Offered By: IBM
Modelling and Basic Actuarial Calculation in Insurance
In this guided project you will learn how to build a mathematical model of an insurance company using Risk Process and to do risk and revenue assessment.
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In this guided project you will learn how to build a mathematical model of an insurance company using Risk Process and to do risk and revenue assessment.
In this guided project you will learn how to build a mathematical model of an insurance company using Risk Process and to do risk and revenue assessment that might be used by an actuaries in the insurance industry.
Learning Objectives
- Build the model of an Insurance Company with Risk Process.
- Understand Classical Risk Process
- Understand basic actuarial approximations and their limitations
- Use Actuarial approximations for Risk Assessment of the Classical Risk Process
- Calculate the Ruin Probability of the Classical Risk Process using Monte Carlo method and compare it to theoretical results
Note: in this project you will build a mathematical Risk Assessment model of an insurance company. This project is not intended to teach you the process of Ratemaking which is fundamental to the role of the actuaries.
Estimated Effort
1 Hour
Level
Beginner
Industries
Insurance
Skills You Will Learn
Data Science, Machine Learning
Language
English
Course Code
GPXX04HEEN