Beginner's guide to postcode pricing
We've created a short graphical summary of the application of postcode-driven lifestyle within actuarial mortality models. It shows how the incorporation of postcode geodemographics as a proxy for socio-economic group can overcome the limitations involved in pricing by benefit size alone.
Feel free to download the postcode pricing information sheet. It may be used for any purpose you like, as long as it is kept whole and unmodified and the copyright message is unaltered.
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Factors
In statistical terminology, a factor is a categorisation which contains two or more mutually exclusive values called levels. These levels may have a natural order, in which case the variable is said to be an ordinal factor.
Playing with scales
Mortality rates increase exponentially with age. This can make comparisons difficult, as shown in Figure 1 below, which shows the period mortality rates for males in England and Wales at ten-year intervals.
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