The Pricing-Reserving Bridge: Portfolio Management in Practice

Introduction & Programme

In commercial insurance, pricing and reserving are often treated as separate disciplines - different teams, different tools, different cycles. Yet they are two lenses on the same portfolio. When they operate in isolation, they might give conflicting messages to underwriting and management, resulting in portfolio mismanagement.

Individual risk pricing, as sophisticated as it has become, is no longer sufficient on its own. In a world where risks correlate more strongly than ever, accumulations are harder to detect, and decisions need to be made faster, actuaries need to think and act at portfolio level, not just risk by risk.

To address this challenge, the web session introduces a Portfolio Management Framework that bridges pricing and reserving within a single operating model. The framework consists of four layers: Insight, Steering, Execution and Feedback. The session provides a detailed view of each layer, as well as practical implementation tips within the organisation.

A key element of the session is the hands-on case study, which allows participants to apply the framework to a realistic commercial insurance portfolio. Participants will be asked to analyze the portfolio, assess its alignment with the strategic goals, develop a tiering structure and produce summary recommendations on portfolio steering. The follow-up debrief will explore divergent approaches and highlight key differences and practical takeaways.

Usage of AI tools is explicitly encouraged throughout the case study.

The session closes with a forward-looking discussion on how AI is reshaping each layer of the framework, accelerating anomaly detection, improving strategy calibration, and enabling real-time monitoring while keeping the actuary's judgment and accountability central.

Preliminary Programme
Wednesday, 3 March 2027
09:00-09:10 Speakers’ introduction and agenda walkthrough
09:10-09:40 Portfolio Management Framework: Insight, Steering, Execution, Feedback - connecting pricing, reserving, underwriting and finance
09:40-10:20 Insight layer: data foundation, KPIs definition, current portfolio assessment: profitability, volatility, accumulations
• Case study exercise: profitability assessment
10:20-10:40 Break
10:40-11:20 Steering layer: portfolio strategy definition, risk appetite calibration, KPIs and escalation thresholds
11:20-12:00 Execution layer: portfolio tiering, new business screening
• Case Study exercise: portfolio tiering
12:00-12:20 Break
12:20-13:00 Feedback layer: monitoring process, escalation thresholds, portfolio governance, root cause analysis
• Case study exercise: teamwork on portfolio steering recommendations
13:00-13:30 Case study debrief: recommendations presentation, discussion of divergent approaches
13:30-13:40 Q&A and wrap-up

All the above times are given in CET (Central European Time).

Learning Objectives & Approach

After this web session, participants will be able to:

• Explain why portfolio-level thinking is a necessary complement to individual risk pricing in commercial insurance
• Apply the four-layer Portfolio Management Framework (Insight, Steering, Execution and Feedback) as an operational tool
• Conduct a structured portfolio profitability assessment
• Define concrete steering parameters and guardrails for portfolio segments
• Identify where AI tools can augment actuarial portfolio management and where human judgment remains essential

The session takes a practical approach by combining conceptual instruction with a hands-on case study. Participants actively work through a realistic commercial lines portfolio scenario, using AI tools of their choice, and produce a short ExCo presentation pack as the deliverable. The debrief explores divergent approaches and highlights practical implementation insights.

Participants

This session is aimed at pricing actuaries, reserving actuaries, and portfolio managers working in commercial or specialty insurance who wish to develop a more integrated view of portfolio steering. It is particularly valuable for actuaries in non-life insurance who want to move beyond technical pricing into active portfolio management roles.

No advanced programming knowledge is required. Participants are encouraged to use AI tools of their choice during the case study (such as Microsoft Copilot, ChatGPT or Claude). Basic familiarity with commercial insurance KPIs and concepts is assumed.

Technical Requirements
Please check with your IT department if your firewall and computer settings support web session participation (the programme Zoom will be used for this online training). Please also make sure to join the web session with a stable internet connection.

