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Activity Number: 173
Type: Topic Contributed
Date/Time: Monday, August 10, 2015 : 10:30 AM to 12:20 PM
Sponsor: Section on Risk Analysis
Abstract #316060
Title: Alternative Modeling Techniques Applied to Insurance Models
Author(s): Lavinia Museteanu and Philip Wong*
Companies: CSAA and CSAA
Keywords: K-fold ; fraud ; retention
Abstract:

Insurance companies are able to develop useful statistical models based on the enormous amount of data they collect. The ability to get additional lift in applying these models can save significant resources. Traditionally, many analysts use linear models under the usual assumptions such as independence and normality to ensure desirable properties such as consistent estimators. We will apply exploratory data analysis techniques used by marketers to compare their performances with the more traditional linear models. This methodology includes converting nominal variables to continuous, linearizing the relationship between predictors with the response variable, and using K-fold approach in modeling and validation. Our examples are identifying fraudulent claims and the likelihood of retaining policies given rate changes for a personal line auto/property insurance company.


Authors who are presenting talks have a * after their name.

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