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.
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).
Dr Johannes SchuppJohannes Schupp is senior consultant at Institut für Finanz- und Aktuarwissenschaften, Ulm Germany. His main areas of expertise are the development of innovative life insurance products and the application of Data Analytics methods in the insurance context. In addition, he accompanies projects with a focus on the modelling and management of biometric risks, in particular longevity risk.Johannes holds a PhD in actuarial mathematics from Ulm University. He is still an active researcher on topics related to his actuarial work. He is a member of the German Actuarial Association (DAV).