EAA Forum: Managing Risk and Capital in a Volatile World: Business Simulation Game
The economic view on a company has become more and more important over the last couple of years. Many job opportunities arose for actuaries with the increasing need for economic valuation of assets and liabilities and value-based management. Executives use the concept of economic capital to enhance the management of their company.
Therefore, the European Actuarial Academy offers the worlds’ leading Business Simulation Game for the insurance industry that covers various aspects of risk and capital management in a volatile business environment. To give participants a holistic view of their companies, this virtual programme will focus on both sides of the balance sheet.
Risk needs to either be mitigated or supported by capital. All risk management solutions have a cost. You need to have a clear method of assessing the costs and benefits of each possible risk management approach and choose the combination that best meets your objectives. Being a sponsor of this programme, Swiss Re is highly experienced in working with insurers around the world to help through this assessment and to enable their clients to optimise capital efficiency.
The course, led by the executive coaches Ina Noll from Swiss Re and Prof. Dr. Tobias Thomas, will be based on an interactive management simulation developed by TOPSIM and Swiss Re. For altogether five days, you will take the challenging role of an executive board, managing an insurance company under the existing Solvency II regime.
Course learning goals (after attending all sessions)
• Establish a corporate strategy and construct a business plan to implement that strategy
• Analyse the business portfolio and develop an underwriting plan to maximise underwriting profitability
• Construct an investment portfolio that balances risk and return and forms a coherent asset liability matching approach
• Develop a solvency framework which recognizes the different risk drivers within an insurance company and use this to set and manage risk constraints
• Evaluate different capacity options and implement a capital management plan to optimize capital efficiency
• Explain the contribution reinsurance plays within an effective capital management strategy and how it compares with alternative capital sources.
• Work within a team to develop an effective decision-making process that enables you to analyse results, identify key areas to address and construct effective action plans
Organised by the EAA – European Actuarial Academy GmbH in cooperation with Swiss Re and TOPSIM.