Practical Text Mining and Statistical Analysis for Non-structured Text Data Applications

Chapter 14

Leveraging Text Mining in Property and Casualty Insurance

Contents

Preamble

Introduction

Property and Casualty Insurance as a Business

Analytics Opportunities in the Insurance Life Cycle

Driving Business Value Using Text Mining

Summary

Postscript

References

Preamble

The insurance industry (particularly the property and casualty part of it) is particularly conducive to the use of data mining for risk assessment, premium audit analyses, and insurance fraud. The basic tenet of insurance is that we can predict the future with a level of accuracy sufficient to decrease financial losses to a significantly greater extent than the cost of doing analysis. This is an ideal environment for data mining and text mining applications. This chapter ...