SA 2 复习笔记

[Mengkelyu]

整理了SA2的复习笔记给大家使用。
SA2.docx
之后会出一个更加精简的导引。

这里说一些怎样Expand Ideas的技巧

• Key word + expand to a sentence + example + explanation relevant to the question. (what are the possible causes and what are the possible results)
  一般每个答题点都可以写一个关键词加解释，加举例。可以写这个点的可能原因和可能结果。一些非常明显的结果都可以。比如：新保单增加，可能带来利润的上升，但是可能会带来New business Strain, higher capital requirement。初期费用升高可能从而带来Liquidity risk，从而带来融资问题等等。
• Use “assumption” to expand the idea.
  可以对一些题目中没有提及的条件做一些假设。比如，如果这家公司是Mutual Company，那么什么什么可以成立。比如，当提到股市下跌，我们可能就要对这个公司资产中股票占比做出假设。
• How to tailer to the question: factors in the question + combination of factors in the question.
  如何从问题中的信息来延申答案。
• Relate to new product： little data / little experience to measure risk  such risk will be perceived as high / additional model risk (the use of inadequate models/judgement when valuing the assets ) / higher expense for training sales staff / higher cost to illustrate, higher risk of mis-selling / unknown potential target market / provide diversification from the other products (also apply to new channels etc)
  一旦题目中提到了新产品，或者在老产品基础上开发了新的产品形态，马上就要想到以下几点：
  没有数据，没有经验来衡量风险。在这样的情况下，我们就会认为这种风险不确定性很高，且有额外的模型风险（模型可能不够准确，或者包含一些不准确的判断）。
  新产品意味着更高的费用来训练新的销售人员，意味着需要更多的成本来和客户沟通，这就意味着有更高的Mis-selling风险。
  新的Target market也不确定，意味着未来的客户人群可能和假设不相同。
  新的产品可以给公司分散原本有的风险。
• Analyze risk: can see if the risk can be passed on to customers. If the reduction is through with-profits business, the impact is likely to be smoothed.
  分析风险：看我们可不可以和客户分担风险。
• Expense element of any type of contract should be matched by real assets such as equities or index-linked gilts.
• When analyzing the market movement, can mention there could also have impact on other market elements (stock market  interest; etc)
• Risks easy to be neglected: Counterparty default risk. Spread risk (for corporate bonds) Compliance risk Operational Risk.
  一些经常被忘记提到的风险：Counterparty default risk. Spread risk. Compliance risk Operational Risk.
• Changes in product design / environment / target market although the company may have anticipated this and reflected in its pricing, it may have mis-estimated the extent as they have less reliable data.
  当产品设计，环境和Target market有变化的时候，要想到公司可能已经预计到这种变化的发生并且已经把它在Pricing中体现了出来，但是因为保险公司没有足够数据，可能会出现一些估计错误。
• Some unexpected event happens。 whether this is one-off or will this become a trend? Need to look at whether this is due to temporary reason. So looking at trends is necessary.
  如果一些没有预计到的事情发生时，可以提及要评估这个是一次性事件还是会成为一种趋势。
• How to assess for small companies / larger companies? small companies  risks less diversified. More need for reinsurance
  当小公司被提到的时候，可以提到风险分散性更低，更需要再保险。
• If the loss is not borne by policyholders, they are borne by shareholders.
  可以提及不pass on风险或损失给客户的时候，其实实际上是shareholder承担了这部分损失。

[Mengkelyu]

SA2.docx
版本02