| Publikationstyp: | Beitrag in wissenschaftlicher Zeitschrift |
| Art der Begutachtung: | Peer review (Publikation) |
| Titel: | Machine learning applications in nonlife insurance |
| Autor/-in: | Grize, Yves-Laurent Fischer, Wolfram Lützelschwab, Christian |
| et. al: | No |
| DOI: | 10.1002/asmb.2543 |
| Erschienen in: | Applied Stochastic Models in Business and Industry |
| Band(Heft): | 36 |
| Heft: | 4 |
| Seite(n): | 523 |
| Seiten bis: | 537 |
| Erscheinungsdatum: | 2020 |
| Verlag / Hrsg. Institution: | Wiley |
| ISSN: | 1524-1904 1526-4025 |
| Sprache: | Englisch |
| Schlagwörter: | Dynamic pricing; Statistics in business and industry; Machine learning; Nonlife insurance; Retention model |
| Fachgebiet (DDC): | 004: Informatik 332.38: Versicherungen |
| Zusammenfassung: | The literature on analytical applications in insurance tends to be either very general or rather technical, which may hold back the adoption of new important tools by industrial practitioners. Our goal is to stress that machine learning (ML) algorithms will play a significant role in the insurance industry in the near future and thus to encourage practitioners to learn and apply these techniques. After discussing the increasing relevance of data for nonlife insurance and briefly reviewing the major impact of digital technology on this business, we restrict our discussion to technical analytical applications and indicate where ML algorithms can add most value. We present two real examples: first a comparison of retention models for household insurance and then a dynamic pricing problem for online motor insurance. Both applications illustrate the advantages but also some of the difficulties of applying ML tools in practice. Finally, we mention some challenges posed by the use of ML in the industry and formulate a few recommendations for successful applications in insurance. This article is neither a tutorial nor an exhaustive review of technical ML applications in nonlife insurance. However, references for additional learning materials are provided. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/20550 |
| Volltext Version: | Publizierte Version |
| Lizenz (gemäss Verlagsvertrag): | Lizenz gemäss Verlagsvertrag |
| Departement: | School of Engineering |
| Organisationseinheit: | Institut für Datenanalyse und Prozessdesign (IDP) |
| Enthalten in den Sammlungen: | Publikationen School of Engineering |
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Grize, Y.-L., Fischer, W., & Lützelschwab, C. (2020). Machine learning applications in nonlife insurance. Applied Stochastic Models in Business and Industry, 36(4), 523–537. https://doi.org/10.1002/asmb.2543
Grize, Y.-L., Fischer, W. and Lützelschwab, C. (2020) ‘Machine learning applications in nonlife insurance’, Applied Stochastic Models in Business and Industry, 36(4), pp. 523–537. Available at: https://doi.org/10.1002/asmb.2543.
Y.-L. Grize, W. Fischer, and C. Lützelschwab, “Machine learning applications in nonlife insurance,” Applied Stochastic Models in Business and Industry, vol. 36, no. 4, pp. 523–537, 2020, doi: 10.1002/asmb.2543.
GRIZE, Yves-Laurent, Wolfram FISCHER und Christian LÜTZELSCHWAB, 2020. Machine learning applications in nonlife insurance. Applied Stochastic Models in Business and Industry. 2020. Bd. 36, Nr. 4, S. 523–537. DOI 10.1002/asmb.2543
Grize, Yves-Laurent, Wolfram Fischer, and Christian Lützelschwab. 2020. “Machine Learning Applications in Nonlife Insurance.” Applied Stochastic Models in Business and Industry 36 (4): 523–37. https://doi.org/10.1002/asmb.2543.
Grize, Yves-Laurent, et al. “Machine Learning Applications in Nonlife Insurance.” Applied Stochastic Models in Business and Industry, vol. 36, no. 4, 2020, pp. 523–37, https://doi.org/10.1002/asmb.2543.
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