Research Projects
Research Studies–Data Requests
Life Insurance 2020 Foresight - A Call for Essays
Society of Actuaries' Sponsoring Sections: Financial Reporting, Product Development, Reinsurance
Overview
We are witnessing an evolutionary shift in almost every aspect of the life insurance sector. The demographic profile of the primary client base is changing, forcing a review of product needs and investor tolerances. New distribution channels are emerging. We are even changing the way that we assess and manage risk. The life insurance sector must continuously adapt in order to be in a position to effectively and efficiently operate.
There are many active participants in the life insurance sector in addition to life insurance companies. The line between financial service companies has blurred. The life insurance sector is now a part of a global economy. Risks are written in one market and shifted to other markets, or combined with other unrelated risks, as a means to mitigate risk. Operating in a global economy adds levels of complexity to the management of companies.
Statement of Topic
What is your vision of a financially sound, operationally efficient, growing, and profitable company operating in the life insurance sector in the year 2020? What are the critical issues that this company must address between now and 2020?
Content
The Sponsoring Sections are issuing this Call for Essays, inviting any member of the Society of Actuaries or a non-member who belongs to one of the Sponsoring Sections to write an essay stating their vision. This Call for Essays seeks to identify future views of the life insurance sector and how a company can thrive in the future.
Essays may either address the topic as a whole or focus on a particular aspect. Essays may focus on a local market or a region or the global market. Essays may also focus on one "Player" in the life insurance sector, be it an insurance company, a capital provider, or a service provider.
Examples of particular aspects that might be covered include, but are not necessarily limited to, the following:
- Global Market
- Domestic Market
- Regulatory Environment
- Accounting Standards
- Staffing Models
- Demographics
- Distribution Channels
- Policyholder Behavior
- Risk Assessment
- Risk Mitigation
- Risk Transfer
- Data Management
- Investor Requirements
- Capital Management
- Government Intervention
Please note these suggestions are only intended to serve as examples and are not meant to restrict potential ideas in any way.
Submission of Essays and Format Requirements
Deadline extended: Please submit your essay via e–mail by Sept. 11, 2009 to:
- Christy Cook, Project Support Specialist
- Society of Actuaries
- e-mail: ccook@soa.org
Essays should be kept to a maximum of 1500 words, excluding the essay title and author information, and should be in Microsoft Word file format. Author information must be submitted with the essay and include name, credentials or designations (if appropriate), title, organization/company, SOA section memberships, e-mail address, and phone number. Please provide all author information at the beginning of the essay. In the event that an essay exceeds 1500 words, the essay may be declined or returned to the author with a request for further editing and resubmission.
Essays that contain any overt political statements, commercial content, and other inappropriate material will not be accepted. Essays must comply with the Society of Actuaries' antitrust policy.
Reviewing Essays and Publication
Essays will be evaluated on the basis of their originality, clarity, thoroughness, and practical applicability. Previously published papers will not be considered.
Submitted essays will be evaluated by a committee of reviewers for their potential for inclusion in an e-book that will be published by the Sponsoring Sections. If accepted, essays will be copy edited by Society of Actuaries staff in preparation for publication. Authors will be given an opportunity to review the essays after copy editing and prior to publication. In addition, authors of accepted essays must provide additional biographical information to assist in publicizing the e-book. The Sponsoring Sections reserve the right to reject or not publish any of the submitted essays.
Cash Award
A committee of reviewers will select up to five essays for a cash award of $2,000 per essay.
Rights Granted
The essay authors grant the Society of Actuaries the right to reprint, republish, and repackage their essay.
Presentation Event
The Sponsoring Sections are planning to hold an event to present and discuss selected essays at the SOA Annual Meeting & Exhibit scheduled for October 25-28, 2009 in Boston. The anticipated format for the event is a meeting session where invited authors would present their essays and participate in audience discussion. Invited authors will receive further information on this event as it becomes available.
Questions
Please direct any questions regarding this Call for Essays to:
- James Miles, Staff Fellow
- Society of Actuaries
- ph. 847.706.3595
- e-mail: jmiles@soa.org