Understanding the Role of Analytics in Insurance Industry

The insurance industry is all about assessing risk and managing the same successfully. Life insurance industry operates intrinsically by balancing risk assessment and risk management. Compiled with a large volume of data the insurance industry operates with, arriving at meaningful…

As a data science professional how would you respond to the question, “How familiar are you with PMML?”

Your choices are:

-        “I have no idea what PMML is”

-        “I have heard and read about PMML”

-        “I have played around with PMML”

-        “I have used PMML in my projects”

I have seen many responses to the question and the most popular one was “I have no idea what PMML is”.

Is this surprising? I guess, if we look at the…

Reference to Hadoop implies huge amount of data. The intend of the data is of course to derive insights that will help businesses stay competitive. "Scoring" the data is a common exercise in determining e.g. customer churn, fraud detection, risk mitigation, etc... It is one of the slowest analytics activities and especially when very large data set is involved. There are various fast scoring products in the market but they are very specialized and/or are provided by one vendor, usually…

I'm a visual kind of guy. You've probably read various descriptions of the steps involved in building a statistical model. Here is a graphical version which I like. Hope you will enjoy it too. Courtesy of my friends at www.aureusanalytics.com, a big data analytics platform and solution company for Banking and Insurance.…