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Articles
  • Modeling Policyholder Behavior through Insurance Resonant Marts for Pricing Options and Guarantees   [CET 2015]
  • Author(s)
  • Michael Ha
  • ABSTRACT
  • The competition in the insurance industry is extremely fierce. Insurance companies are under tremendous pressure to retain and increase their customer base, to offer services at attractive rates and provide returns competitive with mutual funds, equities and banks, to achieve profitability across various lines of insurance, to comply with statutory norms etc. Despite having the best of breeds, such as accountants, actuaries[1], lawyers, underwriters, IT experts, consultants, etc., many insurance companies face severe problems to cope with and survive under such pressures. Insurance companies are now striving towards creating innovative products that can match the expectation of the customers with respect to investment returns and risk coverage at competitive rates, which is a very challenging task. Also it is very important to measure the expectations of the customers keeping in mind that those customers are already owners of other financial products. Pricing always follows the expectations and without proper data support, Model risk is imminent. Even if a product is correctly priced, without understanding the behavior of the policyholder towards various financial products will lead to heavy lapses[1]. The authors describe a new framework called UIRDM Approach (Unified Insurance Resonant Data Mart) for the insurance companies wherein this approach stresses the need to think beyond the insurance boundaries.
  • KEYWORDS
  • Modeling Policyholder Behavior, Insurance Resonant Marts, Pricing Options, Guarantees
  • References

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