Abstract
This chapter introduces readers to data science practices in the insurance industry. The author discusses how these practices have transformed the industry in actuarial and underwriting operations as well as in sales and marketing. The chapter first gives an overview of data science’s role in an insurance company. Then, the data science challenges in each stage of an analytics project life cycle are described. The author draws from his experience to provide solution frameworks for each of the challenges. In the end, an example is demonstrated to showcase a complex business challenge in managing the entire customer journey and calculating customer lifetime value in a life insurance company. Ethical considerations of machine learning models are also discussed.
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Huang, W. (2022). Transforming Insurance Business with Data Science. In: Derindere Köseoğlu, S. (eds) Financial Data Analytics. Contributions to Finance and Accounting. Springer, Cham. https://doi.org/10.1007/978-3-030-83799-0_12
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DOI: https://doi.org/10.1007/978-3-030-83799-0_12
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