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ACTUARIAL POST FOR THE MODERN ACTUARY SEPTEMBER 2019

IS AI OVERHYPED?

PROFESSIONAL INDEMNITY WHEN INSIGHT CREATES IMPACT NEW RISKS - NEW INSURANCE CATEGORY

TAIT’S MODERN PENSIONS

RETIREMENT PUZZLE page 1

PENSION PILLAR


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the Gap

RISK & FINANCE

Between

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Actuarial Post Team EDITOR Jennifer Redwood jennifer@actuarialpost.co.uk SUB EDITOR Jennifer Stone article@actuarialpost.co.uk ADVERTISING MANAGER Alan Burns alan@actuarialpost.co.uk

www.actuarialpost.co.uk @actuarialpost @APjobs Head Office 13 Vale Rise Tonbridge Kent, TN9 1TB 01732 359488

EDITOR’S NOTE As the children reluctantly drag themselves back to school with no doubt some parents cheers ringing in their ears, when for the older children their first point of call will no doubt be discussing the word proroguing as the Queen has approved the PM’s suspension plan. We once again wait with bated breath on the latest developments but you have to say it isn’t dull in the political arena at present. As a segue into our first article on the subject of language Kerri-Ann Hockley from PolicyBee looks at greater clarity needed from insurers to SMEs. Lara Korz, Chief Data Officer, Azur looks at AI and asks is it overhyped or an essential business tool. We also have Michael T. Anderson, Director Data Strategy, Guidewire Software examining the evolution of predictive analytics in insurance. Our regular columnists also weigh in with their views from the preceding month including, amongst others, Dale Critchley on ESG and Fiona Tait examines how we can age confidently. Mohammad Khan from PwC, standing in this month for Kareline Daguer, looks at the Past, Present and Future of the Ogden rate. Tom Murray continues his cloud based theme this month with Cloudbased solutions for cloud-based problems. We look forward to welcoming you and hopefully Parliament back next month.

Jennifer Redwood Legal Notice All rights reserved. No part of this publication may be reproduced or transmitted without the prior permission of the publisher in writing. Whilst every care has been taken to ensure the accuracy, Actuarial Post cannot accept responsibility for loss of business to those referred to in this magazine as a result of errors.

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CONTENTS 10

6

Movers & Shakers

8

City Dealings

9

Features

14

18

News

AI - Overhyped?

10

Professional Indemnity Insurance

14

When insight creates impact

18

New Risks

22

TPR’s new trustee model

30

Columns

22

Tait’s Modern Pensions

12

Retirement Puzzle

16

Solvency II & Beyond

20

Information Exchange

24

Inner Workings

26

Lights, Camera, Actuary

28

Pension Pillar

31

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NEWS SEPTEMBER The little known 4 thousand pound pension contribution limit Aegon highlights that the little known ‘money purchase annual allowance’ (MPAA) which stops people who have accessed their pension flexibly from contributing more than £4,000 into their money purchase or defined contribution pension without a tax penalty, is not compatible with the

modern way half of people now view retirement. Recently, HMRC revealed it had no idea how many people had been affected by the MPAA, so it’s no surprise that individuals are completely in the dark about this possible threat. How much individuals and their employers can

Linking pensions and banking may be a good place to start Few would disagree that the most important driver of innovation in the pensions market will be the availability and intelligent use of data, to better serve customers and improve their outcomes. Providers, from the big life companies through to Fintech start-ups, are all trying to establish which data and pieces of analysis to focus on. There is almost too much choice – with the art of the possible ranging from ‘round up’ savings incentivisation on purchasing our morning coffees, through to the provision of automated READ MORE

pay into pensions without incurring tax penalties has been in the headlines recently because a separate pension allowance, the ‘tapered annual allowance’, is being blamed for some highly paid medical professionals refusing to take on extra work or even retiring early to avoid READ MORE

Tax cut for higher earners has a pension sting in its tail Before being made Prime Minister, Boris Johnson floated the idea of increasing the level at which people start paying higher rate income tax from £50,000 to £80,000. We’ll see in the proposed Autumn Budget if he will be prioritising this change. This headline grabbing tax cut for many higher earners (although not in Scotland*) would however come with a pension sting in the tail. This is because anyone with earnings, after deducting pension contributions, of between £50k and £80k will lose higher rate pension tax relief, receiving

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<£4K

basic rate relief instead. This means the after tax cost to them will increase. The risk is that if this tempts them to scale back contributions to keep the cost unchanged, they face a 25% drop in their pension pot when they retire. READ MORE


NEWS DIY jobs you are unqualified for can void home insurance New research commissioned by GoCompare Home Insurance, reveals that millions of Brits are putting themselves and their property at risk this bank holiday weekend by undertaking DIY jobs that should be left to professionals. According to the research, only 43% of homeowners would employ a professional tradesman to undertake home maintenance jobs. Most (58%) would attempt the jobs themselves or would enlist help from friends or family. A handful (7%) admitted to putting off home maintenance jobs. Worryingly 29% of DIY-ers said they would attempt plumbing jobs, just under a quarter (24%) would undertake electrical work while 13% would try to fix the READ MORE

GMP Equalisation soars to top of Pension Schemes To Do List New figures from Equiniti reveal that GMP Equalisation has rocketed in importance for pension schemes following the landmark Lloyd’s case earlier this year.

most common response. Nearly a quarter (23%) also said that working towards either a buyout or a buy-in would be on their to-do list as that market continues to expand rapidly.

The proportion of professionals – ranging from pension scheme trustees to administrators and pension managers – who said that GMP Equalisation would be a priority increased from 15% in 2018 to 58% this year, a rise of 43 percentage points.

Despite the increased focus on GMPs, a fifth (19%) of professionals confessed that they had low knowledge of the current GMP legislation. Also, despite the value of robust data and processes for GMP and buy-ins/outs, just 42% said that they did not intend to embark on a project to improve their scheme’s TPR score.

The figures for most other projects remained constant. However the significance of GMP was re-enforced by 45% of respondents stating that GMP Rectification is a priority, the second

Chris Connelly, Propositions & Solutions Director at Equiniti’s pension business, warned firms that the READ MORE

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Hong Kong airport protests highlight exposures for insurers The recent standoff at Hong Kong International Airport between Chinese authorities and protestors has brought into stark relief the potential airport ground accumulation exposures faced by international insurers and reinsurers. Proprietary data from Russell Group Limited’s ALPS Visualiser service, which quantifies aerospace industry and portfolio peak exposure, shows that 69 aircraft of value $6.1 billion were scheduled to be on the ground at Hong Kong airport on the 16th August 2019. The annual average for airport ground accumulation at the airport is 68 aircraft of value $6.0 billion. Hong Kong is not the only major regional airport hub. The annual average for airport ground accumulation in Taiwan Taoyuan airport READ MORE


MOVERS & SHAKERS The latest moves and appointments from the actuarial marketplace Hymans Robertson promotes new Head of DC Provider Relations

XPS Pensions Group appoint new Head of Investment

Hymans Robertson, the leading pensions and risk consultancy has promoted Michael Ambery to lead its master trust research and manage the firm’s relationships with DC product providers. With almost 20 years’ experience in the pensions industry, Michael joined Hymans Robertson in 2006, from KPMG’s Pensions team. Michael has an in-depth understanding of both the DC and DB markets and specialist expertise in pension scheme design and benefits management as well as managing and implementing change. Commenting on his new appointment, Michael Ambery, Head of DC Provider Relations said: “We have been closely monitoring the evolution and rapid rise to prominence of Master Trust pension schemes for more than a decade. I’m thrilled to lead our specialist team in this area at such a pivotal moment. READ MORE

Quantum Advisory appoint new Principal Consultant

Director promotions strengthens PwC pensions advisory team PwC has announced six new director promotions within its pensions advisory practice. Simon Bourke, Stuart Bradbury, Caroline Curran, Keira-Marie Ramnath, Rick Watts and Terry Wharton were promoted to their new roles from July.

XPS Pensions Group (XPS) announces the appointment of James Leeming as Partner and Head of Investment at their Manchester office, driving growth of their investment consulting services. James has over 13 years of specialist investment experience helping pension schemes manage their investment risk and deliver to their objectives. James has advised a wide range of defined benefit and defined contribution schemes and their sponsors. Prior to moving into investment James qualified as an actuary with significant knowledge and expertise in pensions liability risk. READ MORE

Quantum Advisory, the leading independent financial services consultancy, today announced the appointment of Julian Fox as Principal Consultant. Julian is based in Quantum’s Birmingham office supporting the management of administration, consulting

As a senior member of the firm’s pensions management consulting practice, Simon Bourke works with many of the largest funds in the UK, across both the private and public sectors, focusing on delivering operational excellence and outstanding member experiences. He advises and supports pension funds through complex operational change READ MORE

and secretarial services in the region. Rob Palmer, Partner at Quantum Advisory said: “We recognise that one of our key strengths lies in our highly expert team, which is why continuing to invest in talented

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individuals who support our ethos of innovation, enthusiasm and pragmatism forms a vital part of our long-term growth strategy. Julian’s diverse background – both inhouse and on the consultancy side – means he has a deep understanding READ MORE


CITY DEALINGS Keeping up to date on acquisitions, mergers and the dealings of companies in the city

L&G agree innovative bulk annuity deal with Hitachi Data Legal & General have announced that in H1 2019 it completed a bulk annuity transaction with the Hitachi Data Systems Retirement Benefits Plan (“the Plan”), covering around 120 members. This is the third transaction between Legal & General and the Plan, with Legal & General having completed two prior pensioner only buy-ins in 2012 and 2013. This latest transaction provides insurance cover for all the remaining members of the Plan: both those who have retired since 2013 and the deferred pensioners. READ MORE

AXA AND GOCOMPARE PARTNER TO COVER EXCESS FOR MOTORISTS READ MORE

Frankie Borrell, Director, Legal & General Pension Risk Transfer, said:

“We are delighted to have helped Hitachi and the Trustee over the past seven years. This is another great example of a group of trustees and their sponsor having the confidence and trust to start and finish their de-risking journey with us. The dual benefit dynamic presented some interesting challenges for the transaction, but all parties showed great focus on delivering an outcome that had members’ interests at the heart.”

