Mon 29 Apr 2024 - The actuarial approach to pricing gave us price optimisation – and the loyalty penalty – now banned by regulation.
But should we also question the traditional actuarial view of fairness in pricing: that the price should reflect the most accurate view of the risk?
The insurance industry is the single biggest contributor to the poverty premium, in which low-income households pay more for essential services. Is this fairness in action?
And, as the use of AI and machine learning in pricing increases the complexity of algorithms, will notions of fairness become lost in the ‘black box’? How will and should regulators respond?
With live audience polling and interaction, this session:
A recording of this webinar is available to view. Watch the webinar recording.
Chair
Chair, IFoA GI Pricing Research Group