At the UK Actuarial Profession’s 2012 Life Convention in Brussels we ran our iPad survey again to poll attendees’ views on a range of topics. Around half of those who attended completed the survey, which makes the results likely representative of prevailing moods.
First we asked the question everyone wants to know: When is Solvency II actually going to commence? Almost everyone is now expecting it to be 2016 or later (over 10% have given up all hope!).
We were also interested in finding out what firms intended to do if Solvency II is delayed to 2016. Over 30% will scale down their development activities and about the same proportion will integrate them into business as usual (BAU). Over 5% would actually stop development altogether.
Asking about the length of time taken to produce quarterly Solvency II results it seems that people are looking at run times of either 1-4 weeks or 1-2 months. Worryingly though, nearly 20% look as though they are going to be running models almost continuously.
In ERM the topic of risk culture is rising rapidly up the agenda, with over 30% saying that this aspect of ERM challenged them most. Nearly 25% of respondents are still concerned about risk appetite and over 20% are getting to grips with operational risk. Around 17% have yet to crack emerging risks.
Looking at the issue of retirement income provision nearly 70% think that working longer is the most likely response to insufficient retirement income.
Views on the Euro seemed somewhat split with 50% thinking it will endure and 30% fearing its demise is imminent. It would be interesting to know whether the scores changed significantly after Andrew Goodwin gave us glimmers of hope in his plenary session.
It seems that the visitors to our stand are hot on geography as over 75% accurately placed “the other Brussels” in Canada.
The recent gender directive will affect the industry, according to our real-time survey results. Here’s what visitors to our booth said about their pricing models.
Later today, Milliman consultant Jim Murphy will deliver a talk on the subject at 11:00 A.M., in session B6. We’ll deliver some highlights from that session.
It is perhaps no surprise that in the city of Liverpool, one of our most popular survey questions relates to the Beatles—more specifically, which of the Beatles songs remind you of the current economy?
Behind the scenes, we had our own challenge: our survey only provides space for 5 options. Which of the 306 Beatles songs to feature? We did our best on this admittedly subjective task, but had to leave some of these contenders out of the mix:
Fixing a Hole
Let it be
Crying, Waiting, Hoping
The Fool on the Hill
With a Little Help From My Friends
You Can’t Do That
So far, these are the leaders. We’re a tad surprised that Dear Prudence is not further up on the charts!
Below, you should see some interim results from our real-time survey of the conference attendees. It’s interesting to see the participants exercising such care in their responses. Well, perhaps, with the possible exception of the Liverpool question!
One other element that the Milliman team has brought to Birmingham is a brief survey on actuarial trends and leadership, which we’ll conduct using iPads. Watch for the iPad-toting survey takers around the conference, and add your opinions to the results. All the responses are tallied in real time, and displayed on a Live Feed back at the Milliman booth, so you can pay us a visit and see how your input compares with everyone else’s.
Taking the survey may be particularly rewarding, as one of our visitors to the booth will take home a brand new iPad on Tuesday.
We’ll post some of the survey results over the course of the next day or two.