Actuarial Innovation and Technology Literature Reviews
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 literature review projects on these types of topics. The project seeks to create literature review reports on emerging technologies that interact with the actuarial profession in order to give a frame of reference for actuaries to use in their work.
The Actuarial Innovation & Technology Program Steering Committee (AITPSC) is seeking researchers to highlight and review current technologies and methods that intersect with 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 literature review reports that actuaries could use in their work, and give a frame of reference for where the topics could evolve in the future.
Each project would aim to highlight the current state of the topic, and provide insights into where the topic is emerging in the near term, and include key observations that the profession can use in their work.
The following proposed topics that the AITPSC would like to be further addressed are the following:
- Artificial Intelligence, and its use in performing actuarial work
- The use of nontraditional data sources in insurance risk analysis / insurance risk segmentation, such as outside of common health biometrics for life/health insurance coverages or historical rating methods for P/C insurance coverages
- Technology used in microinsurance rating, distribution, claim adjudication and payment facilitation
- The use of technology by consumers in making financial or insurance policyholder behavior decisions, such as how consumers use technology to evaluate options and result in impacting consumer behavior decisions.
Please note researchers may propose on one or multiple topics.
To facilitate the evaluation of proposals, the following information should be submitted:
- 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.
- 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.
- A description of the expected deliverables and any supporting data, tools or other resources.
- 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.
- 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.
- Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.
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.
Any questions regarding this RFP should be directed to Dale Hall, SOA Managing Director of Research, phone: 847-273-8835; email: firstname.lastname@example.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.
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.