Greene King appoint XPS as actuarial and investment advisors

ReAssure agrees to acquire Quilters UK closed book business

XPS Pensions Group is pleased to announce its appointment by the Trustee of the Greene King Pension Scheme to provide actuarial and investment advice, following a competitive tender process.

Swiss Re announced today that its subsidiary ReAssure Group plc has agreed to acquire the UK closed book business of Quilter plc, consisting of Old Mutual Wealth Life Assurance Limited and its subsidiary Old Mutual Wealth Pensions Trustees Limited, including about 300 employees. The total consideration of the transaction is GBP 425 million. The acquisition will add over 0.2 million customer policies and GBP 12 billion of assets to ReAssure’s platform.

Greene King is well known for brewing beer and running pubs in Bury St. Edmunds from its formation in 1799 by 19 year old Benjamin Greene. It runs over 2,900 pubs, restaurants and hotels and is the leading cask ale brewer in the UK. The Scheme has nearly £400m of assests providing pension benefits for around 2,500members. The trustees READ MORE

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The transaction will increase ReAssure’s total policy count READ MORE


AI - OVERHYPED OR AN ESSENTIAL BUSINESS TOOL? AI is a popular buzzword for many different industries at the moment – and the insurance sector is no exception. 85% of insurers are hoping to invest over $5M in AI by the end of 2020 according to Deloitte’s Digital Disruption Index, showing the huge business value being attributed to this technology. But insurance has a long way to go when it comes to achieving these goals. Even though many insurers and brokers recognise the negative impact that traditional methods of data management can have on the customer experience, many firms are tied to legacy outdated systems. The first step is getting all customer data onto a single modern, core system. For today’s firms, this is an important area to get right. While other sectors make huge advancements when it comes to digital transformation, insurance firms are becoming increasingly vulnerable to more advanced competitors who are now able to collect and enrich their data before applying data science to unlock its true power.

But this isn’t the only problem. Each time the data is manually rekeyed, there’s also a possibility for mistakes to be made and the information to be altered slightly. This causes a huge problem; a recent study by Gartner found that up to 80% of a data scientist’s workload is spent cleansing data, normally because of the flawed or inefficient systems being used to manage it. Companies that decide to invest in their digital infrastructure will therefore have a clear advantage over their competitors. If more companies embrace technology to address this issue, data scientists will be able to focus on maximising their output and putting their talents to better use - working on areas which they were previously forced to overlook. Ahead of the pack

The biggest issue most insurers face when it comes to organising their data is duplication across numerous disparate systems. Firms often store their data across several different databases, including multiple sets of data on individual customers. And whilst it’s true that different lines of insurance have different data requirements, there is no need for repetition of the most basic information across the company.

By eliminating manual, error-prone data management, firms will also have huge opportunities for product development and innovation. Firms that store their data on a modern core system will not only be able to analyse and enrich this information, but can then use data science ranging from predictive analytics and machine learning AI technology to maximise its value. Not only do these technologies provide a better and more personalised customer experience by making straight through processing possible, but they also enable brokers and insurers to make smarter and more efficient underwriting decisions, manage and price risk more accurately, and detect fraud far more effectively.

For example, even if a client already has home and contents insurance with a particular insurer, many firms still need to re-key their data into an entirely new database for a car insurance quote. Unsurprisingly, inefficiencies like these have a negative impact on user experience, since customers start to feel undervalued and frustrated when they’re asked to repeat the same information time and time again.

The Association of British Insurers estimated that there were more than half a million insurance frauds committed in the UK last year, with dishonest insurance claims amounting to £1.3 Billion. AI-driven fraud detection solutions can tackle this problem by analysing massive amounts of data from multiple sources in order to spot fraudulent claims. At the same time, these systems can also help insurers avoid falsely flagging legitimate claims as

All about data

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by Lara Korz Chief Data Officer Azur

fraudulent. This is very important too, as making sure that only genuine fraudulent claims are investigated will not only minimise customer irritation, but also save on workload and costs across the industry, in turn reducing customer premiums. The role of the broker AI will never replace the value that brokers can provide, but firms will have to adapt to their new circumstances. Customers will always appreciate the advice of a trusted broker, but to maintain this relationship and their place in the value chain, brokers will need to harness the benefits that AI can provide. For example, with AI-based solutions, quotes that would have previously taken a couple of days can now be provided in a matter of minutes. When

clients ask for a quote, AI technology can reduce the application to just five basic questions, including things like name and address, before enriching the data at the back end. This way, the broker and the customer enjoy a much smoother, slicker process without compromising on the data that firms needs to accurately price the risk. Ultimately, AI will only ever be as good as the data that is inputted. As such, to maximise the potential of this technology and improve its algorithms, all data has to be clean, reliable and easily accessible across all departments. Many insurers have historically struggled with organising their data effectively, but cleansing it should be a key priority, especially as the application of predictive analytics, machine learning and AI begins to play a key role in client retention and attracting new business.

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TAITâ&#x20AC;&#x2122;S

MODERN

PENSIONS


Ageing Confidently The Centre for Social Justice (CSJ)’s recent report “Ageing confidently – supporting an ageing workforce” garnered several headlines concentrating on the heavily emotive issue of the State Pension age (SPa), which the CSJ recommends should be raised to 75 by 2035. The first thing to remember about this proposal is that it comes from a think tank, not the government, so it is not official policy. Indeed, such was the feeling that the DWP felt moved to issue a statement to this effect on Twitter. The think tank does have a point though, the current SPa is unsustainable. The facts are undeniable – the UK population is ageing, the Old Age Dependency Ratio (OADR) is increasing and the cost of the State Pension, is rising. And they are likely to carry on doing so. Pension professionals will be aware that the ageing effect is not just down to decreasing mortality but is also impacted by changing birth rates. Based on ONS figures, the report states that while the proportion of the UK population aged 65 or over has increased by 2.3% (from 15.9% in 1997 to 18.2% in 2018), birth rates are at their lowest level since

Office for Budget Responsibility (OBR) predicts funding of this and other age-related welfare will rise to a staggering 26% of GDP by 2065. Something clearly needs to give. Either SPa goes up or people will have to pay more for it, directly or indirectly via the tax system. Given that we are living longer, moving the SPa while also taking into account the other steps that may be taken to support those whose health precludes them from working, seems the most logical option. It’s not all bad news though – the report is very clear that many people want to work into older age and can provide a very valuable resource to employers. People are already retiring later. The average age of retirement has increased from 63.1 years old in 1998 to 65.1 years old in 2018 for men, and from 60.6 years old in 1998 to 63.9 years old in 2018 for women. This is not always voluntary of course, and affordability is a major issue for many. In 2014 however, the ONS found that 49.5 per cent of people work past the SPa because they are not ready to stop working. Research by the International Longevity Centre (ILC) found in 2014 that ‘there are almost one million individuals aged 50–64 who are not in employment but state they are willing to or would like to work’, and the main focus of this report is how these people can be supported and helped to find suitable employment. Key barriers to older age employment include deteriorating health, biased recruitment policies and increasing care responsibilities. The CSJ makes several recommendations which would address this and make a rise in SPa more palatable. These include improvements in occupational health, more flexible hours and initiatives such as New Zealand’s Positive Ageing Strategy to tackle ageism in the workforce.

2006. This trend is expected to continue, with government research providing estimates of a 6% increase in those aged 60+ over the next 25 years, while over half of local authorities are likely to be looking after populations where over a quarter are aged 65 or over. At the same time funding is likely to decrease. The UK’s OADR is currently measured at 28.6 per hundred working people but is predicted to increase to 48 by 2050, meaning that the increasing cost of the State Pension will have to be supported by the taxes collected from a proportionately smaller group of people.

The key to all of this is choice. Some people inevitably will not be able to work into older age and there must be a mechanism in place to support them. Arguably however, this is not the job of the Universal State Pension but should be met by contingent welfare. Our task is, as far as possible, to make retirement a choice rather than an imposition for as many people as possible. The measures put forward by the CSJ report would undoubtedly help to achieve this. However, there is no getting away from the fact that the State Pension is not going to provide enough support for the majority of people. People who want a comfortable old age will need to build up their own private savings on top of anything they might receive from the State.

