This roundtable session is a follow-up to the GI Pricing Research Group's webinar ‘Fair's fair: the future of pricing’, presented at the IFoA General Insurance Spring Conference.
The session will allow interested actuaries to discuss the issues raised in that webinar around fairness and equity in pricing and product design, and come up with some action plans.
It includes the following topics:
- Validating whether the ethnicity penalty and poverty premium exist
- Reviewing the effectiveness of GIPP and its impact on actual rate movement
- Defining fairness in pricing
- Applying fairness definitions to models and pricing frameworks
- The actuarial role in applying fairness principles
- Potential market or regulatory solutions to help deliver fairness and financial inclusion
- Potential structural solutions for ‘essential’ insurance as a social policy response
This workshop is also intended as a launchpad event for a Fair Pricing Action Taskforce, although attending the roundtable is not a commitment to join.
Target audience and assumed knowledge level: Advance knowledge required.
Speaker and company: Edward Plowman, Guy Carpenter, Andy Goldby, The Floow, Laura Evans, Flood Re, and Zvi Ebert, KPMG