Pricing

 

Profitability, marketability and innovation – are these requirements for a tariff mutually exclusive? Modern pricing goes far beyond determining the appropriate price. The pricing at Meyerthole Siems Kohlruss (MSK) is tailored to your individual needs and reconciles the interests of all addressees. Meyerthole Siems Kohlruss (MSK) supports you in all questions of pricing and product development.

The calculation of insurance products is a core competence of Meyerthole Siems Kohlruss (MSK). Clients are accompanied from the initial product idea to the IT implementation – both with products of the private customer business and with the commercial and industrial segment. The initial focus is on a common understanding of the objective of the new tariff. Meyerthole Siems Kohlruss (MSK) has a broad market knowledge in numerous tariff calculations and supports you in the evaluation of the product concept. Together, we develop a tailor-made, risk-adequate tariff calculation. The actuarial methods used include the entire range of predictive analytics. In addition to classical methods – such as generalized linear models – modern machine learning methods can be used. Meyerthole Siems Kohlruss (MSK) is at your side as an expert sparring partner. Start-ups, for example, also benefit from many years of market knowledge. The highly qualified team of consultants has experience in all lines of business calculated by type of non-life insurance – including supplementary health products.

Calculation – Private Clients

Highly differentiated tariffs already have a long tradition in many lines of business in the private client segment. Calculating risk-adequate tariffs is one of the core competencies of Meyerthole Siems Kohlruss (MSK). If you want to
remain competitive in the long term in a competitive market environment, you have to constantly develop your tariffs. Meyerthole Siems Kohlruss (MSK) supports you with innovative, actuarially sound approaches.

Together with the customers, tailor-made tariffs are developed with the aim of achieving a balance between product complexity and sufficient risk differentiation. By selecting and grouping features appropriately, particularly profitable segments can be identified even in competitive lines. Precise knowledge of one's own risks and the competitive environment is the key to avoiding adverse selection in one's own portfolio.

Not every database is large enough to make statistically significant statements. Market models can be combined with individual models by means of suitable credibility procedures. Such customized products are appreciated by customers and sales partners alike. The pricing can be as granular as desired. Risk assessment and pricing for individual service inclusions are also familiar to Meyerthole Siems Kohlruss (MSK).

Contact persons:

Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017


Thomas Budzyn is a leading consultant at Meyerthole Siems Kohlruss (MSK). He is a qualified German actuary (Aktuar DAV). He earned a diploma in economathematics with a focus on actuarial sciences at the Karlsruhe Institute of Technology. His thesis examined "Well-balanced Lévy-driven Ornstein-Uhlenbeck processes and their application in financial mathematics". At MSK he is responsible for the data pool for cyber risks as well as for the pool for legal protection insurance.

Publications


 Budzyn, Thomas; Meyerthole, Dr. Andreas; Segger, Dr. Stefan: "Besser eine kleine als keine Lösung".
in: Versicherungswirtschaft 03/2021, 1. März 2021.
Download (PDF)


Budzyn, Thomas: In Beständen denken, nicht in Einzelfällen!
in: Versicherungswirtschaft-heute, 27. April 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018, 1. August 2018.
Download (PDF)


Quotation – Commercial Insurance

In private customer business a differentiated tariff calculation is the standard. In the area of commercial insurance for SMEs this is much more difficult, but highly recommended from a risk perspective.

With the large number of different company types, deriving hazard-specific statistical statements for each company type – even with a large portfolio – is a challenge.

Meyerthole Siems Kohlruss (MSK) has already successfully supported several companies in the development and calculation of risk-adequate tariffs in commercial insurance.

Meyerthole Siems Kohlruss (MSK) brings experience in tariff calculation into every step and discusses the merits of conceivable alternatives with you. The balance between the simplicity of the tariff and the greatest possible risk differentiation is always kept in mind. Taking into account the client's wishes and the technical possibilities, support is provided which includes, for example, the selection of risk characteristics and the derivation of suitable homogeneous groups of operating types for a risk-adequate assessment. In addition to the main hazards, other inclusions such as glass, electronics and the EC hazards are assessed.

The ready-calculated tariffs can be easily mapped in Meyerthole Siems Kohlruss’s (MSK) software GeQuo.

Download Produktflyer PDF

Contact persons:

Nico Liebig is working as an actuarial consultant at Meyerthole Siems Kohlruss (MSK). He has completed his studies in business mathematics at the university of Zittau/Görlitz. His diploma thesis is on "Development of a pricing model for comprehensive homeowners insurance by means of generalized linear models." His focus at MSK is on data pools, pricing, and natural disasters.

Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017


Quotation – Industrial Risks

Industrial risks are complex and more heterogeneous than risks from private or commercial segments. For this reason, their valuation is often carried out at individual risk level. Meyerthole Siems Kohlruss (MSK) has successfully combined individual pricing with reliable actuarial methods from private and commercial insurance in various projects. Especially when no long claims history is available, valuable insights can be derived from comparable risks. The prerequisite for this is suitable comparison groups. We support you in defining these homogeneous segments. For premium determination, both worlds are brought together with a credibility approach. If the claims history of the individual risk is sufficiently informative, the individual assessment by means of burning cost or simulation methods can play a more prominent role in the interpretation. Conversely, a valid premium can also be found for risks for which hardly any historical information is available with the help of generalized linear models or other exposure-based methods.

Contact persons:

Tommy Berg is working as a senior consultant at Meyerthole Siems Kohlruss. He is a qualified German actuary (Aktuar DAV). Berg holds a Master of Science in technomathematics, with a focus on applied mathematics. He earned his degree at the university of Aachen. The title of his master's thesis is "Analysis and optimization of the performance of parallel Eigenvalue solvers on blue gene architures". His key areas at MSK comprise Solvency II and reinsurance.

Publications


Berg, Tommy; Meyerthole, Dr. Andreas; Shyian, Maxym: Industrieversicherung – Ohne Analytik geht es nicht.
in: VersicherungsPraxis 2/2020 (Erstveröffentlichung ebd.), 1. Februar 2020.
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Berg, Tommy; Meyerthole, Dr. Andreas: Regeln verschärft: Keine Rückversicherung ohne Risikotransfer!
in: Zeitschrift für Versicherungswesen 21/2019, 1. November 2019.
Download (PDF)


Berg, Tommy; Schmiedt, Bettina: Die Gretchenfrage der Rückversicherung.
in: Zeitschrift für Versicherungswesen 21/2018, 1. November 2018.
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Meyerthole, Dr. Andreas; Berg, Tommy: Alles beim Alten? Rückversicherung nach dem 1. Januar 2016.
in: Zeitschrift für Versicherungswesen 21/2015, 1. November 2015.
Download (PDF)


Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017


Cyber

In cooperation with Meyerthole Siems Kohlruss (MSK), E+S Rückversicherung AG has developed a cyber tariff for small and medium-sized enterprises that represents an important component of E+S Rück's service offering. After intensive research, Meyerthole Siems Kohlruss (MSK) prepared actuarial calculation bases for this tariff – in the form of loss estimates for a large number of individual benefit components – and documentation that meets risk management requirements. Due to its modular structure, a cyber tariff can thus be developed in close coordination with the primary insurer that takes into account the diverse and individual needs of the insurer, such as target customer segments. In addition, a service provider network for risk assessment, risk sensitization, claims handling and forensics is provided if required.

Contact persons:

Thomas Budzyn is a leading consultant at Meyerthole Siems Kohlruss (MSK). He is a qualified German actuary (Aktuar DAV). He earned a diploma in economathematics with a focus on actuarial sciences at the Karlsruhe Institute of Technology. His thesis examined "Well-balanced Lévy-driven Ornstein-Uhlenbeck processes and their application in financial mathematics". At MSK he is responsible for the data pool for cyber risks as well as for the pool for legal protection insurance.

Publications


 Budzyn, Thomas; Meyerthole, Dr. Andreas; Segger, Dr. Stefan: "Besser eine kleine als keine Lösung".
in: Versicherungswirtschaft 03/2021, 1. März 2021.
Download (PDF)


Budzyn, Thomas: In Beständen denken, nicht in Einzelfällen!
in: Versicherungswirtschaft-heute, 27. April 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018, 1. August 2018.
Download (PDF)


Michael Behnes is working as an actuarial analyst at Meyerthole Siems Kohlruss. He obtained a Master's degree in mathematics with computer sciences as a minor subject from the university of Münster. His thesis carries the title "Performance of investment strategies for unit linked insurance contracts". Behnes's focus at MSK is on data pools and pricing - in particular risk modelling and zoning.

