Web session "Non-Life Pricing & Profitability Analysis Using Machine Learning Techniques with R Applications" on 1 and 2 December 2020.
Do you want to learn some advanced actuarial/statistical techniques used in non-life pricing, competition analysis and profitability analysis? Are you looking for an online session which focuses on some practical problems faced by pricing actuaries and product managers and presents some new techniques used in non-life pricing in order to open new perspectives for product development (competition analysis, profitability analysis,...)?
The early bird registration fee for this online session is € 640.00 plus 16 % VAT until 1 October 2020. After this date, the fee for the training is € 790.00 plus 16% VAT.
Non-Life insurance is facing many challenges ranging from fierce competition on the market or evolution in the distribution channel used by the consumers to evolution of the regulatory environment.
Pricing is the central link between solvency, profitability and market shares (volume). Improving pricing practice encompasses several dimensions:
- Technical: is our pricing adequate to cover the underlying cost of risk of my policyholders and the other costs we are facing? Which are the key variables driving the risk? Are they adequately taken into account in our pricing? What's the impact of the claims history of my policyholder on its expected risk? In which segment are we profitable and in which are we not profitable?
- Competition: at what price will we attract the segments that we target and price out those that we do not want? Is the positioning of our competitors influencing our pricing practice and our profitability? What's my position with respect to my competitors in term of pricing? What are the segments in which I am well positioned and the segments where I am not well positioned?
- Elasticity: what price (evolution) are our existing customers prepared to accept? Does the sensitivity to price evolution depend on the profile of my customer?
- Segmentation: is our segmentation granular enough for our purposes?
The participants will be requested to look at 4 e-learning modules (of around 30 minutes each) presenting the basics of machine learning before the web session The access to these e-learning modules will be granted up to the end of the training.
More information is available on the EAA website where you will also find the registration form.