Assessment of the Sustained Financial Impact of Risk Engineering Service on Insurance Claims Costs
Date of Award
Master of Science (MS)
Mathematics and Statistics
Dr. Jun Han
This research paper creates a comprehensive statistical model, relating financial impact of risk engineering activity, and insurance claims costs. Specifically, the model shows important statistical relationships among six variables including: types of risk engineering activity, risk engineering dollar cost, duration of risk engineering service, and type of customer by industry classification, dollar premium amounts, and dollar claims costs.
We accomplish this by using a large data sample of approximately 15,000 customer-years of insurance coverage, and risk engineering activity. Data sample is from an international casualty/property insurance company and covers four years of operations, 2006-2009. The choice of statistical model is the linear mixed model, as presented in SAS 9.2 software. This method provides essential capabilities, including the flexibility to work with data having missing values, and the ability to reveal time-dependent statistical associations.
Parker, Bobby I. Mr., "Assessment of the Sustained Financial Impact of Risk Engineering Service on Insurance Claims Costs." Thesis, Georgia State University, 2011.