Telematics

Meyerthole Siems Kohlruss (MSK) also supports you in the development of a telematics tariff, building on its many years of experience in the pricing of motor tariffs. Not only the type of data, but also the volume of data exceeds that of classic insurance-related issues. Every telematics project begins with the Big Data challenge of making the collected driving data, such as GPS positions and acceleration data, evaluable. Meyerthole Siems Kohlruss (MSK) has been dealing with the topic of telematics in motor insurance for several years and has broad expertise in dealing with telematics data and can determine a company-specific scoring algorithm for you. This recommendation regarding the components of the scoring algorithm and their evaluation is based on initial claims experience combined with further researched information, e.g. accident statistics. As the claims history increases, these assumptions are continuously refined. This assessment of driving behaviour in the form of the score is incorporated into the telematics tariff model as an additional feature to the classic motor tariff characteristics. So the complex correlations between classic car tariff features such as the no-claims bonus level or the type class and driving behaviour are appropriately quantified. These innovative approaches have already been awarded the SCOR Prize for Actuarial Science.

Contact persons:

Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017


Competitive Price Adjustment

"Grow profitably": We all know those top management requirements that demand the highest possible growth and at the same time a profitable business. But how can the right balance between growth and profit be found?

If you focus solely on growth, you don't have to invest a lot of energy in designing the pricing. It would be enough to be attractively priced for as many risks as possible. This approach, however, is not advisable at all, since it ignores the impact on returns. What is important is a balance: an approach that can be attractively priced for as many risks as possible and at the same time ensure that the business written generates a return.

In the target image, cross-subsidization takes place between individual tariff cells. The number of possible price combinations is almost limitless, as all tariff cells must be optimized simultaneously.

Meyerthole Siems Kohlruss (MSK) has developed an intelligent solution procedure that calculates only the efficient possibilities – "efficient" in the sense that there are no other tariff models with which a higher premium volume and at the same time a higher return could be achieved. This optimum is called the "efficient margin of all possibilities". The technique is flexible: the price is not the only driver; price-performance considerations can also be mapped. The contribution-return combination that meets the management’s demands can be selected. The possibilities for turning the price screw are almost limitless. There is an increasing use of dynamic pricing models which make it possible to react immediately to changing competitive conditions. The innovative dynamic pricing approach of Actuarial Data Science opens up these horizons.

Contact persons:

Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017


Thomas Budzyn is a leading consultant at Meyerthole Siems Kohlruss (MSK). He is a qualified German actuary (Aktuar DAV). He earned a diploma in economathematics with a focus on actuarial sciences at the Karlsruhe Institute of Technology. His thesis examined "Well-balanced Lévy-driven Ornstein-Uhlenbeck processes and their application in financial mathematics". At MSK he is responsible for the data pool for cyber risks as well as for the pool for legal protection insurance.

Publications


 Budzyn, Thomas; Meyerthole, Dr. Andreas; Segger, Dr. Stefan: "Besser eine kleine als keine Lösung".
in: Versicherungswirtschaft 03/2021, 1. März 2021.
Download (PDF)


Budzyn, Thomas: In Beständen denken, nicht in Einzelfällen!
in: Versicherungswirtschaft-heute, 27. April 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018, 1. August 2018.
Download (PDF)


Profitabilization

Just as important as an actuarially sound tariff for new business is the work on existing portfolios. After all, they account for the majority of the business.

Inventory stability plays a central role in saturated markets.

Risk models can be used to predict profitability at an individual risk level. Unprofitable risks can be quickly identified and their profitability can be improved through targeted remediation measures. Meyerthole Siems Kohlruss (MSK) has developed an efficient reorganization algorithm that determines the optimal reorganization measure for each risk in such a way that the optimal balance between premium change and profit improvement can be achieved for your company (keyword "efficient margin"). Another advantage of the method is that the algorithm can be controlled in such a way that as few risks as possible have to be adjusted in order to achieve these targets.  Cancellation forecasts are taken into account just as adequately as the overall customer relationship or the individual claims history. Last but not least, this approach achieves a higher level of acceptance among sales partners than blanket premium increases.

Contact persons:

Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017


Thomas Budzyn is a leading consultant at Meyerthole Siems Kohlruss (MSK). He is a qualified German actuary (Aktuar DAV). He earned a diploma in economathematics with a focus on actuarial sciences at the Karlsruhe Institute of Technology. His thesis examined "Well-balanced Lévy-driven Ornstein-Uhlenbeck processes and their application in financial mathematics". At MSK he is responsible for the data pool for cyber risks as well as for the pool for legal protection insurance.

