Date Added: Jun 2010
This paper presents a framework that builds upon agent-based modeling for investigating the behavior of consumers in the insurance industry. Consumers are modeled as agents and clustered in groups reflecting their income levels. Agents that model consumers are characterized by their socio-demographic features and interact with other insurance consumer-agents by means of local and global social networks. Furthermore, the environment in which they evolve models the impact of external factors such as mortality, disease and other accident rates as well as insurance culture.