Research from Laval University Yields New Study Findings on Machine Learning (Machine Learning in P&C Insurance: A Review for Pricing and Reserving): Machine Learning

2021 DEC 02 (NewsRx) -- By a News Reporter-Staff News Editor at Robotics & Machine Learning Daily News -- Current study results on machine learning have been published. According to news reporting out of Quebec, Canada, by NewsRx editors, research stated, “In the past 25 years, computer scientists and statisticians developed machine learning algorithms capable of modeling highly nonlinear transformations and interactions of input features.”

Funders for this research include Natural Sciences and Engineering Research Council of Canada.

The news correspondents obtained a quote from the research from Laval University: “While actuaries use GLMs frequently in practice, only in the past few years have they begun studying these newer algorithms to tackle insurance-related tasks. In this work, we aim to review the applications of machine learning to the actuarial science field and present the current state of the art in ratemaking and reserving. We first give an overview of neural networks, then briefly outline applications of machine learning algorithms in actuarial science tasks.”

According to the news reporters, the research concluded: “Finally, we summarize the future trends of machine learning for the insurance industry.”

For more information on this research see: Machine Learning in P&C Insurance: A Review for Pricing and Reserving. Risks, 2021,9(4):4. (Risks - http://www.mdpi.com/journal/risks). The publisher for Risks is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/risks9010004.

Our news editors report that more information may be obtained by contacting Christopher Blier-Wong, Ecole d’Actuariat, Laval University, Quebec, QC G1V 0A6, Canada. Additional authors for this research include Helene Cossette, Luc Lamontagne, Etienne Marceau.

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