Machine Learning in P&C Insurance: A Review for Pricing and Reserving

Machine Learning in P&C Insurance: A Review for Pricing and Reserving

Blog Article

In the past 25 years, computer scientists and statisticians developed machine learning algorithms capable of modeling highly nonlinear transformations and interactions of input features.While actuaries use GLMs frequently poise pads in bulk in practice, only in the past few years have they begun studying these newer algorithms to tackle insurance-related tasks.In this work, we aim to review the applications of machine learning to the actuarial science field and present the current state of the art in ratemaking and reserving.We first give an overview of neural networks, then briefly outline applications of machine klaire labs ashwagandha learning algorithms in actuarial science tasks.

Finally, we summarize the future trends of machine learning for the insurance industry.