This module gives students practical experience of working with the financial actuarial model, PROPHET, which is used by commercial companies worldwide primarily for profit testing, valuation and model office work. Outline syllabus includes: overview of the uses and applications of PROPHET; introduction on how to use the software package (including security implications); using Example Profit Test to perform and check the results (for reasonableness) on new business profit tests on various products using the edit facility on the model point file, parameter file and global file; creation of a new product on PROPHET using an empty workspace and selecting the appropriate indicators and variables for that product; setting up a model point file, parameter file and global file for the new product and also setting up a run setting and run structure for this product; performing a profit test for the new product using one in force model point and one new business model point and checking the cash flow results obtained; performing a number of sensitivity tests on a series of new business model points to achieve a given profit criteria; reporting on dependencies in Diagram View; updating the library and product; using the re-scan and regeneration of products facilities.
Total contact hours 36:
Private study hours: 114
Total study hours: 150
100% coursework
PROPHET 1 - Test 1 Computer based test 60 minutes 50%
PROPHET 1 - Test 2 Computer based test 60 minutes 50%
This is primarily a practical module. The majority of the reading will be provided by specific lecture notes.
See the library reading list for this module (Canterbury)
The intended subject specific learning outcomes. On successfully completing the module students will be able to:
1 demonstrate skills in specific actuarial software and information technology (e.g. PROPHET).
2 understand the principles of specific actuarial mathematics techniques.
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