2/3 Nov 2020 in Copenhagen
Actuarial Department of the Future (P&C Only)
Actuarial Departments in the P&C Insurance industry are undergoing major changes. During this progress, Actuarial Departments are situated in the area of tension between innovations, compliance and efficiency gains.
In Pricing, calculations have to be conducted more frequently, while complexity of the technical pricing models is rising (e.g. due to the use of Data Science in Pricing). In parallel, Actuaries are taking over more and more tasks from IT Departments and in the Underwriting process. Concerning Price implementation, “real time” pricing capabilities are seen as pioneer in the industry, what forces companies to become much faster and therefore, Actuaries to assume more tasks in delivering the rating machines. In the Underwriting process, more Actuarial methods are used to support the Underwriting decisions - additional there is a shift from individual underwriting towards more tariff based underwriting.
The Reserving departments are driven by the need for efficiency gains for the majority of the market – while IFRS forces the rest of the market to invest into IFRS 17-Compliance issues first. Speeding up the closing process by using estimates or a Fast Close is a good way to achieve the increase in efficiency and can provide further benefits, e.g. gains regarding the steering and the quality of the Actuarial accounting.
New responsibilities for Actuaries are rising in Data Quality but also in the field of Data Science – outside the core-actuarial tasks. Data Quality issues are increasingly important in the Insurance industry - due to the daily work with the insurance data, Actuaries are perfectly suited for this task. Data Science & Analytics is a big issue all over the Insurance industry - not only in the Actuarial work. What is the most fitting role of the Actuarial department among these issues? Overall, we are seeing how Actuarial Departments are growing. In this seminar, we would like to discuss the drivers and how your Actuarial Department can add value to your companies in those times of intensive change.
Organised by the EAA – European Actuarial Academy GmbH in cooperation with Den Danske Aktuarforening.
Purpose and Nature
This seminar intends to share and discuss our view on the Future of Actuarial Departments in the P&C insurance industry in Europe with the participants.
We are seeking to foster the discussion on how to prioritize changes in Actuarial Departments, how to communicate the priorities and how to utilize hypes and changes in regulation.
The seminar will also help you to develop a clear Vision/Mission/Execution-approach that can be the basis for communication with Board members as well as with your team.
Frank Schönfelderhas studied Actuarial Science and is full member of the German Actuarial Association (DAV). He is a member of the DAV working group “P&C Pricing” and “Qualification in Actuarial Data Science”. Frank has a background of more than 10 years as Actuarial Consultant to the P&C Insurance industry. He currently is a Senior Manager at KPMG where he is also leading KPMG’s EMEA working Group on Pricing P&C Insurance.
Rinze Valkenburghas studied Econometrics and Actuarial Science. Rinze is a certified actuary and full member of the Royal Dutch Actuarial Association. He has a background of almost 15 years as consultant in the Non-Life, Health and Disability insurance. Rinze is a Senior Manager at KPMG Netherlands, where he has broad experience on actuarial topics such as determination of reserves, risk premiums and commercial premiums and embedding a data driven approach on these topics.
Miriam Schreineris a full member of the German Actuarial Association (DAV) and holds a Master of Science in Mathematics. Miriam is working as Actuarial Consulting at KPMG where she is focused on Actuarial modernization projects – in both, Pricing and Reserving.
Venue & Accommodation
The seminar will take place at the
Radisson Blu Scandinavia HotelAmager Boulevard 702300 Kopenhagen, Denmarkhotel website
We have arranged special prices for accommodation. The special rate is DKK 1.140 per night, including breakfast, VAT, W-LAN and access to the fitness area. It is valid for bookings by 1 October 2020 out of our allotment “EAA Seminar”. Our allotment includes a limited number of rooms.Kindly book your accommodation directly with the hotel using this booking link and note the hotel’s cancellation policy.