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Linear Modeling for Insurance Ratemaking/Reserving: Modeling Loss Development Factors for Catastrophe Claims

Description
Catastrophe events occur rather infrequently, but upon their occurrence, can lead to colossal losses for insurance companies. Due to their size and volatility, catastrophe losses are often treated separately from other insurance losses. In fact, many property and casualty insurance companies feature a department or team which focuses solely on…

Catastrophe events occur rather infrequently, but upon their occurrence, can lead to colossal losses for insurance companies. Due to their size and volatility, catastrophe losses are often treated separately from other insurance losses. In fact, many property and casualty insurance companies feature a department or team which focuses solely on modeling catastrophes. Setting reserves for catastrophe losses is difficult due to their unpredictable and often long-tailed nature. Determining loss development factors (LDFs) to estimate the ultimate loss amounts for catastrophe events is one method for setting reserves. In an attempt to aid Company XYZ set more accurate reserves, the research conducted focuses on estimating LDFs for catastrophes which have already occurred and have been settled. Furthermore, the research describes the process used to build a linear model in R to estimate LDFs for Company XYZ's closed catastrophe claims from 2001 \u2014 2016. This linear model was used to predict a catastrophe's LDFs based on the age in weeks of the catastrophe during the first year. Back testing was also performed, as was the comparison between the estimated ultimate losses and actual losses. Future research consideration was proposed.
ContributorsSwoverland, Robert Bo (Author) / Milovanovic, Jelena (Thesis director) / Zicarelli, John (Committee member) / School of Mathematical and Statistical Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
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An Analysis of IoT and AI Applications in Retail Business Environments

Description
This thesis examines the applications of the Internet of Things and Artificial Intelligence within small-to-medium sized retail businesses. These technologies have become a common aspect of a modern business environment, yet there remains a level of unfamiliarity with these concepts for business owners to fully utilize these tools. The complexity…

This thesis examines the applications of the Internet of Things and Artificial Intelligence within small-to-medium sized retail businesses. These technologies have become a common aspect of a modern business environment, yet there remains a level of unfamiliarity with these concepts for business owners to fully utilize these tools. The complexity behind IoT and AI has been simplified to provide benefits for a brick and mortar business store in regards to security, logistics, profit optimization, operations, and analytics. While these technologies can contribute to a business’s success, they potentially come with a high and unattainable financial cost. In order to investigate which aspects of businesses can benefit the most from these technologies, interviews with small-to-medium business owners were conducted and paired with an analysis of published research. These interviews provided specific pain points and issues that could potentially be solved by these technologies. The analysis conducted in this thesis gives a detailed summary of this research and provides a business model for two small businesses to optimize their Internet of Things and Artificial Intelligence to solve these pain points, while staying in their financial budget.
ContributorsAldrich, Lauren (Co-author) / Bricker, Danielle (Co-author) / Sebold, Brent (Thesis director) / Vermeer, Brandon (Committee member) / Computer Science and Engineering Program (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05