13/14 Mar 2014 in Zagreb
Non-Life Pricing: Practical Implementation of Modern Techniques
Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Hrvatsko Aktuarsko Drustvo.
Non-Life insurance is facing a lot of challenges ranging from fierce competition on the market or evolution in the distribution channel used by the consumers to evolution of the regulatory environment (Solvency II, IFRS,…).
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?- Competition: at what price will we attract the segments that we target and price out those that we don’t want? Is the positioning of our competitors influencing our pricing practice?- Elasticity: what (new) price are our existing customers prepared to accept?- Segmentation: is our segmentation granular enough for our purposes?
The aim of this seminar is to present the actuarial/statistical techniques used in non-life pricing.
Purpose and Nature
The seminar will alternate between methodological concepts, practical examples and case studies in order to ensure a comprehensive understanding of the techniques.
Participants will have the opportunity to apply in the R software concepts they will have learned in the theoretical sessions, using fictitious data. They will adjust GLM models, understand how results should be interpreted, perform statistical (significance) tests,… Examples will be provided for standard lines of business (e.g. MTPL and Fire).
On the basis of a realistic database, the participants will have to propose an appropriate pricing structure taking into account the characteristics of the portfolio and possibly marketing constraints
SAMUEL MAHY (Reacfin)Samuel graduated as a Civil Engineer in Applied Mathematics with an additional minor in Economy and also holds a Master in Actuarial Sciences. He is a qualified actuary of the Institute of Actuaries in Belgium (IA|BE) and involved in the Reinsurance and Non-Life Workgroup of the IA|BE. He is the Head of the Non-Life Center of Excellence at Reacfin. Samuel has been active 5 years in the reinsurance sector where he was involved in reinsurance pricing model developments. At the same time he was also the main responsible of the UK market portfolio profitability follow-up. Samuel joined Reacfin in June 2010 as a specialist in Non-Life Insurance and Reinsurance and he has acquired a sound knowledge of Solvency 2 frameworks (Non-Life, Health). As a senior consultant, he is involved in various missions as in the modelling, implementation and validation of pillar I deliverables (standard approach and (Partial) Internal models), reinsurance optimization, model documentation, non-life pricing model development for several lines of business…
XAVIER MARÉCHAL (Reacfin)Xavier is founder and CEO of Reacfin. As the Head of the Innovation & Quality department he also leads the Centers of Excellence at Reacfin. Xavier is also 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: Civil Engineer in Applied Mathematics, MSc. Actuarial Sciences and MSc. Management. Xavier is a qualified actuary of the Institute of Actuaries in Belgium (IA|BE) and Member of the Non-Life workgroup of the IA|BE. Xavier has extensive experience in the actuarial field obtained during his 10 years as a senior consultant and now as a principal for many national and multinational insurance companies. He has gained a complementary experience in various fields going from Non-Life ratemaking and provisioning to life modeling and ALM. After several years of intensive modeling activities in life, non-life and ALM, Xavier works now as reviewer and mentor for consultants. He has also performed several validation assignments and holds the actuarial function for a health insurance company.
Venue & Accommodation
The seminar will take place at the hotel
ARCOTEL Allegra ZagrebBranimirova 2910000 Zagreb, Croatiawww.arcotelhotels.com/en/allegra
We have arranged special prices for accommodation. A single room costs 90 € per night, including breakfast and VAT, excl. city tax (1 € per person and night). This price is valid for bookings out of our allotment “EAA Seminar” until 13 February 2014. Please book your accommodation directly with the hotel. Kindly book early, as our allotment includes a limited number of rooms, and note the hotels’ cancellation policy.