected to have extensive experience in insurance, actuarial, risk, governance, finance, or operational roles with strong technical and leadership backgrounds. It is suited to those who may be unfamiliar with the specific process of securing an independent non-executive director (iNED) role, and are actively seeking insight and practical advice on how to pivot from operational leadership to strategic boardroom influence. We will explore how to position their expertise as a valuable asset to boards, the key skills and mindset shifts required for success, and what boards are truly looking for in an iNED. Delivered as a panel discussion, the session brings together current NEDs and board-level search specialists to share real-world experience, challenges, and actionable strategies. It is ideal for anyone considering how to make a confident and informed transition into the boardroom.
Target audience/knowledge level: Speaker and company: | ||
| Workshop B5 | 15:25 - 16:15 | Electric vehicles – do they crash more or less than petrol cars? Read more |
Electric vehicles – do they crash more or less than petrol cars? Petrol and diesel cars are being phased out around the world and in recent years, the rise of electric vehicles (EVs) has sparked significant interest in their impact on road safety.
This talk, based on a paper written by the presenters, will examine the factors influencing accident frequency and severity, focusing on the unique characteristics of electric vehicles.
Norway serves as a compelling case study, having one of the highest per capita rates of electric vehicle adoption globally.
By analysing a vast data set of accident data, we can uncover patterns that reveal how the transition to electric mobility affects road safety. Are EVs involved in fewer accidents compared to traditional fuel vehicles? Do they contribute to less severe outcomes when accidents do occur?
This presentation will explore the nuances of these questions, drawing on empirical evidence and statistical analyses. We will discuss the implications of vehicle design, driver behaviour, and the infrastructure that supports EVs, all of which play a crucial role in shaping accident dynamics.
Target audience/knowledge level:
No specialist knowledge required
Speaker and company:
Amit Parmar and Conor Woods, Guy Carpenter | ||
| Workshop B6 | 15:25 - 16:15 | What’s climate sensitivity, why should I care and what can we do if it’s more than we thought? Read more |
What’s climate sensitivity, why should I care and what can we do if it’s more than we thought? Most people are aware of the Paris Agreement, the international treaty to limit global warming to well below 2°C above pre-industrial levels, and ideally as near to 1.5°C as possible, as well as reach net zero greenhouse gas emissions by the middle of this century and set carbon budgets. Many people are also aware that 2024 was the first year in which the observed rise in global average temperatures exceeded 1.5°C. With an estimated global warming rate of 0.2°C per decade, and continuing (and rising) greenhouse gas emissions, the Climate Sensitivity Working Party aims to bring general insurance actuaries’ attention to the scientific evidence that points to greater climate sensitivity, and show that we will need to consider a broader range of options to meet the aims of the Paris Agreement.
Target audience/knowledge level: Speaker and company: | ||
| Workshop B7 | 15:25 - 16:15 | Are cyber development patterns changing again? Implications for actuarial reserving Read more |
Are cyber development patterns changing again? Implications for actuarial reserving The cyber insurance landscape is undergoing significant transformation, particularly in the nature and progression of claims. This presentation delves into Gallagher Re's latest findings on how shifts in cyberattack methodologies – most notably the transition from traditional ransomware to sophisticated double extortion tactics – are influencing claims development patterns. This talk builds on the well-received 2021 GIRO presentation and accompanying paper, ‘Are Ransomware Claims Speeding Up Development Patterns?’ In that earlier work, we explored how the surge in ransomware attacks was accelerating claims settlement. Four years on, we revisit the question with fresh data, testing whether those earlier trends have persisted or reversed, and what this means for insurers and actuaries. Drawing from an extensive dataset, we analyse the impact of evolving threats on claims lifecycles, settlement timelines and cost structures. Key focus areas include the acceleration of claims development in earlier underwriting years and the emergence of longer-tail liabilities associated with data breaches and third-party exposures. For actuaries, these developments necessitate a reevaluation of traditional reserving methodologies. Attendees will gain insights into adapting actuarial practices to better accommodate the dynamic nature of cyber risks and the applicability of reserving techniques/considerations to other classes of business.
Speaker and company: | ||
| Transfer time | 16:15 - 16:25 | Transfer time |
| Research update | 16:25 - 17:55 | Research update |
| Drinks reception and buffet dinner | 18:00 - 21:00 | Drinks reception and buffet dinner |
| Activity | Time | Details |
|---|---|---|
| Registration | 08:15 - 09:00 | Registration |
| Plenary 2: Professionalism | 09:00 - 10:00 | Plenary 2: Professionalism |
| Hot topic 60-second pitches | 10:00 - 10:10 | Hot topic 60-second pitches |
| Transfer time | 10:10 - 10:20 | Transfer time |
| Workshop C1 | 10:20 - 11:10 | Lloyd's update Read more |
Lloyd's update This session will provide a strategic overview of the latest initiatives led by Lloyd’s actuaries to support and strengthen the Lloyd’s market.
