What does the subscriber do?
The insurance subscriber works for the insurance company to determine whether to expand the insurance to the applicant or a group of applicants. The subscriber also sets insurance rates or determines how much the applicant should be charged for this policy. When performing these determination, the subscribers rely on risk management and statistical data surveys.
Insurance includes risk transfer. For example, if a person buys a car insurance, he will transfer the risk of being in a car accident. The insurance company must then pay its financial compensation if a traffic accident occurs. This allows them to charge a suitable price for risk transfer. The subscriber helps the company in decision -making.
When the candidate applies for an insurance policy, it provides personal data and information by itself. The subscriber focuses on this information and compares it with statistics on similar individuals who have been collected. The subscriber then decides whether this individual is so likely to cause an accident that by was not profitable to insure the person no matter how much he paid. If the subscriber decides to provide insurance, he will also decide how much this person should pay for the company not to lose money.
The insurance subscriber must understand how to perform statistical analysis. It must be able to use the numbers and data available to it to predict the risk of an individual or individual group. The data may be a summary of information about existing premiums and existing receivables. Insurance companies often have a huge amount of data with thousands of statistics about various details of the insured, from their age to what they manage. Thedemographic statistics at the insured clients fund are then compared to determine which individuals are most likely to cause accidents based on different factors.
The price of all policies for a given individual type maybe determined by the subscriber of the insurance. Alternatively, the subscriber may check the insurance for one application and set the price only for that person. Subscribers who determine the general prices of policy for all groups of similar insured are generally more responsible.
The insurance subscriber can work for one of several types of insurance companies. For example, it can work for a life insurance company, an insurance company of homeowners or a car insurance company. The nature of the data that the subscriber will check differs depending on the type of insurance to determine.