27 May 2020
Web Session: Data Science Pricing of Motor Insurance
Risk models are a key competition factor in the business of Motor Insurance. Actuaries are looking for new techniques to make the most out of their data. The inclusion of modern Data Science methods into the actuarial daily work has proved to enhance the quality of risk models and to provide a better insight into the available data.
We will give a high level outlook on future development of (technical) Pricing in Motor Insurance and its impact on the work of actuaries. Data Science is an important part of this – our vision for the future of pricing.
After providing a typical Machine Learning workflow, we introduce the architecture of popular Data Science methods (Gradient Boosting, Neural Networks) and illustrate the strengths and weaknesses of these methods – also compared to GLMs. Further, we present approaches to evaluate and compare models to get a better understanding in terms of model interpretation but also in terms of identifying weak spots of currently used models.
Out of the demonstration of superiority of risk models enriched with Data Science methods, we finally provide some concrete business cases how to generate an added value for the insurance company.
Organised by the EAA - European Actuarial Academy GmbH.
This web session is designed for practitioners who want to expand their knowledge about the application of Data Science methods in Pricing and for management functions who want to get an insight about recent and future developments of Pricing in Motor Insurance.Parts of the presentation are closely aligned to presentations given at the German Actuarial Association (DAV).The web session is open to all interested persons. Technical requirements and test sessionPlease check with your IT department if your firewall and computer settings support web session participation (the programme GoToTraining is used for the web session). Please also make sure that you are joining the web session with a stable internet connection.
On 19 May 2020 10:00 – 10:30 CEST, there will be a test session offered to all registered participants to test the software.
Purpose and Nature
Frank Schönfelder, Senior Manager, KPMGFrank has studied Actuarial Science and is full member of the German Actuarial Association (DAV). He is a member of the DAV working group “P&C Pricing” and “Qualification in Actuarial Data Science”. Frank has a background of more than 10 years as Actuarial Consultant to the P&C Insurance industry. He works as Senior Manager at KPMG where he is also leading KPMG’s EMEA working Group on Pricing P&C Insurance.
Dr. Gunnar Kaib, Assistant Manager, KPMGGunnar is an Assistant Manager with KPMG. He has a strong quantitative background and holds a PhD in Mathematics in the field of Partial Differential Equations. He has been advising clients on the introduction and use of Data Science methods in Motor Insurance Pricing as well as on the automation of processes in the actuarial department.