Funding of the State Pension is already the single biggest item of welfare spending, at 4.6% of UK GDP, and the

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by Fiona Tait Technical Director Intelligent Pensions


PROFESSIONAL INDEMNITY INSURANCE CONFUSING THE UK’s SMEs

With evidence that jargon and technical language That presents an obvious problem: how can used by the insurance industry causes more people be expected to buy something they don’t problems than it solves, is it time for insurers to understand? reconsider how they communicate? Our research also shows 40% of small businesses Double jeopardy don’t have professional indemnity insurance, despite the protection it provides. Are businesses Explaining specialist or technical subjects calls for actively not buying insurance they’d benefit from clarity. because they don’t understand it? Unfortunately, a lack of clarity is where the insurance industry is failing. And it’s failing both itself and its customers. Take professional indemnity insurance as an example. We undertook research among 500 small businesses to establish how much or how little they understood about this type of insurance. One of the first questions we asked was for respondents to define the word ‘indemnity’.

Hidden meaning Awareness of the insurance and its protection isn’t the only problem. Of the businesses we talked to that had bought professional indemnity insurance, 3 out of 5 hadn’t read their policy wording.

Perhaps understandably, it appears that reading a substantial insurance document is relatively low The results showed that 96% of small business on the list of priorities for most small businesses. owners couldn’t answer or answered incorrectly. Insurers maintain there’s an obligation for A term describing a fundamental principle of policyholders to read their policy documents in insurance, and an essential benefit to a specific order to understand the cover it provides. While group of business insurance buyers, appears to that’s undeniably true, insurers aren’t helping be widely misunderstood or not understood at policyholders do that if the language used in all. those documents is impenetrable. page 14


by Kerri-Ann Hockley, Head of Customer Service, PolicyBee

More saliently, insurers aren’t helping themselves either. There’s palpable cynicism among many policyholders that insurers largely serve their own interests. Common criticisms will be familiar to many in the industry. For example: insurers actively try to avoid paying claims; policies are full of evasive small print; insurers are opaque and unapproachable.

our survey ranged from the literal (‘muck up insurance’) to the rather long winded (‘business advice and services protection insurance’). However, more than half of those questioned thought the US version (‘errors and omissions insurance’) was the most appropriate.

What’s clear is that insurance buyers are more responsive to everyday words than they are Arguably, some of this cynicism stems from those used by the industry. insurers using the kind of exclusive language apparently designed to keep policyholders in the Last word dark. Coming to that conclusion is understandable when you consider there’s always an alternative. This is a point worth remembering, as it reflects a more general shift in market dynamics: buyers All change of insurance are, just like consumers in other industries, moving on. What can be done to improve the situation? Referring specifically to professional indemnity, The democratisation of technology means people we asked respondents if a simple name change are no longer satisfied with the status quo. They would help. Unsurprisingly, 4 out of 5 small want customer experiences to be on their terms businesses said it would. and geared to their needs. That applies as much to language as it does to processes and systems They also said changing to a more obvious name – the proliferation of user-friendly, customerwould encourage more businesses to protect focused personal banking apps is proof of that. themselves. In short, customers demand and deserve better. While that sounds straightforward, a name change The insurance industry needs to change and firms could be problematic. The choices we offered in that adapt to this user-driven shift will thrive. page 15


RETIREMENT PUZZLE

PROS AND CONS OF ILLIQUIDS Long-dated, high grade illiquid assets can be a great investment for DB pension schemes. Assets such as secured leases or infrastructure projects offer stable cashflows to offset against liabilities. Moreover, these can come with inflation linkage – sometimes even LPI linkage – as well as security against some assets and a generally meaningful pickup over equivalent liquid bonds. They can be the best of both worlds, offering hedging with a secured, contractual return pickup, and can be ideal in a CDI context. So, what’s the catch? There are a few reasons why a pension scheme might not want to invest in this type of asset. In this piece, I’ll focus on long leases as an example, but the principles extend to other, similar asset classes. Firstly, a well-funded scheme might not need to invest in illiquid assets. They add complexity and require more governance, which may well be an unnecessary burden. Secondly, while insurers may hold similar assets, these assets may well not be buy-out friendly and insurers may well prefer cash or liquid instruments. This can be because they are illiquid, so hard to price and hard to sell. They will also require far more due diligence on the insurer’s part, require a longer lock-in period and will make the buy-out process slower. Or it could be the exact holdings may not tie in well with that specific insurer’s matching adjustment. Furthermore, insurers largely operate in primary markets for these assets and even though an insurer may still be the highest bidder for an asset, it may not be same insurer who offers the best overall price. Thirdly, they are illiquid, so any investor loses the ability to trade tactically. This may well not be too big a problem but the ability to cut allocations when spreads are low and increase them when spreads are high can add value. Fourthly, there is a lag between deciding to implement and getting money in the ground, generally a few months. Markets can move quickly and an asset can offer an attractive pickup over corporate bonds at the point of decision, yet be more expensive by the point of purchase Finally, illiquid assets can complicate a scheme’s hedge. They provide cashflows, so not including them in the hedge calculation is likely to result in an over-hedge. However, this leads to complications. In many ways, long leases can be viewed as bonds that don’t price like bonds – this means they page 16


donâ&#x20AC;&#x2122;t offer mark-to-market protection. An instrument offering stable cashflows over 20-25 years might have a duration of 8-10 years. However, a lease portfolio is unlikely to gain 10% if rates fall by 100 basis points, simply because they price much more in line with property markets. That may not seem relevant if the assets are simply held to maturity. However, there is still a risk that the assets fail to do what they were bought for, and weâ&#x20AC;&#x2122;ve seen this risk realised. Historically, these assets have generally performed well in absolute terms, but have had much more disappointing performance when accounting for the performance of a simple gilt or linker hedge. A scheme with a lease portfolio as part of its hedge would have enjoyed the performance of the assets, but would have held a smaller gilt hedge, and would have lost out accordingly. That means the performance can look positive, even while the asset has hindered the portfolio. The graph below shows this, proxying lease performance with the MSCI UK property index, and comparing it to the ML All Index-Linked Gilt index (G0LI). We also show the performance of a portfolio combining a hedge with similar risk growth assets. The hedge-adjusted performance has been much lower than the outright performance. In summary, these assets can be a very natural fit for pension schemes and can be a very useful part of a portfolio. But they are not magic bullets and will not be appropriate investments for every scheme. If they are intended to provide both growth and hedging characteristics, it is also important to judge their performance against both goals.

by Alex White Head of ALM Research Redington page 17


WHEN INSIGHT CREATES IMPACT THE EVOLUTION OF PREDICTIVE ANALYTICS IN INSURANCE

More than most industries, general insurers use data and analytics to run their business efficiently, sustain profitability, and create competitive advantages. Significant investments have been made over decades to collect, organise, and analyse the massive volume of data that insurers hold. Given the spend, hype, and promise of big data, machine learning, and AI, many are asking the question, “What impact is the investment having on the challenges of capturing business value?” While the insurance industry is one that has always used data extensively, this has often only been regarding to pricing and risk. Nowadays, thanks to the use of machine learning and artificial intelligence, insurers are adopting predictive analytics in their claims processes, particularly when it comes to identifying fraudulent claims.

However, integrating predictive analytics with business processes is not an entirely straightforward process. Prior to any modelling activities, data science teams, business teams and IT teams have to understand fully the business needs and related technology needed to deploy the models into their core systems. Otherwise, problems will arise when insurers move to operationalize their analytics and the expected business value is often never realised. Moreover, even artificial intelligence deep-learning techniques – that is, artificially intelligent systems capable of learning unsupervised by looking at unstructured data – may struggle to understand patterns they have never seen before. Depending on the insurer’s needs, and the nature of the data they are using (structured or unstructured) variable amounts of data are

required to create models. Fundamental to the whole process is that the data should be high quality. Only then will insurers be able to build an AI capable of handling the complexities of the largest claims, whilst expediting the process for those smaller and more easily automatable ones. Within the insurance industry there are clear variations in the ability of insurers to capture measurable value. Insurers whose analytical strategy is focused around the final objective - delivering business value - tend to execute more effectively and deliver more value when compared to organizations who are not aligned with their business counterparts or perhaps overly focused on highly ambitious, if not somewhat speculative, objectives. Successful strategists consider not only the data needed for modelling


by Michael T.Anderson, Director Data Strategy, Guidware Software

and model development but, early in the planning phase, they place an equal emphasis on knowing exactly how end users will interact with the model output in their core systems, so that it becomes part of their natural workflow. Quite simply, when organisational resources are laser-focused on a known, solvable, quantifiable business problem, the execution strategy tends to be better defined. Such an approach could and perhaps should - alter a project managerâ&#x20AC;&#x2122;s decisions as to which analytics platform will best serve their organisational needs. Insurance companies often make the mistake of adopting a modelling or data science centric approach and this results in challenges when it is time for them to operationalise models into their core systems.

Get it right, however, and predictive analytics has a proven ability to help redesign age-old manual processes, augment decision making, improve pricing segmentation and risk analysis, improve workflow through exception management, and redefine customer interactions. Those insurers who have made a success of predictive analytics have reaped the benefits. Take the example of one US insurer who attributes their use of predictive analytics in turning around their private passenger motor book.

developed frequency models and a private passenger underwriting index, launched in 2015. The index scored new business submissions to identify potentially unprofitable risks. The results were significant. By 2017, the insurerâ&#x20AC;&#x2122;s underwriting function reported a modest profit of $500,000, which rose to $27 million by the end of 2018; all of which the insurer attributed to the underwriting index and the more sophisticated rate plan they had been able to implement thanks to their use of predictive analytics.

In 2015, the company reported an underwriting loss of over $35 million in its motor business, which clearly was unsustainable. In order to turn this around, they needed a way to be more targeted in their risk selection and to reduce new business growth. By employing predictive analytics, the insurer

Through investment in data, analytics and business solutions, insurers are better placed to improve outcomes in a consistent and scientific way, without human bias. As a result, they are better placed than ever to realise significant improvements in loss ratio and reduced expenses, and to grow their business profitably.


