1. Sir Andre Geim and Sir Konstantin Novoselov, isolated and characterised graphene in 2004 with remarkable properties – strong, light, almost transparent, and an excellent conductor of heat and electricity.
2. Sheets of graphene held together by van der Waals bonding make graphite. Graphene sheets are composed of carbon atoms linked in hexagonal shapes with each carbon atom covalently bonded to three other carbon atoms. Each sheet of graphene is only one atom thick, and each graphene sheet is considered a single molecule.
3. Graphene Market has been gaining remarkable traction, owing to the extensive use of graphene for power storage and composites with a graphene market revenue at USD 20 million in 2016.
4. R&D on this revolutionary material continues with more than $2.4 billion in funding committed globally.
1. the most important elements of the price,is the expected claims cost and the demand for the product.
2. There are other considerations, such as a more in-depth treatment of variable expenses, investment income, cash flows, claims development, return on capital and fixed expenses.
3. How we can build these different rating components into a pricing system.
4. Most statistical analyses are compromised in order to fit into a rigid table design from which the premiums are calculate. The situation is further exaberated when profit margins especially when loads and discounts given for a variety of reasons.
DEVELOPING OPTIMAL PRICING STRUCTURES
1. There are four basic components of estimating the premium to be charged; firstly the risk premium, secondly the direct policy related expenses, thirdly a contribution to fixed overhead expenses and finally a profit margin.
2. The industry partices with profit load and risk premium relativities for different customers being combined in some way. Consequently, in a competitive market, marketing discounts and/or rating action in response to competition become indistinguishable from rating action taken in response to changing claims experience.
3. if it were possible to anticipate an individual customer's response to the new business or renewal terms offered, then a probabilistic approach could be adopted in setting both the contribution to overheads and the profit margin in order to maximise expected profit.
4. The model needs to be flexible enough to take into account the individual characteristics of each policyholder and be able to respond to the dynamics of the market place. Under certain market conditions or market segments it is quite plausible that the profit loads can be negative.
1. A dynamic pricing system can be built for personal lines business, whereby profit loads and risk premiums can be tailored to the individual behavioural characteristics of the customer.
2. The objective is to use as much information as input to these models in order to establish which risk factors are the most predictive.
