8/9 Oct 2015 in Zurich
How to Set Up an Effective ORSA Process? – A Case Study for the Standard Formula
Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Schweizerische Aktuarvereinigung.
Capital and Risk management has always been a key activity for both Life/Health and Property & Casualty (i.e. non-life) Insurance companies and Groups. The new risk based regulations under Solvency II lead to new and more formal challenges in this area: This includes a much more formal risk management approach and the need for conducting an “Own Risk & Solvency Assessment” or the so called FLAOR. This seminar is an advanced seminar and is set up as a case study for companies who plan to fulfil the Solvency II Pillar 2 requirements with a standard formula. A good understanding of the standard formula approach and the basics of ORSA are required (e.g. achieved via participating on the EAA basic seminar on “Own Risk and Solvency Assessment” or participating in ORSA projects). The seminar will start with a 90 minutes presentation on the basics of ORSA and continue with the case study.
The seminar is open to all interested persons, such as actuaries, risk and capital managers, controllers from all types of insurance companies or consultants or supervisors. Participants should have a good understanding of the standard formula.
During this seminar, you will not need a laptop.
Purpose and Nature
The aim of this seminar/case study is for participants to learn based on a practical example how to solve key issues related to the ORSA and Enterprise Risk Management using a standard formula approach. The case study is set up in a way that two solo companies (Non Life, Life & Health business) of an insurance group are considered. For each of these companies an ORSA process needs to be set up (as part of a larger group).
The seminar will only focus on presentations in a limited way, but its core will be a practical case studies and interactive group discussions. The seminar will be of interest for participants who work for an insurance group or a subsidiary of a group company (it will not matter if the mother Company is a big international group or just a local insurance group itself).
Key focus will be given on how to assess the suitability of the standard formula and how to arrive to an overall solvency need (using combined quantitative and qualitative methods), but also how this overall solvency need can be used for setting up the risk strategy, defining risk appetite and limits and how the link to the business and strategy planning process can be practically achieved. The case study is based on the standard formula.
Steffen HorbachSteffen Horbach is a senior risk expert in the Group risk department of DZ BANK (Frankfurt, Germany), responsible for risk management related to insurance entities within the financial conglomerate. Steffen has extensive experience in Solvency II and the implementation of the ORSA in particular. Prior to joining DZ BANK he used to work as a Manager in the Actuarial Services department of Ernst & Young, where he was responsible for advisory projects mainly about the implementation of Solvency II for different clients, including global insurance groups. He has detailed experience in the internal model approval process, the setup of ORSA processes and the review of the standard formula. Steffen is a qualified actuary and member of the German Actuarial Association (DAV).Marc LindeMarc Linde works as a Senior Manager for actuarial consultancy BELTIOS P&C in Cologne, Germany. He has a broad experience in Solvency II-related topics for non-life insurers – both for standard formula and internal model companies. Prior to joining BELTIOS, Marc had worked in the risk management department of a German insurance group, where he has been co-responsible for Solvency II standard formula implementation. Between 2006 and 2012 Marc had been with Ernst & Young and EMB Deutschland, where he had been involved in various implementation projects for internal non-life models and related approval processes for multinational insurance groups. Marc regularly lectures on seminars of the German Actuarial Academy (DAA). Dr Zeljko StrkaljZeljko Strkalj is a Senior Manager with Ernst & Young and has more than 12 years of experience working in the insurance industry. Zeljko has advised some of the world’s largest insurers and reinsurers on various strategic and actuarial topics and is currently leading several Solvency II implementation projects. Prior to joining Ernst & Young, he worked at Boston Consulting Group and Milliman. He started his career as Product and Pricing actuary at Allianz. Zeljko is a member of the German Actuarial Association (DAV) and has presented frequently at industry conferences and published articles in insurance magazines. He regularly lectures on seminars of the European Actuarial Academy.
Venue & Accommodation
The seminar will take place at the hotel
Holiday Inn Zürich MesseWallisellenstrasse 48, 8050 Zurich, SwitzerlandPhone: +41 41 443 16 11Fax: +41 44 316 11 01www.holidayinn.com/zurichmesse
We have arranged special prices for accommodation: A single room costs CHF 240 per night incl. breakfast and VAT. This price is valid for bookings out of our allotment “EAA Seminar” until 15 September 2015. Please book your accommodation directly with the hotel. Kindly book early, as our allotment includes a limited number of rooms, and note the hotel’s cancellation policy.