data science

Data drives the insurance industry. Insurance had its humble beginnings in 1688 in a coffee shop in London known as Lloyds of London. It is a marketplace that began storing data and using it to analyze and evaluate maritime risks. Data and the law of large numbers have always been important in the insurance industry. Companies with the best data use that data to improve underwriting and pricing. Actuary and Data Scientist Roles An actuary in an insurance company uses historical data to forecast an event and quantify its value.Because of their long history with data, actuaries may rightfully claim to be the first data scientists. However, the tools, techniques, and technologies used by Data Scientists today are more advanced than the traditional methods used by Actuaries. Data scientists use coding, visualization, and machine learning techniques, whereas actuaries mostly rely on old models and tables. Having said that, the essence of what they both do is the same, which is to extract th...

Introduction to Data Science Data Science is among the numerous technical buzzwords that have become extremely popular. This has been made possible by the enormous growth in data and the numerous technological advancements that have fueled it. Additionally, data science has emerged as a leading technology for extracting insights from datasets and assisting industries in finding solutions to their business problems. What is Apache Spark? Big Data became a fad and a dominant technology after Apache released its open-source Big Data framework called Hadoop in 2011. The framework makes use of Google's MapReduce technology. Hadoop's MapReduce framework had some drawbacks, and Apache released the more sophisticated Spark framework to address them. Spark is a free software program with many development APIs that can process data quickly and efficiently. Because of its data streaming functionality, Spark has an advantage over other big data platforms from the past. Additionally, you ca...