AIDA Study guides, Class notes & Summaries

Insurers can benefit from - Answer-A framework they can use to approach problems through data analysis The important first step in a decision-making model is to - Answer-Define the problem Which one of the following is a way that insurers and risk managers can use data science to improve their results through data-driven decision making? - Answer-Discovering new relationships in data The first step in the data mining process is to - Answer-Understand what a business wants to achieve Which ...

big data - Answer-sets of data that are to large to be gathered and alayszed by traditional methods 5 Vs of big data - Answer-volume variety velocity veracity value volume - Answer-far larger (consumes more storage space) than traditional data stores variety - Answer-much of the data exists in multiple unstructured (this is defined later) formats velocity - Answer-speed at which the data arrives and the rate of evolution veracity - Answer-the completeness and accuracy is far less tradit...

AIDA 181 Questions with Correct Answers

Risk quadrants are different from risk classifications. Risk quadrants focus on what? - The source of the risk itself and what part of the organization has managed it in the past. An enterprise risk management approach is categorizing risks into quadrants. What are hazard risks? - Normally managed by risk management professionals. What are the four risks in the enterprise risk management model? - Hazard, operational, financial, and hazard. What risk quadrant is the change of stocks or bond...

AIDA 182 ACTUAL EXAM 2024 REAL 200 QUESTIONS AND CORRECT DETAILED ANSWERS|GRADED A+ AIDA 182 ACTUAL EXAM 2024 REAL 200 QUESTIONS AND CORRECT DETAILED ANSWERS|GRADED A+

What is the objective of studying big data and technology in risk management and insurance? - AnswerTo explain how they influence risk management and insurance strategy. How does data allow insurers to provide coverage for a variety of risk exposures? - Answer-Through the law of large numbers and analyzing large numbers of claims. Why do claims or underwriting professionals study data analytics? - Answer-To use the results of analytics in their decision making and effectively communicate wit...

What is exploratory data analysis? - Answer-Approach to understanding data before modeling. What techniques are used in exploratory data analysis? - Answer-Charts and graphs to show data patterns and correlations. What is a scatter plot? - Answer-Two-dimensional plot showing relationship between two attributes. What is a bubble plot? - Answer-Scatter plot with bubble size representing a third attribute. How can exploratory data analysis help with a business problem? - Answer-Provides basic ...

What is a SWOT analysis? - Answer-A method to identify strengths, weaknesses, opportunities, and threats. What are some factors contributing to Millstone's deteriorating loss experience? - Answer-Increase in fraudulent claims and weather-related disasters. Why is Millstone concerned about its upper-level employees nearing retirement age? - Answer-Few employees can immediately step into those roles. Why is it a problem that few college graduates are choosing to enter the insurance industry...

AIDA 181 Questions with Correct Answers.

1. How does big data influence risk management and insurance strategy? a) It improves underwriting accuracy b) It reduces claims processing time c) It enhances customer engagement d) All of the above - Answer-d) All of the above 2. What is one benefit of data analytics in claims management? a) Faster and more efficient claims settlement b) Personalized pricing for customers c) Market expansion opportunities d) Improved underwriting accuracy - Answer-a) Faster and more efficient claims s...