Machine Learning: "Pricing" the Way Forward
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 cannot capture hidden nuances in data and also fail with larger datasets. Machine Learning provides a handy solution to these.
The presentation discusses ML as a concept and talks about methods and approaches that could be beneficial to pricing analyses. Further, we explore how ML can help detect hidden patterns in the data to provide valuable insights that might not otherwise be so obvious.
[pdf-embedder url=”https://luxactuaries.com/wp-content/uploads/2020/05/Pricing-Plenary-2_Navarun-Jain.pdf” title=”Pricing Plenary 2_Navarun Jain”]