Difference between revisions of "AY1516 T2 Team Hew - Overview/Final"
Line 72: | Line 72: | ||
</div> | </div> | ||
− | |||
− | |||
− | |||
− | |||
− | |||
− | |||
− | |||
− | |||
− | |||
− | |||
− | |||
<br/> | <br/> | ||
<!--Content End--> | <!--Content End--> | ||
</div> | </div> |
Latest revision as of 14:24, 17 April 2016
Proposal | Interim Review | Final |
Objectives
Several changes were made to the Objectives as set out in the Interim Review:
- Business and policy growth would have to be analyzed
- Time Series Forecasting or Prediction would not be carried out due to lack of time and dataset limitations
- No business recommendations will be made, but instead suggestions for exploratory analysis technique and tools, as well as data collection improvements will be given
Research Paper
Initial Abstract
The motor insurance industry in Indonesia is a unique one for insurers. The country remains one of the few Asian countries that do not mandate a Compulsory Third Party Liability (CTPL) for vehicles, which makes retention of customers hard. As a result, motor insurance policies are usually bundled together with a vehicle hire purchase via dealerships or lenders. Premiums of such policies are calculated based on vehicle type, age, brand and region. Indonesia’s motor insurance industry also remains as one of the most competitive, with 81 registered general insurance companies. Regulatory authorities have put in place many policies, including the RBC regime in 2013. Consolidation in the Indonesian insurance market is expected as a result of these regulations.
|
The idea of this research paper was to show the uniqueness of the Indonesian Motor Insurance industry, and how insurers can take the appropriate action to improve underwriting profitability based on insights from the data.
Finalized Abstract
We decided to tweak our abstract to showcase the potential of analytics by recommending Tableau as a tool for exploratory analysis and visualizations. We also highlighted how this can be applied to the Indonesian motor insurance industry, citing the merits of Tableau for insurers which are still in the early stages of adopting Analytics in the organization.
Indonesia's insurance landscape has been changing in the recent years with multinational companies holding majority market share. Many market regulations and conditions are also unique to Indonesia, with no mandatory Compulsory Third Party Liability (CPTL) being an example.
|