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How AI and Machine Learning Helps Improve Insurance Pricing

Webinar

Industry Webinar Series #1: Data Science in Insurance - Hands-On with DataRobot

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Many P&C insurance companies are seeing deteriorating underwriting results. With the advent of comparative raters in the P&C insurance market, prospects can compare prices on many companies instantly, often simply choosing the lowest offer. Less sophisticated insurance carriers become exposed in the areas where they are mispriced to make a sale. The lowest cost may win the business, but may be underpriced relative to the risk.

Actuaries and pricing departments dedicate hours to getting more accurate models, but it’s hard to fight with other insurers if everyone uses the same standard approach. And it’s worth noting that insurance pricing does not only belong to the GLM anymore. AI in insurance is becoming more prominent. From preparing the data to real-time pricing, our platform can help actuaries move to data-driven pricing.

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In this ongoing webinar series on how to deliver end-to-end, industry-specific use cases, Ming-Li Gridel, Insurance Customer-Facing Data Scientist will demonstrate:

  • How to prepare data in DataRobot Paxata from several datasets
  • How to automatically build machine learning pricing models, including exposure, monotonic constraints, and frequency severity approach
  • How to extract a GAM rating table or deploy a real-time pricing machine learning model

Speakers

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Ming-Li Gridel

Data Scientist, DataRobot

  • DataRobot's platform makes my work exciting, my job fun, and the results more accurate and timely – it's almost like magic!
    Omair Tariq

    Data Analyst, Symphony Post Acute Network

  • I think we need to take it upon ourselves in the industry to build the predictive models that understand what the needs and wants of our customers are, and go through the whole curation process, become their concierge.
    Oliver Rees

    General Manager – Torque Data at Virgin Australia

  • At LendingTree, we recognize that data is at the core of our business strategy to deliver an exceptional, personalized customer experience. DataRobot transforms the economics of extracting value from this resource.
    Akshay Tandon
    Akshay Tandon

    VP of Strategy Analytics, LendingTree

  • DataRobot allows us to understand the data that’s being fed into our models without blindly feeding whatever we get into our system. DataRobot makes my team very effective.
    Deena Narayanaswamy
    Deena Narayanaswamy

    Head of Data Insights, Avant

  • We know part of the science and the heavy lifting are intrinsic to the DataRobot technology. Prior to working with DataRobot, the modeling process was more hands-on. Now, the platform has optimized and automated many of the steps, while still leaving us in full control. Without DataRobot, we would need to add two full-time staffers to replace what DataRobot delivers.
    Evariant