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The ethical use of artificial intelligence in the life insurance sector
David Burston & Phil Simpson

Life insurance has a data-fuelled business model which makes it an industry that appears, on the surface, to be well primed for the technological advances that artificial intelligence (AI) can offer. Insurers are seeking opportunities to use AI in addressing the challenges they face in an increasingly digital world.

Innovation in AI is important but cannot take place in a social vacuum; ethical considerations must guide innovation to act in the public good, to drive the development, deployment and use of AI systems that can be trusted. Consequently, over recent years there have been a number of guidelines from academia, the private sector, government bodies, insurance industry bodies and think tanks that aim to provide guidance on how to develop AI in an ethical, moral and responsible way.

This presentation provides an introduction to the use of AI systems in the life insurance industry, ethical questions raised and some insights on the guidance issued to date and factors which influence ethics in the context of AI.

Topical issues around ALM
Russell Ward & Neil Dissanayake

This year finds the UK still in a world characterised by record amounts of monetary and fiscal support and consequently high and rising government debts. Central bank intervention seems likely to keep nominal interest rates very low for some time to come so the challenge of sourcing investments providing an attractive yield continues. At the same time, interest in ethical and sustainable investment has never been greater, and given this demand, specialist green and sustainable bonds often trade at a premium (i.e. a lower yield). In this session, we explore the developing green bond market, and look at how opportunities in overseas issues can offer the prospect of higher yields. We also consider the management of currency risk for such investments and the associated liquidity risk implications. This is particularly topical in light of the forthcoming expansion of requirements to increase margin commitments on un-cleared derivatives.

Observations from our Independent Expert roles
Oliver Gillespie & Jen van der Ree

This session will cover recent developments for Part VII transfers, Schemes of Arrangement and Amendments to Schemes identified through our Independent Expert / Actuary roles. These developments include communications with policyholders, Scheme financials and challenge from the Regulators.