CPD Bonus Material Videos
DAVID MORRISON - EMPOWERING LEADERSHIP
David Morrison was the Keynote Speaker in this year’s highly praised CPD Tour.
The video interview explores David Morrison’s experiences on the subject of organisational and cultural change, and how to bring people together to support change.
“where our major reputational issue came to the fore, there was a decision …that we would handle this differently."
…as a consequence the leadership team of the army was held to an even higher level of account, but that’s what leaders have got to be prepared to do.”
Expanding upon his CPD Tour Presentation, David talks about the challenges and life-changing experiences in his career as a leader. He also discusses the courage leaders need to implement change, the vision they require to be able to leave the gift of legacy, and the resilience needed to endure challenges and criticism faced as a leader.
Actuaries Summit Extended Videos
CPD Points: 1 per video watched, 2 per hour for reading the paper
As part of the Institute's commitment to our members continuing professional development, the below videos present some of the latest insights and actuarial thinking on two 'hot topic' areas:
- the affordability of private health Insurance in Australia by Barry Leung; and
- the need to design and implement comprehensive and sustainable retirement income products for Australia's ageing population by Cary Helenius.
These videos were filmed at the 2017 Actuaries Summit
(21-23 May 2017) and are intended for members who could not attend the event in Melbourne, as well as for delegates who would like to delve deeper into this topic content.
We hope you enjoy! The Institute values your feedback and we encourage you to send any thoughts or feedback you have on these videos to our Education Team
Barry Leung, Head of Strategy and Actuarial Services at Defence Health, discusses the affordability of private health insurance (PHI) - which 50% of Australians hold.
Read Barry's paper
Despite the attention rising PHI premiums have received, there is no consistent definition or measure of PHI affordability, partly due to the wide variety of products on the market. Barry walks us through a three-step process, drawing on information from the Housing Affordability Index and Australian Bureau of Statistics, to develop an affordability index.
Applying the index to a number of scenarios, some startling insights are revealed such as: Health insurance is less affordable in the younger and older age groups, and more affordable for people in their 40s and 50s.
Projecting the index over the next 20 years, Barry’s model reveals that health insurance will become less affordable over time: Under the worst case scenario, nearly 25% of the “average” household income will be consumed by a comprehensive combined health insurance policy.
Barry leaves us with questions on how sustainable private health insurance is in Australia, and what can be done to arrest the decline in affordability.
Carey Helenius outlines a process he, and Switzerland-based colleague Jules Gribble, formulated to design ‘Successful and Resilient Lifetime Retirement Income Products’.
The process ranks retirement products against minimum standards from each key stakeholders’ (government, regulators, product providers, distributors and consumers) perspective, and allows for modification of the product design to satisfy the criteria of each of the stakeholders.
Using this process, Carey and Jules create a product that minimises the impost on the active retiree, but also secures a lifetime income and services at the later stages of retirement. The product retains elements of an allocated pension during the active phase, but includes regular annual contributions into a pooled vehicle to provide aged care and health services for the higher ages.
The population of over 80s stands at 1 million people and is growing at twice the average population growth rate. As retirees live longer and dementia rates rise, the delivery of not simply money, but of effective programs and trusted services to elderly retirees becomes more critical.
Carey argues that the range of retirement products that currently exist across the world are unsustainable and ignore the needs of retirees - particularly those in the elderly passive and frail phases of retirement.
The time is now, says Carey, to build sustainable products that cater for longevity risk.
IAA and Actuaries Institute collaboration
This video provides an overview of the International Actuarial Association's (IAA) and Actuaries Institute Paper Determination of Retirement and Eligibility Ages: Actuarial, Social and Economic Impacts which examines the actuarial, social and economic impacts of raising the eligibility age for retirement benefits and describes the experience of several countries in doing so. It discusses the resulting effects on individuals (both healthy and unhealthy), socio-economic subgroups, employer sponsored plans, social security programs, and the labour market. Access the paper here.