4 Month Certificate Program on Risk Management and Product Pricing (Actuarial Perspective)

In today’s business environment, companies need to become more resilient to deal with rising uncertainties in turbulent business environment. This created a need for new products by businesses regularly. Insurance companies, brokers, and consulting companies though, want to understand the new business requirements and offer their clients an appropriate product but there is a dearth of experts who can design such products. Actuaries are professionals equipped with mathematical skills to solve problems, can resolve such problems but there are limited qualified actuaries . In the paucity of time to deliver a new customized product to the client, while completing actuarial calculations, the understanding of product pricing has become need of hour for professionals working in insurance companies, 
reinsurance companies, retrocession insurance companies, or IT companies. This 4-month course on Risk Management and product pricing will be suitable for actuarial students, professionals working on actuarial projects, and consulting companies, in the insurance, banking and financial industry. The aspirants of the actuarial profession and students can also apply. The course will be taught by the faculty of MDI Gurgaon and actuarial faculty recommended by Institute of Actuaries of India (IAI).

Objective

This MDP program will focus on challenges confronted by firms in product pricing from risk management and actuarial 
perspective. Over four months program, you’ll investigate real-world case studies and gain valuable insights from industry 
experts along with academics. The working project under the guidance of an actuary would provide pragmatic knowledge of how to design and price new products in the insurance business from the field. The program will attempt to cover almost all the important subjects in product pricing related to insurance. 
• To illustrate the actuarial imperative of product pricing and sensitize the participants to deliver better in VUCA world. 
• To construct an understanding of the data 
• To discuss the value of Enterprise Risk Management 
• To understand case studies and the application of risk management in a product pricing context 
• Formulate an implementation program of risk management and product pricing from an actuarial perspective

Contents

• Enterprise Risk Management: Concept and Case Studies  
• ORSA and Allocation of Capital  
• Three Lines of Defense Model and Risk Culture  
• Risk management and Product Pricing  
• Foundation of Actuarial Theory and Practice  
• Product Pricing Process  
• Implementation of Product Pricing Project 
• Advanced topics in Product Pricing

Pedagogy

The methodology of the program will be highly interactive and will involve a mix of lectures, Group Discussions, case 
discussions, audio-video, and self-assessment through psychometric questionnaires with feedback. As this is a specialised 
topic, lectures will be taken by experts. The classes will be held online followed by three days of immersion at the MDI Gurgaon 
campus. 

Who Should Attend?

1. Executives of insurance brokers, reinsurance broking firms, insurance companies and reinsurance companies
2. Middle-level managers and executives responsible for providing product pricing
3. Business consultants and consultancy firms looking to better advise clients and offer new products
4. Risk management and business continuity specialists 5. Actuarial students who want to build expertise

Classes, Certification, Venue and Duration

The programme is scheduled from 29 October 2023 online (two classes scheduled on every Sundays + 3 days immersion) till 25 February 2024. On every Sunday's 2-sessions of 90 minutes, will be conducted online. In case, there is a scheduled holiday on Sunday for example Diwali and New Year, the classes will be held on Saturdays. Three-day immersion is scheduled on a residential basis at MDI Gurgaon Campus, Mehrauli Road, Sukhrali, Gurugram. MDI Gurgaon will conduct 3-Days Residential Immersion Programme for the participants at the end. Accommodation for participants would be available at MDI Gurgaon Campus from noon of February 21, 2024, to the forenoon of February 25, 2024. A “Certificate” will be issued to the participants on successful completion of the training programme which would be followed by a dinner.

Registration & Fees: Blended

Participants should be nominated by their organizations. The enclosed nomination form should be completed and returned with all the details. The fee of the program is Rs. 1,25,000/- (One lakh Twenty-Five Thousand Only) per participant which includes a professional fee and all charges for lodging and boarding and supply of course materials. GST as applicable will be charged extra in addition to the programme fee. Payment should be made by Cheque/NEFT/RTGS. 

Payment Terms 
MDI Gurgaon shall raise an invoice for payment of 100% Programme Fee on commencement of the programme. The 
programme fee is to be paid to MDI Gurgaon within 30 days from the date of invoice.