Peggy Brinkman, a principal actuary at Milliman, maps the trajectory: from univariate actuarial techniques, through generalized linear models, to gradient boosted machine models, and now to explainable boosting machines – a class of models that provide gradient boosting accuracy with the explainability that is needed for rate filing approval to state regulators. Change is happening across the industry, but at very different speeds. “New modeling techniques can extract more value from the same data in terms of risk understanding,” Brinkman said. “Advances in methodology are as important as bringing in new data sources.”
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