Jonathan Hughes (Chair of the CMI) and Stuart McDonald (Deputy Chair of the CMI) summarise the key takeaways from the CMI’s latest subscriber survey.
As a subscriber-funded organisation, the CMI frequently seeks feedback from our subscribers via 1-2-1 discussions, committee forums, consultations and regular surveys. Our most recent survey was completed by around a third of our subscribers, representing nearly half of total subscriptions by value.
We’re grateful for the time and insights that were shared. Subscriber feedback is instrumental in helping us prioritise outputs and analyses that are of most value, celebrate what’s working, and explore new ways to deliver for subscribers. This blog provides a summary of what we learned.
We are very proud to report that 95% of respondents rated the quality of the CMI’s outputs as excellent or very good, which is consistent with the results from the previous two surveys (2023: 94% and 2021: 96%). Many responses highlighted the robust nature, valuable insight and quality of the CMI’s outputs, allowing subscribers to rely on them as industry benchmarks, and providing a common language to assist in setting or validating assumptions and to comply with regulatory requirements.
82% of respondents rated the timeliness of CMI’s work as excellent or very good. While this is down from 92% four years ago, it is an improvement compared to the last survey at 77%.
Notably, the most recent scores have followed delays in one of the CMI’s key outputs, the CMI Model, as the CMI has had to address ongoing challenges in allowing for the impact of the pandemic. Several respondents acknowledged that while the delays in recent years have been unfortunate, they have been necessary, and feedback on the extensive review of the CMI Model was largely positive, noting that the open approach to consult and seek subscribers’ views was constructive and appreciated.
Overall, we are proud that, given our unique operating model where data is provided on a voluntary basis and committee members are volunteers, the timeliness score is as high as it is. This is testament to the continuous support that the CMI gets from data contributors and all those who volunteer their time, for which we are grateful.
This year, we specifically asked whether subscribers felt they were getting value for money. It was encouraging to see that 85% of respondents feel that they are getting strong value for their subscription, which is consistent with the positive responses elsewhere in the survey. We will consider the suggestions and feedback provided, with the aim of further improving the value to subscribers.
90% of respondents considered the CMI to be achieving its mission statement: “To produce high-quality impartial analysis, standard tables and models of mortality and morbidity for long-term insurance products and pension scheme liabilities on behalf of subscribers and, in doing so, to further actuarial understanding.”
One respondent suggested that the mission statement should note that the CMI’s focus is primarily UK, which we will consider further.
Overall, our view is that the feedback from the survey indicates that the CMI is achieving its vision: “To be regarded across the world for the quality, depth and breadth of industry-wide experience studies, analysis of mortality trends and provision of mortality projection tools.”
There were several suggestions noted that could improve the subscriber experience, in particular:
The survey gave respondents the opportunity to suggest additional analyses that would be of interest, for example annuitant experience by rating level, enhanced quality of standalone critical illness analysis, standardisation of occupation classes for income protection, and analysis of pre-retirement decrements for SAPS. These have been passed to the relevant CMI Investigation Committees for consideration in terms of how they may rank relative to other analyses, whether relevant data exists and the interest of data contributors in using it in that way.
To date, most of the CMI’s work has focused on data that is not publicly available, being submitted by insurers and in respect of pension schemes. An important exception is the work of the Mortality Projections Committee, which produces the CMI Model using population data from the ONS and other analyses of general population mortality. However, we were interested to find out whether subscribers would find value in analyses of a wider range of public data, so a section of the survey sought information relating to public data, and corresponding analyses, that may be of interest and value to subscribers. This was to complement a separate survey that solely related to the area of public data and the combined results, and outcome in relation to these, will be communicated in due course.
Similarly, the CMI’s analyses have tended to be quantitative in nature. Around 45% of respondents indicated that they would be interested in qualitative analyses being produced by the CMI, for example the impact of claims management on income protection experience, the effect of underwriting practices on protection claims and drivers impacting future mortality. We will consider the potential for qualitative analyses, to support the more regular quantitative analyses.
There were some suggestions for minor improvements to CMI communications, in particular providing better sight of timelines for upcoming work and requests for email notifications when publishing outputs.
The CMI Newsletter aims to provide a high-level update on future release schedules and the feasibility of allowing individuals to sign up for email notifications is being explored. In the meantime, we encourage people to follow the CMI on LinkedIn, as posts are added when publications are released.
Diversity has been, and continues to be, a strategic priority for the CMI. We are keen to encourage a diverse membership of the volunteer pool, and considering what actions can be taken to support this. The survey invited suggestions from respondents for further actions that the CMI could take and these, mainly relating to the recruitment process, are being considered.
The feedback we have received is not just appreciated but is key to ensuring that the CMI continues to deliver value to our subscribers. We continually welcome feedback, so if you have any thoughts to share then please contact us via email: info@cmilimited.co.uk