Target audience/knowledge level: Speaker and company: | ||
| Workshop C2 | 10:20 - 11:10 | Motor Working Party Read more |
Motor Working Party
Target audience/knowledge level: Speaker and company: | ||
| Workshop C3 | 10:20 - 11:10 | CP10/25 explained: What the PRA’s new climate risk proposals mean for insurers Read more |
CP10/25 explained: What the PRA’s new climate risk proposals mean for insurers On 30 April, the Prudential Regulation Authority (PRA) published CP10/25, a new consultation paper (CP) focused on enhancing the way banks and insurers manage climate-related risks. This paper sets out the PRA’s proposals on updated supervisory expectations, building on those previously set out in supervisory statement SS3/19. While firms have taken positive steps to build their climate-related risk management capabilities, the PRA has observed that the levels of embedding vary, and that further progress is needed by all firms. The proposals in CP10/25 reflect the building risks, the consequent need for firms to progress their risk management capabilities and the desire from industry for greater clarity and detail on the PRA’s expectations.
Target audience/knowledge level: Speaker and company: | ||
| Workshop C4 | 10:20 - 11:10 | From prior to precision: Teaching transformers the art of actuarial credibility Read more |
From prior to precision: Teaching transformers the art of actuarial credibility How can we inject centuries-old credibility and wisdom into cutting-edge AI models and create insurance pricing that's both revolutionary and reassuringly familiar? This talk unveils the Credibility Transformer, a new, non-life pricing architecture developed by Richman, Scognamiglio and Wüthrich (2025) that marries Bühlmann-Straub credibility theory with the power of attention mechanisms. By introducing a novel modification to the model that powers ChatGTP, we allow some coefficients to act as a learned portfolio prior, transforming how neural networks balance individual risk characteristics with collective experience – exactly as actuaries have done for decades, but powered by machine learning. The result is a model that delivers three game-changing capabilities:
Using the benchmark French MTPL dataset with 678,000 policies, we demonstrate how this credibility-infused architecture produces excellent results while aligning with actuarial intuition for a large, stable motor portfolio.
Target audience/knowledge level: Speaker and company: | ||
| Workshop C5 | 10:20 - 11:10 | Plugging into the future: Current challenges of electric vehicles Read more |
Plugging into the future: Current challenges of electric vehicles With electric vehicle (EV) registrations in the UK accounting for over 19% of new car sales in 2024, and that figure projected to rise steadily, understanding the insurance implications of EVs has never been more crucial. Our working party will provide insights into how EVs compare with internal combustion engine vehicles, which will be of benefit for pricing, reserving and capital actuaries. We have access to a unique dataset, which we will use to explore differences between EV and petrol/diesel vehicles, such as:
The session also touches on forward-looking considerations for insurers, including:
Target audience/knowledge level: Speaker and company: | ||
| Workshop C6 | 10:20 - 11:10 | Stochastic reserving with Doob martingales Read more |
Stochastic reserving with Doob martingales This is a presentation for anyone involved in general insurance financial risk management who would like to see a more sophisticated yet parsimonious approach to modelling how risk emerges over time.
General insurance capital models often have complex models of the ultimate risk of insurance claims and the timing of payments. However, when it comes to modelling the future reserve for a partially emerged risk, it is commonplace to simply take an ultimate distribution and squish it.
This ‘emergence factor’ approach has severe limitations and nonsensical implications. A simple, new, statistically coherent model is proposed.
In the basic model, introduced in a webinar in April 2025 titled ‘Gaussian emergence’, the incurred loss is modelled as a Doob martingale based on a Wiener process. It begins at the current mean best estimate of the risk, develops randomly over time and ends at the (arbitrarily chosen) ultimate risk distribution.
In the extended model, paid and incurred are modelled simultaneously from a single underlying process. Paid acts as the lower bound for the conditional ultimate distribution at a future time, and incurred is the mean of this distribution.
Formulas are available for useful statistical quantities, and simple Monte Carlo methods are used to generate simulations of reserve paths and future capital requirements.
Target audience/knowledge level:
No specialist knowledge required
Speaker and company:
Ramsay Nashef, Direct Line Group | ||
| Workshop C7 | 10:20 - 11:10 | How can an actuary be proportionate when applying Technical Actuarial Standards (TAS)? Read more |
How can an actuary be proportionate when applying Technical Actuarial Standards (TAS)? In today’s 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, this session will include several example scenarios where actuaries apply TASs proportionately. This session’s presentation will cover:
There will be an opportunity to ask questions after the presentation. This is an in-person session delivered by actuaries from the Financial Reporting Council, and is suitable for all levels of technical knowledge. It should be of interest to any actuary that is looking to ensure they are applying the standards in the most efficient way.
