(Hansjörg Albrecher) - Welcome, Overview of the European Actuarial Journal and its Mission

(Christian Furrer) - In this talk, I clarify potential deficiencies of classic credibility theory for group health and disability insurance. I suggest an empirical Bayes and multivariate frailty approach to experience rating in multi-state models. Careful analyses of the structure of the likelihood leads to certain simple benchmark models. A numerical example using simulated data illustrates the pros and cons of the suggested approach. Finally, I briefly discuss extension to dependent group e↵ects. Throughout the focus is on the disability model; general results may be found in Furrer (2019).