The lure of insourcing
As insurers increasingly build their own platforms for managing variable annuity portfolios, is the writing on the wall for third-party providers? clive davidson investigates
Variable annuities (VAs) represent a marked change from earlier life products in the guarantees and embedded options that they offer. It is no longer possible to manage the risks of these liabilities using traditional actuarial methods. For a start, the products are too new for there to be much usable data on policyholder behaviour, and the options turn out to have similar characteristics to exotic options traded in the capital markets - which is therefore the obvious place to hedge them. But to
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