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Model Development Review

Background and Definitions About Insurance

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Any insurance that is not life insurance is classified as non-life insurance, also called general insurance or (in the US) property and casualty insurance.

A non-life insurance policy is an agreement between an insurance company and a customer — the policyholder — in which the insurer undertakes to compensate the customer for certain unpredictable losses during a time period, usually one year, against a fee, the premium.

By the insurance contract (the policy), economic risk is transferred from policyholder to the insurer. So this leads us to the generally applied principle that the premium should be based…

How to detect credit card fraud by machine learning?

Credit Card Detection

Credit Card Fraud - Financial Losses

Total value of fraud losses on UK-issued cards fluctuated overall from 2003–2019, and the total value of annual fraud losses on UK issued debit and credit cards reached a value of 620.6 million British pounds as of 2019.(The above data and below graph are from the website Facing so much credit card fraud losses, credit card fraud detection is much more urgently in need ever than before.

Wen Yue

Data Scientist, Phd in Probability

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