COURSE OBJECTIVES

In this course, you will learn to:

• Gain a broad understanding of the ways in which risk management and product development are connected, such as how a well-designed product manages and exploits certain risks to ensure solvency and profitability.
• Learn about the actuarial function, and how actuaries contribute to both risk management and product development.
• Describe the various risks that life insurers face, and the strategies that insurers use to manage those risks.
• Describe the product development cycle, from product planning to product launch and post-launch activities.
• Demonstrate how insurers use the time value of money concept to calculate how much return can be expected from an investment, or how much capital is necessary to reach an investment goal.
• Describe the use of mortality tables and assumptions in product development, and explain how insurers incorporate operating expenses into technical product design.
• Learn about the basic structure of life insurance and annuity products, and describe how to calculate factors such as the cost of benefits for a product.

COURSE FORMAT

Course portals include the following elements:

• All the assigned study materials needed for the course
• Interactive practice questions and sample exams
• Recommended study plans to help you set goals and manage your study schedule
• Additional media and features to help in the study and review process

EXAM FORMAT

Study materials for this course are delivered via the online course portal, which also includes enrollment in one of the exam options for the course:

• Timed, self-proctored end-of-module exams available through the course portal. Learners complete a short online exam at the end of each course module. The total number of questions across all end-of-module exams is 60.
• Proctored end-of-course I*STAR exam. The time limit for the proctored exam is 2 hours and the exam includes 60 questions. Proctored examinations are available as computerized/I*STAR exams at a LOMA member organization.
• The course content is the same regardless of the testing option chosen.

STUDY MATERIALS

• Risk Management and Product Development for Life Insurance Companies, (LOMA, 2021)
• ISBN 978-1-57974-463-2
• LOMA’s e-books include text-based content with interactive and multi-media features. Practice and review questions, videos, and other interactive features are integrated in the e-book content. This creates a more dynamic, engaging way to learn important topics.
• The content downloaded to the e-reader will be available indefinitely. Features that are accessible only through the course portal (sample exam, end-of-module exams, etc.) will no longer be available after the 6-month enrollment period.

TOPICS:

• Introduction to Risk Management and the Actuarial Function
• Solvency Standards and Risks Life Insurers Manage
• Risk Management Strategies
• Financial Modeling in Risk Management and Product Design
• New Product Considerations, Planning, and Analysis
• Technical Product Design, Product Introduction, and Product Monitoring
• Investment Earnings and Technical Product Design
• Mortality Tables and Assumptions
• Operating Expenses and Policyholder Behavior in Technical Product Design
• Life Insurance Technical Product Design