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You fundamentally overestimate the current and near future capabilities of machine learning.
by 1_2__3 10y ago
You fundamentally overestimate the current and near future capabilities of machine learning.
- mysterydip 10y agoMy naive view from being a customer of various insurance companies is that there's a series of lookup tables and charts that does things like "male age 18-25, no history of smoking, here's your rate", with some room for variance based on other factors (some linear or log scale for family history or blood test results, for example). On the surface, those all seem like logical computer functions to do, and as an extension things that would work well training a NN off of after starting with the basic lookup tables. Can you go into more detail on what I'm overestimating?
- Spooky23 10y agoThat's the most trivial form of term life insurance that you're referring to. What table would you consult to come up with a rate for E&O and liability insurance for the CEO of Uber? Remember your goal is to make money.
- mysterydip 10y agoThat's a great point. Even if it was say 99% accurate, that 1% would likely be the outliers that make or cost the most.
- monkmartinez 10y agoAgreed that 1% could cost or make the most... now do you trust a human or computer to make the final decision? My guess: Humans will end up costing more.