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Last month I had the opportunity to attend the 2016 Insurance Analytics Conference (IAC), a two-day event which was held in New Orleans, Louisiana. The IAC is a unique forum that attracts some of the most prominent figures in the insurance analytics arena. They gather together to share their success stories using data science and to advocate for the universal adoption of descriptive, predictive and prescriptive modeling as holistic approach in analyzing insurance-related data.
This year’s roster of conference attendees included over 250 highly-respectable professionals from the consulting sector and a variety of insurance-related functional areas, including underwriting, marketing, risk and claims. The event’s presenters were united by a common goal: To promote innovative ideas and best practices in harnessing analytics to derive actionable insights from data, optimize operations and drive customer value.
Pinnacle Actuarial Resources, Inc. (Pinnacle), an insurance analytics leader, was proudly represented by Roosevelt C. Mosley, Jr., FCAS, MAAA, Principal and Consulting Actuary. He spoke about the exciting topic of social media analytics for insurance, placing special emphasis on the far-reaching opportunities this kind of data analysis offers to insurers.
Roosevelt began his session by providing some factual background on social media and the relative adoption rates of various social media platforms by certain demographic groups. He then highlighted the traditional insurance applications of social media analytics in the areas of marketing, claims and customer sentiment, citing several personal examples from his experience as a predictive modeling expert at Pinnacle. These cases demonstrated the additional value insurance companies can achieve by supplementing their routine structured data analyses with mining the vast pools of unstructured data found on social media. Roosevelt concluded by addressing some of the more innovative applications of social media analytics in underwriting, pricing and customer service.
Radost Wenman, FCAS, MAAA, is a Consulting Actuary with Pinnacle Actuarial Resources, Inc. in the San Francisco, California office. She holds a Master of Science degree in Statistics and a Bachelor of Science degree in Mathematics from Stanford University. Radost has over nine years of experience in the capacity of a pricing actuary in the personal lines segment. In this role, she has developed home and auto pricing solutions through the design and implementation of advanced predictive models.
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