An international insurance group wants to offer an online-enabled building insurance plan. In order to optimize the application route, as few risk questions as possible are to be asked. To ensure that the risks can still be assessed correctly, the risk questions are to be replaced by data from external providers.
About 1,300 characteristics from external providers are evaluated. From these, targeted candidates are selected to replace the risk questions. A substitution algorithm is used to check each risk question and, if necessary, substitute it with external data. Close cooperation with the actuaries ensures that the rates are set in a way that makes sense from a technical point of view.
78 % of the previous risk questions can be preassigned, replaced or omitted with the same forecast quality. New external data can be checked and integrated by the actuaries themselves at any time.
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