Skip to main content
2024 RPM Seminar Main banner
Final Program


Icon Legend
This session is not in your schedule.
This session is in your schedule. Click again to remove it.
Presentation Icons
Livestreamed
Livestreamed
Not Recorded
Not Recorded
Back
Evaluation ViewAttendees 1

RPM Seminar

Special Topics

Level 1: No prior knowledge of the subject (0-3 Years)

ST-4 - Bias and Insurance: A Preview of CAS Phase 2 Race and Insurance Pricing Research

Tuesday, March 19, 2024
11:00 AM – 12:00 PM CST
CE: 1.2
In this session, researchers from the CAS's Race and Insurance Pricing Task Force will share a preview of their upcoming paper detailing practical application of bias measurement and mitigation techniques, and how to apply these techniques when information on race/ethnicity is not readily available. While research on bias measurement and mitigation predominantly focuses on classification models, the speakers will explore how these concepts can be adapted to apply to pricing models. The speakers will also introduce the Bayesian Improved (First Name) Surname Geocoding method for imputing information on race, and will explain its limitations and challenges. The speakers will also provide a sneak peek of other research projects underway as part of Phase 2 of the CAS Approach to Race and Insurance Pricing.

Learning Objectives:

  • Apply, when appropriate, the BISG/BIFSG method to impute race as part of a model bias analysis.
  • Quantify racial bias in a pricing model using statistical techniques, and evaluate tradeoffs between different techniques.
  • Develop strategies to address and reduce racial bias in pricing models.