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How Insurance Companies Use Data To Measure Risk And Choose Rates

Smart Data Collective

The auto insurance industry has always relied on data analysis to inform their policies and determine individual rates. The good news is that this new data can help lower your insurance rate. Here is the type of data insurance companies use to measure a client’s potential risk and determine rates. Marital status. Occupation.

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Step-by-Step Guide to Becoming a Data Analyst in 2023

Analytics Vidhya

Corporations across all industries have invested significantly in big data, establishing analytics departments, particularly in telecommunications, insurance, advertising, financial services, healthcare, and technology. Introduction Data analytics is a field filled with promise.

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Is Artificial Intelligence relevant to insurance?

IBM Big Data Hub

In this first of two posts, I investigate the anatomy of artificial intelligence and its impact on insurance. Artificial intelligence applied to insurance The insurance industry has always made extensive use of data and algorithms, such as in the calculation of insurance premiums.

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Insurance Claims Modeling With GLM: A Modern Approach

Dataiku

Estimating risk is the essential ingredient to determine the price of an insurance policy. The estimated risk of an insurance policy is the minimum price an insurer should quote to be breakeven, therefore evaluating this risk with precision and confidence is the foundation of a robust quoting system.

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What is data analytics? Analyzing and managing data for decisions

CIO Business Intelligence

The chief aim of data analytics is to apply statistical analysis and technologies on data to find trends and solve problems. Data analytics draws from a range of disciplines — including computer programming, mathematics, and statistics — to perform analysis on data in an effort to describe, predict, and improve performance.

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Automating ethics

O'Reilly on Data

I’m not OK with those same images going to an insurance consortium, where they can become evidence of a “pre-existing condition,” or to a marketing organization that can send me fake diagnoses. I am fine with medical imagery being sent to a research study where it can be used to train radiologists and the AI systems that assist them.

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Fleet Management and Big Data: Points to Consider

Smart Data Collective

Direct costs include depreciation, interest, repair and maintenance costs, tire changes, insurance, fuel, taxes, and fees. According to statistics, fuel costs account for nearly 40% of overall expenses for a fleet. Statistics reveal that companies relying on data management reduce total miles driven by 10%. Fuel Management.

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