Preview Life Insurance - Actuarial Modeling Pricing & Analysis (LI-AMPA) Certification

Module 1 : Cashflow Projection [Preview Available]

Module Stage

Understanding Models

The Power of Models in Actuarial Science

Use of Models

Decisions Taken By Actuaries

Model Types

Stochastic Model

Actuarial Decisions By Model Type

Constituents of Model

Reasons for Complexity

Process of Modeling

Note

Model Planning

What & Why

Model Decision - Part 1

Decision Consequences

Models are created in collaboration

Assumption, Approximation & Actuarial Judgements

Model Decision-Part 2

Product Features

Specimen Policy 1

Specimen Policy 2

Specimen Policy 3

Specimen Policy 4

Inputs

Sample Inputs

Cashflows

Pre-Decrement Values

Decrements

Decrements Types

Decrements Modeling

Rate Conversion

Basis

Discussion on Basis

Module 1 : Modeling Activity

Specification Document

Mortality Table

Instruction for Students

Step 1 : Model Structure

Part 1

Part 2

Part 3

Part 4

Part 5

Step 2 : Populating the inputs

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Part 7

Part 8

Part 9

Part 10

Mortality Rate Adjustment

Step 3 : Cashflow Projection

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Part 4 : Decrement Modeling

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Part 5 : Best Estimate Cashflows

Part 1

Part 2

Module 2 : Reserving

Module Stage 2

Pre-Reading : Time Value of Money

Pre-Reading : Expected Present Value

About Reserves

Concepts

Need of Reserves

Calculation Methods

Assumptions

Cashflows

Relationship with Profit

Mathematical Reserve

Recursive Calculation

Minimum Reserve Condition

More on Reserve

Relationship with Cashflow

Module 2 : Modeling Activity

Specification Document

Instruction for Students

Populating Assumptions

Part 1

Part 2

Part 3

Cashflow Projection

Part 1

Part 2

Decrement Modeling

Part 1

Reserving Cashflow

Part 1

Calculating Reserves

Part 1

Part 2

Part 3

Surprise

Did you find ?

