Bridging natural and machine intelligence for calculating insurance premiums

The project will undertake a review of the existing and ongoing research in the field of InsurTech. Here, “InsurTech” refers to the marriage of insurance and technology with a goal to transform the insurance industry by using modern technologies to generate efficiencies. It is proposed to develop new technology based solutions for more realistic insurance premium calculations using data analytics based on individual customer behavior patterns. Applications such as activity trackers, in-car mobility devices are already being used by insurance companies to monitor and manage insurance coverage and payment. However, opportunities exist to bring a transformational change and explore options of developing cost effective links with other emerging technologies to minimize the possibilities of frauds, enhancing customer experience and, simplifying internal insurance processes including but not limited to premium determination. With limited existing research done hitherto, this research project aims to explore the use of Artificial Intelligence (AI) and Machine Learning (ML) to examine real-life and real-time observations of data to develop premium calculation principles that are better aligned with real life.

Faculty Supervisor:

Ricardas Zitikis

Student:

Partner:

Central Michigan University

Discipline:

Mathematics

Sector:

Education

University:

Western University

Program: