|8th/9th March 2012 | Brussels / Belgium|
Pricing is the cornerstone of every company. Without proper pricing a company will not be able to seize market share and to meet its liabilities. But calculating a proper price for an insurance policy is just one part of the entire pricing process. Other factors that need to be taken into account are overhead, other cost loadings and of course profit. Also you need to figure out what your competition is doing. There is no such thing as the “correct price”: competition may be focusing on certain market segments or buying market share at a loss. How will you counter? This is a very basic and important question non-life insurers will have to ask themselves. In the first day of the programme GLM principles for non-life companies are discussed in depth as well as how to transform a risk price into a market price.
The second day is organized as a game. In a competition between teams, each team gains control of a fictitious car insurance company. Each round we will alternate theoretical aspects of modern pricing (e.g. competitor analysis, GLM) with a game where the purpose is to implement new theories - using this knowledge - in your pricing structure, and compete against the market to build a profitable business in a severely competitive market.