With AI continuing to be a significantly disruptive force in various industries, there is an emerging trend in making use of alternative data sources when making strategic decisions in areas such as customer profiling and marketing. Alternative Data – What …
Lux Actuaries & Consultants is proud to be a lead sponsor for the 2nd Annual Motor Conference on Digital Transformation in Insurance Pricing and Claims Management. Organised by the Emirates Insurance Association, this virtual event will take place on 12 …
Shining some Light on the Black Box that is ML You’ve probably heard that Machine Learning (ML from here) can be highly predictive and sophisticated. Unlike stochastic models, ML algorithms do not rely on any underlying assumptions about the data, …
This presentation, given at the Technical Issues in General Insurance (TIGI) Conference in April 2019, explores Machine Learning in Insurance Pricing. While stochastic models such as GLM’s have shown promise, there are shortcomings to such models. For instance, these models …
An insurance company processes millions of claims, knowing that some of these might be fraudulent. Fraudulent claims that get paid out can cause insurance companies unnecessary and sometimes massive losses. One question that is often posed, and one that is …