Our Technical Practices Survey, now in its seventh year, continues to be highly regarded by individuals, companies and indeed other consultancies as a guide to the range of practices adopted in various areas of UK life actuarial work.
This year’s survey has continued the form of last year and focuses on the implementation of Solvency II and provides detailed analysis on how the market will adopt the Solvency II regime, where the key issues lie and where common methodologies have arisen.
Since our 2011 survey we are pleased to report that there has been good progress towards Solvency II implementation, although there has been some slippage. Some of this slippage is due to the delay in implementation, by one year, since the survey was last performed, but some is also due to additional complexity being encountered in the implementation work that companies were doing.
A key message emerging from the results show that there are a number of technical areas where the detail is still uncertain. The wide range of responses we received indicates that there is still a great deal of uncertainty about the best methods to use. It is a natural stage in any change process that this uncertainty will exist but we hope that over time we will see a broader consensus emerging and some techniques will become common practice.
We hope you find the results and views expressed interesting, and useful in assessing your own progress to date. If you have you would like to discuss any of the results in more detail please do contact us.