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Digitization in Insurance

BACKGROUND AND PURPOSE

The General Insurance Research Committee (GIRC) of the Society of Actuaries Research Institute (SOA) is interested in studying how digitization is affecting life and P&C insurers.

RESEARCH OBJECTIVE

The GIRC is seeking a researcher to conduct structured interviews with industry experts and write a series of short articles capturing key insights from the interviews.  

The following are examples of proposed topics that may be addressed:

  • How is digitization affecting the internal operations of insurance companies?
    • How can it be used to provide new insights into pricing, reserving and stress testing?
    • How can it be used to enhance efficiency and reduce expense ratios?
  • How does digitization drive decisions on the way product offerings are designed, marketed and sold?
  • How is digitization enhancing policyholder service?
  • How is digitization improving the customer experience with insurance companies?
  • In what ways does digitization progress differ between life and P&C insurers?
  • How has COVID accelerated the pace of digitization?
  • What plans are companies making for further digitization? How is this expected to evolve?

Note that this list is not meant to be exhaustive, but merely examples of proposed topics that may be included in this research.  Topics can be internally focused on insurance company operations and/or externally focused on the customer experience.  

PROPOSAL

To facilitate the evaluation of proposals, the following information should be submitted:

  1. Resumes of the researcher(s), including any graduate student(s) expected to participate, indicating how their background, education and experience bear on their qualifications to undertake the research. If more than one researcher is involved, a single individual should be designated as the lead researcher and primary contact. The person submitting the proposal must be authorized to speak on behalf of all the researchers as well as for the firm or institution on whose behalf the proposal is submitted.
  2. An outline of the approach to be used (e.g., how to identify an appropriate range of potential interviewees, how to confirm what themes to explore in the interviews, what format the interviews will take, etc.), emphasizing any issues that may require special consideration. Details should be given regarding the techniques to be used, collateral material to be consulted, and possible limitations of the analysis.
  3. A description of the expected deliverables and any supporting data, tools or other resources.
  4. Cost estimates for the research, including computer time, salaries, report preparation, material costs, etc. Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included. Any guarantees as to total cost should be given and will be considered in the evaluation of the proposal. While cost will be a factor in the evaluation of the proposal, it will not necessarily be the decisive factor.
  5. A schedule for completion of the research, identifying key dates or time frames for research completion and report submissions. Given the rapidly evolving nature of this issue, and its potential impact, the GIRC is interested in completing this project in a timely manner.  Suggestions in the proposal for ensuring timely delivery, such as scope or fee adjustments, are encouraged.
  6. Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.

SELECTION PROCESS

The GIRC will appoint a Project Oversight Group (POG) to oversee the project.  The GIRC is responsible for recommending the proposal to be funded.  Input from other knowledgeable individuals also may be sought, but the GIRC will make the final recommendation, subject to SOA leadership approval. The SOA's Research Project Manager will provide staff actuarial support.

Questions

Any questions regarding this RFP should be directed to Rob Montgomery, SOA Research Project Manager (phone: 740-258-2977; email:  rmontgomery@soa.org).    

SUBMISSION OF PROPOSAL

Please e-mail a copy of the proposal to Erika Schulty (email: eschulty@soa.org). 

Proposals must be received no later than October 20, 2021. It is anticipated that all proposers will be informed of the status of their proposal by the end of November 2021.

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 Research Institute and the researcher.

The Society of Actuaries Research Institute 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 Society of Actuaries Research Institute also reserves the right to redirect the project as is deemed advisable.

The Society of Actuaries Research Institute plans to hold the copyright to the research and to publish the results with appropriate credit given to the researcher(s).

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

The Society of Actuaries Research Institute 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 Society of Actuaries Research Institute, 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.