At the end of 2018, Milliman conducted a global survey to measure the preparedness of insurers and reinsurers for the new International Financial Reporting Standard 17 (IFRS 17). The survey aimed to gauge the progress that firms have made in translating the standard into business as usual (BAU) processes and to compare the progress made in different markets. This report by Milliman’s Laura Hobern, William Smith, and Jennifer Strickland focuses on the UK and European markets and summarises the responses received from 36 companies across the EU, drawing comparisons to the preparedness of firms globally where notable.
Spreadsheets are powerful, versatile and accessible to almost anyone. It is no surprise, therefore, that across all business functions actuaries and other insurance professionals consistently turn to spreadsheets to perform a wide variety of tasks of differing complexity and materiality, ranging from performing simple calculations to using spreadsheets as tools to inform key business decisions.
Milliman has surveyed nearly 200 life actuaries and insurance professionals to understand the way they use spreadsheets in their work, including looking at potential improvements that could be made to this important tool. In this article, Milliman’s Stuart Reynolds, William Smith, and Jennifer Strickland analyse the results of this survey, highlight our key findings and consider the benefits and risks arising from a reliance on spreadsheets.
Approaches to smoothing vary significantly across the industry, and it is quite common for different smoothing strategies to be applied to different funds within the same firm. Milliman consultants Jennifer Strickland, Russell Osman, and Jennifer van der Ree recently conducted a survey of the different methodologies applied across a broad sample of UK with-profits funds. This paper presents the results of the survey and looks at the smoothing costs that could arise under some of the most common approaches.
In this paper, Milliman’s Kyle Audley, Jennifer Strickland, and Fred Vosvenieks consider various future routes that the development of insurance regulation in the United Kingdom (UK) could take due to Brexit and the impact each of these might have on UK insurers. They explore other relevant areas of regulation that may be revised once the UK is no longer part of the European Union. The authors also review the potential effects that demographic changes driven by Brexit can have on insurers in the country.