SOLVENCY II & BEYOND

OGDEN DISCOUNT RATE PAST, PRESENT AND FUTURE

As readers will be aware, the Ogden discount rate - “ODR” – is the rate used to calculate the value of lump sum awards for personal injury claims. The ODR is meant to represent the investment return on the lump sum payment a badly injured claimant will receive from an insurer if they are injured in an insurance incident (e.g. a bad car crash). It sounds like a very technical and boring discount rate and up until two years ago very few people outside of the insurance industry knew what it was.

insurance industry that was surprised by this significant change. Critical illness claims paid for by the NHS were also significantly increased causing a much bigger liability on the Government balance sheet. In September 2017, the new Lord Chancellor – David Liddington – proposed that the Government would revisit the setting of the Ogden rate using a new measure. The rate, he announced, would be set with reference to how claimants actually invest their lump sum payments and would use “low risk” investments rather than However, that changed with two recent significant “very low risk” investments. The statement from moves in the ODR which significantly increased the the Lord Chancellor indicated that “based on cost of liability claims and therefore the premiums currently available information if the new system that all of us who drive cars pay. were to be applied today the rate might be in the After 15 years of no change in the ODR at 2.5%, region of 0% to 1%”. the insurance industry was surprised by two Based on this, the insurance industry expected unexpected moves in the ODR. In December 2016 the new ODR would be between 0% and 0.25% the then Lord Chancellor – Liz Truss - announced when the new announcement was made in 2019. she would revisit the ODR. Most in the insurance However, when the new ODR was announced on industry expected the rate to move to 1%. However, 17 July 2019 it was to be -0.25%, effective from 5 in February 2017, the Lord Chancellor announced August 2019. that she would move the rate to -0.75%. What did this mean practically? If you were a 21 year old The new mechanism for the ODR means that it can man with a serious head injury your compensation be revised within the next five years and at most in increased by over £14m from £15.1m at 2.5% to five years time. For those in pricing this introduces £29.3m at -0.75%! However, it was not just the further uncertainty as the liabilities that the ODR

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impacts often take 3 to 5 years to go to court to determine what the value will be. Conceivably accidents that occur later this year may be subject to the next ODR, not the current -0.25%.

motor insurance premiums in particular we also have the impact of higher than expected inflation on motor damage claims which increases the upwards pressure on premiums.

We understand that the Association of British Insurers (ABI) is in discussions with key supportive members of the House of Lords to table a prayer motion to object to the Statutory Instrument being used to apply the new ODR (i.e. if this motion is passed within 40 days of the Ogden discount rate announcement on 15th July, the new rate could be overturned). The ABI is also considering a judicial review.

In reality this means that the average motorist will pay about £15 - £25 more for their insurance premium by the end of the year. Younger (than 25) drivers – who historically account for 90% of the worst accidents that result in the severe injuries that the ODR impacts the most - will pay between £50 - £100 more per year for their insurance premiums.

Whilst the move from 2.5% to eventually -0.25% has improved claimant payouts, what has the impact been on the millions of motorists who pay for motor insurance? There has been a misconception that the when the ODR moved to -0.75% that motor insurance and long term liability insurance pricing shifted to reflect this new ODR. However, that is not what happened. Due to discussions with Government and the September 2017 announcement from the Rt Hon. David Liddington MP, insurers priced motor and liability insurance assuming an ODR of about 0.5%. Insurers were relying on the statement that the new ODR may end up between 0% and 1%. Nearly all injury claims settled in this period - i.e. between 2017 and 2019 – were also settled assuming an Ogden rate of between 0% and 1%. Now that we have some certainty with the move to -0.25%, motor insurance and liability premiums will almost certainly rise in the second half of the year reflecting the lower than expected ODR. For

What does the future hold? The ODR is supposed to represent the investment return that a claimant would get by investing the lump sum given appropriate financial advice. With investment conditions uncertain for the foreseeable future - especially given the UK’s potential departure from the European Union, what a consumer may receive from a lump sum insurance premium could change significantly. From April 2020, the second part of the Civil Liability Bill - regarding whiplash injury payment reforms - will come into force. This could lead to potentially some further reductions in premiums for consumers. Given that motor damage claims inflation is currently running between 5% and 15% for insurers, the impact of this potential reduction may be mitigated. As one might expect for long tailed insurance, there is a lot of uncertainty within liability insurance and motor insurance and it will be interesting to see how insurers reflect this in their pricing in the coming year.

by Mohammed Khan, Head of GI/Partner at PwC and Sundip Mistry, Snr Manager in nonlife at PwC page 21


NEW RISKS: HOW AI IS CREATING A BRAND-NEW INSURANCE CATEGORY... ... in the world of invoice payments Dr Phillip Schönbucher, and Tom Milligan explain how a combination of artificial intelligence (AI) and insurance can help tackle one of business’ most persistent and ingrained challenges – slow invoice payments. Globally, there is over $30 trillion of trade between large and small companies. Much of it is paid late. Still more of it on extended, slow payment terms. It is a wellknown problem and one of the biggest causes of SME collapses in most global economies. Solving it would be a boost to the global economy in the region of $650 billion per year. What might not, at first glance, seem obvious, however, is how insurance holds the key to overcoming the challenge of slow payments. The most straightforward solution might be to try to insure a supplier against the risk of its bankruptcy, including a failure caused by the damage that a large buyer won’t pay on time.

However, most suppliers are paid late on a portion of their invoices and, given the tight cash flow situation which most SMEs operate under, the risks here would be high, making insurance expensive. So, if the risk of an SME being damaged by slow payments is high, we need to rethink the question of risk. Instead of looking at the risk of failure of the SME supplier, what if instead we look at the risk of the buyer eventually paying its invoice? The key here lies in the data locked in the invoices held by the large buyers and the latest artificial intelligence techniques. The likelihood that a solvent buyer will pay accurate invoices, albeit sometimes after the due date, is very high. After all, a company which didn’t pay its bills wouldn’t be in business for long. So, if we can find a way to price this risk, we’re able to create a much more affordable and sustainable form of insurance to contribute to solving the slow payments challenge.

This is where AI steps in. AI algorithms excel at taking large and diverse data sets, identifying relationships within that data and using these relationships to develop very precise probabilities of future outcomes. The risk that a buyer won’t approve and pay an invoice is known as dilution risk. By its nature, this risk is a type of contingent operational risk rather than a credit risk: dilutions happen if there has been an error on the invoice, or if the goods and services delivered are not matching the specification. Normally, this dilution risk would be very difficult to quantify. It simply hasn’t been possible for insurers to access the relevant data to understand, preapproval, the likelihood that a particular invoice will be approved and paid in full. There is too much variability given the wide range of commercial relationships that companies engage in. The artificial intelligence models Previse has developed are trained on billions of dollars of historical invoice data.


by Dr Philipp Schönbucher, Chief Data Scientist, Previse and Tom Milligan, Active Underwriter, Beat Syndicate 4242

These algorithms can take into account a huge number of relevant variables – everything from the type of products being invoiced for, to the amounts and even the particular trader’s history with the buyer. Combined with powerful tools to automate breaking down invoices into structured data sets, the algorithms can provide a highly accurate measure of the dilution risk in a particular invoice as soon as it is delivered to a buyer. This granular, specific and tailored measure of risk for each invoice, provides the insurer unprecedented levels of control over its dilution risk exposure. This can be used to underwrite a third-party funder, such as a bank, paying the supplier early and recouping the funds from the buyer when they are ready to pay the invoice. Early payment systems are nothing new in the world of supplier payments. However, the big contribution which dilution risk insurance provides is a significant acceleration in the speed with which the payment can be made, and

the ability to base the risk assessment on large-scale, unbiased, standardised data sources such as the buyer’s ERP systems.

Before it was possible to measure dilution risk in this way, invoice funders had to either rely on a guarantee from the buyer that they’d pay, which meant waiting - often for a very long time - for an invoice to be approved, or the invoice funder had to rely on data provided by the SME for a risk assessment which gives rise to fraud issues and which is very costly and does not scale very well. Using AI-enabled insurance, risk can be measured as soon as an invoice arrives with the buyer and the insurance contract can stand in place of the invoice approval, providing the funder with security to pay. This may seem like a technical change, but it has a profound effect. Most invoices take around 20-30 days to be approved which means, using AI-enabled insurance, we’re able to speed up payments to the day the invoice is received.

When it comes to unlocking the value in invoice data, we’re still very much in the early stages. What is clear, however, is that the opportunity for insurance when it comes to instant payments is huge. Across multiple developed economies, companies are coming under sustained government and public pressure to pay SME suppliers more quickly. Doing so simply by speeding up existing payment processes would be prohibitively expensive, while traditional SCF programmes face the administrative scalability challenges of providing approval. Buyers are in desperate need of tools which can enable them to meet their obligations to their supplier base without compromising their profitability. AI-enabled dilution risk insurance provides the costeffective and highly scalable tool which they require. This is a huge new opportunity for insurers to access a new business line and, at the same time, contribute to ending one of business’ biggest challenges.


INFORMATION EXCHANGE

HOMING IN ON PROPERTY RISKS

Homing in on property risks through characteristics and claims

know the answer to some questions posed in the insurance application process. Others may not even be living in the property if they are in the midst of the purchase. Furthermore, facts about a property just aren’t commonly verified such as the parking or floor space which might help the insurance provider improve its risk assessment.