Corrections

Module 3 : Profit & Solvency

Module Stage

Gross Profit

Increase in Reserve

Investment Income

Interest on income

Profit After Tax

Sum At Risk

Solvency Capital

Profit after Tax and SM

Module 3 - Modeling Activity

Specification Document

Instructions

Implementation in Model

Updating Inputs

Calculation Sheet

Gross Profit : Part 1

Gross Profit : Part 2

Net Profit

Solvency Capital

Profit After Tax & Solvency

Module 4 : Metrics

Module Stage

Overview

Factors - Part 1

Factors - Part 2

Net Present Value

NPV - Reading

Internal Rate of Return

IRR - Reading

IRR Versus

Payback Period & Discounted Payback Period

Pros and Cons

Profit Related Metrics

Modeling Activity 4

Specification Document

Instructions

Step 1 : Calculating EPVs

Part 1

Part 2

Step 2 : Calculating Metrics

Part 1

Part 2

Part 3

Part 4

Module 5 : Complexify the Model

Module Stage

Overview

Making the model complex

Instruction for Students

Modeling Exercise 1

New Features

Specification Document

Overview

Part 1

Part 2

Part 3

Part 4

Modeling Exercise 2

Changing the Assumption Structure

Examples

Specification Document

Part 1

Part 2

Part 3

Part 4

Part 5

Modeling Exercise 3

Factors affecting mortality assumption

Specification Document

Part 1

Part 2

Part 3

Part 4

Modeling Exercise 4

Use Existing Model

Endowment Product

Specification Document

Part 1

Part 2

Part 3

Part 4

Part 5

Modeling Exercise 5

Strategies

Reinsurance Concept

Effects of Reinsurance

Specification Document

Part 1

Part 2

Part 3

Part 4

Part 5

Module 6 : Automation

Module Stage

Extending Model Capabilities

Examples

Other Advantages

Excel vs Licenced

Use case

Methods

Modeling Activity - Module 6

Demonstration

Preparation

Algorithm

Specification Document

Instruction For Students

Step 1

Step 2

Step 3

Step 4.1

Step 4.2

Step 5

Module 7 : Advanced Metrics & Analysis

Module Stage

Metrics & Analysis

New Business Strain

Profit Margin @RDR

Reserve Related Ratios

Contribution

Other Metrics

Graphs, Curves and Charts

Types

Other Analysis

Modeling Activity - Module 7

Specification Document

Instruction For Students

1. Overview

Part 1

Part 2

Part 3

Part 4

Part 5.1

Part 5.2

Part 5.3

Modeling Exercise - Module 7

Modeling Exercise 1

Specification Document

Solution

Modeling Exercise 2

Specification Document

Solution

Bonus Content

Developing Models

Embedded Value

Nature of Actuarial Models

Reinsurance

Assignments (Module 1-7)

