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Allstate Taps the Crowd to Predict Insurance Claims

document Distributed Knowledge, Tools
Summary Forecasting is central to the insurance industry and predictive data analytics, models that use complex data to predict future events, has become a key tool for how insurers decide what a policy will cost. So when Allstate Insurance—recognized by U.S. News as a Most Connected Company—wanted to improve the model it uses to forecast bodily injury claims based on the type of vehicles involved in accidents, it looked to crowdsourcing for a solution.
Description Future crowdsourcing will sit side-by-side with Allstate's quantitative research and analytics department, consisting of a team of about 50 data scientists and data specialists. Huls described them as building "models to predict such things as the likelihood that a particular customer will incur a loss, renew or buy a policy, or pass a home inspection. We're excited to continue to benchmark our own models, build even better ones, and incorporate new techniques from these competitions."

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