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Speaker(s): Jochen Stark (IBM), Alex Holzmüller (Dittrich & Partner Consulting), Sophie Richter-Mendau (IBM)
The presentation will show how you can combine traditional statistical and mathematical approaches with machine learning to solve an insurance-relevant use case - product development of term life insurance - based on a variety of internal and external data sources.
The use case shows the process of optimizing the product development in term life insurance. Therefore, existing contracts enriched with micro-geographical information are analyzed to identify risk characteristics. Moreover, a health data analysis is done to group insurance customer into clusters with different mortality risks.
The IBM Data Science Experience - the new cloud-based interface for Data Scientists - is used to show this use case in a live demonstration.