Advanced Search

Last Name First Name Company Name City Advanced Search

Actuary of the Future Education & Research Entrepreneurial Actuaries Financial Reporting Forecasting and Futurism Health International Investment Joint Risk Management Long-Term Care Insurance Management & Personal Marketing & Distribution Pension Product Development Reinsurance Smaller Insurance Company Social Insurance & Public Finance Taxation Technology

Research

Research Studies–Proposal Requests

Request for Proposals–Update to Reflecting Risk in Pricing Survey

1. Background
   In the current economic climate, appropriate pricing for risk in the sale and administration of insurance products is both needed and critical for the ongoing and future company solvency. Important considerations in pricing for risk include the techniques employed to capture and quantify the varied risks as well as the pricing measures used to evaluate results. In 2002, the predecessor to the Canadian Institute of Actuaries, Casualty Actuarial Society, and Society of Actuaries' Joint Risk Management Section (JRMS)–the Risk Management Task Force–issued a survey specifically exploring these considerations and related issues as well as current company practices. With the passage of time and the changing economic environment, it is clear that updated survey results can benefit a wide range of risk professionals who must deal with these issues on a day–to–day basis.
   
   

2. Research Objective
   The CIA, CAS, and SOA's Joint Risk Management Research Team is seeking researchers to update the Risk Management Task Force's Reflecting Risk in Pricing Survey, originally issued in 2002. Working with a project oversight group recruited for this effort, the selected researchers will review the 2002 survey and consider whether revisions to the existing questions are needed to make the survey more current or capture responses with greater clarity. The researchers will also expand the survey to cover material that will be relevant to property and casualty insurance companies as well as non–North American insurance companies.
   
   Upon agreement with the project oversight group of the final survey content, the researchers will be responsible for designing and issuing it in the form of an online survey to potential respondents including members of the Joint Risk Management Section. The results will then be collected and a report summarizing the results will be written by the researchers with review by the project oversight group. The report should include comments on the findings and areas where further survey or other related work may be beneficial.
   
   A summary of the results from the 2002 survey including questions posed may be found in these slides.
   
   

3. Proposal
   To facilitate the evaluation of proposals, the following information should be submitted:

   1. Resumes of the authors, including any graduate student(s) expected to participate, indicating how their background, education, and experience bear on their qualifications to undertake the research. If more than one author is involved for each report, a single individual should be designated as the lead researcher and primary contact. The person submitting the proposal must be authorized to speak on behalf of all the authors as well as for the firm or institution on whose behalf the proposal is submitted.
   2. An outline of the approach to be used. Details should be given regarding the manner in which appropriate published material will be identified and evaluated, search techniques to be used, collateral material to be consulted, and possible limitations of the review and analysis. Suggestions for survey revisions or expansions should be included.
   3. Cost estimates for the research, including computer time, salaries, report preparation, research costs, etc. Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included. Any guarantees as to total cost should be given and will be considered in the evaluation of the proposal. While cost will be a factor in the evaluation of the proposal, it will not necessarily be the decisive factor.
   4. A schedule for completion of the research, identifying key dates or time frames for research completion and report submission.
   5. Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.
   
   
   

4. Selection Process
   The CIA, CAS, and SOA's Joint Risk Management Research Team is responsible for the selection of the proposal to be funded. Input from other knowledgeable individuals may also be sought, but the CIA, CAS, and SOA's Joint Risk Management Research Team will make the final decision. The SOA's Research Actuary will provide staff actuarial support. A Project Oversight Group (POG) will be appointed to oversee the project upon selection of the proposal.

   
   

5. Questions
   Any questions regarding this RFP should be directed by fax, or e–mail to: Steven Siegel, SOA Research Actuary (ph: 847.706.3578, f: 847.273.8578).

   
   

6. Notification of Intention to Submit Proposal
   If you intend to submit a proposal, please e–mail written notification by July 15th, 2009 to: Barbara Scott, Society of Actuaries, 475 N. Martingale Road, Suite 600, Schaumburg, IL 60173-2226 or (ph: 847.706.3592, f: 847.273.3592).

   
   
   

7. Submission of Proposal
   Please e–mail a copy of the proposal to: Barbara Scott.
   
   Proposals must be received no later than July 30th, 2009. It is anticipated that all proposers will be informed of the status of their proposal by August 30th, 2009.
   
   Note: Proposals are considered confidential and proprietary.

   
   

8. Conditions
   The Joint Risk Management Section reserves the right to not award a contract for this research. Reasons for not awarding a contract could include, but are not limited to, a lack of acceptable proposals or a finding that insufficient funds are available. The Joint Risk Management Section also reserves the right to redirect the project as is deemed advisable.
   
   The Joint Risk Management Section intends to copyright and publish the results of this research. The research will be considered work–for–hire and all rights thereto belong to the Joint Risk Management Section. However, appropriate credit will be given to the researcher(s).