23 Nov 2020
The Retirement Phase – Part 1: Traditional and Innovative Products
Due to demographic changes and the resulting challenges for government-run pay-as-you-go systems, the importance of funded private or occupational old age provision will further increase in the future. Further taking into account the steadily decreasing interest rates, many products within the segment of old age provision have been developed, which on the one side cover for longevity risk and on the other side further combine guarantees with some kind of capital market participation. These product innovations together with the demographic trends lead to new questions and challenges for life insurance companies and actuaries.
In this web session, we will therefore focus on the retirement phase of old age provision and thereby discuss different product designs currently available.
Organised by the EAA - European Actuarial Academy GmbH.
The online training is suited for actuaries who are directly or indirectly involved in issues related to developing or controlling life insurance products with a focus on the retirement phase. Hence, actuaries working in the fields of product development, risk management, marketing, supervision, and audit can benefit from this seminar. For this web session, the participants require no deep prior understanding of retirement phase products or modelling of longevity risk.
Technical RequirementsPlease check with your IT department if your firewall and computer settings support web session participation (the programme GotoTraining/GotoWebinar is used for the web session). Please also make sure that you are joining the web session with a stable internet connection.
Purpose and Nature
Dr Stefan GrafStefan Graf is senior consultant at the Institut für Finanz- und Aktuarwissenschaften, Ulm Germany. The main focus of his work is on the development and design of unit-linked life insurance products with guarantees with special interest in product comparison methodologies.He graduated from Ulm University (diploma in Mathematics and Economics) in 2008 and completed his dissertation on “Risk-Return Profiles for Retirement Planning” in 2013. He is a member of the German Association of Insurance and Financial Mathematics (DGVFM) and of the German Actuarial Association (DAV) where he is a member of the working group “consumer protection”.
Dr Alexander KlingAlexander Kling is partner and senior consultant at the Institut für Finanz- und Aktuarwissenschaften, Ulm Germany. The main focus of his work is on the development and design of innovative life insurance products. He graduated from University of Wisconsin, Milwaukee (MSc. in Mathematics) in 2002 and from Ulm University (diploma in Mathematics and Economics) in 2003. He has completed his doctoral thesis at Ulm University in 2007 and his habilitation in 2019.Alexander Kling is a member of the German Actuarial Association (DAV), the International Actuarial Association (IAA), the German Association of Insurance and Financial Mathematics (DGVFM), and associated member of the Munich Risk and Insurance Center (MRIC).Besides his consulting work, he is a lecturer at Ludwig-Maximilians-Universität Munich, Ulm University, and the German as well as European Actuarial Academy (DAA and EAA).