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Actuarial Innovation and Technology Analysis Projects

Background and Purpose

With a goal of producing a growing number of reference reports that will highlight the evolving intersections of the actuarial profession with innovation and technology ideas, the SOA Research Expanding Boundaries Pool approved funds to develop analysis projects on these types of topics.  The project seeks to create analysis reports on emerging technologies, and showing what the potential impact and opportunities are for the profession. 

Research Objective

The Actuarial Innovation & Technology Program Steering Committee (AITPSC) is seeking researchers to analyze the impact of current technologies on key components and assumptions used in actuarial practice. Many of these topics are in use or are being further developed, and there is strong potential for them to grow in use and impact in the coming years.  The goal of the projects would be to provide an analysis and report that actuaries could use for considering in their work, or give additional insights as they contemplate future scenarios and the impact on pricing, risk management and strategy. If needed, the SOA can provide access to subject matter experts or actuarial aspects of the topic to assist in creating a proposal.

Each project would aim to create a range of impacts, provide insights as to what actuaries should be aware of, highlight what potential inflection points might trigger more rapid development in the topic area, and highlight the risks and opportunities for the actuarial profession.

The following proposed topics that the AITPSC would like to be further addressed are the following:

  • The impact of genetic testing and gene therapy on insured health and morbidity, and the potential impact on health insurance claim trends.
  • The ongoing development and opportunities in Peer-to-Peer insurance, whether through social insurance networks between individuals, or more structured insurance companies, across all types of insurance coverages (P/C, Life, Health, Retirement Longevity, etc)
  • The growing use of cloud computing, and its impact on furthering and deepening actuarial analyses, using models, projections, machine learning and artificial intelligence techniques.

Please note researchers may propose on one or multiple topics.

Proposal

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

  1. Resumes of the researcher(s), 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 researcher is involved, 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 researchers as well as for the firm or institution on whose behalf the proposal is submitted.
  2. An outline of the approach to be used (e.g. literature search, model, etc.), emphasizing issues that require special consideration. Details should be given regarding the techniques to be used, collateral material to be consulted, and possible limitations of the analysis.
  3. A description of the expected deliverables and any supporting data, tools or other resources.
  4. Cost estimates for the research, including computer time, salaries, report preparation, material 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.
  5. A schedule for completion of the research, identifying key dates or time frames for research completion and report submissions.  The AITPSC is interested in completing this project in a timely manner.  Suggestions in the proposal for ensuring timely delivery, such as fee adjustments, are encouraged.
  6. Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.

Selection Process

The AITPSC will appoint a Project Oversight Group (POG) to oversee the project.  The AITPSC and POG are responsible for recommending the proposal to be funded.  Input from other knowledgeable individuals also may be sought, but the AITPSC and POG will make the final recommendation, subject to SOA leadership approval. The SOA's Research Actuary will provide staff actuarial support.

Questions

Any questions regarding this RFP should be directed to Dale Hall, SOA Managing Director of Research, phone: 847-273-8835; email: dhall@soa.org.    

Notification Of Intent To Submit Proposal

If you intend to submit a proposal, please e-mail written notification by October 19, 2018 to Korrel Rosenberg.

Submission Of Proposal

Please e-mail a copy of the proposal to Korrel Rosenberg.

Proposals must be received no later than November 16, 2018. It is anticipated that all proposers will be informed of the status of their proposal by November 30, 2018.

Note: Proposals are considered confidential and proprietary.

Conditions

The selection of a proposal is conditioned upon and not considered final until a Letter of Agreement is executed by both the Society of Actuaries and the researcher.

The SOA and AITPSC reserve 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 SOA and AITPSC also reserve the right to redirect the project as is deemed advisable.

The SOA and AITPSC plan to hold the copyright to the research and to publish the results with appropriate credit given to the researcher(s).

The SOA and AITPSC may choose to seek public exposure or media attention for the research.  By submitting a proposal, you agree to cooperate with the SOA and AITPSC in publicizing or promoting the research and responding to media requests.

The SOA and AITPSC may also choose to market and promote the research to members, candidates and other interested parties.  You agree to perform promotional communication requested by the SOA and AITPSC, which may include, but is not limited to, leading a webcast on the research, presenting the research at an SOA meeting, and/or writing an article on the research for an SOA newsletter.