Target audience/knowledge level: Speaker and company: | ||
| Morning refreshments and exhibition | 11:10 - 11:40 | Morning refreshments and exhibition |
| Transfer time | 11:40 - 11:50 | Transfer time |
| Workshop D1 | 11:50 - 12:40 | The modern way to price commercial insurance and reinsurance risks Read more |
The modern way to price commercial insurance and reinsurance risks Commercial insurance pricing has been well documented by previous pricing papers. This talk provides suggested updates to pricing to ensure actuaries are using the latest techniques and technology to identify and price their risks. We cover aspects of the reinsurance pricing, including:
We will look at common pitfalls with the above techniques, and your options when the data is poor or low volume, including data enhancement, data validation and penalisation factors. We also explore options for transforming existing pricing models (especially Excel) into cloud-based systems. Target audience/knowledge level Speaker and company | ||
| Workshop D2 | 11:50 - 12:40 | Emerging risks: A shared challenge for pricing and capital Read more |
Emerging risks: A shared challenge for pricing and capital
This session is ideal for actuaries, pricing analysts, capital modellers and risk professionals with an understanding of insurance risk frameworks and actuarial modelling.
Emerging risks can no longer be considered a distant concern. They are evolving quickly and challenging the way we think about risk. This session explores how pricing and capital teams can work together to stay ahead of the curve.
Pricing teams are often the first to identify new risks through their close collaboration with underwriting. But how do you price a risk when there is no data? How do you estimate frequency, severity, or burn cost when the risk is still taking shape?
We will explore how capital, catastrophe modelling, and reserving can support pricing in navigating these uncertainties.
We will also look at the cultural and behavioural challenges. A short-term focus in pricing may sometimes make it more challenging to fully consider longer-term trends and their potential implications. Other functions in the business could perceive increasingly complex pricing models as being more robust than they actually are, which can lead to misunderstandings about model limitations.
While the shift away from traditional actuarial education among pricing analysts may be fostering greater innovation, it could also present challenges in maintaining a broader awareness of how pricing decisions impact other areas of the business.
This session offers practical tools, case studies, fresh perspectives, and a call to action for stronger collaboration.
Target audience/knowledge level:
Prior knowledge required, ensuring delegates working in this area learn something new
Speaker and company:
Isabelle Williams, Wendy Kriz Evans and Richard Holloway, LCP | ||
| Workshop D3 | 11:50 - 12:40 | Current issues in capital modelling: update from the Capital Research Group Read more |
Current issues in capital modelling: update from the Capital Research Group The Capital Research Group is an IFoA forum for the leading capital modelling experts in the industry. This session is a follow-up to sessions at GIRO in 2023 and 2024. Here the group will cover some of the discussion points and conclusions from our recent meetings, covering topics such as:
Target audience/knowledge level: Speaker and company: | ||
| Workshop D4 | 11:50 - 12:40 | UK flood insurance: Shored up, treading water or under water? Read more |
UK flood insurance: Shored up, treading water or under water? Managing and insuring against flood risk is a complex and fluid challenge. UK premiums are kept affordable through the current flood re scheme for many (but not all). However, a growing proportion of homes are becoming exposed to potentially unaffordable premiums as climate change progresses and more homes are built on flood plains to meet ambitious government targets. Availability of affordable insurance is critical to mortgage lending. It provides requisite protection for mortgage lenders to continue lending in exposed areas. In the absence of an improved solution, especially post-2039, increasing numbers of people living in flood-prone areas will face unaffordable premiums and/or be unable to sell their homes due to mortgage unavailability. As knowledgeable professionals, with relevant experience and expertise to help develop solutions, what should we do? As a profession, are we well placed, perhaps even duty bound, to help, given our perspectives of independence and acting in the public interest? Our joint working party and IFoA Policy Team presentation will explore and discuss these themes, including:
Target audience/knowledge level: Speaker and company: | ||
| Workshop D5 | 11:50 - 12:40 | Update from the UK Asbestos Working Party Read more |
Update from the UK Asbestos Working Party In this workshop, members of the UK Asbestos Working Party will provide an update since the last full paper on developments in UK asbestos reserving. The workshop will cover:
The last AWP presentation at GIRO was 2021, and this workshop intends to continue the series of presentations since the first AWP update at GIRO in 2004.
Target audience/knowledge level: Speaker and company: | ||
| Workshop D6 | 11:50 - 12:40 | EY capital benchmarking insights, including comparison between the Lloyd’s and UK company markets Read more |
EY capital benchmarking insights, including comparison between the Lloyd’s and UK company markets This session will focus on insights from the EY capital benchmarking surveys that we have been carrying out for over 10 years. We believe our surveys cover a significant share of both the Lloyd’s and UK company markets, giving us a unique view of both. For example, our 2024 surveys included 43 syndicates (or c.70% of Lloyd’s GWP) and 19 companies (or c.£30 billion of planned premium). Attendees will learn about key trends observed from the EY capital benchmarking surveys. We will look at trends over recent years in capital relative to key measures of exposure and the standard formula. Our insights will include analysis of top-level capital metrics and deep dive analyses (e.g. by risk type) where relevant. One of the main trends we expect to discuss is the allowance for expected profits within internal capital models and the impact this has had on capital requirements in both markets over time. This topic has been on both the PRA’s and Lloyd’s of London’s agendas in recent years. We will also compare how these trends vary between the Lloyd’s and UK company markets. This talk is suited for anyone with an interest in capital setting using internal models, either in the Lloyd’s or UK company markets (or both). A basic understanding of how internal capital models work is beneficial but not needed.
