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Machine Learning vs Predictive Analytics - the data science in insurance

Machine learning is the science of making automated decisions. The methods of machine learning are used in different fields, including areas such as language translation, web search, information retrieval, bioinformatics, and many others. <br>

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Machine Learning vs Predictive Analytics - the data science in insurance

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  1. Machine Learning vs Predictive Analytics - the data science in insurance Machine learning is the science of making automated decisions. The methods of machine learning are used in different fields, including areas such as language translation, web search, information retrieval, bioinformatics, and many others. Claims Processing is an example of Machine Learning. ML can improve the process by triaging claims via an app or a virtual assistant. It can identify patterns in claims and detect fraud. It uses internal dashboards that alert brokers to help investigate fraud once it is identified. However, it cannot predict the future. ML is another tool in its toolbox, which also includes data mining and predictive modeling. To predict future outcomes, it uses historical and current data. It can predict what customer behavior might be expected in different market situations.

  2. To get better information about ML and Predictive analytics and its uses in Insurance visit our website. Source Url: -https://www.simplesolve.com/blog/predictive-analytics-in-insurance Contact Us: - SIMPLESOLVE Inc. 114 Titus Mill Rd., Bldg A Unit 101 Pennington NJ, 08648 get.info@simplesolve.com +1 609 452 2323 About SIMPLESOVLE Inc. Simplesolve Offer The Best Insurance Solutions with Machine Learning & Predictive Analytics to their client and customers

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