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Risk Prediction In Life Insurance Industry Using Machine Learning Algorithms
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Book Synopsis RISK PREDICTION IN LIFE INSURANCE INDUSTRY USING MACHINE LEARNING ALGORITHMS by : BOODHUN NOORHANNAH (TP031392)
Download or read book RISK PREDICTION IN LIFE INSURANCE INDUSTRY USING MACHINE LEARNING ALGORITHMS written by BOODHUN NOORHANNAH (TP031392) and published by . This book was released on 2017 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis PREDICTING RISK LEVEL FOR LIFE INSURANCE USING MACHINE LEARNING ALGORITHMS by : WANG BAOLING (TP051988)
Download or read book PREDICTING RISK LEVEL FOR LIFE INSURANCE USING MACHINE LEARNING ALGORITHMS written by WANG BAOLING (TP051988) and published by . This book was released on 2019 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the era of big data expansion, how to use data to improve risk assessment is a key point for insurance companies. The underwriting process is the starting step of an insurance policy and the first customer touch point. The life insurance underwriters currently face the problem of how to find a solution to improve the accuracy of risk assessment and service efficiency at the same time. This article proposes a solution with three research objectives for underwriters to overcome this predicament. As the high dimensional dataset became the common challenge for insurance dataset, the first objective would be demonstrating the impact between different dimension reduction techniques. One filter method and one wrapper method of feature selection will be applied in this research. The second objective would be identifying the most key risk factors for risk assessment in underwriting, in order to improve the quality of data collection for better risk management. And the last objective is comparing the performance between different machine learning algorithms. In this research, Multiple Linear Regression (MLR), XBoost, Support Vector Regression (SVR) and Stacking Ensemble model be trained according to those two feature selection methods. As the results, overall the models built based on wrapper method have the better performance, meanwhile, Stacking Ensemble model achieved the best performance with RMSE as 1.92 and MAE as 1.45, respectively. Furthermore, this study also analysed the most significant factors that influence the risk level most according t the feature selection methods and models.
Book Synopsis Machine Learning in Insurance by : Jens Perch Nielsen
Download or read book Machine Learning in Insurance written by Jens Perch Nielsen and published by MDPI. This book was released on 2020-12-02 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Machine learning is a relatively new field, without a unanimous definition. In many ways, actuaries have been machine learners. In both pricing and reserving, but also more recently in capital modelling, actuaries have combined statistical methodology with a deep understanding of the problem at hand and how any solution may affect the company and its customers. One aspect that has, perhaps, not been so well developed among actuaries is validation. Discussions among actuaries’ “preferred methods” were often without solid scientific arguments, including validation of the case at hand. Through this collection, we aim to promote a good practice of machine learning in insurance, considering the following three key issues: a) who is the client, or sponsor, or otherwise interested real-life target of the study? b) The reason for working with a particular data set and a clarification of the available extra knowledge, that we also call prior knowledge, besides the data set alone. c) A mathematical statistical argument for the validation procedure.
Book Synopsis Loss Pattern Recognition and Profitability Prediction for Insurers Through Machine Learning by : Ziyu Wang (S.M.)
Download or read book Loss Pattern Recognition and Profitability Prediction for Insurers Through Machine Learning written by Ziyu Wang (S.M.) and published by . This book was released on 2017 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: For an insurance company, assessing risk exposure for Property Damage (PD), and Business Interruption (BI) for large commercial clients is difficult because of the heterogeneity of that exposure, within a single client (account), and between different divisions, and regions, where the client is active. Traditional risk assessment models attempt to scale up the single location approach used in personal lines: A large amount of data is collected to profile a sample of the locations and based on this information the risk is then inferred and somewhat subjectively assessed for the whole account. The assumption is that the risk characteristics at the largest locations are representative of all locations, and moreover, that risk is proportional to the size of the location. This approach is both ineffective and inefficient. Thus our first goal is to build a better risk assessment model through machine learning based on clients' data from internal sources. Further, we define a new problem, to predict whether a specific contract would be profitable or unprofitable for the insurance company. This problem turns out to be an imbalance classification, which attracts the second half of our research efforts in this thesis. In Chapter 2, we first review related literature on state-of-the-art risk assessment models in the field of insurance. Later in the chapter we move to the imbalance classification problems and review some popular and effective solutions researchers have proposed. In Chapter 3, we describe the data structure, provide some preliminary analysis over certain attributes and discuss the preprocessing techniques used for feature construction. In Chapter 4, we propose a new model with the objective to develop a new risk index which represents clients' potential future risk level. We then compare the performance of our new index with the original risk index used by the insurance company and computational results show that our new index successfully captures clients' financial loss pattern, while the original risk score used by the insurance company fails to do so. In Chapter 5, we propose a multi-layer algorithm to predict whether a specific contract would be profitable or unprofitable for the insurance company. Simulation shows that we can accurately label more than 83 percent of the contracts on record and that our proposed algorithm outperforms traditional classifiers such as Support Vector Machines and Random Forests. Later in the chapter, we define a new imbalance classification problem and propose a hybrid method to improve the recall percentage and prediction accuracy of Support Vector Machines. The method incorporates unsupervised learning techniques into the classical Support Vector Machines algorithm and achieves satisfying results. In Chapter 6, we conclude the thesis and provide future research guidance. This thesis builds models and trains algorithms based on real world business data from a global leading insurance and reinsurance company.
