A data scientist, Perry Beaumont is the head of data science of the Distinguished Programs Group. In charge of a variety of revenue-generating initiatives, Perry Beaumont leverages decades of experience in the insurance space to help contribute to the company’s strategic vision.
Similar to other sectors, insurance relies on strong and accurate data to create products and provide their services. One of the biggest contributions of the advances in data science is price optimization. The actuarial process is often complex and new techniques and tools in data science are making it faster and easier to establish reliable premiums in short periods, even for custom products.
Another highly specialized task, lifetime value prediction, is far more accurate thanks in part to newly-developed data science models. Data scientists can design behavior-based models that predict cross-buying and retention with relative accuracy.
Furthermore, data science models can be used to produce the ideal offer for a customer within seconds. While actuaries can develop countless insurance propositions, sometimes it’s difficult to match those up effectively with the right customer. Data science helps those customers find the right product by examining their choices and other information about them.
Perry Beaumont 