In their most recent white paper, RGA experts Guizhou Hu, Mark Ma, and Taylor Pickett use Milliman risk scores as examples to introduce two risk score accuracy concepts that have been widely documented and applied in statistical literature.
Unfair discrimination takes place when insurers consider factors that are unrelated to actuarial risk while determining whether to provide insurance to particular individuals or groups, and if so, at what price and with what terms.
Tom Fletcher, PartnerRe’s Global Head of Data Science Consulting, discusses the needs for valid, relevant, consistent and fair data – the key to successful model evaluation.
The purpose of this study was to evaluate the protective value offered by IntelliScript’s Medical Data product and the types of risks/impairments that it helps identify.
Munich Re Life US assessed Milliman Irix® – Risk Score with Medical Data, a predictive modeling tool developed and owned by Milliman that assesses mortality risk through the combination of an individual’s prescription drug history and medical claims records.
Probabilistic and statistical modeling have long been central to life insurers’ efforts to responsibly manage and accurately price risk. However, over the past two decades, technological advances have transformed these businesses’ use of data and algorithms.
Evaluation of HealthPiQture Model Lift and a Novel Comparison to Traditional Insurance Exam + Lab Risk Identification
Insurance Commissioner Takes Action to Stop Bias and Discriminatory Use of Consumer Data by Insurance Companies
Recent allegations of racial bias and discrimination in marketing, rating, underwriting, and claims practices by insurance companies and other licensees have come to light nationwide.
An implemented all-singing, all-dancing predictive model doesn’t automatically improve business operations or results. Sometimes it’s barely used. Why not? Based on many years of experience and academic study, Tom Fletcher shares his perspective on why this happens, and presents considerations for optimally deploying model development resources and gaining the full benefits of a new model.
Interview with Samantha Chow on "the state of life insurance underwriting now, in the wake of all of the changes brought on by advances in underwriting data sources and technology."