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Actuarial Innovation and Technology Topic - InsurTech

Background and Purpose

With the ongoing emergence of InsurTech, which is a combination of modern technology applications and insurance operations, many traditional insurance companies are looking to further invest in developing their own internal tech infrastructure and/or startup ventures. InsurTech applications come in a variety of operational initiatives including risk assessment and selection systems, online and smartphone applications for distribution, underwriting, policy processing and claim adjudication, and the use of big data, artificial intelligence, and machine learning.

Research Objective

The SOA’s Entrepreneurial and Innovation, Predictive Analytics and Futurism, Education & Research, Product Development, and Technology Sections are seeking researchers to prepare a written report that summarizes existing InsurTech research. The report must also include the researchers’ interviews with key members of the InsurTech eco-system and relay their insights on the future evolution of InsurTech. The goal of the report is not only to illustrate the current state and possible future evolution of InsurTech, but also to serve as an informative guide to InsurTech for the actuarial community. The report could also provide useful information for government entities, insurance policymakers, and the broader public. The sponsoring sections intend this report to serve as a starting point for actuaries, actuarial students, and insurance practitioners who are exploring non-traditional opportunities within the actuarial profession.

Proposal

The sections are looking to receive proposals that provide actuaries and insurance professionals with a report that serves as a primer or introductory guide to InsurTech.

The report should include:

  • A literature review summarizing previously written articles on the following topics:
    • InsurTech history,
    • Current landscape and trends, and
    • Practice-specific InsurTech examples from life, health, and property/casualty lines of business.

  • Actuarial practice expansion perspectives including:
    • Highlights of current and future actuarial opportunities in InsurTech,
    • Background tools needed by actuaries to be successful in the InsurTech space,
    • Current areas and topics where actuaries could be more involved,
    • What actuaries could do to create more opportunities in InsurTech in the future, and
    • Case studies of actuaries currently working in InsurTech.

Data Collection

Potential methods should include:

  • Review and summary of publicly available resources,
  • Solicitation of responses from sponsoring section members, and
  • Interviews with key individuals within InsurTech.

Selection Process

The Project Oversight Group (POG), formed from Section volunteers, will oversee the selection of projects. The POG will review each proposal and is responsible for recommending proposals to be funded. The POG reserves the right to solicit input from other knowledgeable individuals, but the POG will make all final decisions, subject to SOA leadership approval. SOA will provide staff actuarial support to develop and publish the final report.

Questions

Any questions regarding this RFP should be directed to Dale Hall, SOA Managing Director of Research (phone: +1-847-273-8835; email: dhall@soa.org).

Notification of Intent to Submit Proposal

If you intend to submit a proposal, please e-mail written notification by August 9, 2019 to Korrel Crawford, SOA Senior Research Administrator, at kcrawford@soa.org.

Submission of Proposal

Please e-mail a copy of the proposal to Korrel Crawford. Proposals must be received by no later than August 30, 2019. It is anticipated that all proposers will be informed of the status of their proposal by September 20, 2019. Note: Proposals are considered confidential and proprietary.

Conditions

The selection of a proposal is conditioned upon and not considered final until a Letter of Agreement is executed by both the Society of Actuaries and the researcher.

The SOA reserves the right to not award a contract for this research. Reasons for not awarding a contract could include, but are not limited to, a lack of acceptable proposals or a finding that insufficient funds are available. The SOA also reserves the right to redirect the project as is deemed advisable.

The plans to hold the copyright to the research and to publish the results with appropriate credit given to the researcher(s).

The SOA may choose to seek public exposure or media attention for the research. By submitting a proposal, you agree to cooperate with the SOA in publicizing or promoting the research and responding to media requests.

The SOA may also choose to market and promote the research to members, candidates and other interested parties. You agree to perform promotional communication requested by the SOA, which may include, but is not limited to, leading a webcast on the research, presenting the research at an SOA meeting, and/or writing an article on the research for an SOA newsletter.