Lecturers

Ilya Kolmogorov
Ilya Kolmogorov is a senior actuary with over 20 years of experience in commercial and specialty insurance. He has held actuarial and underwriting leadership roles across Europe and the USA, spanning pricing, reserving, portfolio management, risk capital modeling, and cat modeling. Most recently he held the Group Chief Pricing Actuary role at Zurich Insurance Group and Chief Actuary positions at Generali Global Corporate & Commercial. Ilya is a qualified German actuary (Aktuar DAV) and holds an MBA from ESMT Berlin, a Master’s in Business Mathematics, and a Master’s in Economics. He is a frequent speaker at insurance industry events on actuarial pricing, portfolio management, and artificial intelligence in insurance.

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A co-presenter with deep expertise in commercial insurance reserving will be confirmed shortly.

Language & CPD Credits

The language of the web session will be English.

CPD Credits
For this web session, the following CPD credits are available under the CPD scheme of the relevant national actuarial association:

• Austria: 4 points
• Belgium:  4 points
• Bulgaria:  6 points
• Croatia: individual accreditation
• Czechia:  4 hours
• Denmark 4 credits
• Estonia:  4 hours
• Finland: 4 points
• France:  24 points
• Germany:  4 hours
• Greece: 5 points
• Hungary:  4 hours
• Iceland: 4 credits
• Ireland: 4 hours
• Italy: individual accreditation
• Latvia: 4 hours
• Lithuania: 4 hours
• Netherlands:  approx. 4 points (individual accreditation)
• Norway: 4 points
• Poland: 4 hours
• Portugal: 4 hours
• Serbia: 4 hours
• Slovakia:  individual accreditation
• Slovenia:  individual accreditation
• Spain: CAC: 4 hours, IAE: 4 hours
• Switzerland:  individual accreditation
• USA: SOA (Section B): up to 4.8 hours

No responsibility is taken for the accuracy of this information.

Fees & Registration Details

Early Bird Registration Fee (until 20 January 2027):

• For private customers in the EU: €320.00 + VAT of the billing country (example Germany: €380.80 incl. 19% VAT)
• For private customers outside the EU: €380.80 (incl. 19% VAT)
• For businesses within the EU (excl. Germany, with valid VAT ID): €320.00 (net, reverse charge applies)
• For businesses in Germany: €380.80 (incl. 19% VAT)

Regular Registration Fee (from 21 January 2027):

• For private customers in the EU: €420.00 + VAT of the billing country (example Germany: €499.80 incl. 19% VAT)
• For private customers outside the EU: €499.80 (incl. 19% VAT)
• For businesses within the EU (excl. Germany, with valid VAT ID): €420.00 (net, reverse charge applies)
• For businesses in Germany: €499.80 (incl. 19% VAT)

Important VAT Information:

• For private customers with a billing address in an EU country: VAT will be charged at the applicable rate in the country of the billing address. The final amount, including VAT, will be calculated upon invoicing.
• For customers with a non-EU (third country) billing address: Only a non-company billing address is accepted for VAT compliance reasons. 19% VAT applies to all non-EU private customers.
• For businesses within the EU (excluding Germany), Iceland, Liechtenstein, Norway, Switzerland, and the UK with a valid VAT ID: The reverse charge mechanism applies (net price; VAT will not be charged). Please ensure your valid VAT ID is entered correctly during registration.
• For all customers with a billing address in Germany: 19% VAT applies.

Please submit your registration using our online form below. Closer to the event, you will receive further login details to join the web session.

Your registration is binding. Cancellation is only possible up to 2 weeks before the first day of the event. If you cancel later, the full participation fee is due. You may appoint someone to take your place but must notify us in advance. EAA has the right to cancel the event if the minimum number of participants is not reached.

We will send you an invoice via email. Please allow a few days for handling. Please always give your invoice number when you effect payment. All bank charges are to be borne by the participant.

Registration is open until two working days before the web session. If registration has already been closed for this web session, please call us or send an email to contact@actuarial-academy.com in order to find out whether a late registration is still possible.