What are the other (potential and existing) commercial applications of generalized linear models?
As they are a very powerful tool in ratemaking, is there potential for using these models to predict other outcomes of interest outside of the insurance industry? I've seen in references that they are used in the field of biology and but I'm more interested in their potential and/or existing use in finance, business etc.
Do people think that the difficulty in understanding GLMs is preventing their use in non-actuarial areas or is the process by which claims occur very unique that GLMs limited to this unique process?
Any recommended resources on this would be great!
As they are a very powerful tool in ratemaking, is there potential for using these models to predict other outcomes of interest outside of the insurance industry? I've seen in references that they are used in the field of biology and but I'm more interested in their potential and/or existing use in finance, business etc.
Do people think that the difficulty in understanding GLMs is preventing their use in non-actuarial areas or is the process by which claims occur very unique that GLMs limited to this unique process?
Any recommended resources on this would be great!
GLMs - Practical Applications outside Insurance