The ESE focuses on the development,

dissemination and application of

academic knowledge from an economic

perspective. As an internationally

renowned institute, it contributes

to future economic developments

and responds to issues related to

governmental and business policies.

The ESE relies on the most recent insights in

the discipline. It collaborates with international

partners and has social tasks that are strongly

tied to the unique position of Rotterdam as an

international business hub. The ESE creates

a good working environment that permits

innovative scientifi c practice and puts academic

education at the centre of its activities.

In that light we are excited that we can offer

another programme that is a result of the

collaboration with an international partner:

The Master Class Actuarial Sciences,

powered by Allianz Nederland Groep N.V.

Mas

ter

Cla

ss A

ctua

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cien

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2009

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Profi t or Growth? Companies want both.Is price optimization the answer? Enter the Actuarial World.

Erasmus Flyer MasterClass DEF.indd 2-3 24-11-2009 12:06:34

Why organizing a Master Class Actuarial Sciences?Contacts with the youngest generation

talents are of great importance for an

insurance company like the Allianz Nederland

Groep N.V. We have broad experience in

insurance business and are willing to share

our knowledge but we are also searching

for new ideas and insights to stay ahead of

competition. We try to achieve this among

other things by starting discussions with young

talents from the university who are interested

in our professional world.

Starting point and target groupThe Master Class is meant for students who

want to know more about a very interesting

and dynamic discipline: actuarial sciences.

Actuaries are experts in analysing the past,

modelling the future, assessing the risk

involved by using mathematical and statistical

models and communicating what the result

means in financial terms. In the Master Class

the most important aspects of the actuarial

profession will be presented by bringing

together theory and practice.

What are the benefits for you?Students attending the Master Class will get

familiarized with the complexity of the actual

financial world and will be able to understand

this and to form their own opinion. Lectures

will be presented by specialists from the

Allianz Nederland Groep N.V. and interesting

speakers from other leading organisations.

This combination will guarantee quality and

independency of the course. Attending the

Master Class will reward students with a

certificate provided by the Erasmus School

of Economics.

Extra’sA maximum of six students who distinguish

themselves by their participation during

the courses will be offered a personal

development assessment which will be

facilitated by the Allianz Nederland Groep N.V.

A possibility could be that the assessment will

be combined with an internship on a small

project or with the complete master thesis.

Start and durationThe Master Class Actuarial Sciences starts

in January 2010 and lasts until March 2010.

The courses will be taught in English. The

kick-off event will be held in the first week of

December 2009.

Registration/further informationAllianz

Contact: Drs. R.S. Kalloe AAG

Email: suris.kalloe@allianz.nl

Phone: +31 (0)10 - 454 12 48

Website: www.allianz.nl

ESE

Contact: Dr. D. Fok

Email: dfok@ese.eur.nl

Phone: +31 (0)10 - 408 13 33

Website: www.ese.eur.nl

Master Class Actuarial Sciences

Course 1: Use of insurance statisticsThe Dutch Association of Insurers represents the interests of private insurance companies operating in the Netherlands. The Association’s members represent more than 95 percent of the insurance market expressed in terms of gross premium income. Members deliver insurance data to the Centre of Insurance Statistics, a research department of the association. The Centre of Insurance Statistics analyses the market data and provides the members with several reports. In the course the use of this market data for benchmarking, risk identification, public affais and public relations will be illustrated.

Course 2: Claims reserving techniques in non-life insuranceInsurers hold technical reserves on their balance sheets for claims that are not settled yet and for future claims to be reported. Sufficient assets have to be put aside to meet these liabilities. There are different methods to calculate the reserve amount. Stochastic models are nowadays widely used making it possible to calculate the uncertainty around the estimates.

Course 3: Financial Risk ManagementFinancial Risk Management within financial institutions is important given the risks involved and the mitigation possibilities. Risks need to be identified, analysed, reported and managed. Several methods can be used to do this. Risk management policies, clear defined risk appetite and risk governance are some requirements for good risk management.

Description courses

Programme

Course 4: Pricing processActuarial pricing is a key process of an insurance company, because adequately priced products provide competitive advantage and profitable business. The development in information technology has supplied the actuary with extended data sets and a tool box of enhanced statistical and optimization methods. The analytical skills of the actuary are essential to apply these tools in the insurance pricing process.

Course 5: Pricing of non-life insurance in dynamic marketsIn a competition between teams of students, each team gains control of a fictitious car insurance company. Each round we will alternate theoretical aspects of modern pricing (e.g. competitor analysis, GLM) with a game where the purpose is to implement new theories, using this knowledge, in your pricing structure and compete against the market to build a profitable business in a severely competitive market.

Course 6: Media optimizationMarketing plays an important role in bringing insurance products to the customer, especially since insurance is more and more sold directly to the customer. Media optimization is all about maximising the effect of your marketing efforts. The challenge is to quantify the value and the cost of each marketing action and to find the optimal mix of possible marketing actions. The actuary is very well prepared to apply his knowledge of statistical and optimization techniques to this challenge.

- 2 - - 3 -

Course 1:USE OF INSURANCESTATISTICS

Course 2:CLAIMS RESERVINGTECHNIQUES

- WRAP UP / FINAL

- KICK OFF

Course 3:FINANCIAL RISK MANAGEMENT

COURSE NAME

Course 6:MEDIAOPTIMIZATION

Course 5:CASE: PRICING OFNON-LIFE INSURANCEIN DYNAMIC MARKETS

Course 4:PRICING PROCESS

Using insurance data for benchmarking, risk identification, public relations and public affairs.

Actuarial methods used to estimate reserves required in respect of outstanding claims in non-life insurance.

Creating economic value for the company by using financial instruments to manage exposure to risk.

Short description

Maximising the effect of marketing efforts in selling insurance policies.

A competition between teams of students building a profitable business in a competitive market.

The actuarial process of calculation of a price for the risk and associated expenses.

Fred Treur

Suris Kalloe

Ron van het Hof

Ron van het Hof

Johan Voortman

Lecturer

David van Klaveren

Sarah Samantha

Bart KlingJeroen Dalhuisen

David van Klaveren

Arno van Kats

Manager Centre for Insurance Statistics

Manager Actuarial Department

Chief Executive Officer

Chief Executive Officer

Risk Consultant

Position

Actuarial Department

Master student economtrics of Erasmus University Rotterdam

Managing DirectorConsultant

Actuarial Department

Dutch Association of Insurers

Allianz Nederland Groep N.V.

Allianz Nederland Groep N.V.

Allianz Nederland Groep N.V.

Triple A Risk Finance

Company name

Allianz Nederland Groep N.V.

EMB

Allianz Nederland Groep N.V.

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