October 31, 2022

๐ŸŽฌ What is Machine Learning?

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What is Machine Learning? Why is it important for actuaries? ๐Ÿคท

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We asked a sampling of people on the street โ†’ check out their amusing answers in the video below:

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Akur8's definition of Machine Learning:

Machine Learning is a form of artificial intelligence, which is used to detect certain patterns within a data set and make statistical predictions or insights.

Compared to traditional statistical techniques, Machine Learning makes it possible to process large volumes of data very quickly, and in an automated way, while building more accurate predictions.

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Why is Machine Learning important for actuaries?

Machine Learning techniques help actuaries to model risk and demand faster with higher predictive power, thus allowing them to explore more data sources and focus on value-added tasks or decision-making.

Actuaries can also leverage Machine Learning to easily assess the effects of rate changes on insurance portfolios.

To summarize, Machine Learning can help actuaries make better decisions, faster.

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How do we use Machine Learning at Akur8?

Typical Machine Learning models are blackbox, making them unfit to use in production on pricing applications. However, Akur8's transparent AI-powered algorithms produce GLMs (Generalized Linear Models) and GAMs (Generalized Additive Models) which are fully transparent, auditable, editable, and production-ready.

At Akur8, we do not only provide actuaries with a Machine Learning tool: we developed a robust and safe methodology with built-in auditability and control. The whole modeling process is automatically documented, and the output of the models is entirely transparent and adjustable.ย 

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