Whether it’s for the purposes of unlocking the potential from data that has traditionally been overlooked (eg extracting insights from text fields or images, rather than just cold, hard numeric data) or whether it’s to leverage the data they already have with more powerful techniques and algorithms, one thing is clear - Machine Learning is here to stay. There’s clearly a significant overlap between these two fields of study - and that’s why an increasing number of actuaries are finding themselves applying Machine Learning tools in their day-to-day work. Actuaries are occasionally described as being the first data scientists, thanks to their long history of working with data and modelling techniques. It’s proved itself as an invaluable tool that companies with deluges of data can use to extract insights to enhance their products and services. Machine Learning can be defined simply as “the science (and art) of programming computers so they can learn from data”, courtesy of A. Machine Learning (ML) is an inescapable topic - and it’s also caused a stir within the actuarial industry.
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