Target audience/knowledge level: Speaker and company: | ||
| Workshop D7 | 11:50 - 12:40 | Claims analytics – developing a case reserving strength index Read more |
Claims analytics – developing a case reserving strength index We will present the results of our research into the feasibility of building a robust index of our case reserving strength, to help better inform business decisions on reserving, pricing and more. We will look at a range of potential leading indicators of case reserving strength, how these have tracked over time and how well they act as predictors of ultimate settlement costs. We also consider how best to contextualise the historical data by overlaying a claims event timeline containing details of historical data distortions, changes in standard case reserves etc, so that known past issues can be differentiated from genuine underlying trends in case reserving. We provide top tips on how to implement a case reserving strength index for your own business and how this can provide a meaningful step forward in your wider claims analytics journey.
Target audience/knowledge level: Speaker and company: | ||
| Lunch | 12:40 - 13:40 | Lunch |
| Women’s networking lunch | 12:40 - 13:40 | Women’s networking lunch |
| Transfer time | 13:40 - 13:50 | Transfer time |
| Hot topics part 1: hot topic 1 | 13:50 - 14:30 | Lloyd’s pricing: enhancing oversight and helping the market thrive Read more |
Lloyd’s pricing: enhancing oversight and helping the market thrive This presentation is intended to give the audience some background on the main activities of the Lloyd’s pricing team over the past year. The session will focus on:
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 1: hot topic 2 | 13:50 - 14:30 | A pricing toolkit for a softening market Read more |
A pricing toolkit for a softening market As the rating environment starts to transition out of a hard market, the Managing the Cycle Working Party will outline a proposed toolkit for pricing actuaries working in the Lloyd's and London market. We will set out what we see as the foundations required for pricing to be an active part of successful cycle management, and highlight further areas where pricing can add value.
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 1: hot topic 3 | 13:50 - 14:30 | IFoA regulatory update and professional skills session Read more |
IFoA regulatory update and professional skills session This professional skills session uses a storyboard created for the conference with the intention of sparking debate and allowing attendees to consider and discuss ethical issues. It will also include an update on current developments in the IFoA’s professional standards and regulation.
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 1: hot topic 4 | 13:50 - 14:30 | Addressing the crisis of insurability in an era of escalating risk Read more |
Addressing the crisis of insurability in an era of escalating risk Climate change, cyber threats, pandemics, and geopolitical instability are driving increasingly frequent and severe events that strain traditional risk assessment frameworks. In response, insurers are retreating – raising premiums, limiting coverage, or exiting markets altogether – leaving individuals, businesses, and governments to seek alternatives or retain the risk themselves. Our panel combines insurance and climate modelling expertise to explore:
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 1: hot topic 5 | 13:50 - 14:30 | Fair value and the elusive price of peace of mind in insurance Read more |
Fair value and the elusive price of peace of mind in insurance This session explores the evolving concept of fair value in general insurance, particularly in light of regulatory developments such as the UK’s Consumer Duty. While traditional actuarial models focus on measurable components like claims frequency and severity, this talk delves into the less tangible, but equally critical, dimension of peace of mind. We will examine how emotional and psychological benefits, such as reduced stress and the avoidance of financial burden, contribute to the overall value of insurance products. Attendees will gain insights into how peace of mind can be conceptualized, whether it should be priced, and how it might vary across consumer segments. We will also discuss the implications for product fairness, especially in markets where consumers may lack the expertise to assess value effectively. The session will be grounded in practical examples and supported by internal research and industry observations.
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 1: hot topic 6 | 13:50 - 14:30 | London market digital transformation: Millions invested – why has so little changed? Read more |
London market digital transformation: Millions invested – why has so little changed? The status quo for underwriting is manual and inefficient, delivering a tedious experience for customers, brokers and carriers. Despite the investment of millions in new technology, the market continues to operate much as it has done for decades. This is explained as we consider the diverse motivations of key actors working against each other to propel or slow the adoption of change. This presentation answers the following key questions:
This presentation assumes familiarity with the workings of the London market, although much of the content will be accessible without any prior knowledge.
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 1: hot topic 7 | 13:50 - 14:30 | From proxy shadows to fair premiums – measuring indirect discrimination in general insurance pricing Read more |
From proxy shadows to fair premiums – measuring indirect discrimination in general insurance pricing How can we quantify discrimination when it hides in plain sight – not in protected variables we have already removed, but in the proxy signals that remain? This talk introduces sensitivity-based measures of discrimination, a new toolbox developed by Lindholm, Richman, Tsanakas and Wüthrich (2024), to gauge how far any premium strays from a discrimination-free benchmark. Starting with familiar fairness debate – ‘Should we focus on demographic parity or proxy discrimination?’ – we recast the problem of measuring these in terms of results from the field of sensitivity analysis. The result is an intuitive metric that:
Using an anonymised international dataset that records ethnicity measured across five categories for the purposes of ensuring adequate market penetration, we’ll show how a seemingly neutral pricing algorithm still embeds material proxy discrimination against one group – and which covariates are to blame.
