sriteja chavva, gabby ignacio, jazz laosirichon, eva …actuary/casecompetition/2019...sriteja...
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SritejaChavva,GabbyIgnacio,JazzLaosirichon,EvaMars
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AGENDA
Part1 Part2 Part3 Part4IntroducBon Analyzinga
NewRaBngSystem
TacklingKeyBusinessIssues
Conclusion
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GOALS
RecommendRaBngSystem
AMractYoungerCustomers
ImproveRetenBon
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NEWRATERS
Vehicle RateV1 $150V2 $260V3 $370
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Driver FactorMom 0.90Dad 0.95Teenager 2.10
Driver VehicleMom V1Dad V2Teenager V3
DriverAssignmentDriverAveraging
$150×0.90$260×0.95$370×2.10
} $1159Averagedriverrate:(0.90+0.95+2.10)/3=1.32
($150+$260+$370)×1.32=$1030
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WINNERS&LOSERS
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Profile DriverAveraging
DriverAssignment
1 $3.1k $2.9k
2 $3.9k $3.6k
3 $1.1k $1.1k
NoCOMP/COLLforriskiestdriver
Riskiestdriver≠primarydriver
Only1vehicle&driver
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CONSIDERATIONSFORRATERSYSTEM
Policyholdermix
ManipulaBonfromagents/customers
PricefluctuaBonsfromswitch
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GeneralizedLinearModel
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Response
COLLISONCOVERAGE
Method
GLM
Data
VARIABLES
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CONSIDERATIONSFORGLMs
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Countrywide
• Moredata• ProtecBonfromsuddenfluctuaBons
• Simpler
Statewide
• Statelaws• Pointsystem• DrivingcondiBons
• Marketshare
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GLMOUTPUTISSUES
Driverpoints
• Indicatedfactor(1point>2points)
Driverexperience
• Minimaldifference
Goodstudent
• Needstoberecategorized
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ADJUSTMENTS
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Modelyear
Combinecategories
Drivingexperience
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ADDITIONALVARIABLESTOCONSIDER
Lowstandarderror
Vehicleuse MulBpolicy
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RETENTION
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Accidentforgiveness FullpaydiscountPersistencywithcompany
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YOUNGCUSTOMERS
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ReferralprogramMobileapp
GoodStudent
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SHORTCOMINGS
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ì Notgivenpolicyholderdatatomakeconcretebusinessdecisions
ì Morevariables
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