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August 28, 2013


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My experience as an analyst in the insurance industry is that there is a managerial/business motivation to have overly complicated models (gee-wiz, look at my fancy model that uses triple-interactions to segment the population into 1MM groups), and these models overfit. Unless the upper management really understand statistics, the larger companies are at risk of having poorer pricing models than less sophisticated competitors.

On the other hand, the industry is so highly regulated that the full use of big data is limited -- I would have been more interested in staying in that industry had I had the freedom to implement my findings.

Great wonderful Post!

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