Target audience/knowledge level: Speaker and company: | ||
| Workshop D8 | 14:30 - 14:40 | It’s not feelings, it’s numbers: supporting clients with financial trauma through a trauma-informed lens Read more |
It’s not feelings, it’s 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’ll 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’ll examine real-world scenarios that illustrate how past financial harm, instability, or systemic injustice may show up in client behaviour. We’ll explore how to respond in ways that promote healing and financial confidence. Whether you’re 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 | ||
| Hot topics part 2: hot topic 1 | 14:40 - 15:20 | Lloyd’s pricing: enhancing oversight and helping the market thrive Read more |
Lloyd’s pricing: enhancing oversight and helping the market thrive This presentation is intended to give the audience some background on the main activities of the Lloyd’s pricing team over the past year. The session will focus on:
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 2: hot topic 2 | 14:40 - 15:20 | A pricing toolkit for a softening market Read more |
A pricing toolkit for a softening market As the rating environment starts to transition out of a hard market, the Managing the Cycle Working Party will outline a proposed toolkit for pricing actuaries working in the Lloyd's and London market. We will set out what we see as the foundations required for pricing to be an active part of successful cycle management, and highlight further areas where pricing can add value.
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 2: hot topic 3 | 14:40 - 15:20 | IFoA regulatory update and professional skills session Read more |
IFoA regulatory update and professional skills session This professional skills session uses a storyboard created for the conference with the intention of sparking debate and allowing attendees to consider and discuss ethical issues. It will also include an update on current developments in the IFoA’s professional standards and regulation.
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 2: hot topic 4 | 14:40 - 15:20 | Addressing the crisis of insurability in an era of escalating risk Read more |
Addressing the crisis of insurability in an era of escalating risk Climate change, cyber threats, pandemics, and geopolitical instability are driving increasingly frequent and severe events that strain traditional risk assessment frameworks. In response, insurers are retreating – raising premiums, limiting coverage, or exiting markets altogether – leaving individuals, businesses, and governments to seek alternatives or retain the risk themselves. Our panel combines insurance and climate modelling expertise to explore:
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 2: hot topic 5 | 14:40 - 15:20 | Fair value and the elusive price of peace of mind in insurance Read more |
Fair value and the elusive price of peace of mind in insurance This session explores the evolving concept of fair value in general insurance, particularly in light of regulatory developments such as the UK’s Consumer Duty. While traditional actuarial models focus on measurable components like claims frequency and severity, this talk delves into the less tangible, but equally critical, dimension of peace of mind. We will examine how emotional and psychological benefits, such as reduced stress and the avoidance of financial burden, contribute to the overall value of insurance products. Attendees will gain insights into how peace of mind can be conceptualized, whether it should be priced, and how it might vary across consumer segments. We will also discuss the implications for product fairness, especially in markets where consumers may lack the expertise to assess value effectively. The session will be grounded in practical examples and supported by internal research and industry observations.
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 2: hot topic 6 | 14:40 - 15:20 | London market digital transformation: Millions invested – why has so little changed? Read more |
London market digital transformation: Millions invested – why has so little changed? The status quo for underwriting is manual and inefficient, delivering a tedious experience for customers, brokers and carriers. Despite the investment of millions in new technology, the market continues to operate much as it has done for decades. This is explained as we consider the diverse motivations of key actors working against each other to propel or slow the adoption of change. This presentation answers the following key questions:
This presentation assumes familiarity with the workings of the London market, although much of the content will be accessible without any prior knowledge.
Target audience/knowledge level: Speaker and company: | ||
| Hot topics part 2: hot topic 7 | 14:40 - 15:20 | From proxy shadows to fair premiums – measuring indirect discrimination in general insurance pricing Read more |
From proxy shadows to fair premiums – measuring indirect discrimination in general insurance pricing How can we quantify discrimination when it hides in plain sight – not in protected variables we have already removed, but in the proxy signals that remain? This talk introduces sensitivity-based measures of discrimination, a new toolbox developed by Lindholm, Richman, Tsanakas and Wüthrich (2024), to gauge how far any premium strays from a discrimination-free benchmark. Starting with familiar fairness debate – ‘Should we focus on demographic parity or proxy discrimination?’ – we recast the problem of measuring these in terms of results from the field of sensitivity analysis. The result is an intuitive metric that:
Using an anonymised international dataset that records ethnicity measured across five categories for the purposes of ensuring adequate market penetration, we’ll show how a seemingly neutral pricing algorithm still embeds material proxy discrimination against one group – and which covariates are to blame.