Understanding risk in the home insurance market has come a long way in the past two decades. At the turn of the millennium we started moving from more basic rates for buildings and contents insurance, to perils rating using cutting-edge modelling and amalgamation techniques to deliver a more accurate picture of risk, right down to an individual address.

Proper property perspectives

As the use of perils data has become ‘the norm’, risk analysis in home needs to move on to the next level to help insurance providers differentiate their offerings and improve performance. Data attributes based on property characteristics, and more granular details of past claims could provide the answer.

Another problem that can significantly affect the home insurance underwriting and quotation process is the individual applicant’s view of the property. For example, a couple obtains a quote for a new policyhowever, one may count the kitchen in the number of reception rooms, one may include the downstairs WC in the number of bathrooms and also count the smallest bedroom as a study. The result is very different-looking perceptions of the property.

To date, home insurance providers have struggled to verify the characteristics of a property, relying instead on estimates and assumptions a homeowner may provide. It’s fair to say that most homeowners are not property experts so don’t necessarily

Data Prefill is already enhancing online applications and delivering a smoother customer experience, whilst also improving accuracy of pricing. However, point-of-quote enrichment, using property attribute data, allows an insurance provider to rate and price

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without having to ask the questions homeowners may struggle to answer, or at the very least validate that the answers provided by the customer are correct. The good news is that much of the data required for this pricing has been collected and is available today. As it has been gathered by various organisations for vastly differing purposes, the challenge lies in amalgamating, cleansing and normalising the data. Keeping the data up-to-date is also a consideration â&#x20AC;&#x201C; properties change, are updated and extended, so the dataset is constantly evolving. However, this work is underway and insurers now have access to property characteristics such as number and type of rooms, heating type, listed status and square footage at point of quote, completing gaps in knowledge that they may not have considered previously. Proximity data and mapping claims Some of these elements are more valuable than others but combining more than one attribute can provide invaluable insights. Another element to be considered is data from surrounding properties. Whilst one home may present a very low risk, looking at claims from the neighbouring properties can change an insurance providerâ&#x20AC;&#x2122;s view. Real-time proximity data can show

more about where the property sits, the context and the nuances around the property. Based on the address, the insurance provider can gain an overview of the risk based on perils data, location of trees, crime data, and distance to emergency services for example. Adding previous claims data sourced from a market wide contributory database related to both the property and the policyholder can build a fuller picture of risk. This wider view helps insurance providers to determine their underwriting strategies based on specific geographies and to better monitor exposure to risk. Claims data Ultimately, home insurance providers need access to deeper data derived insights on the home to be insured, and on the homeowner, to deliver quotes appropriate to both the personal and the property risk with minimal reliance on the customer to provide the information. New data around property characteristics is the first element in building this capability. The next stage is integrating granular past claims data, again on both the property and the person, contributed and accessed by the entire market through the creation of a contributory claims database for home.

by Jay Borkakoti, Director of Home Insurance, at LexisNexis Risk Solutions, UK & Ireland

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INNER WORKINGS CLOUD-BASED SOLUTIONS FOR CLOUD-BASED PROBLEMS

by Tom Murray Head of Product Strategy LifePlus Solution, Majesco There was a time when we only associated flooding with the depths of winter. Milder, wetter summers gave way to inclement winters with the risk of flooding after sustained rainfall. However, recent summers have been drier than normal but with a higher degree of flash flooding due to sudden extremely heavy bursts of rainfall onto drier surfaces, which cannot absorb the amount of water falling in such a short space of time. The summer of 2019 has been typical. Recordbreaking heatwaves across Europe, extending into the UK have resulted in very hard dry ground. When this has been followed by heavy thundershowers, the ground has been too hard to absorb them, resulting in major run-off into rivers that have then exceeded their normal flow rate and burst their banks or even put dams under pressure. Research by the Met Office and Newcastle University predicts that this is likely to continue, with a direct link being found between climate change and the increase in summer rainstorms. It predicted that future summers would be hotter but would be punctuated by more frequent and heavier downpours than in the past.

The potential for damage is now very high during summer months whereas before it was restricted to the seasonal floods during winter. This is likely to have a dramatic effect on the pattern of claims being handled by insurers as damage is being done during what was normally the quieter months for flood damage in the general insurance industry. Whatever the reason for the changes in the climate, there is no doubt that insurers are going to be put to the pin of their collar to try to cope with the resulting deluge of claims that will flow from these extreme weather events. What the public seek from insurers is that sense of protection that comes from being able to access their insurer and process their claims as rapidly as possible, during what is for most people one of the most traumatic events of their lives. They are looking for high-tech solutions that are always available to them. When they are seeking to make claims, they are looking for their insurer to be in a position to respond on a 24x7 basis across a multiplatform environment, allowing them to make their claims wherever and whenever they can, rather than imposing bureaucratic procedures upon them.

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Insurers need to use high-tech integrated solutions that can adapt to modern claims technologies and utilise the benefits of modern technology in order to provide an efficient service. The use of drones for damage assessment and IOT devices will lead to more rapid assessment of the claims and enable insurers to provide their customers with the reassurance of the rapid response that they need. At the heart of these new technologies lie the cloud-based core systems that deploy modern technologies to seamlessly integrate with these new devices, and which can collate and analyse the resulting data, meaning that claims can be quickly and accurately settled without the insurers being exposed to fraud. Innovation in this area can also dramatically shorten claim times, reducing the costs involved for the insurer whilst enabling their customers to repair the damage and get back on with living their lives as rapidly as possible.

allowing customers to follow the progress of their claim in real time. Insurers who keep this focus on the customer and make their claims process more efficient and accessible will have a big advantage in terms of developing their customer relationships and excelling at customer service. It also helps to make the information available for assessment in terms of future business, allowing more accurate assessment of risk and ensuring better pricing for the customer based on the likely risks involved. Claims remains a key touchpoint for a customerâ&#x20AC;&#x2122;s interaction with insurers and business reputations can be badly damaged by a poor service to customers at their greatest hour of need. Bereft claimants complaining are like a magnet for reporters, and insurers who donâ&#x20AC;&#x2122;t perform often find themselves on the receiving end of some very bad publicity.

By putting their claims processing in the cloud, insurers make it easier to form partnerships with other high-tech providers to gather key information, enable assessors to connect using smartphones and upload data directly from the scene of the disaster,

Modern adaptive cloud-based systems are the key to ensuring that problems that emerge from the cloud are handled efficiently in a customer-centric way to the benefit of both customer and insurer.

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LIGHTS, CAMERA, ACTUARY... Bolton Associatesâ&#x20AC;&#x2122; focus is specifically in the non-life actuarial space; the largest dedicated GI actuarial specialist in the market, working across the whole insurance market. The consultants at Bolton Associates offer an exceptional service, managing the process with the utmost tact and respect for all parties. We are passionate about our market, taking great interest in the insurance world as a whole; keeping up with trends and changes, and maintaining our ever-expanding network. We are good at what we do, because we enjoy what we do.

search & selection


The next focus for Bolton Associates’ Spotlight page, is an interview with a leading actuary within one of the top three Global Broking Houses. With the broking firms now offering important analytical, actuarial and deal-assisting advice, for the next few months Zoe Bolton will be talking to the senior actuaries in these firms, getting a brief insight into their career paths and visions for the future. This month Zoe talks to Shauna McGrath of Willis Re. What is your current role, and how did you end up in it? I currently work at Willis Re in EMEA W/S, leading the Actuarial and the Customised Solutions teams. I run and coordinate our actuarial department, and on the broking side, I create and transact strategic reinsurance solutions. I have client responsibility as part of my role; this client management experience enables me to create initiatives to enhance our offering in analytics and customised solutions. Prior to joining Willis Re I worked as a capital actuary at Faraday, a Lloyd’s syndicate. This gave me a deep understanding of the key risks underlying an insurance provider and how this translates to reinsurance and capital management.

skill in a broking house. The biggest challenge is not only refining this skill as an individual, but developing it in others, creating a culture where this is the norm. How does your actuarial training and background assist in your day-to-day role now? In a broking capacity, it is important to fully understand the client and their key requirements. My actuarial background gives me the ability to analyse the technical information and financials of a company and use my problem solving skillset to best help our clients with their reinsurance decisions. When did you first join the Institute & Faculty of Actuaries, and what advice would you give to those students looking to emulate your career path?

What is the defining moment of your career to date?

I first joined the IFoA in 2009. My advice to all students would be to take advantage of any opportunity to get out of your comfort zone; it will always pay off! Also, no matter how busy you are with work and study, make time for events and networking. Both the talks and the socials give you access to a breadth of information and ideas, and the opportunity to meet some of the industry’s legends!

The defining moment was taking a risk and moving into a non-actuarial role. Leaving my comfort zone was certainly daunting at first, but I was eager to take on a fresh challenge and move into a client-facing role. Broking has been the perfect fit as I still utilise my actuarial skillset, just in a non-traditional way. In your opinion, what prepared you best to take on your current role? My experience in risk and capital has put me in good stead for my current role. It gives me a deeper appreciation for the insurer’s position, which in turn allows me to advise my clients about their risk and capital considerations relative to their reinsurance strategy.

If you had your time again, what would you do, career-wise? In all honesty, I have always quite liked the idea of a career in medicine, and surgery in particular – though this may solely be based on my love of Grey’s Anatomy!

