Step On The Box

Affordability of Insurance

We are looking for:
Students in the field of Data science, IT, and Business

Status
Running
Spots
15 available
Registration deadline
9 Oct 2024
Sprintday
16 Oct 2024
Location
Pr. Beatrixlaan 35, 2595 AK Den Haag, Netherlands, Onsite
1. Description of the challenge

The challenge at hand is to devise strategies that ensure the affordability of insurance products while effectively managing risks, particularly in the face of increasing claims resulting from climate change. Leveraging artificial intelligence (AI) technologies, the goal is to develop proactive measures that enable insurers to assess, mitigate, and price risks associated with climate-related events, thus maintaining the insurability of certain risks.

1. Understand the impact of climate change on the frequency and severity of insurance claims across different lines of insurance.
2. Utilize AI-driven predictive modeling to assess and forecast the potential risks associated with climate change-related events.
3. Develop dynamic pricing models that reflect the evolving risk landscape, ensuring affordability for policyholders while maintaining insurer profitability.
4. Implement proactive risk mitigation strategies, such as early warning systems and preventive measures, to reduce the occurrence and severity of climate-related damages.
5. Enhance resilience and adaptability in insurance products and underwriting practices to accommodate changing risk profiles.

2. Expected outcome

1. Affordability: Ensuring that insurance remains accessible and affordable for policyholders despite increasing claims due to climate change.
2. Risk Management: Effective utilization of AI technologies to identify, assess, and mitigate climate-related risks.
3. Market Competitiveness: Maintaining insurer competitiveness by offering competitive premiums without compromising on risk coverage.
4. Customer Satisfaction: Enhancing customer satisfaction through transparent pricing, responsive claim handling, and proactive risk management measures.
5. Sustainability: Establishing sustainable insurance practices that balance economic viability with social and environmental responsibilities.

About Verbond van Verzekeraars

The Dutch Association of Insurers is the advocacy group of damage and life insurers in the Netherlands. The Association represents the interests of its members and links them to the interests of society. More than 95 percent of all Dutch insurers are members of the Association. We have set the course to develop ourselves into an Open platform: A platform that connects insurers, stakeholders and organizations from both inside and outside of the sector. Together we want to create added value for customers, learn from each other and find answers to challenging issues that affect us all. Think of the impact of technological developments and data. Society is data driven and this also applies to the insurance sector. Also, industry expansion, changing customer behavior and social themes such as sustainability are very relevant. We take on the challenge of making everyone aware of the importance of a well-functioning insurance market: indispensable within the insurance sector and for society as a whole.