Industrial Projects

2007-08 Projects

Sampling Strategies for Error Rate Estimation and Quality Control

Sponsor: John Hancock
Advisors: Jon Abraham, Jayson Wilbur
Students: Nicholas Facchiano, Ashley Kingman, Amanda Olore, David Zuniga

John Hancock must utilize processes to monitor departmental performance. Our group was presented with several problems whose solutions will benefit the company's quality assurance capabilities. This MQP analyzes the optimization of a sampling function for a book of insurance policies, the bootstrapping method for the estimation of policy shortfall confidence intervals, and a sampling procedure to aid the company in customer satisfaction screening.

Price Optimization and Revenue Maximization

Students: Fernando Olloqui, Daniel Ossa, Esteban Paez
Advisor: Jon Abraham
Sponsor: Tillinghast

This project applies mathematical techniques to design a process by which an insurance company can optimize revenue. The main objective is to categorize client portfolios using K-means algorithm to segment the market. After clusters are obtained, a logistic regression is applied to determine the optimal premium increase/decrease that maximizes the revenue for each cluster, based its specific characteristics. Applying the optimal premium change to each customer subgroup, the firm will increase its overall revenue.

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Last modified: Jun 20, 2010, 09:03 EDT
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