In this document, we want to establish a brief overview of the new practices linked to the growing use of data science in our insurance sector.
First of all, we provide a brief historical overview of certain terms that have become "buzzwords": Big Data, Artificial Intelligence, Machine Learning, Deep Learning and Statistical Learning.
There is still some confusion between these terms, particularly among the general public, and they are still used by the media (especially «Big Data») without knowing what these terms really mean...
Widely used in insurance, these concepts rised from the 1990s for the most recent ones, only the new branding of these techniques suggest that these approaches are totally innovative.
We will then explain why and how to apply these methods to the insurance world in order to propose innovative solutions.
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Head of Data Science,
R&D Coordinator at ADDACTIS France.