When answering this question, focus on a specific, complex problem you encountered in your work or studies. Describe the problem in detail, the actuarial principles you applied, and the steps you took to solve it. Highlight the outcome and any quantifiable results. For example:
"In my previous role, I was tasked with developing a new pricing model for a niche insurance product. The challenge was to accurately predict the risk and set premiums for a small, volatile market. I used generalized linear models (GLMs) to analyze historical data and identify key risk factors. By incorporating credibility theory, I adjusted the model to account for the limited data. The final model improved pricing accuracy by 15%, leading to better risk management and profitability for the company."
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