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WEB SESSION

26 Jun 2023

Price Walking, Demand Modeling & Price Elasticity

Price walking, demand modeling and price elasticity between theory, regulation and practice

In recent years, a lot of progress has been made in predictive modeling in theory and practice. This leads in particular to stronger technical models in pricing, but related issues such as demand modeling are also receiving more and more attention.

First and foremost from the regulatory side: so-called price walking, which is characterized by the targeted setting of different prices for new and existing customers in order to exploit different price elasticities, has been banned by the British FCA and is under consultation with EIOPA.

That is only one reason to look at demand and price elasticity from an actuarial perspective. In doing so, we will distinguish between different modeling approaches, solve extrapolation problems and fundamentally think about inference from observed data to derive price elasticity. Precisely because this price elasticity is an effect of second order, which cannot be considered without the offered price and the base demand, which also needs to be estimated, approaching the problem with a traditional regression mindset will not work.

Finally, we will make the concepts discussed above concrete and explore various possible applications in a hands-on case study.

Organised by the EAA – European Actuarial Academy GmbH.

Participants

Participants are not expected to have worked on Quotation or Price elasticity topics before, but do need some background around the standard actuarial model classes of GLMs and GAMs. No coding skills are required.

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 that you are joining the web session with a stable internet connection.

Purpose and Nature

Customer segmentation is further increasing and the consideration of price elasticities will become a standard practice for pricing actuaries. This session will present basic concepts and challenges, to endow actuaries with the fundamentals to approach the peculiarities of demand modelling.

Language

The language of the web session will be English.

Lecturers

Jan Küthe
Jan is an Actuary (DAV) from Germany and works at Akur8 as an Actuarial Data Scientist to help insurance companies unlock the potentials of twenty-first century pricing methods. Before that he has been working in a global Actuarial Consultancy for three years. He holds a Master degree in Mathematics from the University of Bonn and is an avid reader of the books of Anna Seghers and Dietmar Dath.
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