Book Synopsis The Demand for Life Insurance by : Wookjae Heo
Download or read book The Demand for Life Insurance written by Wookjae Heo and published by Springer Nature. This book was released on 2019-12-27 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, adopting machine learning techniques for the financial planning field, explores the demand for life insurance as seen in previous literature and both estimates and predicts the demand for the adoption of life insurance using these techniques. Previous studies used diverse perspectives, like actuarial and life span, in order to understand the demand for life insurance, though these approaches have shown inconsistent findings. Employing two theoretical backgrounds—ecological systemic theory and artificial intellectual methodology—this book explores a better estimation and a prediction of the demand for life insurance and will be of interest to academics and students of insurance, financial planning, and risk management.
Book Synopsis Fundamentals of Machine Learning for Predictive Data Analytics, second edition by : John D. Kelleher
Download or read book Fundamentals of Machine Learning for Predictive Data Analytics, second edition written by John D. Kelleher and published by MIT Press. This book was released on 2020-10-20 with total page 853 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of a comprehensive introduction to machine learning approaches used in predictive data analytics, covering both theory and practice. Machine learning is often used to build predictive models by extracting patterns from large datasets. These models are used in predictive data analytics applications including price prediction, risk assessment, predicting customer behavior, and document classification. This introductory textbook offers a detailed and focused treatment of the most important machine learning approaches used in predictive data analytics, covering both theoretical concepts and practical applications. Technical and mathematical material is augmented with explanatory worked examples, and case studies illustrate the application of these models in the broader business context. This second edition covers recent developments in machine learning, especially in a new chapter on deep learning, and two new chapters that go beyond predictive analytics to cover unsupervised learning and reinforcement learning.
Download or read book Big Data written by Kiran Sood and published by Emerald Group Publishing. This book was released on 2022-07-19 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: Striking a balance between the technical characteristics of the subject and the practical aspects of decision making, spanning from fraud analytics in claims management, to customer analytics, to risk analytics in solvency, the comprehensive coverage presented makes Big Data an invaluable resource for any insurance professional.
Book Synopsis Smart Computing Techniques and Applications by : Suresh Chandra Satapathy
Download or read book Smart Computing Techniques and Applications written by Suresh Chandra Satapathy and published by Springer Nature. This book was released on 2021-07-13 with total page 801 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents best selected papers presented at the 4th International Conference on Smart Computing and Informatics (SCI 2020), held at the Department of Computer Science and Engineering, Vasavi College of Engineering (Autonomous), Hyderabad, Telangana, India. It presents advanced and multi-disciplinary research towards the design of smart computing and informatics. The theme is on a broader front which focuses on various innovation paradigms in system knowledge, intelligence and sustainability that may be applied to provide realistic solutions to varied problems in society, environment and industries. The scope is also extended towards the deployment of emerging computational and knowledge transfer approaches, optimizing solutions in various disciplines of science, technology and health care.
Book Synopsis Advanced and Multivariate Statistical Methods by : Craig A. Mertler
Download or read book Advanced and Multivariate Statistical Methods written by Craig A. Mertler and published by Taylor & Francis. This book was released on 2021-11-29 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advanced and Multivariate Statistical Methods, Seventh Edition provides conceptual and practical information regarding multivariate statistical techniques to students who do not necessarily need technical and/or mathematical expertise in these methods. This text has three main purposes. The first purpose is to facilitate conceptual understanding of multivariate statistical methods by limiting the technical nature of the discussion of those concepts and focusing on their practical applications. The second purpose is to provide students with the skills necessary to interpret research articles that have employed multivariate statistical techniques. Finally, the third purpose of AMSM is to prepare graduate students to apply multivariate statistical methods to the analysis of their own quantitative data or that of their institutions. New to the Seventh Edition All references to SPSS have been updated to Version 27.0 of the software. A brief discussion of practical significance has been added to Chapter 1. New data sets have now been incorporated into the book and are used extensively in the SPSS examples. All the SPSS data sets utilized in this edition are available for download via the companion website. Additional resources on this site include several video tutorials/walk-throughs of the SPSS procedures. These "how-to" videos run approximately 5–10 minutes in length. Advanced and Multivariate Statistical Methods was written for use by students taking a multivariate statistics course as part of a graduate degree program, for example in psychology, education, sociology, criminal justice, social work, mass communication, and nursing.
