Tom Murray

Tom is Head of Product Strategy at Exaxe with primary responsibility of overseeing product direction. Tom has extensive experience of managing web based insurance software from conceptual design through to commercial release and beyond. Tom has been leading the development of the Exaxe Internet insurance architecture since August 1999.
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Recent Posts

Investment Life & Pensions Moneyfacts: Learning from how others see us

November 08, 2018 Tom Murray

Pensions auto enrolment autoenrollment auto-enrolled Autoenrolment

Learning from how others see us  This article was originally commissioned for the October 2018 edition of the Investment Life & Pensions Moneyfacts Magazine.  Tom Murray considers why the Government should examine the external view of auto-enrolment before considering the best way to raise contribution levels.   It is now six years since the introduction of auto-enrolment into the UK and there have been a number of reports assessing the impact of the project on the level of pension savings in the UK.  On the whole, these have been primarily positive, with a large increase in the number of people saving and a lower level of opting out than was previously expected.  
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Personal finance does require personal responsibility

October 12, 2018 Tom Murray

Financial Ombudsman Service FOS Sipp Portafina Financial Adviser

ACTUARIAL POST: Personal finance does require personal responsibility  This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  October 2018 edition of the Actuarial Post.   It’s rare, in the world of personal finance, that I find myself completely taken by surprise but the ruling of the Financial Ombudsman Service (FOS) in the recent opinion on Portafina was one such occasion.  FOS ruled that a client, who had transferred out of a defined benefit scheme into a SIPP was incorrectly advised, and therefore Portafina were ordered to put the client back into the financial position he would have been in if he had never transferred out.
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Investment Life & Pensions Moneyfacts: Tapping into the psyche of millennials

September 27, 2018 Tom Murray

Millennials Pensions protection smartphones new technologies

Tapping into the psyche of millennials  This article was originally commissioned for the September 2018 edition of the Investment Life & Pensions Moneyfacts Magazine.  Tom Murray says it's time the life and pensions sector started giving millennials what they want in order to increase their low uptake of financial products.   Millennials are truly a divergent generation.  Their approach to life is poles apart from their parents’ generation. As such, any company that approaches marketing to millennials in the same way as they have marketed to previous generations is going to make itself irrelevant very quickly.  
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Actuarial Post: All the king’s horses…

September 11, 2018 Tom Murray

FCA retirement planning retirement income Pensions freedom Pension Wise

ACTUARIAL POST: All the king’s horses…  This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  August 2018 edition of the Actuarial Post.   Once upon a time, people saving for their retirement were given a great deal of support by the taxpayer. This was provided on the basis that there were severe restrictions around the money saved and that the savers would ultimately be forced to use that money to buy annuities. These would provide a guaranteed income in retirement, ensuring that the taxpayer would have far less responsibility for the retiree, and therefore was getting a good deal for the tax foregone.
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Smart devices are key to reaching smart millennials

July 12, 2018 Tom Murray

Millennials smartphones smart technology smart pensions automated advice

ACTUARIAL POST: Smart devices are key to reaching smart millennials This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  July 2018 edition of the Actuarial Post.   For years, there was a huge problem in the pension industry.  People didn’t get interested in the idea of pensions until they were older and thereby missed out on the savings and employer/government contributions in the early years of their working life.    Finally, the UK seems to have cracked it.  The latest figures from the Department of Work and Pensions give the amazing news that not only did over 80% of all eligible employees contribute to a workplace pension last year but that the number of millennials contributing was 78%.  Given the pressures facing millennials in the primary areas of housing and their usually lower earnings as they are at the early stage of their careers, this is a tremendous result. 
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Actuarial Post: Even Robots must be regulated

June 28, 2018 Tom Murray

robots robo-advice regulations FCA

Actuarial post: Even Robots must be regulated This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  June 2018 edition of the Actuarial Post.   The FCA have started their review process of firms providing retail investment advice through automated channels. They are trying to see how they can best regulate the new area of auto-advisers. Whilst it is still early days in this market, it is only at the evolutionary stage and there were only three firms examined, the potential for significant harm if they get it wrong is very great. The challenges for the FCA are great in trying to control an aspect of the industry that is only beginning to take on shape.
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Actuarial Post: Earning trust on social media

April 26, 2018 Tom Murray

Life and Pensions technology Actuarial Post Actuaries data protection

Actuarial Post: Earning trust on social media This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  April 2018 edition of the Actuarial Post.   The outright abuse of personal data epitomised in the recent scandals, concerning elections in the Western world, has shown that there are severe limits to the level of controls that you can put on your information once you have submitted it voluntarily online. If a total stranger sat beside you on a bus or a train and asked you about your personal musical preferences or which newspaper you liked to read, you would be very wary about supplying the answers.  Not that there is anything particularly top-secret about such information, nor is it very personal, but nevertheless an uneasiness would creep in that the other individual had to be up to no good if they wanted that kind of information.  In other words, you would assume that you were being setup for a sting.
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Investment Life & Pensions Moneyfacts: The real Brexit dividend for pensions

April 06, 2018 Tom Murray

Investment Life & Pensions Moneyfacts Brexit Pensions pension regulations

The real Brexit dividend for pensions   This article was originally commissioned for the March 2018 edition of the Investment Life & Pensions Moneyfacts Magazine.  Tom Murray argues that a slowdown of new regulation, and the stability that this brings to long-term planning, could be the real Brexit dividend for pensions. There is a lot of noise in the media at the moment about the so-called “Brexit dividend”.  Leave supporters claim that there will be a huge financial windfall from leaving the EU, in line with the infamous claim of a possible extra £350 million per week for the NHS.  Although this was widely discredited in the months since the referendum, it has been raised again by the Foreign Secretary, who now reckons it will be even higher.  
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Actuarial Post: Eye, Robot!

March 14, 2018 Tom Murray

actuarial post biometrics Life and Pensions technology security

Eye, Robot! This article was originally commissioned for Inner Workings, a monthly column written by Tom Murray, in the  March 2018 edition of the Actuarial Post.   It may be a staple of Hollywood movies, such as Judge Dredd or Minority Report, to use retina-scanning to make the point that the movie is set in the future or to engender fear in horror movies by having the bad guys remove eyes to get access to retina-scan locked buildings, but reality is catching up as biometrics are moving mainstream in many industries in order to control access to particular sections of the building or to monitor hours worked.  The question is whether it adds any value to the life and pensions sector or whether we should consider it as a fad that will fade without us spending the time and money to get involved.
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Strawman more urgent than snowman

March 02, 2018 Tom Murray

irish government pension reform Autoenrolment politics snow

Strawman more urgent than snowman   The Irish Government’s latest foray into the world of pension reform has been buried under an avalanche of snow. Given the ageing population in Ireland and the ever-mounting costs of providing for people in their old age, this issue deserves far more front-page space than the ability of people to survive two days without a fresh supply of bread or milk. Such is human nature, however, that we find Storm Emma dominating the front pages whilst the government plans for pensions are firmly buried deep in the business sections.
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