Planning and control in insurance
Insurance is a very traditional industry in which the importance of planning, budgeting, and control has only recently been recognized. There is a lack of literature dealing with planning and control in insurance. Risk Theory has been applied to the insurance problem. Risk Theory may be described as...
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Published in | European Journal of Operational Research Vol. 9; no. 2; pp. 105 - 113 |
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Main Author | |
Format | Book Review Journal Article |
Language | English |
Published |
Amsterdam
Elsevier B.V
01.01.1982
Elsevier Elsevier Sequoia S.A |
Series | European Journal of Operational Research |
Subjects | |
Online Access | Get full text |
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Summary: | Insurance is a very traditional industry in which the importance of planning, budgeting, and control has only recently been recognized. There is a lack of literature dealing with planning and control in insurance. Risk Theory has been applied to the insurance problem. Risk Theory may be described as a branch of actuarial mathematics. Risk Theorists have been criticized for a number of omissions in their models, for a too strict adherence to the risk process proper, and for neglect of related problems in insurance. A closer link between the ''traditional'' actuaries and the Management Science/Operational Research (MS/OR) practitioners with a combination of analytical economics, marketing, finance, and accounting, could lead to improved models which would help ordinary insurance managers to obtain a better understanding of their company, industry, clients, and markets. This could also result in better decisions and better products at a lower price. |
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ISSN: | 0377-2217 1872-6860 |
DOI: | 10.1016/0377-2217(82)90062-5 |