Course in Actuarial Frequency and Severity Models
Online 300-hour course in actuarial frequency and severity models. 6 modules covering Directive 2009/138/EC (Solvency II), Delegated Regulation (EU) 2015/35 and R (fitdistrplus, actuar). Assigned tutor and open enrolment.
Course in Actuarial Frequency and Severity Models — studying from Ireland
Ireland is an established international hub for insurance, reinsurance and captive insurance, with Dublin hosting a large concentration of insurers, brokers and actuarial functions. The Central Bank of Ireland regulates insurance undertakings and the sector's solvency and conduct requirements. Engineers and analysts in this area work on risk modelling, catastrophe analysis, pricing and data-driven underwriting, often combining technical, statistical and regulatory expertise. Professional qualifications and standards are maintained by the Society of Actuaries in Ireland and related bodies.
Fees for Ireland: €743 (Euro), with instalments and employer sponsorship available.
Relevant bodies in Ireland
Typical roles
Questions from Ireland
Which professional bodies in Ireland relate to this area, and is this qualification recognised by them?
In Ireland, actuarial work is associated with the Society of Actuaries in Ireland, and risk and data professionals may also look to bodies such as the Institute of Banking. SEIUM's qualifications are private and not accredited by any national body, so they do not confer membership or exemptions from these bodies. Confirm any exemption policies directly with the relevant institute before enrolling.
How is training like this typically viewed by employers in Ireland's insurance and risk sector?
Insurers and financial firms in Ireland generally value recognised professional qualifications most highly. A private online qualification is judged on its content and on your demonstrated skills, including your final project. Employers decide whether it is relevant to a given role, so it is best used to support existing experience rather than as a standalone credential.
What is the practical workload and language requirement for studying this online?
Programmes are taught entirely in English and delivered 100% online, so you can study from anywhere in Ireland or abroad. Workload depends on the programme length: specialist courses are 300 hours, postgraduate diplomas 800 hours and master's programmes 1,900 hours. Each student has an assigned technical tutor, and fees can be paid in instalments.
Take the controls.
Run a real engineering trade-off from this field. Move the sliders, watch the model react in real time and beat the challenge.
What you will be able to do
Build the technical tariff from raw portfolio data.
Adjust experience for inflation, development and exposure.
Model frequency with generalised linear models.
Model severity and handle large claims.
Assess the effect of deductibles, limits and layers.
Move from risk premium to commercial premium.
Prepare a complete tariff for a real case.
Who it's for
- Pricing actuary wishing to specialise in Actuarial Frequency and Severity Models.
- Pricing analyst wishing to specialise in Actuarial Frequency and Severity Models.
- Non-life technical actuary wishing to specialise in Actuarial Frequency and Severity Models.
- Underwriting analyst wishing to specialise in Actuarial Frequency and Severity Models.
- Actuarial consultant wishing to specialise in Actuarial Frequency and Severity Models.
- Product actuary wishing to specialise in Actuarial Frequency and Severity Models.
- Graduates in engineering or sciences seeking to join insurance companies.
What you'll work with
- Directive 2009/138/EC (Solvency II)
- Delegated Regulation (EU) 2015/35
- ISAP 1 (International Standard of Actuarial Practice)
- Directive 2004/113/EC (equal treatment in goods and services)
- Law 50/1980 on Insurance Contracts
- Law 20/2015 (LOSSEAR)
- IFRS 17
6 modules · 300 h
1.1Complete pricing process and its stages1.2Experience period and selection criterion1.3Exposure: policy-years, vehicle-years and exposed units1.4Claims by date of occurrence and by date of notification1.5Cleansing of the experience base1.6Large claims: identification and separate treatment1.7Catastrophic claims and specific loading1.8Expenses and their allocation to the tariff1.9Tariff objectives and business constraints1.10Workshop: preparing the experience base
2.1Development of claims to ultimate value2.2Frequency and average cost trend2.3Claims inflation and revaluation to the current level2.4Premium on-levelling to the current tariff level2.5Changes in cover, deductible and limits2.6Changes in portfolio mix2.7Effect of legal and scale changes2.8Credibility of experience by segment2.9Combination with industry experience2.10Practice: adjusted and on-levelled experience
3.1Count distributions and their choice3.2Estimation and goodness-of-fit testing3.3Overdispersion and heterogeneity3.4Frequency by cover and by segment3.5Partial exposure and short-term policies3.6Zero frequency and low-claims portfolios3.7Seasonality and trend3.8Graphical frequency diagnostics3.9Credibility applied to frequency3.10Practice: frequency adjustment by segment
4.1Amount distributions and tail behaviour4.2Fitting with deductible-truncated data4.3Fitting with limit-censored data4.4Separation of large claims and mixture distributions4.5Severity trend by band of amount4.6Severity by cover: property and bodily injury4.7Graphical checks and selection criteria4.8Effect of inflation on the tail4.9Aggregate severity per claim with several victims4.10Practice: severity fitting with deductible and limit
5.1Effect of a deductible on frequency and severity5.2Deductible pricing and elimination factors5.3Increased limit factors5.4Pricing excess layers5.5Expected loss in a layer and its uncertainty5.6Coinsurance and policyholder participation5.7Interaction between aggregate and per-claim deductibles5.8Pricing covers with sub-limits5.9Consistency checks between covers5.10Practice: pricing three deductible structures
6.1Pure premium, expense loadings and margin6.2Safety loading and its justification6.3Target rate and sufficiency analysis6.4Commercial impact of the tariff change6.5Monitoring the tariff in production6.6Actuarial documentation of the calculation6.7Independent review and supervisor requirements6.8Automation and reproducibility of the calculation6.9Common errors in technical pricing6.10Final project: complete technical tariff for a product
How you'll learn
100 % online training on the SEIUM campus, with downloadable material, recorded classes and an assigned technical tutor. There are no fixed timetables: students progress at their own pace within the intake, which makes it compatible with work.
Each module combines theory, guided reading of the original standard and applied exercises. The working software is R (fitdistrplus, actuar), Python (statsmodels), SAS, WTW Emblem, advanced Excel, in free, academic or evaluation versions. Case studies cover real GLM fitting procedures for Poisson and gamma models, handling of large claims and truncation, and premium calculation with deductibles and limits. Assessment is continuous per module, plus the final integrating project.
Build it end to end
Your final project follows the real engineering workflow, step by step, reviewed by your tutor.
Build the technical tariff from raw portfolio data.
Adjust experience for inflation, development and exposure.
Model frequency with generalised linear models.
Model severity and handle large claims.
Assess the effect of deductibles, limits and layers.
Where this takes you
Requirements
- No prior degree is required.
- Internet connection and a computer capable of running the programme's software.
- Sufficient Spanish to follow technical regulatory reading.
Ready to start?
Send your application today. Our admissions team replies within 72 hours with your study plan and funding options.
Frequently asked questions
The programme totals 300 hours spread over 3 to 5 months. That is between 10 and 15 hours per week on average, compatible with a full-time job.
You will work with R (fitdistrplus, actuar), Python (statsmodels), SAS, WTW Emblem and advanced Excel. Free, academic or evaluation versions are used, and the tutor indicates the open-source alternative where one exists.
A SEIUM own diploma upon passing the continuous assessment and the integrating project. It is in-house training, not an official Ministry qualification.
Yes. Modules passed in a course or postgraduate diploma in the same area are credited towards the higher programme. Check the credit transfer policy when you enrol.
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