What is the biggest challenge you face in your role within this market?

Please share your favourite piece of trivia with our readers!

Communicating complex ideas in a simple and effective way is often challenging, but is a crucial

High-heeled shoes were originally made for men!

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PENSION PILLAR ESG IS HERE TO STAY by Dale Critchley Policy Manager Aviva I think it’s safe to say that saving into a workplace pension is now the norm. And in the private sector a workplace pension increasingly means a defined contribution (DC) scheme. As a result, DC assets are expected to grow from £280 billion in 2017 to £1.68 trillion in 2030 prompting various parties, from environmental activists to the EU, to look at how and where all that money is being invested ESG (environmental, social and governance) investing is a term many people are becoming more aware of. Essentially it means scrutinising a wider range of factors about the companies in which savings are being invested, to ensure that risks to long term investment are fully understood. An investment manager will look at factors like a company’s record on environmental practices, how they treat their employees and whether they have strong internal controls. The idea is that companies that perform better in these areas are likely to generate better longterm returns. ESG doesn’t mean that pension funds will automatically disinvest from companies that have a poor outlook when measured against ESG criteria. But it does flag up the need to talk to those companies and use shareholder voting rights to influence their decisions, in order to reduce those long-term risks. Aviva Investors, for instance, worked with fashion brand Burberry to get them to reduce the amount of fur they use in their clothing. As well as being the right thing to do, in many peoples’ minds, this reduced the risk that consumers might avoid the brand, which would in turn have hit the share price. ESG investing doesn’t have to come at the cost of lower returns. Back in the day, investing in a green fund may

have meant investing in companies trialling new methods of doing things. This was often a risky and possibly unprofitable business, but things have changed. Screening investments based on a wider range of factors, including ESG issues, means fund managers invest in companies with high standards in all areas. Morgan Stanley recently published research on the performance of nearly 11,000 mutual funds from 2004-2018 which shows there is not a financial trade-off in the returns on sustainable funds to traditional funds, and they demonstrate lower downside risk. But this doesn’t just mean companies building electric cars or making beeswax wrapping paper. It’s about investing in companies with good social and environmental practices, across a wide range of sectors. It’s the fundamental difference between taking ESG risks into account and investing according to a narrow set of parameters that exclude “bad” companies. While the latter risks concentrating investments and increasing risk, the former allows a wider choice of sectors to invest in. This can spread the risk, but also increase the positive impact on the environment or wider society. By exerting a positive influence on a wider range of companies a stewardship approach can lead to better returns, and turn a “bad” company’s ESG strategy around. While ESG investing has been around for some time, workplace pensions have made it more visible. 10 million new auto-enrolment savers are beginning to pay attention to where their savings are going. A minority are realising they can make their own investment decisions and invest in line with their own personal values, but by far the greatest number remain in default investments. These defaults have been limited in the extent they can address socially responsible investments by the charge cap, but they’re now catching up, with many incorporating ESG values. This means that even if someone doesn’t want to make their own investment decisions, they can be reassured that their money is being used in a responsible way. With the number of people saving into a workplace pension only getting larger, along with the increasing assets under management, it looks like ESG is here to stay.

1. Law Commission, Pension Funds and Social Investment, June 2017 (paragraph 1.2) 2. https://www.morganstanley.com/pub/content/dam/msdotcom/ideas/sustainable-investing-offers-financial-performance-lowered-risk/Sustainable_ Reality_Analyzing_Risk_and_Returns_of_Sustainable_Funds.pdf

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ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 . 2016 . 2017 . 2018

BULK ANNUITIES ACTUARY INVESTMENT MANAGER PRICING ACTUARY COMMERCIAL DIRECTOR CFO RISK PRICING MANAGER

LIFE

HEAD OF ACTUARIAL MODELLING

HEAD OF LONGEVITY HEAD OF INVESTMENT

SENIOR AUDIT MANAGER

HEAD OF RISK LEAD CONSULTANT

H E A LT H C A R E A C T U A RY

MANAGEMENT CONSULTANT

CHIEF ACTUARY PRINCIPAL

HEAD OF EXPOSURE MANAGEMENT ACTUARIAL PRACTICE LEADER ACTUARIAL TECHNICAL LEAD

HEAD OF MODELLING FINANCIAL MARKETS RISK MANAGER WITH PROFITS ACTUARY PENSIONS & INSURANCE MANAGER ACTUARIAL PRICING CONSULTANT INVESTMENT ACTUARY - FIDUCIARY MANAGEMENT

HEAD OF CAPITAL STRATEGIC RISK CONSULTANT DIRECTOR OF GI SPECIALIST INSURER SENIOR MANAGER - INSURANCE INVESTMENT

ACTUARIAL ANALYTICS MANAGER

LIFE DIRECTOR

HEAD OF ACTUARIAL CHANGE RISK ACTUARIAL LEAD

MANAGING DIRECTOR HEAD OF RISK PRICING

CONTACT STAR TODAY TO DISCUSS THIS EXCITING NEW ROLE Antony Buxton FIA MANAGING DIRECTOR

page7766 31 414 560 | antony.buxton@staractuarial.com +44


TPR SEEKS TO MAKE THE TRUSTEE MODEL WORK BETTER

by Robert Wallace, Partner, XPS Pensions Group (TKU) to exercise properly their function as trustees. The current code of practice is geared around achieving this via a broad TKU syllabus for trustees to check their knowledge against. TPR is considering moving away from this to more competency-based standards. A supervisory approach would mean trustees would increasingly be expected to demonstrate TPR has had a focus on driving up standards of how they meet TKU requirements. This might governance using targeted communication and involve TPR making more proactive contact with education. This culminated in the 21st Century trustees. Trusteeship campaign in 2017/2018, which set out TPR’s expectations of what good governance TPR asks in the consultation whether there looks like. TPR’s research suggests that standards should be a legislative requirement to of trusteeship and governance have improved demonstrate a minimum level of TKU. This could in recent years, although unsurprisingly smaller involve relevant training or qualification, industry schemes tend to display weaker governance on accreditation and/or introduction of a formal Continuing Professional Development (CPD) average. regime whereby a certain minimum level of With this in mind TPR has launched a consultation training would need to be logged. TPR believes setting out its aspirations for further reforming that pension boards benefit from having access its standards on trusteeship and governance, with to a range of diverse skills, points of view and a focus on both addressing the risks of today and expertise. protecting members’ interests in the future. TPR recognises that such measures could Trustee knowledge and understanding, discourage many from performing the trustee role and it is necessary to strike a balance skills and ongoing learning between achieving the right standards and being Under the Pensions Act 2004, trustees must have able to find willing trustees. sufficient trustee knowledge and understanding TPR has set out on numerous occasions that it views effective trusteeship and governance as the bedrock of any well-run pension scheme. A trustee board needs the right balance of knowledge and skills and the right structure in place to enable effective and timely decisionmaking.

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Professional trustees TPR has higher expectations of professional trustees and holds them to a higher standard than lay trustees. The new Professional Trustee Standards published in March, and the accreditation framework due to follow later this year, are designed to improve the quality of professional trustees and discourage poor practices in the market. TPR believes that the vast majority of pensions schemes would benefit from appointing an accredited professional trustee to their pension board. TPR notes that currently 20% to 30% of schemes employ a professional trustee. It is seeking views on whether a professional trustee should be mandatory on all trustee boards in the future, noting that this might only be feasible once pension scheme numbers shrink. TPR also notes increasing use of the sole trusteeship model, usually where a professional trustee firm acts as the only trustee for a scheme. Whilst this can be valuable in certain circumstances, TPR expresses concern about the potential loss of member representation and the ability to achieve robust decision-making in some cases.

number of small DC schemes continue to lag behind in meeting key governance requirements. TPR views consolidation of schemes in the DC market as a way of closing the quality gap. It will assess this gap with targeted regulatory activity, with schemes that are unable or unwilling to improve their governance standards being given the opportunity to wind up their scheme and move members to a well-run alternative. It believes that it would be good practice for trustees to consider whether they should consolidate on an annual basis. TPR notes that it has confidence in the ability of master trusts to deliver and maintain high standards of governance, particularly given the authorisation regime. TPR recognises that some schemes have barriers to consolidation, such as guarantees, and wants to work with the industry to find solutions to wind up such arrangements without detriment to the members. Conclusion

Whilst governance is a fundamental part of a wellrun pension scheme, it is an area that can often be overlooked for matters than can be seen to be more pressing or exciting. However, there is a natural conflict between TPRâ&#x20AC;&#x2122;s wish to raise the bar for trustees, and encouraging more diverse Consolidation of DC pension schemes trustee boards. A pragmatic balance needs to be struck, with trustees being encouraged to devote TPRâ&#x20AC;&#x2122;s 2018 DC trust-based pension schemes more time to governance matters and to reflect research report findings show that a significant on how they are operating. page 33


TEMPORARY JOBS • LIFE • GRADUATE • PENSION • IMMEDIATE JOBS • £100K+ • CONSULTANTS • TEMPORARY JOBS • LIF GRADUATE • PENSION • IMMEDIATE JOB • £100K+ • CONSULTANTS • TEMPORARY JOBS • LIFE • GRADUATE • PENSION • IMMEDIATE JOBS • £100K+ • CONSULTANT • TEMPORARY JOBS • LIFE • GRADUATE • PENSION • IMMEDIATE JOBS • £100K+ CONSULTANTS • TEMPORARY JOBS • LIF GRADUATE • PENSION • IMMEDIATE JOB • £100K+ • CONSULTANTS • TEMPORARY JOBS • LIFE • GRADUATE • PENSION • IMMEDIATE JOBS • £100K+ • CONSULTANT • TEMPORARY JOBS • LIFE • GRADUATE • PENSION • IMMEDIATE JOBS • £100K+ CONSULTANTS • TEMPORARY JOBS • LIF

RECRUITMENT


• • FE BS Y TS E • FE BS Y TS E • FE

search & selection Actuarial Manager, GI

Start-Up Pricing Actuary

General Insurance Up to £120,000 + Bonus + Benefits London

General Insurance Circa £100,000 Per Annum London

Actuarial Reserving Manager required for prominent Lloyd’s insurer. You will be newly qualified upwards with extensive London Market reserving/reporting experience. A varied role working at Group level, you will be highly visible within the organisation working closely with senior stakeholders. An excellent role for an ambitious candidate.

