GIRO 2023: Workshop B1 - Why isn’t machine learning more transparent in personal lines pricing?

There is widespread interest in machine learning (ML) and widespread interest and concern in transparency of these techniques and fairness to customers. How can we address these concerns while maximising the value and opportunity of these approaches? 

This session will address key questions such as: 

  • what are the challenges and opportunities to using ML? 
  • how can we be more transparent in our use of ML? 
  • how can we create more stable machine learning techniques? 
  • how can we use ML efficiently as part of our wider pricing process? 

This session will include a presentation on new techniques and enhancements and practical guidance on how they can be implemented as part of streamlined pricing processes. 

This will be a high-level session rather than a technical one. It should be of interest to actuaries at all levels with an interest in ML including senior actuaries and team leaders interested in maximising use of ML in pricing and analytics. 

Speakers: Neil Chapman and Rachael McNaughton, WTW