Given the pace of change in many areas of the insurance sector and the complex financial markets, this year’s summer school aims to discuss the trends and challenges that the industry is facing. New techniques for managing risks are available and solutions are to be found as well in the life and non-life insurance areas. A knowledge of the drivers of change, the potential implications and the solutions from both the technical and the managerial perspectives becomes crucial for modern actuaries.
In a first part we will make a tour d’horizon of the most important societal trends and derive the relevant consequences for the insurance industry. More specifically the changing customer needs, the integrated (and quantitative) management of distribution channels and marketing initiatives as well as advances in claims management will be in the focus. One block session will analyze innovation issues under the light of the rising Fintech-industry.
Modern risk management and risk transfer tightly includes capital market solutions. A large part of the school will be dedicated to insurance-linked securities building on state-of-the-art knowledge, among others, in the areas of cat bonds, mortality/longevity-linked securities and life settlements. Given the current low-interest rate environment and the updated regulatory/solvency requirements, life insurance and old-age provisions are facing particularly important challenges. The future of life insurance and alternative products are debated. What is the customer willingness to pay for certain options and guarantees? What is the influence of regulation? Following on the idea of innovation and the new possibilities of digitization, new pricing methods in life and non-life insurance are discussed. Finally, old-age and long term care solutions become important in an aging society. One session will develop on the derivation of dependency tables.
Over the course of the week, the speakers will cover a selection of the most important topics for actuaries. The contents builds on the most recent academic research and industry experience.