Ateneo - UPO

The Course provides an in-depth knowledge of highly topical managerial issues at insurance companies. In particular, it addresses: the management impacts of the IFRS 17 for the recognition, measurement, presentation and disclosure of insurance contracts; the methodological profile of the Risk Appetite Framework and the management of the interest rate risk; the analysis and evaluation of insurance products, also dedicating a focus to the ESG framework.

The instructors will provide articles, working papers and reports in order to deepen specific course topics by the course official web page at the following link: https://www.dir.uniupo.it/course/view.php?id=18693. The login to the web page requires a password; please contact the instructors to get it.

1.Knowledge and understanding. Students will acquire the knowledges needed to understand: the aim, the operating principle and the impacts of IFRS 17 on the key performance indicators and the financial management of both life and non-life insurance companies; the regulatory and methodological profiles of the Risk Appetite Framework and the operational issues related to the management of the interest rate risk.
2. Applying knowledge and understanding. At the end of the course students will be able to: apply the main methods required by IFSR 17; apply the models and the techniques aiming at managing the interest rate risk; apply the methods and criteria aiming at measuring the economic features of different insurance products.
3. Making judgements. Properly assess the impact of IFSR 17 on the financial management of insurance companies; properly evaluate the interest rate exposure of an insurance company and its impact on the company’s own funds; properly assess the contribution of different insurance products to the creation of value.
4. Communication skills: the students will acquire the ability to use the technical language used by professionals in the field at issue. The knowledge of the most important information sources will make them able to better support their arguments.
5. Learning skills: Students will learn about the main information and bibliographic sources, the main websites (financial markets, regulators, study centers) and the main publicly available databases. They and they will develop the ability to interpret the technical aspects of insurance problems and to identify the most appropriate tools for solving them.

The Course is an extension of the teaching “Insurance Mod. 1” (EC0503).

1. Knowledge and understanding: traditional face-to-face lessons and self-study based on teaching materials.
2. Applying knowledge and understanding: exercises carried-out by the teacher during the course and exercises based on previous written exams carried-out by the students (homework based on materials published on the course’s webpage).
3. Making judgments: students will be stimulated to make a judgemets on relevant cases, also through assignments and presentations.
4. Communication skills: the meaning of the terms used by professionals in the field of insurance will be adequately explained.
5. Learning skills: every topic will be discussed beginning from the illustration of the problem and then analyzing the various possible solutions.

You are advised to consult the Teaching page on DIR (https://www.dir.uniupo.it/course/view.php?id=18693).
Female students and students with disabilities or Specific Learning Disorders (SAD) or Special Educational Needs (BES) can request specific services and tools dedicated to them by contacting the Career Development and Coordination Staff and Student Services and consulting the dedicated page of the University website: https://uniupo. en/en/servizi/servizi-studentisidisabili-e-dsa Students with disabilities, DSA, BES, once they have made contact with the University Staff, can contact the teacher in charge of the teaching in relation to the declination of the examination modalities, regarding the teaching aspects.

One compulsory written exam consisting of open questions (closed books and closed notes), covering the whole course syllabus and including exercises.

1. knowledge and understanding: by written open questions.
2. applying knowledge and understanding: through exercises.
3. making judgements: by written open questions.
4. communication skills: by written open questions.
5. learning skills: by a mid-term exam during the course.

IFRS 17 ISSUES – Management Impacts
 Description of the operating mechanisms of the principle, purposes and main methodologies
 Examples of accounting representation
 The effects of the principle on management KPIs in the Life and Non-Life sectors
 The effects of the principle on asset management
 Illustration of examples and practical cases

RISK ISSUES – The Risk Appetite Framework and Risk Management
 Regulatory references of the Risk Appetite Framework
 Methodological profiles of the Risk Appetite Framework
 Illustration of examples
 Management of interest rate risk, SCR interest, own funds
 Practical examples

PRODUCT AND ESG ISSUES
 The value for money, regulatory references
 Methodological aspects
 Illustration of practical examples
 The ESG framework in insurance companies, analysis and regulatory references
CASE STUDIES
 Case studies on specific issues will be discussed in a plenary session.

Through a written test, students are asked to demonstrate:
KNOWLEDGE:
- know the management issues and impacts of IFRS 17;
- know the regulatory references and methodological profiles of the Risk Appetite Framework and risk management criteria and tools;
- know the value-for-money methodology and the implications of ESG parameters for insurance companies;
SKILLS
- to know how to interpret the technical and managerial features of IFRS 17;
- know how to interpret the implications of the Risk Appetite Framework in risk management;
- to know how to analyze and evaluate the main management margins of insurance products;
- know how to interpret the managerial implications of the ESG environment;
TRANSVERSAL SKILLS
- Being able to make connections between the topics covered;
- be able to present a clear and well-structured set of considerations relevant to the issues of IFRS 17, the Risk Appetite Framework, and insurance products including with reference to ESG implications;
- know the domestic and international terminology commonly used by insurance professionals;
- be able to read, understand, and comment on technical material from books, manuals, or other sources.