Machine Learning

Machine learning techniques are attracting increased attention in the insurance industry. These techniques are concerned with computer algorithms that improve automatically with experience. Machine learning techniques can be used to detect complex, non-linear signals in insurance data.

Finity’s machine learning analysis uses EagleEye Analytics’ proprietary “Talon” software suite, which was built specifically for insurance applications. Finity is Australia’s only Talon-certified actuarial consulting firm.

Machine Learning applications include:

Predictive model improvement
Identifying weaknesses in your rating structure
Identifying your profitable market segments to focus your marketing efforts
Identifying the worst performing risks in your portfolio in order to target underwriting efforts and monitor performance outcomes
Identifying changes in portfolio mix over time
Portfolio segmentation based on single or multiple performance measures
Replacing expensive external data in predictive models or rating structures by incorporating compound variables with similar or superior predictive strength
Statistical case estimates
Large claims triage