EAA Web Session ‘Predictive Modelling in the Insurance Sector’

Predictive modeling is a process used to forecast future outcomes or behaviours based on historical data and patterns. By building mathematical models that analyse past data predictive modelling aims to uncover relationships between different variables in a dataset and use those relationships to make predictions about new observations.

Overall, these methods complement the traditional actuarial vision in the insurance sector by providing insurers with advanced analytical tools and techniques to improve risk assessment, underwriting, pricing, and fraud detection processes, ultimately leading to better decision-making and more profitable business outcomes.

During the session, we will provide an overview of how predictive modelling works and highlight some of its applications in the insurance sector. This will be followed by a demonstration of a use case where these models were used to assist in pricing a motor book. We will walk through the process from cleaning and processing data, to analysing and fitting the model, and finally, to finding insights and understanding the outputs. Additionally, we will cover ideas on how to use those outputs to create a pricing guide for policies.
Anmeldeschluss: 2024-11-03
Link: https://actuarial-academy.com/seminars/seminar?No=E0458