Critical Illness Insurance Pricing and Markov Optimization Model: Based on the Analysis of Severe Malignancies in China

Qijing Sun

2023

Abstract

With the development of the insurance market and the growth of public demand, more and more people choose to buy critical illness insurance products to protect against related risks. With the introduction of many new critical illness insurance products by insurance companies, the study of the pricing of critical illness insurance-related products is of great significance. Based on the example of severe malignant tumors among critical illnesses, this paper calculates the pricing of critical illness insurance for severe malignant tumors in different age groups using traditional methods based on data from China. Subsequently, this paper explores the optimization of critical illness insurance pricing with the Markov model. Finally, it summarizes the conclusions and gives relevant suggestions on the pricing of critical illness insurance for severe malignant tumors in terms of data, comprehensive coverage, and government supervision and control, so as to provide a reference for the pricing and future development of standalone primary whole life critical illness insurance products.

Paper Citation

in Harvard Style

Sun Q. (2023). Critical Illness Insurance Pricing and Markov Optimization Model: Based on the Analysis of Severe Malignancies in China. In Proceedings of the 1st International Conference on Data Analysis and Machine Learning - Volume 1: DAML; ISBN 978-989-758-705-4, SciTePress, pages 61-65. DOI: 10.5220/0012819600003885

in Bibtex Style

@conference{daml23,
author={Qijing Sun},
title={Critical Illness Insurance Pricing and Markov Optimization Model: Based on the Analysis of Severe Malignancies in China},
booktitle={Proceedings of the 1st International Conference on Data Analysis and Machine Learning - Volume 1: DAML},
year={2023},
pages={61-65},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012819600003885},
isbn={978-989-758-705-4},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st International Conference on Data Analysis and Machine Learning - Volume 1: DAML
TI - Critical Illness Insurance Pricing and Markov Optimization Model: Based on the Analysis of Severe Malignancies in China
SN - 978-989-758-705-4
AU - Sun Q.
PY - 2023
SP - 61
EP - 65
DO - 10.5220/0012819600003885
PB - SciTePress