Following a rigorous review of the 25 proposals received, the IFoA identified three significant research programmes addressing the following issues:
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Future pension products that meet customer needs, balancing stability, performance and cost, with Cass Business School and Heriot-Watt University, partnering with Blackrock and Danica Pension
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The development of new statistical and actuarial methods in the use of Big Data, in the context of health and wider applications, with the University of East Anglia, with assistance from technical experts within Aviva
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The development of a new generation of mortality and morbidity models, with a specific focus on the drivers for mortality and the management of longevity risk, with Heriot-Watt University, partnering with Cass Business School, University of Southampton, Aarhus University in Denmark, University of California Santa Barbara and Longevitas Ltd
The three programmes, extending over five years, will be run through the IFoA’s Actuarial Research Centre (ARC) and will form part of the IFoA’s ground breaking research programme that will be underwriting £3.1 million of research worldwide.
Colin Wilson, President-elect of the IFoA, comments: “This new research programme represents a significant step change in how the IFoA supports research and is a long term investment in ground breaking research that is relevant to actuaries around the world, industry and others such as policymakers. The programmes complement many of the existing research activities already undertaken within the IFoA, such as our volunteer working parties.
“The research programme is also the first step in expanding the IFoA’s Actuarial Research Centre (ARC) to include a wider range of projects, researchers, institutions and partners.”
Professor Mark Cross, Chair of the IFoA’s Research and Thought Leadership Committee, comments: “We set out some of the key challenges in actuarial science and were overwhelmed with the response from the actuarial community in how it would seek to address those challenges. What we have here are three world-class programmes and I am delighted that they will form the foundations of our newly expanded Actuarial Research Centre.”
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