The Rise of the Machine & the impact for actuarial modelling

 By Martina King CEO, Featurespace  A shift is occurring in the volume of manual actuarial work which can be replaced by pioneering machine learning and predictive analytics methods, capable of cutting-edge pattern recognition and anomaly spotting. These changes are already having an impact on how insurance companies detect and block application fraud in real time, spot quote manipulation and reduce claims fraud.   Some actuaries reading this article will already be aware of this emerging trend and taking steps to retrain or gain additional skills in machine learning. Others will say that it will be impossible for machines to do their work. As always, the true answer is going to lie somewhere between the two extremes.  An assumption-less approach to data  Modern fraud attacks are evolving at a more rapid pace than…

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