The group life and disability insurance sector has been slower to adopt predictive analytics than other lines of insurance. One reason for the sector’s lag is because insurers often have limited information on who they are insuring. However, there are still many ways to incorporate predictive modeling technology to improve results. Milliman consultant Jennifer Fleck provides some perspective in her article “Group insurance ‘Project Insight’.”
In the world of long-term care (LTC) insurance, making financial projections is challenging for two main reasons: a long projection horizon and complex interactions. This article by Milliman actuaries Missy Gordon and Joe Long walks through the progression from developing LTC projection assumptions using traditional methods to doing so using predictive analytics.
This article was originally published in the December 2017 issue of Long-Term Care News.
In this Society of Actuaries (SOA) video, Milliman’s Shea Parkes discusses his experience learning predictive modeling through Kaggle Competitions and how he has applied what he learned to his professional work as a healthcare actuary.