Predictive Analytics for Insurance: A New Level of Data Scrutiny - Machine Learning Times - machine learning & data science news
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5 years ago
Predictive Analytics for Insurance: A New Level of Data Scrutiny

 For more on the application of predictive analytics and Insurance, attend PAW Business in San Francisco March 31-April 2, 2015, where there is a sequence of insurance-focused presentations. The key metric for any insurance company in measuring its overall financial health is loss ratio with companies always striving for lower loss ratios. Loss ratio is the overall claim amount divided by premium amount. This is arguably the most important metric of any insurance CEO. In our case study here, this property insurance company was experiencing increasing loss ratios. Their current pricing and rating structure were flawed and new approaches needed

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