Practical Predictive Modeling for New Modelers (and Their Managers)
MuSigma Webinar Series, September 3 2020
Speaker: Bret Shroyer, Gross Consulting
The dividing line between Actuary and Data Scientist is being erased as more predictive modeling tools come into the mainstream of actuarial science. While actuaries shouldn’t feel obligated to stay current with the latest advances in predictive modeling and machine learning, every actuary should be aware of the basics of predictive modeling terminology, process, and best practices, and should be able to build and defend a simple predictive model.
This target market for this webinar is any actuary or actuarial student new to modeling, as well as the “more seasoned” actuaries who aren’t actively modeling, but managing or interacting with other staff who are.
- What is Predictive Modeling?
- Overview of modeling methods
- How are predictive models used in P&C Insurance?
- Predictive modeling best practices
- Hands on: build a predictive model
At the conclusion of the video, we share a number of links to resources. Those links are repeated below:
Predictive Modeling Tools for Hands On
- Every member of CAS Student Central has a free license to use Cognalysis MultiRate
- https://www.casstudentcentral.org/classroom-to-credentials/software/ (download and video instructions)
- Many actuaries and data scientists use the R statistical language.
- The rattle package is an easy way to start modeling with R
- In recent years, Python is gaining traction as the “go to” language for modeling
- Finally check this excellent guide if you’d like an article-based approach to learning predictive modeling basics
Presented by Gross Consulting, the MuSigma Webinar Series is an excellent opportunity for actuaries and insurance professionals to engage in free, interactive, and relevant content designed to provide quality continuing education.