The world is in the midst of another industrial revolution. In recent years, we have heard almost daily about new scientific discoveries and technical innovations coming out of places such as Silicon Valley, London, and Shenzhen, China.
The world is in the midst of another industrial revolution. In recent years, we have heard almost daily about new scientific discoveries and technical innovations coming out of places such as Silicon Valley, London, and Shenzhen, China. However, revolutions and abrupt changes are unusual in the actuarial world, where linear or slightly 'convex' changes are ubiquitous. This gives actuaries the invaluable benefit of being able to take a step back and focus on the long term.
Brexit may be an exception to this. In this issue, we move away from the controversial debate among politicians to discuss with Sir John Curtice the science underpinning electoral analysis. Olivia Bridge, meanwhile, assesses the effects that migration costs arising from Brexit could have on actuaries.
Returning to the evolution of the profession, Michael Fitzgerald provides an overview of how corporate social responsibility has been growing in the corporate world, while Adam Robinson and Luca Tres examine the innovation and opportunity provided by life insurance securitisation - a trend that seems to be returning. And Mandy Luo looks at how technological advances and data collection can help those working in life insurance to engage with the consumer.
In the pensions world, where the pace of change is generally slow but steady, Allan Martin discusses a trend that could lead to a revolution: pervasive deficits in pensions, especially in the public sector. On a more positive note, Kate Smith explains how pensions auto-enrolment is helping to pave the way for millions to retire more comfortably.
In summary, revolutions may not be the norm in the actuarial field, but the evolution continues.
Enjoy the read!