Publications


 Budzyn, Thomas; Meyerthole, Dr. Andreas; Segger, Dr. Stefan: "Besser eine kleine als keine Lösung".
in: Versicherungswirtschaft 03/2021, 1. März 2021.
Download (PDF)


Budzyn, Thomas: In Beständen denken, nicht in Einzelfällen!
in: Versicherungswirtschaft-heute, 27. April 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018, 1. August 2018.
Download (PDF)


Zoning

In many lines of business, a tariff-based, regional differentiation of risks is not yet the market standard, even though recognition of the benefits is not new. Good zoning offers more than just a visual representation of regional claims behaviour. Meyerthole Siems Kohlruss (MSK) has developed a zoning algorithm that optimizes the regionalization of a risk as an important component of a risk or tariff model. This approach was awarded the SCOR Prize for Actuarial Science in 2016.

Although a well-founded regionalization always requires a very high data density, with the help of Delaunay triangulation it is possible to select postcode areas as differentiation level, so that an even more granular differentiation is possible than is usual, for example, in all motoring sectors. The algorithm developed by Meyerthole Siems Kohlruss (MSK) always ensures a statistically meaningful model by controlling various parameters. This makes it possible to create separate regionalizations for different segments, even for lines of business such as legal protection or commercial liability.

Especially when other market participants start to differentiate regionally in the tariff, insurers have to follow suit in order to avoid potential anti-selection.

As an additional service, Meyerthole Siems Kohlruss (MSK) offers to determine a zoning that is individually adapted to the tariff. This ensures that the zoning does not reflect the influences of other tariff features, but exploits additional differentiation potential.

Contact persons:

Michael Behnes is working as an actuarial analyst at Meyerthole Siems Kohlruss. He obtained a Master's degree in mathematics with computer sciences as a minor subject from the university of Münster. His thesis carries the title "Performance of investment strategies for unit linked insurance contracts". Behnes's focus at MSK is on data pools and pricing - in particular risk modelling and zoning.

Verena Brökelmann is an actuarial consultant at Meyerthole Siems Kohlruss (MSK). She obtained a Bachelor's degree in Mathematics at the university of Münster and a Master's degree at the RWTH Aachen University. The title of her Master's thesis is "Zero-Inflated Poisson Regression for High-dimensional Data". Brökelmann's focus at MSK is on data pools.

Tariff Audit

Recalculating a tariff or risk model is a time-consuming process. Sometimes a quick and efficient facelift of the existing tariff is the solution of choice. In a tariff audit, Meyerthole Siems Kohlruss (MSK) identifies the most important levers for optimizing your pricing. We check whether all risk-differentiating features are included and whether the determined surcharges and discounts are comprehensible and justified in terms of risk. We analyze whether your premiums are adequately calculated and your portfolios are distributed in line with the market. Unprofitable segments can be quickly identified and corrected by making small adjustments to the tariff parameters. We also examine whether the portfolio composition matches the underwriting policy or whether there are signs of adverse selection. You have calculated a new tariff that is to undergo a final quality assurance? Here, too, Meyerthole Siems Kohlruss (MSK) will support you within the scope of a tariff audit. We are also happy to audit your entire pricing process from an actuarial perspective - assessing whether data, documents, methods are consistent and comprehensible and satisfy actuarial principles.

Contact persons:

Jörg Vogelsang is a statistician (diploma) and actuary (certified by the German Actuarial Society DAV). He works as an authorised officer and leading consultant at Meyerthole Siems Kohlruss (MSK). Previously he was head of the department for pricing and product development at Direct Line; at the insurer Deutscher Herold, he worked in the actuarial section of motor insurance. His focus at MSK is on Solvency II, pricing and product development.

Publications


Pohl, Stefan; Siems, Onnen; Vogelsang, Jörg: Kfz-Versicherung: Ist eine Trennung der Vertragslaufzeit von der Kalenderzeit ratsam?
in: Versicherungswirtschaft 1/2008, , 1. Januar 2008.
Download (PDF)


Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017


Premium Adjustment

In most cases, a one-year contract term is agreed in non-life insurance contracts. This will be extended by one more year if neither party actively terminates.
Especially in the class of homeowners' comprehensive insurance, claims expenses have been rising continuously for decades. The adjustment based on the sliding new value factor has often proven to be insufficient. As a result, the principle of equivalence of premium and claims that was valid at the beginning of the contract no longer applies to many existing customers.
In new business, the insurer can counter the rising claims expenditure by revising the current tariff. In the portfolio, however, the agreed premium cannot be changed easily in many lines of business.
A premium adjustment clause anchored in the contracts entitles the insurer to adjust the premium level to the claims development at regular intervals. An external trustee is often involved in the process to ensure the highest possible objectivity.
In recent years, Meyerthole Siems Kohlruss (MSK) has advised numerous companies on the introduction or implementation of premium adjustment clauses in the non-life insurance as well as legal expenses insurance.

