My naive view from being a customer of various insurance companies is that there's a series of lookup tables and charts that does things like "male age 18-25, no history of smoking, here's your rate", with some room for variance based on other factors (some linear or log scale for family history or blood test results, for example). On the surface, those all seem like logical computer functions to do, and as an extension things that would work well training a NN off of after starting with the basic lookup tables. Can you go into more detail on what I'm overestimating?
That's the most trivial form of term life insurance that you're referring to.
What table would you consult to come up with a rate for E&O and liability insurance for the CEO of Uber? Remember your goal is to make money.
That's a great point. Even if it was say 99% accurate, that 1% would likely be the outliers that make or cost the most.
Agreed that 1% could cost or make the most... now do you trust a human or computer to make the final decision? My guess: Humans will end up costing more.