The increasing availability of big data and the use of predictive analytics are changing how insurers and actuaries operate. As companies face growing competitive pressures to perform, knowing how to mine and recognize the importance of data, in all forms, becomes a prime advantage.
Data science and actuarial science are both multidisciplinary in nature; they extract insights from data and require strong understanding of the underlying business processes and domain knowledge to be successful at accomplishing the task. A deeper understanding of data science can allow actuaries to leverage data science results in their work and find more applications in emerging practice areas.
Saisai Zhang, Senior Consultant, Actuarial, Rewards and Analytics at Deloitte, revisits her paper “Algorithms gone wild".
In May 2019, more than 50 actuaries from actuarial organizations around the world gathered with bankers in Washington, D.C. for a day-long seminar focused on the evolution of analytics and risk management in banking and how the actuarial skill set aligns with the talent needs in the banking sector.
Predictive analytics offers the tools needed to implement a wide variety of valuable applications in the life and health insurance industry. How are Canadian life insurance organizations taking advantage of these tools?
Canadian Institute of Actuaries
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