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Predicting Insurance Risk

Risk Brackets and Data Insurance companies spend a large part of their effort on calculating the rates to give each customer based on their insurance needs. A key component of this effort is calculating the customer's risk factor. Because different people may use their insurance plans more or less than others, insurance companies calculate each customer's risk and modify their rates accordingly. This means that when two people both want plan "A" for insurance, the company looks at their driving ...

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Contribution Analysis

A contribution analysis is a way to analyze the effects of different options, programs, or policies on final outcomes. By predicting how much each program or action might contribute to a future outcome, a business or group can determine which program or action to use.The process is typically performed by linear models due to their simplicity and ease in which they can be understood, but their simplicity is also their greatest weakness as they are too simple to achieve any high degree of accura ...