New Lloyd’s syndicate requires their first actuary, with a pricing focus. You will be a qualified (by experience) actuary, who is used to building pricing models from the ground up, and liaising with the front-end business to price and advise on risks underwritten. Lloyd’s experience is ideal but wider exposure will be considered. This is a forward-thinking business.

.

REF: ZB 001233 PW

REF: ZB 00665 ZB

Reserving Actuary

Data Scientists

General Insurance Up to £85,000 Per Annum London

General Insurance £60,000 Per Annum UK & Europe

International specialty (re)insurer have an exciting new opening for a reserving actuary. Responsibilities will cover ceded reserves, reporting, dealing with regulators and key stakeholders whilst working with the core reserving team and outward reinsurance team. You will be an innovative individual with a minimum of 3 years GI reserving experience. .

Well-regarded insurer requires Data Scientist to be responsible for the gathering and analysis of data activities and plans, with the aim of enhancing the scope and depth of the organisations data quality controls. You will have significant experience of data analysis, strong data mapping and profiling skills and an understanding of policy and exposure details and associated data structures.

REF: ZB 001226 HT

REF: ZB 001197 ZB

Capital Analyst

Pricing Actuary

General Insurance Up to £55,000 Per Annum London

General Insurance To £85,000 Per Annum London

Specialist Lloyd’s (re)Insurer have a vacancy for a Part Qualified Capital Actuary to join the team. You will be involved in the Capital process including; maintaining and developing the Syndicate model; capital analysis for reinsurance purchasing, portfolio optimisation and business planning; supporting the AFR and regulatory reporting requirements; modelling for Solvency II etc. .

International insurance business has an opening for a pricing actuary. The role will cover multiple lines with a focus on marine and energy covering both company and syndicate business. Reporting into the head of pricing you will be part of a small team supporting the underwriters. You will be an independent worker with excellent communication skills and confident in using Excel VBA

REF: ZB 001228 MM

REF: ZB 001208 CC

www.bolton-associates.co.uk page 35 +44 (0)207 250 4718 Bolton Associates, 5 St. John’s Lane, London, EC1M 4BH


N OLNI -FLEI F E CHIEF ACTUARY - LIFE Qualified

LONGEVITY ACTUARY Specialty Insurer

LIFE SOUTH WEST / MIDLANDS

STAR5805

SENIOR ANALYST – FLEXIBLE WORKING

Part-Qualified / Qualified

Leading Insurer

LIFE LONDON / SCOTLAND

STAR5844

Part-Qualified

Global Provider

LIFE SOUTH COAST / HOME WORKING

STAR5843

Are you a Chief Actuary looking for a new challenge? Or are you looking to step up a level into your first Chief Actuary post? This is your chance to take up a key role within an innovative and developing organisation.

You will analyse key factors within complex datasets, conduct experience analysis, derive longevity assumptions, provide mortality assumptions for annuity pricing, and take part in the longevity reinsurance renewal.

A broad role in a model development team, using your strong analytical, stakeholder management and report-writing skills, and preferably Moses, SAS and SQL experience. Some flexible working is possible.

LONGEVITY RISK

PRODUCTS & PRICING - ISLAND LOCATION

PROTECTION PRICING MANAGER

Part-Qualified / Qualified

Leading Insurer

LIFE PENSIONS LONDON

STAR5840

Join a market leader as a longevity risk actuary, working on longevity assumptions, analytics and solutions, whilst supporting new initiatives and developing the scope of analytical projects, directly contributing to strategic decisions.

CAL LING ALL

LIFE CONTRACTORS C O NTACT US NOW TO DI SCUSS OUR C U RRENT CONTRACT VACANCI ES

ACTUARIAL TECHNICAL LEAD Qualified

Part-Qualified / Qualified

Life Insurance Specialist

LIFE ISLAND LOCATION

STAR5831

Major Insurer STAR5829

Seeking a strategically-minded candidate to support the delivery of pricing and product development analysis. You will have a good appreciation of the operational requirement to deliver business-focused solutions.

Use your well-honed people management skills to deliver pricing reports and financial analysis to senior management. You will develop and maintain pricing tools, and resolve pricing queries from stakeholders.

FINANCIAL REPORTING ANALYST

THE PRICE IS RIGHT - LIFE PRICING

Part-Qualified

Global Reinsurer

Part-Qualified / Qualified

LIFE LONDON

STAR5852

Global Reinsurer

LIFE LONDON

STAR5778

Take this chance to further your actuarial life experience within a world-class organisation, which prides itself on providing a friendly and supportive environment in which to learn and develop.

An exciting opportunity to play a key role on quotations and basis development across all lines of business, and to provide technical input to the development of protection products, structured finance solutions and pricing tools.

SENIOR CONSULTANT - CAPITAL MARKETS

GROUP PRICING SENIOR ANALYST

Major Insurer

Part-Qualified

Major Global Consultancy

Part-Qualified

Financial Solutions Provider

STAR5818

LIFE LONDON

STAR5793

LIFE LONDON

STAR5792

LIFE SOUTH COAST / AGILE WORKING

A key role supporting the delivery and implementation of specialist solutions for the finance function. You will resolve any technical challenges, providing actuarial direction and support as required.

Fantastic role with a focus on research and development. You will design, test and implement models to solve challenging technical problems in actuarial and banking work, including proxy, risk, and stochastic ESG modelling.

ACTUARIAL RISK ANALYSTS

LONGEVITY RISK MODELLER

Part-Qualified

Qualified LIFE LONDON / EDINBURGH

Large Insurer

LIFE SCOTLAND

STAR5790

Multiple exciting opportunities to join an expanding team of actuarial risk specialists. Risk experience is not essential for these roles and talented exam-stoppers will be considered.

Part-Qualified / Qualified

Use your life or pensions experience to provide support in developing, calibrating and documenting assumptions, methodologies and parameters, maintaining pricing frameworks, and reviewing pricing approaches for new products.

Leading Consultancy

LIFE LONDON

Is your next role one of the

86

STAR5789

In this key role, you will have oversight of, and input into, the calibration of flagship longevity models. You will also scope longevity-based analytics projects, and be involved in a range of R&D projects and innovative growth areas.

LIFE

VACANCIES on our website?

Lance Randles MBA

Peter Baker

Jan Sparks FIA

PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

PARTNER +44 7889 007 861 lance.randles@staractuarial.com

PARTNER +44 7860 602 586 peter.baker@staractuarial.com

PARTNER +44 7477 757 151 jan.sparks@staractuarial.com

Jo Frankham

Adam Goodwin

Clare Roberts

James Harrison

ASSOCIATE DIRECTOR +44 7950 419 115 jo.frankham@staractuarial.com

ASSOCIATE DIRECTOR +44 7584 357 590 adam.goodwin@staractuarial.com

ASSOCIATE DIRECTOR +44 7714 490 922 clare.roberts@staractuarial.com

ASSOCIATE DIRECTOR +44 7591 206 881 james.harrison@staractuarial.com

Antony Buxton FIA

Louis Manson

Joanne O’Connor

Sarah O’Brien

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

SENIOR CONSULTANT +44 7841 025 393 sarah.obrien@staractuarial.com

Irene Paterson FFA

P LE A S E CONTACT US AT ANY TI M E TO D IS C USS Y OUR RECRU I TM ENT NEEDS

page 36

+44 20 7868 1900

staractuarial.com


ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 . 2016 . 2017 . 2018

PENSIONS Qualified

SENIOR MANAGER Large Consultancy

INVESTMENT NATIONWIDE

STAR5812

CLIENT-FACING PENSIONS

Qualified

Global Leader

PENSIONS SOUTH WEST / SOUTH EAST

STAR5720

Part-Qualified

Leading Pensions Consultancy

PENSIONS MANCHESTER

STAR5661

Join a growing team, in one of several locations, to perform asset-liability modelling, check liability projections, and analyse valuation results. You will also support investment management research and manage client meetings and relationships.

Take a lead role in providing strategic advice to clients with worldwide pension arrangements, particularly in relation to mergers & acquisitions and corporate restructurings.

Seeking candidates with client-facing experience to join a multi-disciplinary team providing leading-edge advice across funding, investment, risk transfer and covenant.

