This module is not currently running in 2024 to 2025.
This module builds on the knowledge of the use of PROPHET introduced to students in MACT9500 – PROPHET 1. Outline syllabus includes: using Example Model Office to perform and check the results (for reasonableness) on Model Office runs using multiple products and the total business summary file including when changes have been made to the assumptions to the global file; using the Model Office run view to analyse the effect that changes to the input data has had on the model; running Model Office with products from the Example Model Office and creating reports on model office runs summarising the results obtained; using PROPHET "goal seek" capability to find a premium rate that achieves a desired level of profitability for a new business model point; using PROPHET "goal seek" capability to find a premium rate that achieves a desired level of profitability for a new business model point using 3 further measures of profitability (Internal Rate of Return, Break Even Month and Profit Margin); using the PROPHET Data Conversion System to read an input file in ASCII format to i) perform a number of calculations on the individual policy data and then produce output files for use by PROPHET system, ii) add validation checks and correction rules to the programme and iii) group the data so that grouped model point file rather than individual model point file data is produced.
Total contact hours: 36
Private study hours: 114
Total study hours: 150
Main assessment methods
PROPHET 2 - Test 1 Computer based test 60 minutes 50%
PROPHET 2 - 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 high level skills in specific actuarial software and information technology (e.g. PROPHET).
2 understand advanced principles of specific actuarial mathematics techniques.
The intended generic learning outcomes. On successfully completing the module students will be able to:
1 solve actuarial problems using appropriate computer techniques and demonstrate skills using appropriate information technology.
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