STOCHASTIC MODELLING OF CASH FLOW FOR PERSONAL INSURANCE FUND USING THE CLOUD DATA STORAGE

Authors

  • Kseniia Bazilevych
  • Mary Mazorchuk
  • Yurii Parfeniuk
  • Viktoriia Dobriak
  • Ievgen Meniailov
  • Dmytro Chumachenko

DOI:

https://doi.org/10.47839/ijc.17.3.1035

Keywords:

insurance cash flow model, actuarial valuation, contextual characteristics, stochastic uncertainty, logistic regression, Monte Carlo simulation.

Abstract

In this paper the model and applied information system are proposed for modelling cash flow of insurance funds with use cloud data storage. Cash flow valuation is performed taking into account contextual characteristics of an insured under conditions of stochastic uncertainty. The proposed insurance cash flow model of the financial fund of insurance company allow to account the financial solvency probability based on the analysis of contextual properties of insureds, that increase the estimation accuracy of the modeling cash flows. Also, the model takes into account insurance bonus non-payment during the insurance company operation. In this paper, we propose a structure of an informational system, which is called “Insurance Life”. This system supports downloading and uploading data with the cloud service pCloud according to safety requirements of data. The main results of the research are introduced into practice of the operation of insurance companies in forms of software applications and results of calculations.

References

O.M. Zalyetov, “Policy of insurance protection and strategy of its reform in Ukraine,” Bulletin of Taras Shevchenko National University of Kyiv, Economics, Vol. 3, Issue 168, pp. 37-47, 2015. [in Ukrainian].

O.M. Zalyetov, “Socio-economic role of social risks insurance workers in the enterprise,” in Proceedings of the Allukrainian Scientific and Practical Conference on Financial mechanisms to ensure economic development of Ukraine in modern conditions, Kiev, Ukrainian, April 15, 2016, pp. 111-113. [in Ukrainian].

O.O. Gamankova, “The concept of the "insurance fund of society" in the modern domestic insurance theory,” Finance, accounting and audit, Vol. 17, pp. 51-59, 2011. [in Ukrainian].

O.O. Gamankova, V.K. Hlivnyj, “The insurance market in Ukraine in the global insurance area,” Finance Ukraine, Vol. 5, pp. 58-67, 2012. [in Ukrainian].

O.O. Gamankova, D.V. Gamankov, O.V. Dymnich, “Theoretical principles of determining the role and place of the state in the insurance market,” Finance Ukraine, Vol. 10, pp. 56-73, 2014. [in Ukrainian].

Information System for Insurance Companies, 2017, [Online]. Available: http://www.ins.com. ua/InsCom. [in Russian].

Nexstep Solutions LLC, 2017, [Online]. Available: http://www.ins.com. ua/InsCom. [in Russian].

V.M. Huzhva, “Intelligent decision support systems in insurance: the needs of Ukrainian insurance companies and their satisfaction,” Business Inform, Vol. 3, pp. 183-187, 2012. [in Russian].

C.D. Daykin and G.B. Hey, “Managing uncertainty in a general insurance company,” Journal of the Institute of Actuaries, Vol. 117, Issue 2, pp. 173-277, 1990.

E.A. Kuzmin, Uncertainty and Certainty in the Management of Organizational and Economic Systems, Monograph, Ekaterinburg: Institute of Economics, 2012, 184 p. [in Russian].

F.H. Knight, Risk, Uncertainty and Profit, Chicago: Houghton Mifflin Company, 1921, 445 p.

D. Proske, Catalogue of Risks: Natural, Technical, Social and Health Risks, Springer, 2007, 502 p.

V.V. Gluschenko, Introduction to Crisis. Financial Crisis. Crisis Management, Monograph, Moscow, 2008, 88 p. [in Russian].

E.S. Venttsel, Operations research. Moscow, 1972, 552 p. [in Russian].

K. Bazylevich, M. Mazorchuk and A. Suhobrus “Determining the probability of insurance policies payments based on a data mining methods,” Information Processing Systems, Kharkiv, Vol. 2(139), 2016, pp. 149-155. [in Ukrainian].

L.V. Ivchenko, “The essence of funds: approaches to determine,” Global and National Economic Problems, Vol. 13, pp. 798-803, 2016. [in Russian].

C. L. Trowbridge, C. E. Farr, The Theory and Practice of Pension Funding, University of Michigan, 1976, 154 p.

A.H. Sholomytskyi, “Financing of funded pensions: actuarial methods and dynamic models,” Review of Industrial and Applied Mathematics, Vol. 9, Issue 168, pp. 544-577, 2002. [in Russian].

K. Giannakouris, M. Smihily, Cloud Computing – Statistics on the use by Enterprises, [Online]. Available: http://ec.europa.eu/eurostat/statistics-explained/index.php/Cloud_computing_-_statistics_on_the_use_by_enterprises.

Forinsured, New Technologies in Insurance, 2017, [Online]. Available at: http://forinsured.com/news/17/03/06/34983. [in Russian].

Forbes, New Cloud Computing Insurance Attempts to Solve Cloud Liability Concerns For Service Providers, 2013, [Online]. Available at: www.forbes.com/sites/reuvencohen/2013/04/24/new-cloud-computing-insurance-trys-to-solve-cloud-liability-concerns-for-service-providers /#53893f4e1970. [in Russian].

The operator of cloud technologies De Novo and the company IDC, Results of the annual survey of the market of cloud services in Ukraine, 2017, [Online]. Available at: http://hi-tech.ua/oblachnyie-servisyi-v-ukraine-itogi-issledovaniya. [in Russian].

V.M. Tomashevskiy, Simulation of systems, Кiev, 2005, 352 p. [in Russian].

K. Bazylevich, M. Mazorchuk, “Mathematical models and decision support system for assessing the financial condition of an insurance fund,” Bulletin of the Kharkov National University. Math modeling. Information Technology. Automated control systems, Vol. 27, pp. 22-32, 2015. [in Russian].

Downloads

Published

2018-09-30

How to Cite

Bazilevych, K., Mazorchuk, M., Parfeniuk, Y., Dobriak, V., Meniailov, I., & Chumachenko, D. (2018). STOCHASTIC MODELLING OF CASH FLOW FOR PERSONAL INSURANCE FUND USING THE CLOUD DATA STORAGE. International Journal of Computing, 17(3), 153-162. https://doi.org/10.47839/ijc.17.3.1035

Issue

2018, Volume 17, Issue 3

Section

Articles

License

International Journal of Computing is an open access journal. Authors who publish with this journal agree to the following terms:
•    Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
•    Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
•    Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.