Use Case
Insurance Pricing
Problem Statement
- An Asian life insurance company wanted to launch an internet insurer in the minimum amount of time
- Because it had not been done in that country before, data was sparse
- There was a need to update pricing models regularly, beginning with no data and slowly improving with each iteration
- Programming resources were limited
Radar Solution
- Sue allowed the Underwriter himself to create a model based only on his expert judgement.
- As time progressed he refined the model using incoming data without interfering with operations or using a programmer.
Metrics Gathered
- Initially no data, only expert judgement.
- Later Sue used Age, Gender, Marital Status, Income Level, Smoker? and weight as variables.
Success and Improvements
- The system performed from day 1
- The expert opinion model deviated from the final model by less than 1% premiums overall
Implementation Timeline
- Ongoing
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