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Premium Allocation for the Electrolux Cargo Insurance Program using Generalized Linear Models
Umeå University, Faculty of Science and Technology, Department of Mathematics and Mathematical Statistics.
Umeå University, Faculty of Science and Technology, Department of Mathematics and Mathematical Statistics.
2015 (English)Independent thesis Advanced level (professional degree), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

Abstract

 

The authors of this report has performed this Master Thesis at the Group Risk Management department of Electrolux AB. Electrolux is a world leading company regarding home appliances. It is a multinational company that operates in over 150 countries worldwide. The Net Sales during 2014 was 112 Billion SEK. With this in mind it leads to the fact that the company generates an extensive amount of transports carrying valuable goods, that is made daily all over the world. Every single transport itself entails a risk for the company, due to the exposure of a claim that can occur.

 

Our study involved that, with the help of statistical modelling identify and quantify risk, which would lie as a basis for a relevant allocation of Electrolux´s cargo insurance policy. The premiums should be allocated to the company´s 190 internal sales companies. Partly by perfoming a survey of Electrolux´s transportflows and a compilation of their claim statistics, we have provided the Risk Management department with underlying facts of the current situation of the companies logistics. With these facts, and the use of generalized linear models, we have managed to provide risks of relevant variables that affect the cargo insurance. These lied as a basis for our final allocation program delivered to Electrolux.

 

The results from this study has given the Risk Management department deeper knowledge of the underlying risks that cause the claims concerning their cargo insurance policy. We have also provided a user-friendly allocation program that will be used when allocating the premiums in the future. From the results we have concluded, we are certain of that Latin America is the region of our study with the highest risk. By the results of our premium allocation program we have also seen that the business sector Major Appliances EMEA has historically payed a lower premium than what they should have done. By this study we have highlighted the issues that can occur when trying to determine risks, due to inconsistent results. To conclude this has been a highly interesting study and by the goals set in the beginning of the project, we feel that they have been accompliched.

Abstract [sv]

Sammanfattning

 

Detta examensarbete är utfört på Riskavdelningen på Electrolux AB.

Electrolux är ett världsledande företag inom försäljningen av hushållsprodukter. De är ett stort multinationellt företag verksam i fler än 150 länder. Under 2014 hade Electrolux en omsättning på 112 miljarder SEK. Dessa fakta genererar i sig faktumet att företaget utför ett stort antal transporter innehållande värdefulla varor som sker varje dag runt om i världen. Varje transport som utfärdas medför i sin tur en risk för företaget, då det under en transport kan ske en skada.

 

Vårt uppdrag var att, med hjälp av statistisk modellering indentifiera, samt kvantifiera risker vilka skulle ligga som grund till en rättvis allokering av Electrolux transportförsäkringspremie till företagets ca 190 interna säljbolag. Genom en kartläggning av Electrolux transportflöden samt en sammanställning av skadestatistik, har vi försett riskavdelningen med underliggande fakta av hur situationen ser ut i dagsläget. Genom dessa fakta har vi använt generaliserade linjära modeller kunde vi få fram riskbilden för relevanta faktorer som berörde denna transportförsäkring. Dessa låg i sin tur som grund till det slutgiltiga allokeringsprogrammet vi levererade till Electrolux.

 

Reslutaten från vår studie har dels gett Electrolux en djupare förståelse om de bakomliggande riskerna som orsakar de skador som sker under en transport. Vi har också levererat en användarvänlig allokeringsmodell som i framtiden ska allokera ut den centralt förhandlade försäkringspremien. Vi är överygande om att Latinamerika är den mest riskfulla regionen i vår studie. Genom våra allokeringsresultat påvisas det bland annat att business sektorn Major Appliances EMEA historiskt sett haft en för låg premie. Genom denna rapport har vi dock belyst svårigheten med att göra vissa riskbedömningar då vi märkt att resultaten kan skilja sig mycket åt. Detta har varit ett mycket intressant examensarbete för oss och att vi har uppfyllt projektets mål.

Place, publisher, year, edition, pages
2015. , 85 p.
National Category
Mathematics
Identifiers
URN: urn:nbn:se:umu:diva-106904OAI: oai:DiVA.org:umu-106904DiVA: diva2:845693
External cooperation
Electrolux AB
Educational program
Master of Science in Engineering and Management
Supervisors
Examiners
Available from: 2015-08-12 Created: 2015-08-12 Last updated: 2015-08-12Bibliographically approved

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