Aida 181 - Study guides, Class notes & Summaries

What is exploratory data analysis? - Answer-Approach to understanding data before modeling. What techniques are used in exploratory data analysis? - Answer-Charts and graphs to show data patterns and correlations. What is a scatter plot? - Answer-Two-dimensional plot showing relationship between two attributes. What is a bubble plot? - Answer-Scatter plot with bubble size representing a third attribute. How can exploratory data analysis help with a business problem? - Answer-Provides basic ...

What is the objective of studying big data and technology in risk management and insurance? - AnswerTo explain how they influence risk management and insurance strategy. How does data allow insurers to provide coverage for a variety of risk exposures? - Answer-Through the law of large numbers and analyzing large numbers of claims. Why do claims or underwriting professionals study data analytics? - Answer-To use the results of analytics in their decision making and effectively communicate wit...

AIDA 181 UPDATED Actual Exam Questions and CORRECT Answers big data - CORRECT ANSWER- sets of data that are to large to be gathered and alayszed by traditional methods 5 Vs of big data - CORRECT ANSWER- volume variety velocity veracity value volume - CORRECT ANSWER- far larger (consumes more storage space) than

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...

5 vs of big data - CORRECT ANSWER-volume variety velocity veracity value accuracy equation - CORRECT ANSWER-(TP + TN) / (TP + TN + FP + FN) tp = true positive tn = true negative fp = false positive fn false negative adverse development - CORRECT ANSWER-Increasing claims costs for which the reserves (based on ultimate loss estimates) are inadequate arrow - CORRECT ANSWER-a pathway in a classification tree Artificial intelligence - CORRECT ANSWER-compute processing/output that simulates reasonin...

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 Big Data Analytics for Risk and Insurance Exam Prep| Questions and Verified Answers| 100% Correct (New 2023/ 2024 Update) QUESTION metadata Answer: data about the data that provides context for analyzing transaction facts with efficient structures for grouping hierarchical information QUESTION what type of data helps prevent data quality issues? Answer: metadata QUESTION what are some data mining techniques Answer: classification ...

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 ...

AIDA 181 Questions with Correct Answers.