Taylor Fry is a leading independent consultancy firm that offers analytics, actuarial, statistical and policy advice to business and government and is at the forefront of developing innovative and world-class general insurance solutions for challenges faced by their clients.
The firm enlisted the skills of an APR.Intern, PhD student Kenny Xu, a statistician at Macquarie University, to research insurance loss reserve estimation – information that tells the insurer how much money will be needed in reserve to pay all future claims.
“We are working to improve the quality of an important data set that has been compiled for a range of US insurers to help estimate loss reserve,” Kenny said.
With the guidance of his academic mentor, Associate Professor Jun Ma, Xu used stochastic models to improve the loss reserve estimation by reducing the prediction error.
“The APR.Intern program was very advantageous. It allowed us to undertake a clutch of research projects to uphold our reputation at a moderate cost,” Greg Taylor, Co-Founder, Taylor Fry, said.