DATA SCIENCE: WHAT INSURANCE LEADERS NEED TO KNOW
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11 Terms
What are the 4 fundamental concepts of data science
systemic processes can be used to discover knowledge, information tech can be applied to big data, analyzing too closely is not helpful, data mining must be thoughtful
What is an actuary
person using mathematical methods to analyze insurance data
What is domain knowledge
information related to the context of the information being worked on
What is structured data
data organized into defined fields
What is unstructured data
data that is not organized into fields
What does structured data consist of
loss records, premium history
What does unstructured data consist of
texts, messages, images
What is premium
price of insurance coverage for specific period
What is salvage
process when insurer takes possession of damage property and recovers portion of loss by selling it
What is subrogation
process when insurer recovers loss from 3rd party after paying injured party
What is point of sale
seamless transaction, documentation