Grants and Contributions:

Grant or Award spanning more than one fiscal year. (2017-2018 to 2018-2019)

IMC is developing a tool for the Property & Casualty (P&C) insurance industry. P&C companies are seekingx000D
ways to minimize their cost of claims (currently running at some 60% of premiums) as well as increase theirx000D
rate of fraud detection, which they estimate at 10% of actual fraud.x000D
IMC believes it is possible to improve this performance by using available data to predict the behaviour of thex000D
claimant and treat them appropriately. The most useful data would be the statement of claim by the customer,x000D
however, as this is in the form of a telephone interview, it is not readily useable for algorithmic modelling.x000D
Therefore, IMC is seeking to find a way of turning the content of the statement of claim into data useable forx000D
predictive modelling of the claim outcome. IMC has identified a number of tools for converting naturalx000D
language data into numerical scores, but the considered prediction problems are non-standard and so requirex000D
development of novel approaches to data modeling. The opportunity to collaborate with Dr. Pralat inx000D
researching the potential for such algorithms will allow IMC to determine if this tool represents a viablex000D
opportunity.