October 2014
Intermediate to advanced
584 pages
22h 2m
English
Content preview from Pricing in General Insurance
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454 Pricing in General Insurance
• We have ignored a big motivation against customers moving from one insurer
to the other – customers’ inertia. Although of course people will move from
one insurer to the other if there is a stinging increase in price, people will have
a tendency to stick to what they have unless the difference is material to them.
Therefore, insurance companies might attempt a default increase in the price of
their policies every year, and then apply a discount for those who complain.
• Another thing that has been ignored is the level of service that the insurer pro-
vides: people may change providers not only because they nd better prices but
also because they are unhappy with the long waiting times when they call, or with ...
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