How can data science enhance reserving analyses for insurance companies?

The benefits of data science are typically aligned along two complementary dimensions: streamlining of processes and deep understanding of risks. Analytics and data science have transformed actuarial pricing and are now being used within reserving. Each stage of the reserving process can be reimagined through the use of data science along with support from existing actuarial techniques and expert knowledge. In this paper, Milliman’s Rémi Bellina and Loup Ortiz examine how the use of data science tools in conjunction with individual claim and policy data can extract more value from reserving analyses.

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