Page 124 - 33 edition GAIF Post-Conference July 2022

BADRI and addactis presenting “The Pricing Game” in KSA

ADRI, one of the fastest-growing boutique actuarial The aim of the game was to provide a friendly competi-
Bconsulting firms in the MENA Region, came together tive environment where real life actuarial problems are
with addactis, a group of architects providing innovative given to participants to promote the application of theory
insurance software solutions, to undertake the “Pricing into practice. It was an exhilarating experience as teams
Game”, a collaborative event in Riyadh sponsored by both has to build an end-to-end pricing project to find the best
companies to share best practices in technical actuarial solution to the problem in a race against time. Participants
pricing for the KSA Insurance Industry. enthusiastically took on the challenge with what, for many,
The event was attended by 40 participants representing were now concepts such as fitting Generalized Linear
21 different companies as well as the Saudi Central Bank Models (GLMs) and simulations for underwriting profits
(SAMA). It revealed how companies through efficient pric- under different scenarios by also modelling expected cus-
ing practices can achieve higher underwriting profit and tomer behavior.
topline growth. Hatim Maskawala, Managing Director at BADRI, thanked
The KSA insurance market, especially motor and med- everyone that took part of the event and congratulated the
ical, is very competitive and, of late, it’s certainly been very winners, Team Beta for attaining the highest underwriting
challenging to achieve positive underwriting results. Many profits without compromising portfolio retention, assuring
insurance companies are making losses and the challenge that BADRI has taken predominant position for investing in
has been writing profitable business while ensuring suffi- knowledge transfer, sharing best practices and encourag-
cient topline. Thus, the insurance companies are keen to ing innovation for the MENA Insurance Industry, announc-
invest in developing technical capability both in terms of ing that their Saudi entity BADRI for Actuarial Services has
upskilling actuarial staff and developing new systems that been granted the SAMA license, stating that they will con-
could help determine better technical pricing, prevent loss- tinue their efforts with more initiatives planned for the
es and provide fairer premiums to policyholders. future.

2022 (ƒ«dƒj) Rƒ“ - 608 O~©dG - ájOÉ°üàb’G ¿É«ÑdG 124