Download product flyer PDF

Contact persons:

Johannes Paschetag is working as a leading actuarial consultant at Meyerthole Siems Kohlruss (MSK). He is a qualified German actuary (Aktuar DAV). He has completed his studies in mathematics with physics as a minor at the university of Cologne. His diploma thesis is on "Sequential testing of structural breaks in the trend of multivariate renewal processes". His focus at MSK is on functional invalidity insurance and trustee activities.

Jörg Vogelsang is a statistician (diploma) and actuary (certified by the German Actuarial Society DAV). He works as an authorised officer and leading consultant at Meyerthole Siems Kohlruss (MSK). Previously he was head of the department for pricing and product development at Direct Line; at the insurer Deutscher Herold, he worked in the actuarial section of motor insurance. His focus at MSK is on Solvency II, pricing and product development.

Publications


Pohl, Stefan; Siems, Onnen; Vogelsang, Jörg: Kfz-Versicherung: Ist eine Trennung der Vertragslaufzeit von der Kalenderzeit ratsam?
in: Versicherungswirtschaft 1/2008, , 1. Januar 2008.
Download (PDF)


Product Approval Procedure

Insurance companies must maintain a procedure for the internal release of new insurance products or for each significant change to an existing insurance product (product release procedure) according to § 23 para. 1 Insurance Supervision Act (VAG). Here it is necessary not only to determine the target group, but also to illuminate and assess the associated risks.

Within the framework of the product release procedure, the tasks of the specialist departments are managed and documented. Of course, the product development and actuarial departments have a core task here. Risk management and the Independent Risk Control Function also play an important role by examining the impact on the risk-bearing capacity. The Actuarial Function gives an independent opinion on the underwriting and acceptance policy. This also includes a consideration of the effects of the new product on reinsurance. It is the targeted bundling of the various roles that makes the product approval process efficient and effective with regard to risk management.

Meyerthole Siems Kohlruss (MSK) supports companies in the implementation and establishment of the product release procedure or new product process as well as in the integration into the ORSA process in order to obtain a quantitative assessment of the company's risk-bearing capacity in accordance with Solvency II.

Contact persons:

Marion Beiderhase, who holds a diploma in statistics, is an actuary DAV (Deutsche Aktuar Vereinigung). She is a leading consultant at Meyerthole Siems Kohlruss (MSK). Beiderhase previously worked at insurer DEVK as head of risk management. Prior to that she had worked for insurer Generali Deutschland Holding in the field of corporate controlling. Her focus at MSK is Solvency II.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021, 2. Februar 2021.
Download (PDF)


Beiderhase, Marion; Meyerthole, Dr. Andreas: Es droht Ungemach: Werthaltigkeit latenter Steuern.
in: Zeitschrift für Versicherungswesen 19/2019, 1. Oktober 2019.
Download (PDF)


Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017


Price Elasticity (Cancellation/Conversion)

When it comes to pricing, the clean actuarial determination of the risk-adequate price alone is not enough. In a highly competitive market environment, Meyerthole Siems Kohlruss (MSK) supports you in finding the optimal pricing strategy to retain and win profitable clients.

In newly acquired business, the ideal price is based not least on the competition. The better one's own tariff is positioned compared to the other market participants, the higher the likelihood of signing a contract. However, this question cannot be answered in a general way. Company-specific components such as brand awareness must be taken into account when modelling the conversion rate, as well as the different characteristics of the various sales channels.

Price elasticity must also be analyzed for existing customers. Adjustments to existing policies should always be designed in a way that makes sure profitable customers have no incentive to consider switching insurers. In addition to precise prediction models of individual contract profitability, cancellation predictions must therefore be taken into account in a holistic view.

For the calculation of our precise forecast models, Meyerthole Siems Kohlruss (MSK) uses the entire actuarial toolbox of methods, both for modelling the conversion rate and for modelling the lapse probability.

Contact persons:

Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017


Thomas Budzyn is a leading consultant at Meyerthole Siems Kohlruss (MSK). He is a qualified German actuary (Aktuar DAV). He earned a diploma in economathematics with a focus on actuarial sciences at the Karlsruhe Institute of Technology. His thesis examined "Well-balanced Lévy-driven Ornstein-Uhlenbeck processes and their application in financial mathematics". At MSK he is responsible for the data pool for cyber risks as well as for the pool for legal protection insurance.

