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Speaker(s): Jochen Wieland (The Boston Consulting Group GmbH), Mauro Piccinini (Boston Consulting Gourp)
Life insurance companies in Germany face a challenging market environment and find themselves under pressure of high guarantees that they sold to their clients in the past. Managing the in-force book has therefore become art and science of the actuarial practice, a field where actuaries play a pivotal role - from analysis of the value potential, to selection of strategic options and levers, to operationalization and steering.
In our talk, we want to show a comprehensive framework for in-force management and discuss the role, which actuaries can and should play. It will be discussed what information and data management is needed, what criteria and metrics should be applied to decide in order to optimize value and risk based management.
The framework will describe - and give practical example of - in-force levers impacting profitability and risk capital. It takes a broad set of measures reaching from intelligent management of surplus participation to lean process structures to be successful in this challenge. New methods, like smart analytics in customer management, robotics in IT and process optimizations, and innovative risk transfer solutions in financial management, enable deeper exploration and better use of in-force management options.