A seminar by Professor Emiliano Valdez from the University of Connecticut
Title: Improving Business Insurance Loss Models by Leveraging InsurTech Innovation
Abstract: Recent transformative and disruptive developments in the insurance industry embrace various InsurTech innovations. Particularly with rapid advances in data science and computational infrastructure, InsurTech has the capacity to incorporate multiple emerging sources of data and reveal implications for value creation on business insurance. This helps strengthen current insurance operations. In this paper, we unprecedently blend real-life proprietary insurance claims information and features, empowered by InsurTech, describing insured businesses to produce enhanced tree-based loss models. Our empirical investigation shows that the supplemental data sources created by InsurTech innovation help significantly improve the underlying insurance company's in-house or internal pricing models. We further demonstrate how InsurTech proliferates firm-level value creation and affects insurance company operations extending to product development, pricing, underwriting, claims management, and administration practice. This is joint work with Z. Quan and C. Hue of the Univ. of Illinois at Urbana-Champaign.
Speaker bio:
Emil is a Fellow of the Society of Actuaries and holds a Ph.D. from the University of Wisconsin in Madison. He joined the University of Connecticut in 2007 but had a brief stint (2013-2015) as professor and director of the actuarial science program at Michigan State University. His prime research of interest is actuarial science that cover topics in copula models, dependencies, post-retirement asset management, and some related to risk measures and capital allocation. In recent years, his research work has evolved around the applications of data science and statistical modeling to actuarial and insurance problems. The quality of his research has been recognized through awards that include the E. A. Lew Award, the Halmstad Memorial Prize, the Hachemeister Prize, and most recently, the R. I. Mehr Award, ARIA’s top annual research recognition. Emil also has a joint appointment at the Department of Statistics at University of Connecticut.
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