Research Study Findings from University of Tehran Update Understanding of Information and Data Analytics (Big Data and Actuarial Science)

2021 JAN 05 (NewsRx) -- By a News Reporter-Staff News Editor at Health Policy and Law Daily -- Investigators publish new report on information and data analytics. According to news reporting out of Tehran, Iran, by NewsRx editors, research stated, “This article investigates the impact of big data on the actuarial sector.”

Our news journalists obtained a quote from the research from University of Tehran: “The growing fields of applications of data analytics and data mining raise the ability for insurance companies to conduct more accurate policy pricing by incorporating a broader variety of data due to increased data availability. The analyzed areas of this paper span from automobile insurance policy pricing, mortality and healthcare modeling to estimation of harvest-, climate- and cyber risk as well as assessment of catastrophe risk such as storms, hurricanes, tornadoes, geomagnetic events, earthquakes, floods, and fires. We evaluate the current use of big data in these contexts and how the utilization of data analytics and data mining contribute to the prediction capabilities and accuracy of policy premium pricing of insurance companies.”

According to the news reporters, the research concluded: “We find a high penetration of insurance policy pricing in almost all actuarial fields except in the modeling and pricing of cyber security risk due to lack of data in this area and prevailing data asymmetries, for which we identify the application of artificial intelligence, in particular machine learning techniques, as a possible solution to improve policy pricing accuracy and results.”

For more information on this research see: Big Data and Actuarial Science. Big Data and Cognitive Computing, 2020,4(40):40. (Big Data and Cognitive Computing - http://www.mdpi.com/journal/BDCC). The publisher for Big Data and Cognitive Computing is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/bdcc4040040.

Our news editors report that additional information may be obtained by contacting Hossein Hassani, Research Institute of Energy Management and Planning, University of Tehran, Tehran 1417466191, Iran. Additional authors for this research include Stephan Unger, Christina Beneki.

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