The use of artificial intelligence and data analytics in life insurance
The emergence of data analytics and machine learning is providing insurers and reinsurers with new insights into how they drive and monitor their business.
The Private Mortgage Insurer (PMI) landscape has grown more competitive in recent years; “Black-box” risk-based pricing engines – largely adopted industry-wide in late-2018/early-2019 – have made pricing and business mix differences amongst the 6 MIs more opaque than ever. Over this time Milliman has been tracking the PMIs’ New Insurance Written (NIW) and Insurance In Force (IIF) performance to keep our finger on the pulse of the market. The linked publication provides information and context regarding trends and differences amongst the PMIs’ businesses for 4Q 2020.
The full 4Q 2020 report provides 20+ pages of figures and commentary covering:
The data used to compile this report includes publicly available PMIs’ disclosures (Earnings Releases, Financial Supplements, and 10-K/Qs) as well as additional aggregated industry data extracted from Milliman’s M-PIRe platform.