Publications


 Budzyn, Thomas; Meyerthole, Dr. Andreas; Segger, Dr. Stefan: "Besser eine kleine als keine Lösung".
in: Versicherungswirtschaft 03/2021, 1. März 2021.
Download (PDF)


Budzyn, Thomas: In Beständen denken, nicht in Einzelfällen!
in: Versicherungswirtschaft-heute, 27. April 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018, 1. August 2018.
Download (PDF)


Data Science

Data science is a term that is often mentioned together with other buzzwords such as big data, artificial intelligence, machine learning, neural networks or digitalization. But what is the meaning behind these terms? Will these wonder weapons of modern data analysis soon be standard procedures in a wide variety of application areas? Are these methods better than the previous ones? How do you apply them correctly? Meyerthole Siems Kohlruss (MSK) knows that there is no single answer to these questions and supports clients in finding individual answers. The optimal method varies depending on the application and the available database. Experience shows that, depending on the question, the classic and tried-and-tested methods can also be the means of choice. There is no black-and-white thinking here. Often, the combination of different approaches leads to the optimal solution. Meyerthole Siems Kohlruss (MSK) brings many years of expertise to the solution of your individual problem.

Contact persons:

Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017


Nico Liebig is working as an actuarial consultant at Meyerthole Siems Kohlruss (MSK). He has completed his studies in business mathematics at the university of Zittau/Görlitz. His diploma thesis is on "Development of a pricing model for comprehensive homeowners insurance by means of generalized linear models." His focus at MSK is on data pools, pricing, and natural disasters.

APTP (Actual Price vs. Technical Price)

Only in the rarest of cases is an originally calculated actuarial tariff fully competitive. For the transition to the operative tariff, various adjustments are made, e.g. to be particularly attractive for certain target segments. The profitability of the business must always be reviewed. Technical parameters such as the ratio of actual premium to actuarially calculated technical premium, known as APTP (Actual Price vs. Technical Price), are helpful here. Experienced market participants increasingly manage their business according to APTP. Another concept in connection with the technical tariff is known as the actuarial shadow tariff. It forms a benchmark for further price considerations. Any deviation from the actuarial shadow tariff leads to individual contractual losses or additional income. In relation to the entire portfolio, however, the deviations must be in a balanced relationship. Whether this balance is given can be checked and controlled by knowing the APTP. The focus here is not only on the valuation of a whole portfolio; a freshly calculated tariff can also be evaluated based on the APTP ratio.

Contact persons:

Thomas Budzyn is a leading consultant at Meyerthole Siems Kohlruss (MSK). He is a qualified German actuary (Aktuar DAV). He earned a diploma in economathematics with a focus on actuarial sciences at the Karlsruhe Institute of Technology. His thesis examined "Well-balanced Lévy-driven Ornstein-Uhlenbeck processes and their application in financial mathematics". At MSK he is responsible for the data pool for cyber risks as well as for the pool for legal protection insurance.

Publications


 Budzyn, Thomas; Meyerthole, Dr. Andreas; Segger, Dr. Stefan: "Besser eine kleine als keine Lösung".
in: Versicherungswirtschaft 03/2021, 1. März 2021.
Download (PDF)


Budzyn, Thomas: In Beständen denken, nicht in Einzelfällen!
in: Versicherungswirtschaft-heute, 27. April 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018, 1. August 2018.
Download (PDF)


Carina Götzen is working as a leading consultant at Meyerthole Siems Kohlruss. She is a qualified German actuary (Aktuarin DAV). Götzen earned a diploma in financial mathematics at the university of Duisburg-Essen. The title of her diploma thesis is "Modelling dependence with copulas: theoretical foundations and a real-life example from motor insurance". Götzen supervises the data pool for Austria. Besides she focuses on tariff calculation and on the modelling of natural disasters.

Publications


Beiderhase, Marion; Götzen, Carina: "Verkalkulieren fast ausgeschlossen".
in: Versicherungswirtschaft 02/2021.
Download (PDF)


Götzen, Carina: "Mit jeder Preisanpassung ändert sich die Positionierung gegenüber dem Wettbewerb". 
in: VWheute, 20. Juli 2020.


Budzyn, Thomas; Götzen, Carina; Siems, Onnen: Der Preis ist heiß.
in: Versicherungswirtschaft 08/2018.
Download (PDF)


Götzen, Carina: Personenschadenregulierung: Reform statt Revolution.
in: VWheute, 28. September 2017