Research
 

Academic Research Grant Program

Summary of the Program

The CIA Academic Research Grant Program provides funding for scientific research projects in actuarial science with a potential impact on actuarial practice in Canada. The results of a funded project should lead to the submission of an article in a scientific journal.

Objectives

  • Promote scientific research in actuarial science that helps solve challenging issues faced by actuaries in Canada.
  • Encourage knowledge transfer to graduate students and practitioners.
  • Strengthen the relationship between the CIA and Canadian actuarial academics.
  • Foster partnerships between academics and practitioners.
Eligibility

  • The lead investigator must be a full-time faculty member in a Canadian university.
  • Any co-authors of the research article may be professors, graduate students, postdoctoral fellows, or practitioners.
  • Any graduate students or postdoctoral fellows for whom funding is requested in the budget must be registered part-time or full-time at a Canadian university.

Budget and Time Frame

  • Maximum budget allowed: total of $20,000 spent on a period of one-to-three years.
  • Typical expenses include scholarships, salaries to postdoctoral fellows, travel expenses (conferences, research stays), etc. Travel expenses and registration to professional conferences such as CIA, Society of Actuaries (SOA), or Casualty Actuarial Society (CAS) meetings are covered. Computer equipment is not an allowable expense.
  • Overhead costs are limited to 10 percent of the research grant and should be included in the budgeted $20,000.

Contractual Terms

  • Researchers keep ownership of the intellectual property (background and foreground).
  • Funds are paid to the university and managed by the university research accounts office.
  • Installments:
    • 35% at signing the letter of agreement;
    • 35% halfway through the project (based upon planned time frame); and
    • 30% upon completion of the project.
  • Researchers agree to provide regular progress reports.
  • Completion of the project:
    • Submission of the paper to the CIA;
    • Reviewed by members of the Research Executive Committee;
    • Uploaded to the research portal of the CIA website; and
    • Proof of submission to an actuarial journal. Other suitable journals indicated in the proposal may be approved by the Research Executive Committee.
  • The following journals are deemed to be an actuarial journal (alphabetical order):
    • Annals of Actuarial Science;
    • ASTIN Bulletin;
    • British Actuarial Journal;
    • European Actuarial Journal;
    • The Geneva Papers on Risk and Insurance – Issues and Practice;
    • Insurance: Mathematics and Economics;
    • Journal of Risk and Insurance;
    • The North American Actuarial Journal;
    • Scandinavian Actuarial Journal; and
    • Variance.

Application Steps

  • Notice of intent;
    • Ranked by the Academic Research Subcommittee;
    • Projects are preselected by the Research Executive Committee.
  • Full application for selected research projects;
    • Research Executive Committee makes final decision.

Notice of Intent

  • Use of provided form is mandatory.
  • Deadline: November 12, 2017.
  • Selection criteria:
    • Potential impact and interest in the project (100%);
    • Is the research team qualified to complete this project? (Yes or No);
    • Does the budget respect the CIA guidelines provided above? (Yes or No);
    • Does the project involve at least one graduate student or at least one practitioner? (Yes or No);
    • A “no” answer to one of the three above questions automatically disqualifies the application.

Full Application

  • Deadline: mid-February, exact date to be determined.
  • Details to be enclosed with decision letter.
  • Selection criteria: The following criteria are used by the Research Executive Committee to assess all research projects.
    • Impact (40%);
    • Cost/Benefit (20%);
    • Uniqueness (20%); and
    • Quality (20%).
    • Achievability.

Additional Information

The CIA Research Executive Committee coordinates with the Society of Actuaries and the Casualty Actuarial Society for research project selection. No similar project will be funded by two organizations.