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EAA Newsletter
Stay Updated with our Latest Web
Sessions
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Welcome to the latest edition of our newsletter! In this issue,
we're thrilled to unveil our recently released EAA web sessions, a
comprehensive collection tailored for actuaries:
- Assets and Liabilities Management Part
1: Introduction,
- Explainable AI for Actuaries: Concepts,
Techniques, and Case Studies,
- Discrimination-Free Pricing: of Limits
& Possibilities,
- Assets and Liabilities Management Part
2: Advanced,
- Introduction to Natural Catastrophe
Modelling,
- Communication for Actuaries and
- Emerging Risks: Statistical Analysis and
Scenario Building.
We invite you to seize the opportunity to enrich your knowledge
by participating in these upcoming web sessions. Be sure to keep an
eye on our continually expanding lineup for 2024.
Dive into the content, and stay informed with EAA!
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Web Session 'Assets and Liabilities Management (Part 1:
Introduction)'
on 16-18 September 2024
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For an insurance company, ensuring the proper coordination
between assets and liabilities in order to achieve targeted
financial objectives is of paramount interest. A strategy used to
reach such objectives is "asset and liability management" (ALM in
short). ALM can therefore be viewed as any ongoing process that
defines, implements, and monitors financial strategies to manage
assets and liabilities together.
In recent years, the modelling tools used in ALM strategies have
become increasingly sophisticated and the technical aspects of
current insurance regulation have increased. As a result, some ALM
aspects have become more and more difficult to understand and
master.
The aim of this training is to
- Define what ALM is and describe the
typical missions of an ALM department in an insurance company
- Present the financial risks on which ALM
classically focus as well as the requirements of the Solvency II
regulation for insurance companies
- Describe the essential quantitative ALM
tools and methods used by insurance companies to evaluate and
mitigate the risks
- Illustrate the different concepts
through numerical examples and case studies to make it practical
and not just theoretical
This is the first of two ALM trainings. The second training
'Assets and Liabilities Management (Part 2: Advanced)' on 14-16
October 2024 must be booked separately (see below). The
participants can follow a single part or both.
further details
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Web Session 'Explainable AI for Actuaries: Concepts,
Techniques, and Case Studies'
on 19/20 September 2024
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The increasing use of artificial intelligence (AI) and machine
learning (ML) in the insurance industry in general and in actuarial
issues in particular presents both opportunities and risks.
Acceptance of complex methods requires, among other things, a
degree of transparency and explainability of the underlying models
and the decisions based on them.
By the end of this web session, participants will leave with a
toolkit of explainability techniques, an in-depth understanding of
model interpretability, and the ability to use XAI approaches in
practical actuarial applications.
Participants will also understand mathematical principles behind
key XAI techniques, evaluate the strengths and limitations of XAI
methods, run a machine learning workflow that incorporates XAI
techniques, and analyse and interpret results in the context of
actuarial cases.
further details
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Web Session 'Discrimination-Free Pricing: of Limits
& Possibilities'
on 8 October 2024
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Not only upcoming regulation plays a role - fairness of
treatment lies at the core of insurance in the first place. In the
age of Machine Learning and Artificial Intelligence, analysis and,
potentially, remedy, of direct and indirect discrimination in
insurance decision making - most notably pricing - has become a
more pronounced problem due to increased public interest. But in
stark contrast to, say, chatbots or personal assistance systems,
there are structural aspects preventing companies from creating and
maintaining products that are comprehensively fair in all the
relevant facets.
The purpose of this session is to introduce relevant concepts of
pricing and discrimination therein as well as an overview of
discrimination-reducing concepts from the literature. We will then
draft some toy models, including generation of synthetic data with
particular properties. Afterward, we will review limits and
possibilities toward enabling (some kind of) less-discriminatory
pricing.
further details
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Web Session 'Assets and Liabilities Management (Part 2:
Advanced)'
on 14-16 October 2024
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The second part of 'Assets and Liabilities Management' is
more advanced and intended for those wishing to gain
more in-depth expertise on the topics. It includes some
mathematical technicity, but nothing that goes further than a solid
high school level.
