Julie Thøgersen receives new international postdoc grant from VILLUM FONDEN
An insurance company has several parameters to decide upon: the premiums in their insurance policies, the product structure (including the deductible), reinsurance to mitigate their risk, investment strategies, dividend payments to stakeholders … And as the insurance industry generates a large amount of data, it is natural to ask: What information can an insurance company obtain from their data and how should they use this information in their decision making processes? In the project “Incorporating information from data into the decision making processes in non-life insurance” financed by VILLUM FONDEN’s ‘International postdoc programme’ we seek to answer these question by considering more specific problems such as: Using machine learning can one obtain better estimates to base decisions upon? Should some of the existing insurance products be reinvented e.g. by letting them depend on data? Or more generally: How can one use data to design customised insurance products? PwC has presented a study (https://www.pwc.com/gx/en/financial-services/assets/fintech-insurance-report.pdf), where they examine how InsurTech (short for insurance technology) is going to affect the insurance business, and the attitude is clear: These types of problems are relevant and are predicted to be a necessary part of a modern insurance company. This project will be an academical contribution in that direction.