Target audience/knowledge level: Speaker and company: | ||
| Afternoon refreshments and exhibition | 15:20 - 15:50 | Afternoon refreshments and exhibition |
| Transfer time | 15:50 - 16:00 | Transfer time |
| Plenary 3: Chief actuaries panel | 16:00 - 17:00 | Plenary 3: Chief actuaries panel |
| Speaker change-over | 17:00 - 17:10 | Speaker change-over |
| IFoA town hall | 17:10 - 18:00 | IFoA town hall |
| Delegate free time | 18:00 - 19:00 | Delegate free time |
| GIRTL Research Roadshow | 18:10 - 18:40 | GIRTL Research Roadshow Read more |
Meet representatives from the GI Board working parties and take the opportunity to ask your burning questions about new and emerging research. | ||
| Drinks reception | 19:00 - 19:45 | Drinks reception |
| Conference dinner and awards | 19:45 - 23:59 | Conference dinner and awards |
| Activity | Time | Details |
|---|---|---|
| Registration | 09:00 - 09:30 | Registration |
| Workshop E1 | 09:30 - 10:20 | Life of the LIM – past, present and future: How the Lloyd's Internal Model has evolved, and what's next? Read more |
Life of the LIM – past, present and future: How the Lloyd's Internal Model has evolved, and what's next? Here we will tell the story of the Lloyd's Internal Model (LIM) – what shaped the original model structure, how it has adapted to meet its ongoing purpose of calculating capital requirements in a dynamic, evolving marketplace, and the anticipated developments that will influence its future. Key takeaways will include an understanding of the unique considerations that the LIM must balance as the internal model for the entire market, plus its use in calculating capital for members at Lloyd's. Changing market cycles, events and behaviours must also be reflected, and we will discuss the potential advancements and regulatory changes that could effect changes in the way the LIM attempts to reflect the risk profile of the market. This talk will be informative and enlightening for actuaries seeking to deepen their understanding of internal models and the particulars and complexities of estimating capital for the entire Lloyd's market.
Target audience/knowledge level: Speaker and company: | ||
| Workshop E2 | 09:30 - 10:20 | Are you ready for the next claims inflation spike? Read more |
Are you ready for the next claims inflation spike? Has your senior management lost interest in the topic of inflation? The claims inflation spike from 2022 may be behind us, but going forward, how might current US presidential volatility and ongoing wider political uncertainty impact short- and medium-term inflation? And what are you and your peers, colleagues and competitors doing to monitor, assess and manage the associated risks? Our presentation will provide an update from the Claims Inflation Working Party, including results from our latest survey covering views and feedback on:
Our presentation will be delivered in person by several members of our working party, and pitched at a summary level rather than technical detail, building on our work and presentations in previous years. The session will be interactive, with our presenters seeking feedback from the audience on their thoughts and views. It should be of interest to actuaries at all levels regardless of their experience, background or area of focus. It aims to help actuaries improve their approach to allowing for uncertain claims inflation impacts on their work.
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| Workshop E3 | 09:30 - 10:20 | Actuaries at an AI crossroads: Is your AI policy leading you in the right direction? Read more |
Actuaries at an AI crossroads: Is your AI policy leading you in the right direction? AI is becoming a powerful force in general insurance, transforming claims, fraud detection, pricing and beyond. As adoption grows, some organisations are developing dedicated AI policies, while others rely on existing governance structures. Wherever your company sits, are actuaries equipped to challenge and contribute to how AI is used? And why is it essential that we do so? This session is for actuaries who are – or soon will be – using AI directly or relying on others’ AI outputs (whether they realise it or not). AI is an interdisciplinary issue. With the Actuaries’ Code emphasising integrity, communication and speaking up as well as competence and care, it’s not enough to leave the governance to someone else. At this talk, members of the working party on professionalism, regulation and ethics for actuaries in data science will cover:
Importantly, we’ll show how a clear, practical approach to AI governance can make life easier for actuaries, not harder – giving more confidence in selecting tools, using outputs and knowing what to question and when. Whether your firm has an AI policy, is developing one, or has decided against it, you'll leave this session with practical insights on where actuaries can lead. If AI is shaping the future of insurance, actuaries should be shaping how it’s used.
Target audience/knowledge level: Speaker and company: | ||
| Workshop E4 | 09:30 - 10:20 | Rethinking the actuarial career path: Insights and new directions Read more |
Rethinking the actuarial career path: Insights and new directions This interactive session, led by the Actuarial Strategy and Development Working Party, will present fresh findings from a recent survey of actuaries across non-life sectors, including Lloyd’s, company market, and international members of the IFoA, to map the current landscape of actuarial careers. The discussion will focus on the evolving pathways available to actuaries, the structures that support career flexibility, and the anticipated impact of technology on existing pathways. Building on the group’s aims, the session will outline frameworks for strategic thinking and discuss how actuaries can maximise their commercial relevance and value within their organisations. We will explore the barriers to progression, professional growth and highlight opportunities for actuaries to extend their influence beyond traditional roles. The discussion will also address how to foster greater innovation and respond to new challenges.
