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Tariff revision proposal for third-party liability coverage of motor insurance
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Orientador(es)
Resumo(s)
Num mercado tão competitivo como o atual, as seguradoras tornam uma das suas prioridades, oferecer o melhor preço para os seus produtos, sem nunca comprometerem a sua estratégia de negócio. Devido à competitividade existente, é recorrente ser necessário rever a tarifa aplicada de modo a captar as últimas tendências do mercado, o que requer uma revisão da tarifa técnica, seguidos de ajustes na tarifa comercial, de maneira a garantir um crescimento sustentável para a companhia.
Este relatório descreve como este processo é conduzido para a cobertura de responsabilidade civil, uma das coberturas obrigatórias do pacote base de um seguro automóvel. O objetivo principal é realizar ajustes no prémio utilizado nas tarifas praticadas pela Liberty Seguros®. O projeto inicia-se com a construção e limpeza de uma base de dados real, seguido de um estudo do modelo técnico, que recorre a modelos lineares generalizados para estimar, separadamente, a frequência e severidade das apólices, utilizando a experiência dos últimos cinco anos. Os valores estimados são utilizados para calcular o burning cost estimado, que é posteriormente comparado com o burning cost real com o intuito de averiguar a forma como os valores reais seguem a tendência dada pelos valores estimados.
Após analisar estes comportamentos, realizaram-se ajustes na tarifa comercial, aumentando e ou diminuindo os valores dos prémios de acordo com a informação fornecida pelas tabelas de elasticidade e pelos gráficos de estimated loss ratio, frequência e severidade. No final obteve-se uma proposta de ajuste de tarifa que garante um aumento no volume de prémios e apólices enquanto se atinge o Loss Ratio pré-definido.
In today’s increasingly competitive market, insurance companies constantly strive to offer the best prices for their products without jeopardising their business strategy. Due to this competitive pressure, companies often perform tariff revisions as a way of grasping the latest dynamics of the market. This process requires a revision of the technical tariff, followed by adjustments to the commercial tariff to allow for sustainable growth. The scope of this report presents how this process is conducted for the third-party liability coverage, one of the mandatory coverages of the base package of motor insurance product. The main goal is to perform price adjustments using an actual tariff application performed by Liberty Seguros®. It starts from the construction and cleaning of a data base, followed by a study of the technical tariff, which resorts to generalized linear models that separately estimate the frequency and severity for our policies, according to the last five years’ experience data. The estimated values are used to compute the burning cost, which is later plotted against the actual burning cost, to have a general idea of how well the actual values follow the estimation’s tendency. After confirming the compliance with estimations’ tendencies, using elasticity tables and the commercial model, a tariff adjustment is performed, increasing and decreasing the premium values, according to the information provided by the elasticity tables, the estimated loss ratio, frequency and severity plots. A final proposal is then attained, allowing for a gain in premium and policies’ volume while reaching a previously set target loss ratio.
In today’s increasingly competitive market, insurance companies constantly strive to offer the best prices for their products without jeopardising their business strategy. Due to this competitive pressure, companies often perform tariff revisions as a way of grasping the latest dynamics of the market. This process requires a revision of the technical tariff, followed by adjustments to the commercial tariff to allow for sustainable growth. The scope of this report presents how this process is conducted for the third-party liability coverage, one of the mandatory coverages of the base package of motor insurance product. The main goal is to perform price adjustments using an actual tariff application performed by Liberty Seguros®. It starts from the construction and cleaning of a data base, followed by a study of the technical tariff, which resorts to generalized linear models that separately estimate the frequency and severity for our policies, according to the last five years’ experience data. The estimated values are used to compute the burning cost, which is later plotted against the actual burning cost, to have a general idea of how well the actual values follow the estimation’s tendency. After confirming the compliance with estimations’ tendencies, using elasticity tables and the commercial model, a tariff adjustment is performed, increasing and decreasing the premium values, according to the information provided by the elasticity tables, the estimated loss ratio, frequency and severity plots. A final proposal is then attained, allowing for a gain in premium and policies’ volume while reaching a previously set target loss ratio.
Descrição
Mestrado Bolonha em Actuarial Science
Palavras-chave
Responsabilidade civil Seguro automóvel Revisão de tarifa GLM Burning cost Loss ratio Third-party liability Motor insurance Tariff revision
Contexto Educativo
Citação
Luz, Mariana Rodrigues da Cunha Semedo da (2021). “Tariff revision proposal for third-party liability coverage of motor insurance”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão