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.
A new report out today from the Canadian Institute of Actuaries (CIA) highlights data aggregated from 13 insurance companies in Canada for January to June 2020. Individual life insurance claims increased in April and May, at the height of the first wave of COVID-19, compared to the same period in 2019. The percentage of claims that could be attributed to COVID-19 also reached over 12% in April.
COVID-19 and social distancing have disrupted traditional data collection methods in the life insurance underwriting process. This also implicates expected mortality experience and insurance pricing. Emile Elefteriadis, FCIA, and Norm Leblond join us to discuss these changes, and what we may see moving forward.
This article originally appeared on the CIA COVID-19 Hub. Media release Actuaries highlight need for more robust data on COVID-19 victims Ottawa, May 11, 2020 – An important challenge presented by COVID-19 is that of information. We are faced with a critical need to better understand the nature of the virus, how it spreads, who is at risk, and which groups face higher mortality. We...
Canadian Institute of Actuaries
360 Albert Street, Suite 1740
Ottawa, Ontario K1R 7X7
SeeingBeyondRisk@cia-ica.ca