Are you interested in developing advanced modelling techniques, working with one of the industry’s leading actuarial modelling software PROPHET? Would you like to understand how insurance and financial services companies use goal-seeking functionalities within PROPHET to achieve desired profitability and carry out advanced model office work?
By enabling you to develop your knowledge and confidence in using various advanced features of PROPHET and the Data Conversion System, this module will help you to solve deeper actuarial problems and to connect theoretical concepts with hands-on learning.
Learning advanced PROPHET modelling gives you a competitive advantage in your career and equips you with a modelling skill set that is an invaluable asset in today’s job market.
PC lab workshops and lectures 32
Solving a set of actuarial problems using PROPHET, in person (approximately 1 hour) worth 50%.
Solving a set of actuarial problems using PROPHET, in person (approximately 1 hour) worth 50%.
Reassessment Method: Like-for-like
Composite form of reassessment for failed components – practical competency.
On successfully completing the module, students will be able to:
1) Systematically apply the Example Model Office functionalities within PROPHET to critically analyse the liability cashflows for multiple insurance products
2) Critically analyse the impact of changing the model point, parameter and global files on the combined total business cashflows of the insurance company
3) Demonstrate critical awareness and nuanced understanding of how insurance companies can utilise the goal-seek functionalities within PROPHET to achieve required profitability
4) Critically evaluate the results of various PROPHET cashflow projections including making reasonableness checks
5) Demonstrate advanced techniques in using the Data Conversion System to produce and validate new business model points.
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