ASRM Seminar -- Jiajie Yang -- Risk and premium sharing in the distributed insurance
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Title: Risk and premium sharing in the distributed insurance
Abstract: Decentralized insurance has been rapidly evolving in the insurance market. It reduces the centralized role of insurers by distributing core functions among multiple participants, such as capital provision, underwriting, risk allocation, and claims processing. This presentation focuses on distributed insurance, one of the two leading models in decentralized insurance markets. To support its sustainable development, we establish a set of key principles governing the risk and premium allocation in this setting. These principles provide a rigorous foundation for designing allocation with feasibility and incentivization. The proposed allocation generalizes allocation rules observed in practice, which can be observed as a unifying framework for several practical allocations. The resulting models demonstrate strong potential for enhancing participation incentives and facilitating market growth. We also discuss partial axiomatic characterizations of these allocation rules.
Speaker's Bio: Jiajie Yang is an Assistant Professor in the Department of Mathematics and Statistics at Bowling Green State University. He received his Ph.D. in Actuarial Science and M.S. in Mathematics from the University of Illinois Urbana–Champaign. His research interests include decentralized insurance, risk sharing, capital allocation, and InsurTech. His work focuses on developing rigorous theoretical frameworks for emerging insurance models and their practical implementation. Jiajie has taught courses in actuarial science, mathematics, and data analytics.