What are you grouping for? Insurance claims forecasting with cluster analysis
Key Points
Forecasting insurance claims can be enhanced through effective clustering techniques using machine learning.
Machine learning models provide significant insights into complex data patterns in insurance claims.
Cluster analysis is applied to identify underlying structures in insurance data and improve predictive accuracy.
Collaboration between actuaries and data scientists may lead to more innovative data interpretation solutions.
Abstract
Machine learning has increasingly become a tool for actuaries in the era of big data, and the idea of actuaries teaming up with data scientists has been continuously debated by industry leaders.