Book Synopsis The Application of Emerging Technology and Blockchain in the Insurance Industry by : Kiran Sood
Download or read book The Application of Emerging Technology and Blockchain in the Insurance Industry written by Kiran Sood and published by CRC Press. This book was released on 2024-02-20 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a unique guide to the disruptions, innovations, and opportunities that technology provides the insurance sector and acts as an academic/industry-specific guide for creating operational effectiveness, managing risk, improving financials, and retaining customers. It also contains the current philosophy and actionable strategies from a wide range of contributors who are experts on the topic. It logically explains why traditional ways of doing business will soon become irrelevant and therefore provides an alternative choice by embracing technology. Practitioners and students alike will find value in the support for understanding practical implications of how technology has brought innovation and modern methods to measure, control, and evaluation price risk in the insurance business. It will help insurers reduce operational costs, strengthen customer interactions, target potential customers to provide usage-based insurance, and optimize the overall business. Retailers and industry giants have made significant strides in adopting digital platforms to deliver a satisfying customer experience. Insurance companies must adjust their business models and strategies to remain competitive and take advantage of technology. Insurance companies are increasingly investing in IT and related technologies to improve customer experience and reduce operational costs. Innovation through new technologies is a key driver of change in the financial sector which is often accompanied by uncertainty and doubt. This book will play a pivotal role in risk management through fraud detection, regulatory compliances, and claim settlement leading to overall satisfaction of customers.
Book Synopsis Empirical Asset Pricing by : Wayne Ferson
Download or read book Empirical Asset Pricing written by Wayne Ferson and published by MIT Press. This book was released on 2019-03-12 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to the theory and methods of empirical asset pricing, integrating classical foundations with recent developments. This book offers a comprehensive advanced introduction to asset pricing, the study of models for the prices and returns of various securities. The focus is empirical, emphasizing how the models relate to the data. The book offers a uniquely integrated treatment, combining classical foundations with more recent developments in the literature and relating some of the material to applications in investment management. It covers the theory of empirical asset pricing, the main empirical methods, and a range of applied topics. The book introduces the theory of empirical asset pricing through three main paradigms: mean variance analysis, stochastic discount factors, and beta pricing models. It describes empirical methods, beginning with the generalized method of moments (GMM) and viewing other methods as special cases of GMM; offers a comprehensive review of fund performance evaluation; and presents selected applied topics, including a substantial chapter on predictability in asset markets that covers predicting the level of returns, volatility and higher moments, and predicting cross-sectional differences in returns. Other chapters cover production-based asset pricing, long-run risk models, the Campbell-Shiller approximation, the debate on covariance versus characteristics, and the relation of volatility to the cross-section of stock returns. An extensive reference section captures the current state of the field. The book is intended for use by graduate students in finance and economics; it can also serve as a reference for professionals.
Book Synopsis Regression Analysis by Example by : Samprit Chatterjee
Download or read book Regression Analysis by Example written by Samprit Chatterjee and published by John Wiley & Sons. This book was released on 2015-02-25 with total page 421 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for the Fourth Edition: "This book is . . . an excellent source of examples for regression analysis. It has been and still is readily readable and understandable." —Journal of the American Statistical Association Regression analysis is a conceptually simple method for investigating relationships among variables. Carrying out a successful application of regression analysis, however, requires a balance of theoretical results, empirical rules, and subjective judgment. Regression Analysis by Example, Fifth Edition has been expanded and thoroughly updated to reflect recent advances in the field. The emphasis continues to be on exploratory data analysis rather than statistical theory. The book offers in-depth treatment of regression diagnostics, transformation, multicollinearity, logistic regression, and robust regression. The book now includes a new chapter on the detection and correction of multicollinearity, while also showcasing the use of the discussed methods on newly added data sets from the fields of engineering, medicine, and business. The Fifth Edition also explores additional topics, including: Surrogate ridge regression Fitting nonlinear models Errors in variables ANOVA for designed experiments Methods of regression analysis are clearly demonstrated, and examples containing the types of irregularities commonly encountered in the real world are provided. Each example isolates one or two techniques and features detailed discussions, the required assumptions, and the evaluated success of each technique. Additionally, methods described throughout the book can be carried out with most of the currently available statistical software packages, such as the software package R. Regression Analysis by Example, Fifth Edition is suitable for anyone with an understanding of elementary statistics.
