The process of life assurance product development in Singapore
Our report attempts to give a general picture of the practices of life assurance product development in Singapore. The emphasis is on the actuarial aspect of the whole process. In this report, we discuss about the pricing philosophy of life insurance companies and how an optimal compromise is...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/63011 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Our report attempts to give a general picture of the practices of life assurance
product development in Singapore. The emphasis is on the actuarial aspect of
the whole process. In this report, we discuss about the pricing philosophy of
life insurance companies and how an optimal compromise is achieved among
the various often conflicting objectives of the company. We also outline the
product development process and how the best estimates of the various
elements in the product pricing basis are obtained in practice. Then, we look
at the various methods available in putting together these various elements to
come up with suitable premium rates. Lastly, we look at the future trend of
life insurance products in Singapore. We believe that the current trend is
towards unit-linked products.
The material of our project is based on the data obtained from a survey that
we have conducted on the practices of life insurance companies in Singapore.
The other sources of information include studies done on product development
practices in the United States and the United Kingdom as well as actuarial
journals published there. Lastly, we have interviewed practicing actuaries in
Singapore in order to obtain information on the current practices of life offices
in Singapore. |
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