Mitigating Potential Unwanted Bias in Life and Annuity Insurance Products and Processes: A Collection of Essays
October 2025
Authors
Siyu Chen, FSA
Joshua Owusu
Marco Pirra, AFFI, CAS
Niranjan Rajendran, B.Sc. (Hons)
Introduction
In early 2025, the Society of Actuaries (SOA) Research Institute issued a call for essays to collect thoughts and perspectives on specific opportunities for avoiding or mitigating potential unwanted bias in the products and processes associated with life and annuity insurance. Essays were intended to meet one of two objectives with respect to 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:
(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.
A project oversight group (POG) reviewed blinded versions of the essays and judged them for publication and awards. Judging criteria included 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. The POG selected four essays for publication and awarded each a prize.
Award Winners
Eliminating Potential Historical Data Biases in Life and Annuity Insurance Pricing: A Framework for Fairness and Transparency
Siyu Chen, FSA
Beyond Redlining: Addressing Potential Zip Code Bias in Life Insurance Pricing
Joshua Owusu
Equity Underwritten: Mitigating Bias in Risk Assessment and Pricing Processes
Marco Pirra, AFFI, CAS
Reimagining Underwriting in Life and Annuity Insurance
Niranjan Rajendran, B.Sc. (Hons)
Essay Collection
Mitigating Unwanted Bias – Essay Collection
Acknowledgements
The SOA Research Institute thanks the Project Oversight Group (POG) for their careful review and judging of the submitted essays. Any views and ideas expressed in the essays are the authors’ alone and may not reflect the POG’s views and ideas nor those of their employers, the authors’ employers, the Society of Actuaries, the Society of Actuaries Research Institute, nor Society of Actuaries members.
Dorothy Andrews, ASA, MAAA
Kaitlin Creighton, FSA, MAAA, CERA
Mohammed Amine Elmeghni, FSA, MAAA
Patricia Fay, FSA, MAAA
Robert Gomez, FSA, MAAA, CERA
Damion Gooden, FSA, EA, MAAA
Shisheng (Rose) Qian, FSA, CERA
John Robinson, FSA, MAAA
David Schraub, FSA, MAAA, CERA, ACA
Jonah, von der Embse, FSA, MAAA, CERA
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