Instruction For Students

Assignment 1

Assignment 2

Assignment 3

Assignment 4

Module 8 : Modeling Best Practices

Module Status

General : Part 1

General : Part 2

General : Part 3

General : Part 4

Formulas : Part 1

Formula : Part 2

Design : Part 1

Design : Part 2

Optimization

Governance

Module 9 : Model Validation

Module Status

Errors in the model

How to check

Validating the model

Building Checks in the model

Instruction For Students

Boundary Condition

Instruction For Students

Sense Checks

Sample Checks

Sample Check - Example

Stress Test

Regression Test

Instruction For Students

Summarizing the checks

Individual Checks

Master Checks

Instruction For Students

Modeling Activities : Module 9

Model Validation

Specification Document

Overview

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Boundary Condition

Specification Document

Part 1

Part 2

Part 3

Error Identification

Specification Document

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Part 7

Summarized Checks

Specification Document

Part 1

Part 2

Part 3

Master Check

Module 10 : User Acceptance Testing

Module Status

Model Development Lifecycle

UAT

Testing Plan

Example : Part 1

Example : Part 2

Example : Part 3

UAT - Planning Template

Efficiency

Testing Inputs

Perform Testing : Part 1

Perform Testing : Part 2

Example 1

Template : Example 1

Example 2

Template : Example 2

Example 3

Template : Example 3

Example 4

Template : Example 4

Output

Final UAT Template

Module 11 : Documentation

Module Status

Introduction

Types

Documentation 1

Audit Trail

Significance

Content

Best Practices

Documentation 2

Change Log

Example

Documentation 3

Model Project Report

Comparison

Content

Guidelines

Documentation 4

Model Change Document

Content

Model Change Document - Template

Template - Download

Modeling Activity : Module 11

Specification Document

Part 1

Part 2

Part 3

Audit Trail

Bonus Content On Advanced Modeling

Actuarial Control Cycle

Model Governance Checklist

Model Governance

Model Validation

Assignments

Assignment 1

Assignment 2

Assignment 3

Module 12 : Pricing

Process - Part 1

Process - Part 3

Method - Part 1

Method - Part 2

Method - Part 3

Method - Part 4

Profit Criterion

Goal Seek Function

Derive Premium Using Goal-Seek

Building Model Points

Premium Table

Next Steps

Premium Benchmarking - Part 1

Premium Benchmarking - Part 2

Premium Adjustment

Cross-cell Subsidization - Part 1

Cross-cell Subsidization - Part 2

Modeling Activities & Exercises : Module 12

Building Model Points

Specification Document

Part 1

Part 2

Solution - Download

VBA Functionality

Specification Document

VBA Code - Download

Discussion

Demonstration

Algorithm

Part 1

Part 2

Part 3

Premium Table

Specification Document

Part 1

Part 2

Download

Premium Benchmarking

Specification Document

Data for Download

Part 1

Solution - Download

Module 13 : Portfolio Assumptions

Overview

Volume - Part 1

Volume - Part 2

Volume - Part 3

Volume - Part 4

Volume - Part 5

Policy Mix - Part 1

Policy Mix - Part 2

Significance - Part 1

Significance - Part 2

Significance - Part 3

Module 14 : Financial Projection

Financial Projection

Method

Diagonal Matrix

Example

Benefits

Cross-Multiplication Method

Complexity

Modeling Activity : Module 14

Specification Document

Demonstration

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Part 7

Part 8

Part 9

Module 15 : Analysis

Introduction

Sensitivity Analysis - Part 1

Sensitivity Analysis - Part 2

Sensitivity Analysis - Part 3

Sensitivity Analysis - Part 4

Scenario Analysis - Part 1

Scenario Analysis - Part 2

Scenario Analysis - Part 3

Scenario Analysis - Part 4

Scenario Analysis - Part 5

Stress Testing - Part 1

Stress Testing - Part 2

Stress Testing - Part 3

Difference

Discussion

Modeling Activity - Module 15

Specification Document

Introduction

Part 1

Part 2

Module 16 : Product Design

Remaining Steps

Pricing Report

Pricing Report - Sample

Pilot Testing

Monitoring - Part 1

Monitoring - Part 2

Product Design - Part 1

Product Design - Part 2

Risk Management Strategy

Product Development Process - Part 1

Product Development Process - Part 2

Pricing Control

Components of Premium

Module 17 : Unit-Linked

ULIP Basics : Part 1

ULIP Basics : Part 2

Charges

Working

Variants : By Features

Variants : By Benefit Structure

Variants : Product Category

Comparison with Traditional

Module 18 : Model Building

Building the model

Inputs

Cashflows

Gross Profit

Two Methods

Reserves - Part 1

Reserves - Part 2

Calculations

Modeling Activity - Module 18

Specification Document

Download Assumptions

Overview

Part 1

Part 2

Part 3

Part 4

Part 5

Part 6

Part 7

Part 8

Part 9

Part 10

Part 11

Part 12

Part 13

Part 14

Part 15

Part 16

Part 17

Part 18

Part 19

Module 19 : Complexify the Model

Overview

Modeling Activity

Specification Document

Implementation

Modeling Exercise 1

Specification Document

Solution

Modeling Exercise 2

Specification Document

Solution

Module 20 : Product Design

Process

Comparison

Factors

Choosing a Charging Structure - Part 1

Choosing a Charging Structure - Part 2

Product Design : Example

Risk Management

Module 21 : Pricing

Assumptions

Pricing Process

Profit Criterion

Modeling Activity - Module 21

Next Steps

Specification Document

Demonstration

Part 1

Part 2

Download

Part 3

Download

Part 4

Download

Part 5

Part 6

Part 7

Part 8

Part 9

Part 10

Part 11

Module 22 : Actuarial Basics

Why Modeling is Complex

Life vs General

Model Features

Analysis

Risk Management Process

Assignments

Product Modeling

Feature Modeling

Bonus Content

Reading Material

A glossary of solvency and solvency

Accounting Principles

Audit of Actuarial Assumptions

Actuarial Assumptions

Process of Assumption Setting

Actuarial Standards - Ireland

Adverse Selection and Moral Hazard

Basics of Embedded Value

Embedded Value

Discussion on Assumption Required in EV calculation

Analysis of Movement

Effects of Statutory Valuation Requirements

New Business Premium

Operation of Participating Policies

Types of Reserve Valuations

Process of producing statutory technical provisions

Property and Casualty Products

Risk Discount Rate

Underwriting Cycle

Infographics

Asset Liability Modelling

Stochastic Processes

Macaulay Duration

Modified Duration

Modern Portfolio Theory

Basics of reinsurance

EMR

Measure of Investment Risk

Measures of investment risk

Measure 1

Measure 2

Measure 3

Measure 4

Measure 5

Measure 6

Variable vs Universal

Using Reinsurance

Solvency ii

Stochastic Process

Setting the discount rate

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Preview - Life Insurance - Actuarial Modeling Pricing & Analysis (LI-AMPA) Certification