EAA Web Session: "Non-Life Pricing Using Statistical Techniques with R Applications"

Einleitung/Dauer

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 aim of this web session is to present some advanced actuarial/statistical techniques used in non-life pricing or underwriting. The web session focuses on selected practical problems faced by pricing actuaries and product managers.

Vorgehensweise und Ziele

The web session will alternate between methodological concepts, practical examples shown by trainers and case studies performed by participants in order to ensure a comprehensive understanding of the techniques presented. The case studies will be performed by the participants with the R software.

Teilnehmer

The web session is developed for non-life actuaries or statisticians but also for managers working in product development or risk management departments. There is no strong prerequisite, but participants should ideally have basic knowledge of non-life pricing and R to participate in this web session. Attendees are encouraged to use a laptop computer with R installed as well as some useful packages (all the information will be provided after subscription). A basic knowledge of the R software is useful.

Technical Requirements
Please check with your IT department if your firewall and computer settings support web session participation (the programme Zoom will be used for this online training). Please also make sure to join the web session with a stable internet connection.

Dozierende

Abdouraman Bakari (Reacfin)
Abdouraman has been a consultant at Reacfin since January 2019 and is an active member of the Non-Life Center of Excellence. Prior to this, he spent over 10 years as an Assistant Lecturer in Physics at the University. He holds two Master’s degrees: one in Actuarial Sciences (Summa Cum Laude) and another in Data Science (with honours) from the Université Catholique de Louvain. Abdouraman also completed a PhD in Atomic Physics after earning both a Master’s in Molecular Physics and a Master’s in Atomic Physics. As a Senior Consultant, Abdouraman contributes to various projects, including pricing for Worker’s Compensation, Corporate Property Fire and Property Engineering, as well as reserving (Economic view of claims computation in Worker’s Compensation, IBNR, ...). Additionally, he plays a pivotal role in enhancing and automating processes such as closing, BE calculation, and risk management for some insurance companies. As a data Scientist, he has recently joined Reacfin's training team, specializing in Non-Life Pricing, leveraging Machine Learning and Statistical Techniques to drive innovation in the field.

Xavier Maréchal (Reacfin)
Xavier is founder and CEO of Reacfin. Xavier is one of the co-authors of “Actuarial Modeling of Claim Counts: Risk Classification, Credibility and Bonus-Malus Systems” (Wiley, 2007). Xavier has obtained different academic degrees as Master in Engineering (Applied Mathematics), MSc. Actuarial Sciences and MSc. Management. Xavier is a qualified actuary of the Institute of Actuaries in Belgium (IA|BE). Xavier has extensive experience in the actuarial field obtained during his 18 years as a principal consultant for many national and multinational insurance companies. He has gained a complementary experience in various fields going from Non-Life ratemaking and provisioning to health modeling and ALM. After several years of intensive modeling activities in health, non-life and ALM, Xavier works now as reviewer and mentor for consultants. He performed several validation assignments and holds the actuarial function for a health insurance company.

Olivier Soupart (Reacfin)
Olivier is Manager at Reacfin. He holds a MSc. in Engineering and a MSc. in Actuarial Sciences with Cum Laude from the University of Louvain-La-Neuve (UCL). He is Qualified Actuary of the Institute of Actuaries of Belgium (IA|BE) and a certified Base Programmer for SAS. After a first career in banking as a senior IT engineer, he became an actuary and has acquired sound knowledge of IFRS17 and Solvency 2 frameworks (Non-Life, Health SLT). As a Consultant and an in-house Actuary, he worked on various fields such as insurance modelling, non-life reserving, product management and pricing.

Julie Zians (Reacfin)
Julie is a Senior Manager at Reacfin. Julie holds a BSc. Mathematics from the University of Liège (ULg) and a MSc. Actuarial Sciences from the University of Louvain (UCL). She is a qualified actuary of the Institute of Actuaries in Belgium (IA|BE). Julie is a certified Programmer in SAS from the SAS institute and further programs regularly in R or Visual Basic. After a six months internship at Reacfin in 2011, she joined the firm in 2012. She is a member of the Non-Life Center of Excellence and has performed several projects in Non-Life Insurance (pricing and capital modelling) but also in Health Insurance.

Sprache/Kurztitel

The language of the web session will be English.