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- Insurance pricing models involve finding the optimum premium to charge, balancing losses, affordability, and competitiveness1. One statistical method used is Generalised Linear Model (GLM) pricing, which predicts expected claim costs based on risk factors2. Pricing actuaries rely on predictive models to estimate risk3.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Insurance pricing is all about finding the optimum premium to charge – not too low to avoid losses, not too high to remain affordable and competitive. The premium must cover claims payouts, expenses, and profits. Even small improvements in pricing accuracy and competitiveness can significantly impact an insurer‘s bottom line and market share.expertbeacon.com/insurance-pricing/GLM pricing, or Generalised Linear Model pricing, is a statistical method used in the insurance industry to determine the pricing of insurance policies. It involves using generalised linear models to analyse and predict the expected cost of claims based on various risk factors associated with the insured entities.proactuary.com/resources/glm-pricing/When a customer applies for a policy, the insurance company provides a customized premium that reflects the customer’s risk, the risk that s/he will file claim (s), and more specifically, how much those claims will cost during the policy coverage time frame. To estimate this risk, pricing actuaries rely on predictive models.www.datarobot.com/blog/how-ai-and-machine-lear…
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