AIDA 181 (Latest 2023/ 2024 Update) Big Data Analytics for Risk and Insurance Exam | Questions and Verified Answers| 100% Correct| Grade A

AIDA 181 (Latest 2023/ 2024 Update) Big Data Analytics for Risk and Insurance Exam | Questions and Verified Answers| 100% Correct| Grade A Q: Computer output simulating human reasoning best describes which one of the following? Select one: A. Artificial intelligence B. Chatbots C. Machine learning D. Deep learning Answer: A Q: Annette is a claims adjuster with Midwestern Insurance (MI). MI recently invested in and established robotic process automation (RPA) in many of its routine repetitive tasks in its claims department. Annette is discovering that her role may be changing in which one of the following ways? Select one: A. Annette still does most of these same tasks as MI has discovered she does them less expensively. B. Annette's potential for human fallibility, and therefore MI's operational risk, is heightened by the effects of RPA systems. C. MI has decided the large-scale process reengineering effort is worth it so Annette can have more customer-facing opportunities. D. Annette will assume responsibility for claims that call for empathy to meet the emotional needs of insureds and claims. Answer: D Q: Which one of the following statements is true regarding smart operations? Select one: A. Smart operations are limited by the amount of data that they can gather and process. B. Applying algorithms to big data generates the information underlying smart operations. C. The preventive analytics that lie at the heart of smart operations are based on historical data. D. Smart operations are very gradually making their way into the field of risk management. Answer: B Q: Which one of the following emerging technologies has led to major advances in the field of automotive safety and the development of automated vehicles? Select one: A. Computer vision B. Drones C. Artificial intelligence D. Wireless sensor networks Answer: A Q: Which one of the following is particularly useful in vacant or temporarily unoccupied buildings? Select one: A. Light sensors B. Power consumption sensors C. Motion sensors D. Temperature sensors Answer: D Q: Personal lines insurers are investigating ways to incorporate discounts for homeowners insurance policies based on homeowners' use of which one of the following? Select one: A. Predictive modeling B. Classification analysis C. Smart home devices D. Loss ratios Answer: C Q: Three Hills Insurance (THI) is a regional insurer. The profitability of its homeowners book has been declining for several years. In the past, THI has been able to maintain profitability by using traditional rating variables and implementing flat rate increases across the entire book when necessary. It has been suggested that THI use machine learning to segment its homeowners book. Based on its relatively small size, management does not believe that it has sufficient data available to benefit from machine learning. Which one of the following is a valuable source of data, not used in traditional methods, that could be made available to THI through machine learning? Select one: A. Customer credit ratings B. Account loss ratios C. Producers' and claim representatives' files D. Policyholder applications Answer: C Q: Which one of the following is artificial intelligence in which computers continually teach themselves to make better decisions based on previous results and new data? Select one: A. Generalized linear model B. Machine learning C. Usage-based insurance D. Telematics Answer: B Q: Park Slope Baking recently be