Your main responsibilities, role and tasks:
The background of the intern should show strong quantitative skills and a demonstrated interest in software development.
The internship will involve a 5-9-month period in the department, the duration can be adjusted to availability of the intern. There he/she will be trained in the products, risk measurement techniques, participate in the reporting process and have a role in some of the change projects. The work during the later period of the internship can be discussed depending on ability and preferences.
During the projects the intern is expected to develop tooling in VBA and/or C#, participate in and document reporting processes, research product profitability or estimate actuarial models based on empirical data.
The intern is expected to demonstrate a steep learning curve of the models and processes within the department, work under deadlines, understand and respect hierarchy and make concrete contributions on various projects.
We are looking for
A master student in financial economics, econometrics or engineering with a strong programming and financial economics component, or a M.Sc. in computer-science with courses in financial mathematics or financial economics.
- Nov 1st
- Dec 1st
- Feb 1st 2018
The Pricing & Product Hedging (P&PH) department is responsible for the tariffs of all products within NN LifePensions as well as the hedging of interest rate guarantees in our Defined Benefit products. Within Pensions 5 target products are identified, Comfort Pensioen (an average pay DB product including profit sharing), Bewust Pensioen (a hybrid DC scheme), Essentie Pensioen (a pure DC scheme for corporate clients), DIP (Direct Ingaand Pensioen, for DC clients converting their accumulated capital into an annuity) and Buy-outs (where defined benefit liabilities are transferred from a liquidating pension fund to NN Life).
The department is organized along three main pillars, each with a separate manager:
- Product and client related: Product Design & Tariffs (PD&T) and Commercial & Business Support (C&BS)
- Actuarial and market risks: Actuarial risk pricing & hedging and expenses, Market risk pricing & hedging
- Hedge reporting and Quantitative Development (QD)
The product and client related teams are involved in product development and client deals / issues. They work closely together with Product Management and Commercial departments as well as Risk and Finance. The actuarial and market risk teams are involved in the research and development of best-estimate model on the actuarial side and the modelling and hedging of market risks in the guarantee portfolios under P&PH responsibility. The hedge reporting team maintains a process to produce daily exposure calculations on the interest rate guarantees, the weekly hedge P&L report and assists in the implementation of new hedge instruments or hedge strategies. These reports are the main risk management tool for the large risks managed by P&PH and are distributed to Risk, Finance and senior NN management. The QD team is responsible for the implementation of all pricing and hedging models with P&PH and has recently started a project to migrate all existing tooling into a central software library.
The department has been re-organized as per the above structure in 2014 and is currently undergoing and implementing changes. There are many interesting projects taking place, e.g. product development of DIP and a new form of profit sharing, tariff differentiation, large buy-out deals, implementation of a new hedge program and migration of tooling to a central library among others.
We offer you
During the internship the intern will receive on the job training from senior team members and regular (bi-weekly / monthly) feedback on performance from the team manager. Furthermore the intern can participate in technical training sessions ("Permanente Educatie") organised within NN Life or by NN Group on various topics.
• Internship allowance (University 600€)
• 36-40 hours work week
• Travelling compensation
Note that applications via e-mail and third party applications are not taken into consideration. Next to a resume a motivation letter is required.
For more information about the application you can contact the Internship Office (Stagebureau) by phone: 070-5134629 of by e-mail: firstname.lastname@example.org.
Within two weeks you will receive a response to your application.