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Actuary Internship Life

KBC | Leuven | Permanent, Fixed-term, Part-time or full-time

This internship is specifically meant for students (1st or 2nd master in Insurances or Financial and Actuarial Engineering).


This position is situated within the Life & Health Product Policy & Management Department in the Life Insurance Actuarial Services support division, which is charged with monitoring the return, risk and capital charge of Life and Health Insurances within KBC Insurance and proactively improving all this through:

  • providing actuarial support
  • for projects, statutory amendments, ad hoc  requests
  • for management systems and EUC calculation  tools
  • accounting tasks with actuarial links (profit sharing, ageing reserves, flashing light for    reserves)
  • using cash flow models to conduct studies on premiums and carry out   valuations
  • being a discussion partner for ALM policy and risk   management
  • monitoring reinsurance

Possible traineeship assignments

  • Premium rate setting for certain Life, Death or Health products
  • Providing actuarial support for group insurance  schemes
  • Contributing to the preparations for Solvency  II
  • establishing parameter studies
  • modelling specific product terms and conditions for Life, Death and Health  Insurance


Are you convinced that you want to join our team? Register your candidature via the ‘apply’ button on this webpage. We friendly ask you to write an one-page motivational letter in English and to give us also an indication from which date you are available to start with the internship and when you plan to graduate. We will consider your application and give you soon feedback.


Actuary Internship Life

Job description

1. Actuarial support for Life &  Health

  • Support for actuarial calculations related  to
  • Group insurance
  • Classic and Modern individual  insurance
  • Health   insurance within the framework of
  • ad hoc requests from clients, advisers or internal  employees
  • annual actuarial cost price calculations for large group insurance   schemes
  • statutory amendments
  • projects with actuarial  elements
  • Support for actuarial calculations in management  systems
  • comprehensive support for Biomibis and customised systems (analysis and   testing)
  • limited support for other management systems (TP_PO, TP_PL, TP_SA, Alis,   etc.)
  • Support for the development of EUC calculation tools for calculations which are not in the standard management systems (e.g., exotic formulas in group insurance schemes, quotation tool for high capital policies, etc.)

2. Accounting tasks

In principle, the accounting tasks are assigned to financial reporting, but the following tasks have such an actuarial content that these have been assigned to Life Insurance Actuarial   Services:

  • Monthly calculation of
  • the mathematical reserves for the classical group portfolios in Biomibis and customised    systems
  • flashing light for reserves
  • ageing reserves
  • profit sharing
  • Determining policy concerning flashing light for reserves, ageing reserves and profit   sharing
  • Quarterly valuation of the group insurance schemes for the KBC subsidiaries, according to IAS19 standards

3. Cash flow projections of the Life and Health Insurance   liabilities

Life Insurance Actuarial Services is responsible for making cash flow projections for the liabilities of Life and Health Insurance products which are then used for various purposes (e.g., return calculations, ALM management, Solvency II capital calculations, etc.). In order to generate cash flow projections, Life Insurance Actuarial Services undertakes the following  tasks:

  • Developing models for generating cash flow projections in various software (Prophet or VBA in Excel or Access)
  • Determining non-economic parameters (e.g., estimates of future mortality, maturities, rehabilitation chances, etc.) as input for the projection  models
  • Supporting ICT and EUC when defining policy data as input for these   models

4. Monitoring the economic performance of Life and Health  Insurance

Life Insurance Actuarial Services is responsible for monitoring the economic performance of Life and Health Insurance products. It does  this:

  • at portfolio level through calculation  of
  • Life Insurance embedded  value
  • Health insurance commercial  results
  • at product level
  • by setting premiums when a new product is  launched
  • by reviewing premiums when products are  changed
  • periodically for new policies in the past  period

This expertise is occasionally also used to value an external portfolio or another insurance company.

5. Monitoring risk associated with Life and Health Insurance  products

The product risks translate to the necessary capital charge for which the Life Insurance Actuarial Services undertakes the following  tasks:

  • Solvency I
  • Providing input for the policy to optimise this  capital
  • Solvency II
  • Making cash flow projections for calculating the technical insurance   risks
  • Analysing Solvency II capital for Life and Health products together with local risk management in Belgium
  • Providing input for the policy to optimise this  capital
  • Economic capital
  • Contributing to the methodology to determine this capital with KBC Group Risk    Management
  • Monitoring the results and relevant  policy

6. ALM

The income and risks arising from investing Life Insurance assets form a key component of the Life Insurance results. The first-line responsibility for this lies with the Insurance ALM Department, but in Life Insurance Actuarial Services:

  • we devise cash flow profiles for the liabilities as input for asset   management
  • we are discussion partner for ALM policy

7. Reinsurance

Reinsurance within Life and Health Insurance is limited to high death benefits and high interest rates in guaranteed income. The first-line responsibility for this lies with the Reinsurance Department, but Life Insurance Actuarial Services undertakes the following  tasks:

  • Drawing up the annual statements for the  reinsurer
  • Contributing to the reinsurance drafts with the Reinsurance   Department

8. Advisory role

Life Insurance Actuarial Services has an advisory role towards management, product management, etc. regarding all actuarial facets of Life and Health Insurance products. In order to fulfil this advisory role, it is essential that the actuaries have up-to-date knowledge of all these aspects. This requires that they:

  • monitor legislation, NBB notices and circulars, Assuralia opinions,   etc.
  • actively participate in internal forums where these aspects are   discussed
  • actively participate in Assuralia working groups, IA/BE, external seminars, etc. to acquire sector knowledge
  • actively share knowledge with the KBC subsidiaries in Central Europe


From a technical point of view,

  • You are currently a student (1st or 2nd master in Insurances or Financial and Actuarial Engineering).
  • Knowledge of Dutch is required
  • You have strong written and oral communication skills in English.

From a personal point of view,

  • You are a team player, but can focus on individual assignments independently when necessary.
  • You are dynamic, creative and show initiative.
  • You have strong analytical skills allowing you to dig into a lot of information quickly and formulate relevant messages in an easy-to-understand, structured way.
  • You are well organized and structured in your tasks, setting ambitious goals for yourself and respecting deadlines.
  • You are eager to learn but also to share knowledge. You have a drive to continuously extend your knowledge.

More info

If you still have questions about the content of the internship, contact the recruiter:
Be sure to go through the Frequently Asked Questions of other ‘Creators’. You can also find out there how to monitor the status of your application

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    • Function type: Actuary
    • Sector: Finances and insurance
    • Leuven (location)
    • All jobs at KBC


    • Master (University or Higher Education Long Type)


    • Permanent
    • Fixed-term
    • Part-time or full-time

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