September 22, 2003
Brockett, Golden and Alpert Receive Best Paper Prize
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At this August's meeting of the American Risk and Insurance Association (ARIA) in Denver, CO, McCombs professors Patrick Brockett, Linda Golden and Mark Alpert jointly received the ARIA Research Prize for 2003, awarded to the authors "of a paper published by the American Risk and Insurance Association that provides the most valuable contribution to casualty actuarial science."
The three authors were honored for their journal article, "Fraud Classification Using Principal Components of RIDITs," which appeared in the September 2002 edition of the Journal of Risk and Insurance (Vol. 69.3). Richard A. Derrig, senior vice president of the Auto Insurer's Bureau of Massachusetts, and Arnold Levine, professor emeritus in the Department of Mathematics at Tulane University, were also co-authors on the article.
As is customary with each year's prize-winning paper, the article will be sent electronically to all members of the Casualty Actuarial Society (CAS), who will be invited to comment on it. The society will then organize a conference around the paper in May 2004.
The researchers expressed great pride in the accomplishment, one of the highest in the research field of risk and insurance.
The paper introduces the application of a mathematical technique to assist with fraud detection for bodily injury claims in automobile insurance. The technique helps insurance fraud detectors increase the chances of targeting fraudulent auto injury claims for review. Of equal interest, however, the technique holds the promise of being "applicable to other commonly encountered managerial settings in which a large number of assignment decisions are made subjectively based on 'clues,' which may change dramatically over time."
The abstract and paper are available via online access to the Journal of Risk and Insurance, hosted by Blackwell Synergy.
Members of the McCombs community may also access an Adobe PDF of the paper off the McCombs news site.
For more on the ARIA Research Prize, visit the information page of the Casualty Actuarial Society.
For information on specific programs at the McCombs School, consult our contacts page. For media information, contact the Communications Director by phone at 512-471-3314 or by email at CommunicationsDirector@mccombs.utexas.edu.