Target audience/knowledge level: Speaker and company: | ||
| Workshop E5 | 09:30 - 10:20 | Automating spreadsheet documentation with Large Language Models (LLMs) Read more |
Automating spreadsheet documentation with Large Language Models (LLMs) Spreadsheets are an essential of an actuary’s daily work. However, documenting them can be tedious. You will see 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 also explore the underlying framework, including Python, FastAPI, Pandas, and OpenAI’s API, and learn how these tools work together to enhance data interpretation. Speakers: Aniketh Pittea and Hana Patel-Ponda, Grant Thornton | ||
| Workshop E6 | 09:30 - 10:20 | Fighting for Python: Getting the right tools and support for modern actuarial modelling Read more |
Fighting for Python: Getting the right tools and support for modern actuarial modelling Python is growing in power and popularity. Yet many actuaries find themselves limited by legacy tools, restrictive IT policies, and a lack of support for open-source technology. This panel will explore how to get Python working well in an actuarial environment – and why it’s worth the effort. Our speakers include:
The panel will offer practical insights for actuaries – and for companies who want to enable, not obstruct, innovation. This session is aimed at actuaries of all levels who want to improve the access they have to modern tools and technology. It is also aimed particularly at people in other leadership roles such as CRO and CTO, who have influence over company policy and a role to play in helping their actuarial teams get the technology and support they need.
Target audience/knowledge level: Speaker and company: | ||
| Workshop E7 | 09:30 - 10:20 | Interpretable Boosted GLM Read more |
Interpretable Boosted GLM This session presents work by the IFoA Actuarial Data Science Working Party, introducing a novel modelling framework – the Interpretable Boosted GLM (IBLM) – that combines the predictive power of machine learning with the familiar, interpretable structure of GLMs. What sets IBLM apart is its alternative use of SHAP values to generate per-observation corrections to the GLM’s beta parameters, enabling:
The approach uses a multiplicative ensemble where a GBM models residuals, with SHAP explaining deviations in terms of adjusted coefficients. This maintains transparency without sacrificing accuracy. The session will explore:
The theory and details of the IBLM can be found in our paper with the same title: Interpretable Boosted GLM
Target audience/knowledge level: Speaker and company: | ||
| Morning refreshments and exhibition | 10:20 - 11:00 | Morning refreshments and exhibition |
| Transfer time | 11:00 - 11:10 | Transfer time |
| Workshop F1 | 11:10 - 12:00 | Reserve risk: A new paradigm Read more |
Reserve risk: A new paradigm Reserve risk was one of the earliest areas of capital models to be developed, and involves many assumptions and methods that have become almost axiomatic over time. There are a number of known challenges and limitations with these approaches, and discussions with practitioners often highlight systemic dissatisfaction with the options available to them, in particular the relative lack of development in the field in the past few decades. We will challenge these ingrained ideas using a mix of existing techniques and new developments (including the use of machine learning techniques with reserving) with the aim of outlining a new, improved model for reserve risk. Key questions we will aim to answer include:
Target audience/knowledge level: Speaker and company: | ||
| Workshop F2 | 11:10 - 12:00 | The role of actuaries in delegated underwriting Read more |
The role of actuaries in delegated underwriting We identify common pain points and potential improvements around the work of actuaries in the delegated underwriting space, including MGAs, carriers, brokers, consultants and regulators. To do this, we performed surveys and interviews with MGAs and carriers, and discussed findings and actions as a broad working party with diverse membership. This session is aimed at actuaries in forecasting, reserving, pricing and non-traditional actuarial roles related to MGAs. It will also be of interest to underwriters and brokers interested in the actuarial work of MGAs and related technology providers.
Speaker and company: | ||
| Workshop F3 | 11:10 - 12:00 | Assessing climate risk: From the past to the present and into the future Read more |
Assessing climate risk: From the past to the present and into the future The Copernicus Climate Change Centre confirmed that 2024 was the warmest year on record since pre-industrial levels, with temperature increasing above 1.5°C for the first time. Climate change also continues to be ranked as the leading risk for companies, according to many studies globally. Within our work as an insurer, climate intersects and impacts many if not all areas of our business, from pricing and underwriting to risk management. Considering such impacts and the growing importance of this topic, we propose a presentation outlining the works and steps we are taking to prepare for the risks associated with a changing climate. More specifically, for this session we will focus on:
Target audience/knowledge level: Speaker and company: | ||
| Workshop F4 | 11:10 - 12:00 | More data or more model? A framework for achieving predictive analytics objectives in specialty insurance Read more |
More data or more model? A framework for achieving predictive analytics objectives in specialty insurance What is the best route to achieving your predictive analytics objectives for a particular business case? Is it collecting more data, adding more breadth or more depth, or doing more feature engineering and investigating different model architectures? In this talk, we introduce a practical framework that helps organisations answer these questions by using:
Drawing on two real-world case studies from the insurance industry, we showcase how this framework can be applied in different business contexts. First, we examine how a Lloyd’s syndicate evaluated the importance of different data assets for algorithmic underwriting performance. This case study shows how organisations can use the framework to identify where targeted data acquisition strategies will boost model performance, and where they won’t. Our second case study focuses on improving the performance of a model which predicts if there will be deteriorations in insurers’ reserves. Attendees will learn a systematic approach for identifying whether additional data or model structure changes are the best route for improving predictive performance. This includes quantifying the marginal value of additional data assets, and aligning these insights with strategic business goals, specifically within the insurance industry.
