Blog for Week 4

During the informative tech talk delivered by Chin Oi Leng, valuable insights were shared regarding the Burning Cost in the context of insurance. By the conclusion of the session, participants would have acquired the ability to:

• What are the different methods of premium calculation:

  • Traditional method vs. Burning Cost method.

  • BC uses historical incurred loss data to identify patterns, claims severity or frequency, and applying loss trend factors -> to provide an estimate for future premiums.

  • Using telematics – predictive modelling to determine motor insurance premiums?

We trust that the session was both enlightening and engaging. We eagerly await your feedback and suggestions in the comments section.

A big thank you to all the participants! Let's continue this amazing journey of learning. Keep pushing the boundaries of knowledge!