Proceedings of the 35th conference on Winter simulation: driving innovation
As simple as possible, but no simpler: a gentle introduction to simulation modeling
Proceedings of the 38th conference on Winter simulation
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This study suggests the use of profit analysis and simulation for assessing the price of motor insurance. Utilization of profit analysis and simulation on insurance pricing has several advantages; they may identify the distributions that agree or disagree with the actual experience, they may predict the performance of pricing models under alternative scenarios, and they may be applied to assess the performance of pricing models by allowing random variabilities in the underlying distribution of such models.