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Topics include experience rating; claim run-off triangles; generalised linear models; time series and their applications; simulation; decision theory.
Intended learning outcomes
- Describe the fundamental concepts of rating and apply them to simple experience rating systems
- Describe and apply techniques for analysing a delay (or run-off) triangle and projecting the ultimate position
- Use statistical software such as R to estimate parameters for statistical models and to write simple functions to complete routine tasks
- Explain and apply the method of maximum likelihood estimation
- Explain the fundamental concepts of a generalised linear model (GLM), and describe how a GLM may apply
- Define and apply the main concepts underlying the analysis of time series models
- Explain the concepts of ""Monte Carlo"" simulation using a series of pseudo-random numbers
- Apply pre-requisite mathematical and statistical concepts to the solution of problems on the above topics
High level of development: written communication; problem solving; statistical reasoning; application of theory to practice; interpretation and analysis; synthesis of data and other information; evaluation of data and other information; use of computer software.
Last updated: 10 December 2019