Individual Parametric Insurance Product Design
Date of Award
Spring 2021
Degree Name
Bachelor of Science
Department
Computer Science & Mathematics; College of Arts & Sciences
First Advisor
Weihong Ni
Abstract
This report presents a design of a parametric insurance product for individual consumers in two neighboring countries Ambernϊa and Palȍmϊnϊa. Unlike traditional insurance, this product issues a predetermined payout to a policyholder when a pre-agreed event has been triggered. By conducting analyses on given health data in the countries, we first projected individual losses and calculated premiums according to gender, age and risk factor information. Then we defined triggering events and modeled the payout scheme for our product. Comprehensive strategies are also provided for marketing and risk mitigation.
Recommended Citation
Huang, Hao; Kong, Youyuan; Walsh, Jacob; Wang, Zixue; and Zhang, Shengxi, "Individual Parametric Insurance Product Design" (2021). Capstone Showcase. 1.
https://scholarworks.arcadia.edu/showcase/2021/comp_sci_math/1
Individual Parametric Insurance Product Design
This report presents a design of a parametric insurance product for individual consumers in two neighboring countries Ambernϊa and Palȍmϊnϊa. Unlike traditional insurance, this product issues a predetermined payout to a policyholder when a pre-agreed event has been triggered. By conducting analyses on given health data in the countries, we first projected individual losses and calculated premiums according to gender, age and risk factor information. Then we defined triggering events and modeled the payout scheme for our product. Comprehensive strategies are also provided for marketing and risk mitigation.