GOOUON

The goal for our phase one ERM development is to be a powerful underwriting decision making tool. The main achievements we have made are:

  • Completed the framework that creates various coverages and policies dynamically under your finger click, making the model foundation solid and flexible. 

  • Completed the framework that generates reinsurance treaties dynamically, covering wide range of line of businesses with various ceding patterns. 

  • Mirrored insurance company's underwriting structure to reflect the comprehensive interactions of underwriting, pricing, reserving and risk management.

  • Built complete simulation function that generates all kinds of distributions for frequency, severity and loss ratio based upon company’s own data.

  • Built copula to investigate multi risk correlations. The illustration copula (limited for two variables for illustration purpose) was published as an open resource.

We are still working on:

  • Incorporating investment strategy and investment risk.

  • Incorporating tax impact and tax strategy.

  • Finalizing the impact (profit and solvency) on financial statement (GAAP/SAP).

 

Again, feel free to download our Illustration Copula. You can use it to perform correlation calculations, FFT, IFFT, to investigate distributions, to create bivariate copulas and do bivariate IC modeling etc. 

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