This is the second of two ALM trainings. The first training
'Assets and Liabilities Management (Part 1: Introduction)' on 16-18
September 2024 must be booked separately (see above). The
participants can follow a single part or both.
further details
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Web Session 'Introduction to Natural Catastrophe
Modelling'
on 17 October 2024
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Natural Catastrophe Models are a key ingredient for the
assessment of Nat Cat risk. Questions like "What losses do we
expect from catastrophic events on average?" and "What losses do we
need to expect in the worst case?" are becoming more and more
relevant, in particular considering climate change. Natural
Catastrophe Models try to answer these questions in a statistical
sense, and have for many years now become an important tool for the
assessment of (re-)insurance contracts. In this web session, we
will give a basic introduction to Nat Cat Modelling and its
applications.
During this web session, the basic components of a Nat Cat model
will be explained: Exposure data, the hazard, vulnerabilities, and
the financial model. Additionally, sources of uncertainty will be
discussed together with methods for quantification. After the first
part, we will build our own simple Nat Cat model in a hands-on case
study. Lastly, we will look in more detail at the results a model
can produce and how to use them for pricing in the reinsurance
context.
further details
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Web Session 'Communication for
Actuaries'
on 28-31 October 2024
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This course is tailor-made for actuaries and the situations that
you encounter. It is an interactive training course that ensures
that the theory is immediately applied through various exercises
(e.g. exchanges in small groups, role-plays, discussions) that
relate to terms or situations of your day-to-day work.
The course is designed to give you a solid foundation on the topic
of communication and to practice what you learn so you can use the
gained knowledge and confidence in areas that are relevant for your
work. The last day offers you the opportunity to make a short
presentation specific to your work for which you will be given
individual feedback. At the end of the course, you will know
exactly how to tackle your next communication challenge.
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The overall 12-hour course covers specific topics like:
- Communication patterns/models, types of
behavior/learning
- Verbal, non-verbal and written
communication skills
- Virtual communication
- Presentation (as if "on stage" and "on
screen") skills
- Discussion & Negotiation
The communication topics 9.1.1. to 9.1.8. of the AAE Core
Syllabus are sufficiently to fully covered within this
course.
further details
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Web Session 'Emerging Risks: Statistical Analysis and
Scenario Building'
on 6/7 November 2024
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In a context of widespread instability, the actuarial analysis
of emerging risks takes on particular importance to facilitate the
adaptation of insurance to these profound changes. Whether it be
old risks with poorly anticipated consequences (such as the
epidemiological risk, as demonstrated by the recent Covid-19
crisis, whose consequences can significantly exceed purely
healthcare boundaries), risks undergoing strong and worrying
evolution (such as climate risk), or more recent risks (such as
cyber risk), the task of actuaries is particularly delicate. The
lack of data is notably a hindrance to a rigorous approach to these
important questions. This session aims to lay the groundwork for a
scientific approach to this problem and to introduce some tools for
discussing the insurability of these new risks.
This session will notably have two main angles. Firstly, it will
raise the question of data, their quality, and the necessary
reliance on expert judgment, crucial for risks where experience is
limited. Bayesian analysis notably allows for this integration, but
does not exempt from a critical examination of the quality of
expert data, and we will thus present some methods to attempt to
evaluate it.
Secondly, we will examine the shift from a "historical data"
approach to a "scenario-based" approach. Because while the notion
of scenario allows for anticipating situations never encountered
before, their design must adhere to scientific standards to avoid
being purely speculative.
A simplified illustration of these issues will be provided during
the training. An R notebook will allow participants to follow and
adapt the implementation without needing an in-depth knowledge of
the software.
further details
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Further Trainings in 2024
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21 March 2024
SII-Review: From Commission's Request to an
Adapted Framework
further details
22 March 2024
Data Science for
Executives
further details
10-16 April 2024
Understanding the Performance of an Insurance
Company: An Introduction
further details
12 Apr 2024
IFRS 17: Special Issues with Reinsurance
Contracts
further details
18-20 April 2024 in Vienna
Actuarial Data Science -
Basic
further details
30 Apr 2024
Climate Risk Stress Testing for Physical Risk
from Natural Hazards
further details
6 May 2024
Emerging Risks
further details
14 May 2024
EAA e-Conference on Data Science & Data
Ethics
further details
... and a lot more! Explore our website for more
information.
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