Call for Papers

Best three Papers from the 20th Asian Actuarial Conference 2016, Gurgaon, India

At the 20th AAC 2016 India, presenters from around the world came together to share their work and achievements. Although there were many innovative and inspiring presentations, three of the conference papers stood out among the rest.

Over 57 Expression of Interest were received in a Variety of Application Areas. 22 papers were finally selected for presentation.

Altogether, over 22 high-quality papers were presented at the event.

Out of these, three papers were awarded Best Paper by the conference program committee, over 700 conference attendees voted for their favourites. The winners were recognized during the awards ceremony at the conference Gala Dinner held on 12th November, 2016.

Partner Award Name of Speaker Title of presentation
Star Union Dai-Ichi Life Insurance Co ltd – Best Paper Award David M. Dror, Chairman & MD, Micro Insurance Academy Climate Cost of Cultivation: A New Crop Index Method to Quantify Farmers’ Cost of Climate Change
Bajaj Life Insurance Company Limited - Second Best Paper Award Michael Freeman, Managing Director, Risk Consulting & Software, Willis Towers Watson, Tokyo

Devanshu Agarwal, Risk Consulting & Software, Willis Towers Watson
Industrialisation and automation of actuarial processes
SBI Life Insurance Company Limited - Third Best Paper Award Steve Cheung, Consulting Actuary, EY Insurance & Actuarial Advisory Services An update of the IFRS 4 Phase 2 standard and illustrations

Photo:
David M. Dror
Michael Freeman / Devanshu Agarwal
Steve Cheung

Abstract:

1. Presentation by David M Dror: “Climate Cost of Cultivation”: A New Crop Index Method to Quantify Farmers’ Cost of Climate Change Exemplified in Rural India.

Summary of Presentation: Concerns of climate-change risks and of an efficient crop index insurance are addressed in this presentation. We model the impact of agricultural droughts with a new multi-parameter index (using both climatic and non-climatic parameters) and propose a new risk transfer solution for crop insurance, called Climate Cost of Cultivation (CCC). We used 1979/80 to 2012/13 data relevant for wheat in Bihar, India to test the variation in the CCC values. The variance (risk to farmer) increased significantly in the second half of the period (two-tailed F-test, p=0.00045). We examine the efficiency of CCC by comparing it to typical index insurance (TII), and both indices to wheat yield data (2000/01 to 2012/13). The correlation of CCC index payouts with actual yield losses is improved by a factor of ~3.9 over TII results (76.0 per cent, compared with 19.6 per cent). The pure risk premium of the CCC index is lower by around 90 per cent than the premium of the TII. We also elaborate a method to quantify the premium’s climate change cost component.

2. Presentation by Michael Freeman & Devanshu Agarwal: Industrialisation and automation of actuarial processes: how to improve efficiency and reduce operational risk.

Summary of Presentation: This presentation will describe the challenges and solutions for life insurers in delivering to the requirements of financial reporting timetables. Using a case study, the presentation will describe how insurers can address the demands of delivering to the requirements of financial reporting timetables. The presentation will consider how insurers can achieve higher quality and availability of information, automation of processes while embedding the necessary checks, and achieve greater overall efficiency and reduced operational risk in execution. The focus of the presentation will be on practical matters, and will provide guidance for actuarial financial managers in considering the optimisation of their financial reporting processes. Please note that I will co-author with a colleague in our Gurgaon, India office.

3. Presentation by Steve Cheung: IFRS 4 Phase 2 and its operational challenges.

Summary of Presentation: An update of the IFRS 4 Phase 2 standard and an illustration of the calculation model.

1. Brief overview of the latest IASB developments
2. Introduction on the measurement model (including non-participating and participating policies), focus putting on variable fee approach and CSM mechanism
3. Introduction on the other topics related (Presentation/ Insurance contract revenue, Reinsurance, Transition, Interaction with IFRS 9, etc.)
4. Expected operational challenges 5. Numerical illustrations on the transition to demonstrate the financial impacts.

Congratulations to the Conference Award Winners

We would like to thank everyone who presented their work at the 20th AAC 2016 at Gurgaon, India and congratulate the three Best Paper. It was a great experience learning about all of your interesting research topics.

The projects highlighted in this blog post are just the beginning. Stay tuned to access all of the posters and presentations from this Conference.

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