Mitigating Potential Unwanted Bias in Life and Annuity Insurance Products and Processes: Call for Essays

Overview

The Society of Actuaries Research Institute (SOA) is interested in collecting thoughts and perspectives on specific opportunities for avoiding or mitigating potential unwanted bias in the products and processes associated with life and annuity insurance processes. Results of this call for essays are intended to meet two objectives: (1) Increase awareness of the potential for unwanted bias that may exist in a specific process, part of process, or method that may currently be used in any point along the entire product value chain for life or annuity insurance products; and (2) Offer methods, techniques, procedures, or approaches for eliminating or reducing the likelihood that unwanted bias could exist in that specific process, part of a process, or method.

Sample Topics of Interest for Essays

This invitation for essays allows essay authors to choose as their subject any specific process, part of a process, or method that is used at any point in the development, distribution, or administration of annuity or life insurance products. Life and annuity insurance product value chains typically include:

• Product design and development processes, which include but are not limited to:
  • Product conceptualization
  • Market research
  • Data analysis
  • Risk assessment
  • Pricing
  • Product design and structuring
  • Financial modeling and projections
  • Regulatory compliance review
• Marketing, sales, and distribution processes, which include but are not limited to:
  • Market analysis, target market determination, and market segmentation
  • Analyzing competitor pricing
  • Analyzing market trends
  • Analyzing customer price sensitivity
  • Modeling to forecast sales volumes and revenue
  • Assessing the cost-effectiveness and reach of distribution channels (e.g., agents, brokers, online platforms)
  • Evaluating the effectiveness of customer retention strategies and loyalty programs
  • Analyzing key performance indicators (KPIs) such as conversion rates, customer acquisition costs, and return on investment (ROI)
  • Regulatory compliance review
• Underwriting- and pricing-related processes, which include but are not limited to:
  • Developing criteria for accepting or rejecting applications
  • Defining risk classes
  • Determining the terms and pricing of insurance policies
  • Assessing applicants’ risk factors
• Operations and technology processes, which include but are not limited to:
  • Policy administration
  • Customer service
  • Use of technology to streamline processes
• Claims management processes, which include but are not limited to:
  • Assessing claims
  • Reviewing/processing claims
  • Settling claims

Timeline

The deadline for submissions is Sunday, Sunday, April 6, 2025. Essays accepted for publication will be published in a formal collection in approximately the second quarter of 2025.

Length and Instructions for Submission

Essays must be submitted in English and are preferred to be no longer than 1,500 words. Formal or extensive footnoting if not required. However, statements presented as facts that are not clearly identified as the author’s experience may be asked for citation or support prior to publication. Essays written in a political or inflammatory one or that contain any overt political statements, commercial content, or inflammatory or other inappropriate material will not be accepted. Essays must comply with the SOA Research Institute’s antitrust guidelines. Multiple essays on different topics from a single author are acceptable.

Please provide at the beginning of the essay the following information about the author: name, credentials or designations (if appropriate), e-mail address, phone number, and either personal street address or title and company/organization name. Essays accepted for publication will show the author’s name but no further contact information.

Please submit your essay via email to Research-DEI@soa.org with subject line “Mitigating Potential Unwanted Bias CFE.”

Awards

Up to $10,000 in award money has been allocated for this call for essays. The review committee will select the leading essays and determine how to allocate the award money among them. The review committee will consider creativity, originality, and the extent to which an idea might help promote the elimination or reduction of the likelihood of potential unwanted bias in specific life or annuity insurance processes and products. In exchange for award money, selected authors will be required to assign all copyrights in their essays to the Society of Actuaries.

Authors are ineligible for awards if an essay is based on an SOA-sponsored and funded research study conducted by the author. However, authors are welcome to submit such essays for publication consideration.

Publication and Presentation

Depending on the number of essays received and the range of the topic areas, the SOA will select a suitable format for electronic publication and dissemination. Essays may also be presented at an SOA meeting, webcast, or other professional development event.

In addition, the SOA will consider other venues for publishing or presenting the essays. The SOA hopes that the published essays will further knowledge, stimulate discussion, and promote future efforts in this area.

Rights Granted

Please understand that by submitting an essay for consideration, the essay author(s) is granting to the Society of Actuaries Research Institute an unlimited license to print or republish their essay, with proper attribution given to the author(s).

Questions

Please direct any questions regarding this call for essays to Research-DEI@soa.org with subject line “Mitigating Potential Unwanted Bias CFE.”