A huge increase in data generation, data capture and data storage combined with significantly increased computing power is providing insurers with a unique opportunity to re-evaluate the value that their data can provide.
Enabling actuaries to embrace modern day technologies and data science tools and to work closely with other experts in these fields are important links that could give strategic advantages to insurers in the further development of insurance.
For actuaries the rise of data at large is a sign that their role is more crucial than ever. Looking forward, the actuary will continue to evaluate key sources of data and need to find ways to incorporate data science that uses state of the art machine- learning and other technologies together with the actuary’s business insights. Do we need to refresh our methods and make use of emerging technological advances?
Join us for a recorded panel discussion to explore: Where do actuaries fit within the data science and technology picture?
We will be covering, among other:
- What are the skills actuaries need to learn to take advantage of the exponential increase in data?
- Are data scientists and the rise of big data, ML and AI a threat to the actuarial profession
- How best can the two communities work together?
- What other opportunities does this open for actuaries outside of insurance?
Anna Spender, Director of Actuarial & DataAnalytics, Psyon
Jaco Oosthuizen, co-founder and Chief Insurance Officer YuLife
Marguerite Fevrier, Head of Client Management - Life Reinsurance, AON
Register here for the 19 December Role of the Actuary webinar here.
The Evolution of Actuarial Modelling
We explore the history of actuarial modelling in life insurance and consider modern day alternatives to traditional software.
A huge increase in data generation, data capture and data storage combined with significantly increased computing power is providing insurers with a unique opportunity to re-evaluate the value that their data can provide; and the technologies available to do that.
Enabling actuaries to embrace modern day data science tools and to work closely with data scientists is an important link that could give strategic advantages to insurers in the further development of actuarial modelling software. Read the article here
Improvements in computational power have given rise to the use of data science and artificial intelligence techniques in a wide variety of areas, including finance, driverless cars, image detection, speech recognition etc. This is directly impacting business practices within the financial services through its application within banking, insurance and asset management.
It also gives rise to a wide range of ethical questions and the importance of integrating ethical considerations within business.
We will explore:
1. Why ethical challenges are increasing as the volume and variety of data increases?
2. The impact of ethics within data science
3. Emerging ethical issues within the field of AI
4. The role that technology can play
5. Exploring the changing role of professionals and government/regulators within financial services
This talk will cover ethical considerations at a high level and the views presented will be the presenters’ own.
Register for the 17 Jan Exploring Ethics & AI Webinar here.
We are very excited to announce that our next round table discussion with finance and actuarial leaders from across the insurance spectrum will be held in Cape Town and Johannesburg.
The roundtable, hosted by Dupro and Actuartech, will bring together business leaders from Insurance and Technology - providing a platform for collaboration on the challenges and opportunities of the digital insurance technology landscape.
This event will explore opportunities created by new Insurtech innovations as well as look at how companies are responding.
Insurers have the opportunity to optimise their processes and create new sources of revenue by rethinking their traditional business models with the use of modern day technologies.
Key topics that will be discussed:
1. How will actuarial and finance functions adapt in the new digitally driven environment?
2. An update on the changing technology landscape given regulatory, statutory, operational and legal pressures including
IFRS 17, Impact of Data Science, and Digital delivery models
3. Emerging roles for finance leaders
1.Learn about the latest research in this field 2. Leave with an understanding of what digital technologies are and how developments are impacting the insurance industry from a finance and actuarial perspective 3. Appreciate the impact these developments could have on the finance and actuarial function of the future 4. Understand where organisations and individuals may need to change to benefit from the advances 5. Impact on the workforce 6. Interact with peers and colleagues in a discussion of this topic
Please keep visiting our website www.actuartech.com for further updates regarding this event.
Introduction to Data Science in Insurance: One day training events
Improvements in computational power have given rise to the use of data science techniques in a wide variety of areas, including finance, driverless cars, image detection, speech recognition etc. In a world of high volume and varied datasets, data science techniques are invaluable to an insurance professional's toolkit to provide actionable insights from data.
The event, hosted by Dupro and Actuartech, will aim to provide:
An overview of the impact of Data science and possible applications within the Insurance Sector.
An understanding of the main techniques of Data Science including data management, machine learning, text mining, scraping and data visualisation.
Initial insight on how to address hot business topics in different fields of the Insurance Sector by leveraging data.
Who will benefit from the training?
Actuaries or other insurance professionals working in insurance looking to learn how:
Improved data and computational capabilities can tackle insurance related business challenges with increasingly sophisticated approaches
The insurance professional can expand their toolkit by learning practical data science skills
Data Science can be applied in an insurance context, using practical business examples.
We will also provide a high level overview of the various machine learning techniques that are used covering the key supervised and unsupervised learning methods. This will include examples of how data science techniques can be applied in insurance.
An introduction to Data Science for Actuaries - Recap of event
On the 21st November, Actuartech hosted An Introduction to Data Science for Actuaries training event at Spaces V&A Waterfront in Cape Town.
Data Science is rapidly developing and quickly becoming an essential tool for modelling and statistical investigations. It opens up a world of data discovery, data visualisation and predictive power. Therefore, there has never been a better time to explore the benefits of data science.
The evening was hosted by Michael Jordan (FASSA/CERA) from Actuartech, who is known for explaining complex topics in an easily understandable way.
The evening was a huge success and we were pleased to receive some incredible feedback...
" I had a (happy emoji) evening it was a life changing event "
"Thanks a lot for sharing your knowledge with us personally. I'm not confused anymore. I know exactly what it means and [thank you for] defining data science"
"I loved the event. It was amazing for me."
Thank you to all who attended and Michael Jordan for hosting such a fantastic event.
Ask us A Question
We are pleased to announce that our On Demand Consultation Portal is now live.
The portal is designed to provide start-ups, individuals and teams with valuable insight, advice and support, on the topic of actuarial technology, where and when you need it most.
Book a free 30 minute consultation with our experienced in house tech actuary Michael Jordan here.
Cape Town Actuartech Meet-up Group...
We have a new WhatsApp group for Cape Town to share regular topics of interest and to be notified about upcoming events.