The disability portfolio is a major part of the non-life portfolio of NN. It consists of both Individual disability (AOV) and Group Income products (WIA). Most of these products are sensitive to inflation. In general the inflation component in the products is linked to wage inflation or a combination of wage and price inflation (capped at a minimum and/or maximum percentage). Currently the European HICP (price inflation) or a flat rate is used to predict future inflation. The mismatch between the modelled and the actual inflation however has increased. Especially since the recently acquired VIVAT portfolio is largely exposed to wage inflation instead of price inflation. NN Non-life aims to improve the modelling of inflation in the disability products. The assignment is therefore to analyse how the expected future inflation in our products can be better modelled, i.e. as the European HICP plus a spread or otherwise. The assignment can be extended with the impact of the new inflation model on the required capital.
The internship allowance for this internship is WO € 600,- gross based on a 36-hour working week.
Your impact as Intern inflation modelling at NN
Inflation modelling is very relevant for the disability portfolios of NN. Relevance has further increased after the acquisition of the VIVAT portfolio. A solid and practical solution is likely to be implemented.
Improve the methodology of the inflation modelling for the disability products. Possibly extend the scope with the impact of the new inflation model on the required capital.
Who you are
You are a Master student Actuarial Science, Econometrics or Mathematic with good communication skills.
The Actuarial Function (AFH) team exists of five team members and a manager. The team is divers in both age and gender. We work hard but we also value work-life balance.
The AFH team of NN Non-life is part of the Risk department. Part of the tasks of AFH is to assure that technical provisions are calculated correctly and that underlying methods and assumptions are adequate. The assignment will also be carried out in close cooperation with the actuarial departments of Movir (AOV) and NN (Group Income). In case the assignment is extended with the impact of the new inflation model on the required capital, the Financial Risk Management team may be involved.
It is important to us that you continue to develop yourself. We give you the space and the confidence to grow in your career as well as a person. We help you with:
We help people care for what matters most to them. The world in which we live may change, but what really matters to people remains the same. Family, friends, love, health, home and of course work. You help to make our services more personal and relevant. As an organisation we can really make a difference with all our brands: Nationale-Nederlanden, NN Investment Partners, ABN AMRO Verzekeringen, Movir, AZL, BeFrank, Zicht and OHRA.
Because of coronavirus, all NN colleagues are currently working from home fully digitally. It is currently not yet clear when we can return to the office. The official location for this job is The Hague.
Will you be our new colleague?
If you are enthusiastic about this vacancy and think that you would be a good fit for the team at NN, we would like to invite you to apply. We are very keen to find out who you are, what motivates you and what you can contribute to this role at NN.
NN Group is an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. Our roots lie in the Netherlands, with a rich history that stretches back 175 years.
With our 15,000 employees, NN provides retirement services, pensions, insurance, investments and banking to approximately 18 million customers. NN Group includes Nationale-Nederlanden, NN, NN Investment Partners, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA.
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