Model building for pricing decision making in an uncertain environment

Fuzzy logic in insurance

“…Using the c-means algorithm, the means and standard deviations as features, and two partitions (c = 2), they arrived at the credibility factor for the data of the fourth area. Krasteva et al (1994), in a study of life insurance sales as a response to price changes, sketched out the essence of a fuzzy regression model applied to the Sshaped response curve…”