Artificial Intelligence (AI) or Machine Learning (ML) algorithms, in the past few years, have been widely implemented in various industrial applications. Sometimes, these ML algorithms exhibit significant bias, or referred as Algorithm Bias, to certain groups. By the definition, Algorithm Bias refers to the inequality brought by the application of algorithms regarding personal features like […]
Due to privacy and data confidentiality concerns, today’s insurance industry is rife with the protectionism of proprietary data, which has become a major roadblock that prevents the free flow of data and collaborations between data scientists and analysts. The inaccessibility of data across the boundaries of insurance firms or even business divisions within a corporation […]
The insurance industry has long known the importance of data, and the success of its business heavily relies on data collection and analysis. With the fast growth in computing power and the development of machine learning techniques, more and more variables/features are used in predictive analysis in various aspects of insurance, such as rate making, […]
Foot traffic data is captured by various sources, such as smartphone APP, telematics devices in the vehicle, which can help insurance monitor policy holders’ behavior. It is beneficial for insurance companies to price the risk accurately and accelerate the underwriting process. On the other hand, policyholders are given incentives for good driving behavior. There are […]