The best way to approach analytics is to use multiple modeling techniques that support an insurer’s unique goals and position in the market. (Photo: iStock)

Machine learning (ML) is all the rage, often described as the new frontier in predictive analytics. While its history dates back to the 1950s with pioneering research on simple algorithms, more recent developments in the 1990s paved the way for the new wave of applications in artificial intelligence. Most agree this technology will have a notable impact on the industries and the jobs of the future. From a predictive modeling perspective, incorporating new data into evolving models allows the predictive power to continually improve.

Related: The power of analytics for insurance: You ain’t seen nothin’ yet

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Dax Craig



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