Book Synopsis Brackenridge's Medical Selection of Life Risks by : R.D.C. Brackenridge
Download or read book Brackenridge's Medical Selection of Life Risks written by R.D.C. Brackenridge and published by Springer. This book was released on 2016-02-26 with total page 1085 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fifth edition of this leading reference book on insurance medicine, provides a comprehensive guide to life expectancy for underwriters and clinicians involved in the life insurance industry. Extensively revised and expanded, the new edition reflects developments in life and healthcare insurance as well as medicine.
Book Synopsis Big Data Analytics in the Insurance Market by : Kiran Sood
Download or read book Big Data Analytics in the Insurance Market written by Kiran Sood and published by Emerald Group Publishing. This book was released on 2022-07-18 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Big Data Analytics in the Insurance Market is an industry-specific guide to creating operational effectiveness, managing risk, improving financials, and retaining customers. A must for people seeking to broaden their knowledge of big data concepts and their real-world applications, particularly in the field of insurance.
Book Synopsis Artificial Intelligence in Asset Management by : Söhnke M. Bartram
Download or read book Artificial Intelligence in Asset Management written by Söhnke M. Bartram and published by CFA Institute Research Foundation. This book was released on 2020-08-28 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: Artificial intelligence (AI) has grown in presence in asset management and has revolutionized the sector in many ways. It has improved portfolio management, trading, and risk management practices by increasing efficiency, accuracy, and compliance. In particular, AI techniques help construct portfolios based on more accurate risk and return forecasts and more complex constraints. Trading algorithms use AI to devise novel trading signals and execute trades with lower transaction costs. AI also improves risk modeling and forecasting by generating insights from new data sources. Finally, robo-advisors owe a large part of their success to AI techniques. Yet the use of AI can also create new risks and challenges, such as those resulting from model opacity, complexity, and reliance on data integrity.
Download or read book Risk Modeling written by Terisa Roberts and published by John Wiley & Sons. This book was released on 2022-09-27 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: A wide-ranging overview of the use of machine learning and AI techniques in financial risk management, including practical advice for implementation Risk Modeling: Practical Applications of Artificial Intelligence, Machine Learning, and Deep Learning introduces readers to the use of innovative AI technologies for forecasting and evaluating financial risks. Providing up-to-date coverage of the practical application of current modelling techniques in risk management, this real-world guide also explores new opportunities and challenges associated with implementing machine learning and artificial intelligence (AI) into the risk management process. Authors Terisa Roberts and Stephen Tonna provide readers with a clear understanding about the strengths and weaknesses of machine learning and AI while explaining how they can be applied to both everyday risk management problems and to evaluate the financial impact of extreme events such as global pandemics and changes in climate. Throughout the text, the authors clarify misconceptions about the use of machine learning and AI techniques using clear explanations while offering step-by-step advice for implementing the technologies into an organization’s risk management model governance framework. This authoritative volume: Highlights the use of machine learning and AI in identifying procedures for avoiding or minimizing financial risk Discusses practical tools for assessing bias and interpretability of resultant models developed with machine learning algorithms and techniques Covers the basic principles and nuances of feature engineering and common machine learning algorithms Illustrates how risk modeling is incorporating machine learning and AI techniques to rapidly consume complex data and address current gaps in the end-to-end modelling lifecycle Explains how proprietary software and open-source languages can be combined to deliver the best of both worlds: for risk models and risk practitioners Risk Modeling: Practical Applications of Artificial Intelligence, Machine Learning, and Deep Learning is an invaluable guide for CEOs, CROs, CFOs, risk managers, business managers, and other professionals working in risk management.
Book Synopsis Artificial Intelligence and Exponential Technologies: Business Models Evolution and New Investment Opportunities by : Francesco Corea
Download or read book Artificial Intelligence and Exponential Technologies: Business Models Evolution and New Investment Opportunities written by Francesco Corea and published by Springer. This book was released on 2017-01-11 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Artificial Intelligence is a huge breakthrough technology that is changing our world. It requires some degrees of technical skills to be developed and understood, so in this book we are going to first of all define AI and categorize it with a non-technical language. We will explain how we reached this phase and what historically happened to artificial intelligence in the last century. Recent advancements in machine learning, neuroscience, and artificial intelligence technology will be addressed, and new business models introduced for and by artificial intelligence research will be analyzed. Finally, we will describe the investment landscape, through the quite comprehensive study of almost 14,000 AI companies and we will discuss important features and characteristics of both AI investors as well as investments. This is the “Internet of Thinks” era. AI is revolutionizing the world we live in. It is augmenting the human experiences, and it targets to amplify human intelligence in a future not so distant from today. Although AI can change our lives, it comes also with some responsibilities. We need to start thinking about how to properly design an AI engine for specific purposes, as well as how to control it (and perhaps switch it off if needed). And above all, we need to start trusting our technology, and its ability to reach an effective and smart decision.
