Mathematics Colloquium by Dr. Emiliano Vadez, the University of Connecticut: Improving Business Insurance Loss Models by Leveraging InsurTech Innovation
On Friday, April 7, 2023, Dr. Emiliano Vadez, Professor of Actuarial Science at the University of Connecticut, will present a colloquium lecture on Improving Business Insurance Loss Models by Leveraging InsurTech Innovation. The lecture will take place at 10:00 am, in Room 205 of 7800 York Road.
Abstract: Recent transformative and disruptive developments in the insurance industry embrace various InsurTech innovations. Particularly with rapid advances in data science and computational infrastructure, InsurTech has the capacity to incorporate multiple emerging sources of data and reveal implications for value creation on business insurance. This helps strengthen current insurance operations. In this paper, we unprecedently blend real-life proprietary insurance claims information and features, empowered by InsurTech, describing insured businesses to produce enhanced tree-based loss models. Our empirical investigation shows that the supplemental data sources created by InsurTech innovation help significantly improve the underlying insurance company’s in-house or internal pricing models. The results of our work demonstrate how InsurTech proliferates firm-level value creation and can affect insurance product development, pricing, underwriting, claim management, and administration practice. This is joint work with Z. Quan, C. Hu, and P. Dong of the Univ. of Illinois at Urbana-Champaign.
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This post was written by Charles, Amanda G.