The Effect of Disruption in Insurance Industry: Instant Policy Pricing and Cyber Risk Evaluation

The Effect of Disruption in Insurance Industry: Instant Policy Pricing and Cyber Risk Evaluation

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The insurance industry are embracing innovation and technology where are not only Millennials and Generation Y customers accounted for the majority of online insurance sales. The InsurTech is breaking the paradigms affecting the insurance market by introducing digitalization, big data, chatbots, artificial intelligenge. They are are all testaments of an ongoing revolution that is changing traditional ways of doing things, and impact in particular the insurance market – from risk estimation, tariff assessment, and insurance distribution to customer engagement. Instant Insurance represents one of the most interesting developments of InsurTech. It is a digital insurance model which offers flexibility in policy terms and pricing. Indeed, through technological platforms, it is possible to deliver/offer, directly on the customers' smartphones, short-term, low-cost micro-insurance to be activated instantly as the insurance need arises and only for the time required. The aim of the paper is twofold: an internal model for pricing the instant policy is proposed and the correlated cyber risk is measured by the vine copula model in a multivariate dependence modeling perspective.

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