Today actuaries and insurers are able to apply predictive analytics in novel ways because of advanced technologies, larger data sets, and increased computing power. A recent Risk & Insurance article featuring Milliman’s Peggy Brinkman and Phil Borba explores four key areas where advances in predictive analytics are changing the way insurers conduct business: claims, driving safety, property risk, and competitive rating.
How can a company leverage customer data and turn it into actionable information? This was the challenge one transportation provider faced when its modeling system began underperforming after the company implemented it to predict revenue and passenger traffic. In this article, Milliman consultant Antoine Ly discusses how the firm created a machine-learning model that helps the company analyze various aspects of its ridership, leading to more informed financial decisions.
Here is an excerpt:
Working from a mock-up drafted by the client, the [Milliman] team reproduced the dashboard to the client’s specifications, but it is now supported by newly developed software as well as the client’s data warehouse. The dashboard allows the client’s management team to quire different aspects of passenger usage to gain insight into traffic flows and revenue. Colour-coded symbols, which when clicked on, give managers a concise picture of a train’s revenue and traffic. Managers can also quire the system based on selected features for both past usage and anticipated ridership, and are now able to make more informed decisions about pricing, the need for discounts or adjustments to marketing campaigns.
Because the model can adapt to new situations, deviations from the average error are confined to a much more narrow range. This means managers can have more confidence in the model’s predictive value and increases their ability to manage revenue.
Registration for the 2017 Data Science Game is officially open. The Data Science Game is a two-phase competition showcasing teams of data science students from universities around the world. An online qualifier will take place on April 15 with the final stage happening in September.
Students from the Moscow Institute of Physics and Technology (MIPT) won last year’s competition. Will your university win this year? To register your team, visit www.datasciencegame.com. The deadline to register is April 9.
Milliman is a sponsor of the 2017 Data Science Game.
Russian Data Mafia from the Moscow Institute of Physics and Technology (MIPT) won the 2016 Data Science Game. The final phase of the game featured teams of students from 20 universities competing in a 30-hour hackathon challenge.
Microsoft provided its support by giving free access to its Azure computing clusters while the final challenge was set by AXA. Each team worked on a data set containing requests for auto insurance quotes from different brokers and comparison websites. Students were asked to predict whether the person who requested a given quote bought the associated insurance policy. Teams were ranked according to their prediction scores.
The final phase took place September 10 and 11 at Capgemini’s Les Fontaines campus in France. This year, 143 teams participated from more than 50 universities and schools in 28 different countries.
To learn more about the Data Science Game, click here.
In July, teams of data science students from more than 50 universities around the globe competed in the qualification phase of the 2016 Data Science Game. Over 140 teams of four students were asked to develop an algorithm that could recognize the orientation of a roof from a satellite photograph by building on more than 10,000 photograph of roofs categorized through crowdsourcing.
Twenty-two teams have qualified for the final phase. The top three ranking teams were Jonquille (University Pierre and Marie Curie), PolytechNique (Ecole Polytechnique), and The Nerd Herd (University of Amsterdam). The final is being held in Paris on September 10 and 11, where the teams will compete in a big data analysis challenge.
For more information on the Data Science Game, click here.
Milliman is a sponsor of the 2016 Data Science Game.
Milliman is a sponsor of the 2016 Data Science Game, a two-phase competition showcasing teams of data science students from universities around the world. After an online eliminatory challenge, the best 20 teams will be invited to a two-day competition in Paris.
Last year, teams competed to solve a machine learning challenge created by Google. Students from the Moscow State University won the competition. Who will win this year?
Teams can register at www.datasciencegame.com. The deadline to register is May 31. The online challenge will take place in June while the two-day competition is scheduled for September.