---
title: "Research Services - Artificial Intelligence (AI) and Machine Learning (ML) in Actuarial Modelling in the UK"
ocid: "ocds-b5fd17-840ebf68-dde4-4c70-a091-eb3a0a1f8cc1"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-840ebf68-dde4-4c70-a091-eb3a0a1f8cc1"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-840ebf68-dde4-4c70-a091-eb3a0a1f8cc1.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-840ebf68-dde4-4c70-a091-eb3a0a1f8cc1.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "THE FINANCIAL REPORTING COUNCIL LIMITED"
published: "2022-09-26"
---

# Research Services - Artificial Intelligence (AI) and Machine Learning (ML) in Actuarial Modelling in the UK

Buyer: THE FINANCIAL REPORTING COUNCIL LIMITED  
Current stage: Award  
OCID: ocds-b5fd17-840ebf68-dde4-4c70-a091-eb3a0a1f8cc1

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## Summary

The Financial Reporting Council (FRC), a regulatory body for auditors, accountants, and actuaries in the UK, has awarded a contract for Research Services focusing on Artificial Intelligence (AI) and Machine Learning (ML) in Actuarial Modelling. The research aims to explore the role of AI/ML in UK actuarial modelling across various sectors like pensions, insurance, banking, and investment. The contract, valued at £50,000 GBP, was awarded to the Government Actuary Department, with a contract period from 26th September 2022 to 24th April 2023.

This tender presents business growth opportunities for firms specialised in research and development, particularly those familiar with AI/ML integration in financial services. Business entities with expertise in actuarial practices, data science, and risk management are well-suited to compete. The procurement process, initiated as an open tender with specific suitability for Small and Medium Enterprises (SMEs), offers a chance for businesses to engage with the FRC and contribute to advancing understanding in actuarial practices using cutting-edge technologies like AI and ML.

## Notice

***THIS IS A CONTRACT AWARD NOTICE*** The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit, and high-quality risk management. The use of Artificial Intelligence (AI) and Machine Learning (ML) is growing in actuarial modelling. The Institute and Faculty of Actuaries (IFoA), the UK's professional association for actuaries, has been encouraging education and training in these techniques among its members and recently launched a data science certification The objective of this research is to learn more about the role of AI/ML in UK actuarial modelling practices across pensions, life insurance, general insurance, and wider fields (e.g., banking and investment). It will also compare the extent of AI/ML deployment by the actuarial profession with that of other similar professions. The overall purpose of the research is to improve our understanding of new risks that AI/ML might bring to the quality of actuarial work. To do this, the research will address the following four areas of enquiry: 1. Areas of use: Which actuarial departments are involved in using AI and ML techniques in their work? 2. Approach: What approach(es) and technique(s) are used? How are they selected? 3. Governance: What is the governance process around the use of AI and ML techniques as compared to the governance process around the more traditional techniques? 4. Output: How do the areas of use, approach and governance of AI and ML impact on a. the way outputs are used internally by a company, and b. the uncertainty around the actuarial modelling results using AI/ML, as compared to the uncertainty around results from the more traditional approaches? ***AWARD NOTICE*** Additional information: THIS IS A CONTRACT AWARD NOTICE. THIS TENDER HAS BEEN COMPLETED.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/6da0cfcb-8cba-40dd-bb81-fb16c40b4da9 |
| Notice type | Award Notice |
| Procurement type | Standard |
| Procurement category | Services |
| Procurement method | Open |
| Procurement method details | Open procedure (below threshold) |
| Tender suitability | SME, VCSE |
| Awardee scale | Large |
| All stages | Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 26 Sep 2022 |
| Submission deadline | 15 Aug 2022 |
| Future notice date | Not specified |
| Award date | 25 Sep 2022 |
| Contract period | 25 Sep 2022 - 24 Apr 2023 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £50,000 |
| Lots value | Not specified |
| Awards value | £50,000 |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | THE FINANCIAL REPORTING COUNCIL LIMITED |
| Locality | LONDON |
| Post town | Central London |
| Postcode | EC2Y 5AS |
| Country | England |
| ITL 1 | TLI London |
| ITL 2 | TLI3 Inner London - West |
| ITL 3 | TLI35 Westminster and City of London |
| Local authority | City of London |
| Electoral ward | Bassishaw |
| Westminster constituency | Cities of London and Westminster |
| Delivery location | Not specified |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | GOVERNMENT ACTUARY DEPARTMENT |

## CPV Codes

### Divisions

- 73 - Research and development services and related consultancy services

### Codes

- 73000000 - Research and development services and related consultancy services

## Release History

- 26 Sep 2022 at 09:20 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/6da0cfcb-8cba-40dd-bb81-fb16c40b4da9
- 23 Jun 2022 at 17:07 - Tender - Tender Notice - https://www.contractsfinder.service.gov.uk/Notice/1c13a04e-eedd-4d4f-93d3-d3deb3918916

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/6da0cfcb-8cba-40dd-bb81-fb16c40b4da9
  26th September 2022 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/1c13a04e-eedd-4d4f-93d3-d3deb3918916
  23rd June 2022 - Opportunity notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/7f0e7ab7-96d3-4a6c-bf5d-faea7f2113f6
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/9ea7a0c5-2f46-4706-8bda-5b5ecab6e858

## Notice URLs

- http://www.frc.org.uk

## Provenance

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