IN-HOUSE PENSIONS - RISK MODELLING

CORPORATE PENSIONS

LIFE AND PENSIONS ACTUARY

Part-Qualified / Qualified

Global Insurance Company

PENSIONS LONDON

STAR5785

Qualified

Leading Consultancy

PENSIONS LONDON

STAR5633

Part-Qualified / Qualified

International Consultancy

LIFE PENSIONS ISLE OF MAN

STAR5819

A fantastic opportunity to take up a nontraditional role within a leading company. In this exciting position, you will develop new skills in pension risk capital modelling whilst supporting IAS 19 reporting.

Take this chance to lead technical analysis for a variety of corporate clients, acting as a key point of contact. You will work on strategy, liability management, transactions, de-risking and other special projects.

An excellent career-development opportunity. You will take responsibility within the pensions administration and trustee teams, work on DB pension schemes, and also on the risk-based capital reporting requirements of life insurers.

CORPORATE PENSIONS MANAGERS

STRATEGIC PENSIONS

MANAGEMENT CONSULTANCY FOR PENSIONS

Qualified

Part-Qualified / Qualified

Global Consultancy

PENSIONS LONDON

STAR5815

Leading Consultancy

PENSIONS EDINBURGH

STAR5710

Part-Qualified

Major Global Consultancy

PENSIONS EDINBURGH

STAR5810

Fantastic development opportunities await qualified actuaries joining our client’s marketleading pensions practice. You will work in a multi-disciplinary team, providing bespoke solutions to flagship corporate clients.

Use your strong client consulting experience to lead on the preparation and delivery of both day-to-day and strategic advice, with a focus on creating tailored solutions that meet client needs.

A fantastic opportunity to join a market leader, solving a wide range of pensions problems. The successful candidate will possess excellent consulting skills alongside the commercial focus to spot opportunities to create value.

IN-HOUSE ACTUARY

MAKE A MOVE IN PENSIONS CONSULTING

SENIOR PENSIONS ASSOCIATE

Qualified

Pensions Service Provider

PENSIONS INVESTMENT LONDON

STAR5751

Set up this new actuarial function, overseeing all aspects of the funding policy (including liability calculation and investment strategy), conducting risk analysis and developing the in-house modelling capabilities.

Is your next role one of the

95

PENSIONS & INVESTMENT

VACANCIES on our website?

Part-Qualified / Qualified

Leading International Firm

PENSIONS NATIONWIDE

STAR5741

Part-Qualified / Qualified Leading Global Consultancy PENSIONS SOUTH EAST

STAR5709

We have multiple opportunities across the UK for actuaries with people and project management experience to work on innovative, market-leading analysis, including M&A, risk and liability management, plan design strategy and more.

Leading global consultancy is seeking a partqualified or qualified pensions associate with good technical knowledge of Employee Benefits (DC Pension, Healthcare and risk, auto-enrolment).

SENIOR INVESTMENT CONSULTANT

INVESTMENT CONSULTANT

Qualified

Leading-Edge Consultancy

INVESTMENT LONDON

STAR5686

A fantastic role for a results-focused actuary to lead on the provision of investment advice to a portfolio of clients, continually building and managing relationships and ensuring client needs are met.

Qualified / CFA

Leading Consultancy

INVESTMENT BRISTOL

STAR5370

Join a successful, growing business in an outward-facing role, advising trust-based DB schemes on their investment strategy. You will drive the implementation of new strategies, and transfer funds to new managers.

Peter Baker

Adam Goodwin

PARTNER +44 7545 424 206 irene.paterson@staractuarial.com

PARTNER +44 7860 602 586 peter.baker@staractuarial.com

ASSOCIATE DIRECTOR +44 7584 357 590 adam.goodwin@staractuarial.com

Antony Buxton FIA

Louis Manson

Joanne O’Connor

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

Irene Paterson FFA

The pensions market is currently extremely buoyant, with exciting opportunities across the UK at all levels. Now is a great time to contact us regarding the next move in your pensions career. page 37

Experts in Actuarial Recruitment

Star Actuarial Futures Ltd is an employment agency and employment business

INVESTMENT CONSULTANT

INVESTMENT


ACTUARIAL POST RECRUITER OF THE YEAR 2012 . 2013 . 2014 . 2015 . 2016 . 2017 . 2018

NON-LIFE RESERVING IN THE MIDLANDS

CAPITAL MODELLING - LONDON MARKET

NON-LIFE REINSURANCE ANALYTICS

Part-Qualified / Qualified

Part-Qualified / Qualified

Part-Qualified / Qualified

NON-LIFE MIDLANDS

STAR5846 / STAR5847

Several roles offering flexible and enthusiastic candidates exposure to multiple lines of business. Ideally, you will have reserving and ResQ experience, alongside strong analytical and communication skills.

CALL ING ALL

London Market

NON-LIFE LONDON

STAR5845

NON-LIFE LONDON

STAR5841

In this excellent career-development role, you will assist in the improvement and maintenance of capital models, help to parameterise new classes, and use models to assist with business planning and reinsurance purchase.

An ideal opportunity for a reinsurance pricing specialist to join a leading team in a global business. You will provide a diverse set of clients with cutting-edge solutions to a wide range of technical problems.

PRICING FOR THE FUTURE

RESERVING IN BARCELONA

Part-Qualified / Qualified

NON-LIFE CONTRACTORS

Market Leader

NON-LIFE NATIONWIDE

Global Consultancy

Part-Qualified / Qualified

STAR5830 / STAR5837

Major Insurer

NON-LIFE BARCELONA

STAR5835

Join a fast-growing team of high-calibre professionals within a well-respected consultancy business, assisting with technical and analytical work in a delivery-focused role, offering client exposure from an early stage.

Manage the reserving process for the Spanish operation of a major global insurer. You will have experience in reserving and a good knowledge of capital modelling, alongside English and Spanish language skills.

COMMERCIAL LINES RESERVING ANALYST

ISLAND MODELLING

PRICING ANALYST - LONDON MARKET

Part-Qualified

Part-Qualified / Qualified

C O NTACT US NOW T O DI SCUSS OUR C U RRENT CONTRACT VACANCI ES

Major Insurer

NON-LIFE LONDON

STAR5827

Provide technical support in reserving, capital modelling and performance monitoring services, considering how claims, pricing, underwriting and market developments influence performance.

Leading Client

NON-LIFE BERMUDA

Part-Qualified

STAR5825

NON-LIFE LONDON

Take your advanced coding and modelling skills to the next level in this life-changing role, as you assist our leading client with detailed, hands-on technical analysis.

London Market

NON-LIFE LONDON

STAR5813

A rare opportunity to take up a part-time, project-based role, supporting ongoing development work on the pricing models and portfolio analysis tools for the priority lines of business within a London Market firm.

Niche Insurer

NON-LIFE LONDON

STAR5795

Working closely with senior management, this super role requires a breadth of experience delivering reserve reviews, and the ability to advise on industry best practice and integrate the latest methodology into the business.

CUTTING-EDGE NON-LIFE CONSULTING

PRICE AND OPTIMISE

Part-Qualified

Part-Qualified / Qualified

International Consultancy

NON-LIFE LONDON

STAR5771

Join this high-performing business at an exciting time and make a step up in your actuarial career. You will develop your coding skills working on pricing, capital and reserving projects, driving analytics and insurance technology forwards.

E

IV

US

Qualified

Use your pricing or reserving experience to support performance reviews of a reinsurance portfolio, covering Property, Casualty and Specialty classes of business. VBA and R skills are essential.

CL

RESERVING EXPERT

Qualified

NON-LIFE LONDON / NORTH

STAR5822

EX

PROJECT PRICING ACTUARY - PART TIME

Leading Reinsurance Specialist

Growing Insurance Group STAR5210 / STAR5211

Rapidly-growing client is hiring multiple candidates for optimisation and pricing-focused roles. You will assist in developing in-house capabilities, working closely with the experienced management team to drive future growth.

CASUALTY INSURANCE ANALYST Entry Level / Part-Qualified

Specialist Reinsurer

NON-LIFE LONDON

STAR5794

A fantastic opportunity to join a pricing team, gaining exposure to a wide range of classes of business and learning from significant interaction with underwriters. A full study package will be provided.

Is your next role one of the

122

NON-LIFE & HEALTHCARE

VACANCIES on our website?

Lance Randles MBA

Paul Cook

Satpal Johri

PARTNER +44 7889 007 861 lance.randles@staractuarial.com

ASSOCIATE DIRECTOR +44 7740 285 139 paul.cook@staractuarial.com

ASSOCIATE DIRECTOR +44 7808 507 600 satpal.johri@staractuarial.com

Clare Roberts

James Harrison

Diane Anderson

ASSOCIATE DIRECTOR +44 7714 490 922 clare.roberts@staractuarial.com

ASSOCIATE DIRECTOR +44 7591 206 881 james.harrison@staractuarial.com

SENIOR CONSULTANT +44 7492 060 219 diane.anderson@staractuarial.com

Antony Buxton FIA

Louis Manson

Joanne Oâ&#x20AC;&#x2122;Connor

MANAGING DIRECTOR +44 7766 414 560 antony.buxton@staractuarial.com

MANAGING DIRECTOR +44 7595 023 983 louis.manson@staractuarial.com

OPERATIONS DIRECTOR +44 7739 345 946 joanne.oconnor@staractuarial.com

P LE A S E CONTACT US AT ANY TI M E TO D IS C USS Y OUR RECRU I TM ENT NEEDS

+44 20 7868 1900

staractuarial.com

Star Actuarial Futures Ltd is an employment agency and employment business

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As the children reluctantly drag themselves back to school with no doubt some parents cheers ringing in their ears, when for the older child...

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