Aida 181 Study guides, Class notes & Summaries

AIDA 181 (New 2023/ 2024 Update) Big Data Analytics for Risk and Insurance Exam | Questions and Verified Answers| 100% Correct| Graded A QUESTION Often, machine learning Select one: A. Reveals relationship and trends not found through traditional ratemaking analysis. B. Is not appropriate for smaller insurers, which do not have access to large amounts of data. C. Implements a flat rate increase for all of an insurer's homeowners policies. D. Is simply a ratio that measures loss ...

1. How does big data influence risk management and insurance strategy? a) It improves underwriting accuracy b) It reduces claims processing time c) It enhances customer engagement d) All of the above - Answer-d) All of the above 2. What is one benefit of data analytics in claims management? a) Faster and more efficient claims settlement b) Personalized pricing for customers c) Market expansion opportunities d) Improved underwriting accuracy - Answer-a) Faster and more efficient claims s...

What is a SWOT analysis? - Answer-A method to identify strengths, weaknesses, opportunities, and threats. What are some factors contributing to Millstone's deteriorating loss experience? - Answer-Increase in fraudulent claims and weather-related disasters. Why is Millstone concerned about its upper-level employees nearing retirement age? - Answer-Few employees can immediately step into those roles. Why is it a problem that few college graduates are choosing to enter the insurance industry...

What is data science? - Answer-Field of data analytics How does data science apply to risk management and insurance? - Answer-Offers business solutions via data analytics What is the role of a data scientist? - Answer-Manage and analyze large amounts of data What skills are necessary for managing data in insurance? - Answer-Education and skills in evaluating data Why is additional training in data science important for insurance professionals? - Answer-To effectively apply data analytics ...

AIDA 181 Questions with Correct Answers.

AIDA 181 Exam Complete Questions And Solutions

big data - Answer-Sets of data that are too large to be gathered and analyzed by traditional methods. law of large numbers - Answer-A mathematical principle stating that as the number of similar but independent exposure units increases, the relative accuracy of predictions about future outcomes (losses) also increases. data mining - Answer-The analysis of large amounts of data to find new relationships and patterns that will assist in developing business solutions. text mining - Answer-Obt...

AIDA 181 Study Guide 2023 with complete solution big data - sets of data that are to large to be gathered and alayszed by traditional methods 5 Vs of big data - volume variety velocity veracity value volume - far larger (consumes more storage space) than traditional data stores variety - much of the data exists in multiple unstructured (this is defined later) formats velocity - speed at which the data arrives and the rate of evolution veracity - the co...

AIDA 181 Questions with Correct Answers