Acturial Analysis with Risk Updating: Case Study of Insurance Premium Calculation for Mechanical Vehicles
Zixin Li,
Xin Tang,
Anna Wu
et al.
Abstract:This paper introduces an innovative approach to premium calculation in actuarial science by incorporating the concept of risk updating. Traditional methods rely on static data and assumptions, but with advancements in data collection and statistical techniques, there is an opportunity to redefine premiums based on continuously gathered client information. The objective of this research is to develop a dynamic framework for premium calculation that adapts to changes in individual risk profiles. By leveraging cl… Show more
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