Target audience/knowledge level: Speaker and company: | ||
| Workshop F5 | 11:10 - 12:00 | Foundational machine learning climate models Read more |
Foundational machine learning climate models Climate change presents critical challenges for the actuarial profession, particularly in its role of risk quantification and mitigation for insurers. This presentation will focus on foundational climate models and their application in actuarial practices, offering insights into how insurers may potentially adapt these models in the future to the evolving landscape of quantifying climate risks. Foundational climate models take advantage of machine learning methods to produce complex predictive climate and weather models. Some have billions of underlying parameters. Many companies such as Microsoft and Google have launched openly accessible climate models. For example, Microsoft launched in 2024 Aurora which has 1.3 billion parameters and is a foundation model for high-resolution forecasting of weather and atmospheric processes. This presentation aims to empower actuaries with a deeper understanding of current cutting-edge climate models and their potential relevance to the profession in the future.
Target audience/knowledge level: Speaker and company: | ||
| Workshop F6 | 11:10 - 12:00 | Parameterising traditional reserving methods: A supervised learning approach Read more |
Parameterising traditional reserving methods: A supervised learning approach A paper and presentation detailing a technique for the automated tuning of traditional reserving method parameters, such as chain link pattern selections in the chain ladder method. This approach offers a bridge between traditional actuarial methods and machine learning modelling mindsets. This session is aimed at actuaries working in reserving, particularly those with a good working knowledge of traditional reserving methods, who are interested in practically introducing machine learning without needing to adopt entirely different reserving techniques. It will also appeal to actuarial leaders exploring the integration of data science into reserving workflows. Attendees will learn how machine learning thinking was used to develop an approach to parameterise reserving methods, improving both accuracy and workflow efficiency in practice. We will demonstrate how the definition of an objective function which measures reserve efficiency with the addition of desirable context specific constraints can be used to automatically set assumptions, reducing reliance on subjective judgment and risk of manual calculation errors. This talk is based on work recently done by Dynamo Analytics' cross-functional R&D team, and includes findings from pilot studies conducted across multiple lines of business using industry data which show promising results.
Target audience/knowledge level: Speaker and company: | ||
| Workshop F7 | 11:10 - 12:00 | Unlocking finality: Demystifying retrospective reinsurance Read more |
Unlocking finality: Demystifying retrospective reinsurance Why are more insurers looking to sell off legacy liabilities, and how can actuaries support successful outcomes before, during, and after a retrospective reinsurance deal? Although retrospective reinsurance (such as loss portfolio transfers and adverse development covers) continues to grow rapidly, many actuaries are still unclear on how these transactions work in practice and how they fit into broader liability and capital restructuring strategies. This session will walk attendees through the lifecycle of a transaction, not only from the perspective of deal execution, but also how such deals fit within wider liability management and transformation strategies. We’ll share insights into pre-transaction readiness, how actuaries collaborate with other functions and external partners, and the critical post-deal considerations needed to ensure that benefits are realised and sustained. The session will draw on practical experience across a range of transactions and restructuring situations. It will be pitched to encourage discussion and avoid overly technical content, making it suitable for actuaries at all levels looking to broaden their understanding of how actuarial input supports strategic liability reshaping.
Target audience/knowledge level: Speaker and company: | ||
| Transfer time | 12:00 - 12:10 | Transfer time |
| Plenary 4: Keynote speaker Katherine Grainger | 12:10 - 13:10 | Plenary 4: Keynote speaker Katherine Grainger |
| Closing remarks | 13:10 - 13:20 | Closing remarks |
Full conference tickets
Member fee: £1,307
Non-member fee: £1,636
Day tickets: members
Wednesday: £472.50
Thursday including dinner: £640.50
Friday: £315
Day tickets: non-members
Wednesday: £577.50
Thursday including dinner: £745.50
Friday: £420
Group booking discount: Receive a 10% discount when purchasing five or more full conference tickets. This offer applies to any combination of member and non-member tickets. Day tickets are not eligible for this discount.
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WTW’s Insurance Consulting and Technology business delivers a powerful combination of advisory services and leading-edge technology. Our mission is to innovate and transform insurance, and we provide solutions that help clients better underwrite, price, and manage risk and capital. As the largest insurance consultancy and software provider, we work with clients of all sizes globally, including the world’s leading insurance groups. We work with clients of all sizes globally, including most of the world’s leading insurance groups. Over 1,000 client companies use our specialist insurance software on six continents. With over 1,700 colleagues in 35 markets, we continually strive to be a partner and employer of choice to the insurance industry.
Barnett Waddingham (BW) is a leading independent UK professional services consultancy with expertise across risk, pensions, investment and insurance. With freedom to take a long-term view, BW builds strong, trusted relationships, including with almost 25% of FTSE 100 and over 15% of FTSE 350 companies.
At LCP, we fuse deep market insights with advanced analytics, to help support clear, data-driven strategic decisions. Our multi-award winning analytics platform, LCP InsurSight, is being used to analyse reserves in excess of £150 billion. LCP InsurSight enables insurers to set reserves and get business insights more quickly than ever before by automatically estimating reserves, identifying key trends and assumptions, and performing advanced diagnostics within minutes.
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