PLEASE ANSWER ALL QYESTIONS AND USE AN EXCEL MODEL TO PREPARE THE DATA

Sagicor Insurance just hired you as an intern in the Actuarial department. You noticed that the department is assessing their risk profiles, however, it can be improved significantly. Now is your time to shine. A summary of the entire 2380 policies and their claim history under the medical insurance scheme can be seen below. Use the data to better model the frequency distribution function under the medical insurance scheme. i) Prepare a presentation for your manager to circulate to the directors for approval. Try to ensure there is at least one visual for the board members to appreciate. ii) During the presentation to the board members, the chairman insisted he wants to limit the number of possible claims for an individual to 3 . From your model, what estimated percentage of the policies will be somewhat affected by this change. iii) After the presentation, the board members commended you. However, they strongly believe that the risk associated with no claims needs to be changed because they will be decreasing the minimum deductible by 30% in 2023 to attract more customers. As such they believe customers will claim more and the probability for no claim will reduce by 40%. Advise them of the new percentage of individuals that is likely to be affected with the deductible implementation, they maintain the policy of limiting individuals to 3 claims