Prevent frauds in the insurance industry
The word machine learning may be new to a common man but for those who deal in the world of technology. First of all, machine learning is in a position to transform the manner insurers carry out business. The insurance industry tends to be based on predicting future events and measuring the impact and value of these occurrences and has utilised established foretelling modelling practices, particularly in claims loss forecasting and pricing- at least for some time at present. With new data and big data sources like telematics or sensors, social & web (sentiment), external data sources (data.gov), the chances to use machine learning techniques tend to be not great all through new areas relating to insurance operations and related services that can help one get the required amount of ins...