The aim is to present current aspects and innovations in life insurance. Special attention will be given to capital-market oriented products and the design and financing of guarantees in the saving process that are under pressure given the low interest rate environment.
The seminar starts with a short discussion of current challenges for the life insurance sector followed by an illustration of typical reactions of insurance companies on this environment. One major reaction was and still is the re-design of guarantee products and/or their substitution by unit-linked concepts. The seminar provides a broad overview over different unit-linked (guarantee) products that have been developed over the last 15 years.
Besides that, new challenges driven e.g. by the demographic developments observed throughout of Europe are discussed, including techniques of stochastic modelling of future mortality and modern ways of risk management by product design regarding this specific topic.
The second day is mainly concerned with the comparison of life insurance products from a policyholder as well as insurance company’s perspective. We close the seminar with a discussion of several case studies where risk management by product design is applied to solve different issues that may arise for certain product categories.