Just wondering how we measure the success of this pilot program. We have a document on “measurement of success” which requires some calculation from actuarial. Please see below (attached the whole doc – not signed yet). Shall we get some results from actuarial before the meeting? Or you have some other ideas? Thanks.
1) Measurement of Success
Similar criteria as ignore persistency product selection will be applied to measure the success (expected benefits) of the pilot program.
• The ratio of actual over expected, in terms of number of in-force policies
o Ignore persistency products: less than the ratio as at start of pilot period
o Non Ignore persistency products: more than the ratio as at start of pilot period
• Surrender Variance (within EEVG)
o Higher than the amount as at start of pilot period, if number of policies moves in the way mentioned above
• If number of policies moves in the opposite way as mentioned above, more investigation should be conducted to understand the reason (whether due to seasonality or other unexpected factors).
• Nevertheless, the movement of surrender variance should still follow the table in Section 2 in respond to the movement of number of policies. This is to ensure appropriate selection of ignore persistency products