Reserving with Machine Learning Pilot Program
Are you interested in reserving with machine learning? KYROS Insights, a pioneer of machine learning based reserving techniques in non-insurance applications, is conducting research into the use of these techniques in the insurance industry.
Reserving with machine learning has the potential to provide many benefits to the insurance actuary, including:
- Speed: these techniques leverage automation to complete most steps in a reserving analysis in a matter of hours, leaving the actuary more time analyzing rather than building the analysis
- Deeper insights: Machine learning is able to consider everything known about each individual claim, uncovering trends that are impossible to find with traditional actuarial reserving techniques
- Individual claims reserving: reserve estimates are produced at the individual claim level, providing opportunities for claims triage to proactively manage outcomes
- Understanding variance: get a better understanding of the variance of ultimates, allowing the actuary to more clearly articulate confidence intervals and risk levels
The goal is more insights in less time — freeing up actuaries to do what they do best.
KYROS is looking for research partners to explore the applicability of these techniques to insurance reserving. The ideal partner will have:
- A historical database of individual claims payments
- A historical database of characteristics of each claim, including details on how these characteristics changed during the life of the claim
- An interest in developing innovative new actuarial techniques
Please fill out this short form to learn more.