February 2020 Newsletter

Insights
Author
Valerie Du Preez
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In this newsletter...

16-18 Mar - Actuarial Data Science Pricing & Profitability in GI (also relevant to Life) Training London

21 April - Insurance & Insurtech Breakfast Johannesburg

21 April - Insurance Data Science Introductory Training Johannesburg

Exploring Ethics & AI within Financial Services On Demand Webinar here

News: Launch of Insurance TechLAB:

LONDON –Insurance techLAB, the programme which supports insurers in benefiting from innovative emerging technologies in a commercially viable way launched by Actuartech and Venture Agenda.

For more information about any of the above please contact us

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Actuarial Data Science Training General Insurance

CASE STUDIES IN R

WE ARE IN THE ERA OF ACTUARIAL DATA SCIENCE MODELLING - LEARN THROUGH CASE STUDIES WITH R

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.

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 data technologies together with the actuary’s business insights. We need to refresh our methods and make use of emerging technological advances.

Some are turning to programming languages like Julia, Python and R; among other. With the rise of open-source execution environments computational notebooks, programming is becoming more accessible and easy to use.

This provides an interesting alternative for actuaries to execute large amounts of statistical calculations and see the results with the latest data visualisation techniques.

Participation is flexible: you can sign up for Day 1, Day 2, Day 3 or all days according to your needs and availability. Please see below a brief outline of each training day with a link to the relevant event and additional course information.

Click here for GI Data Science Event London - The Complete 3 Day Training

Click here for 16 March Day 1 only: 08:30-17:30 – Basics of non-Life pricing: introduction to GLMs in R (also relevant to Life insurance)

Click here for 17 March Day 2 only: 09:00 - 17:30 – Advanced Methods of non-life pricing with R

Click here for 18 March Day 3 only: 09:00 - 17:30 – Other practical applications of Machine Learning in non-life insurance.

Introduction to Data Science in Insurance: Johannesburg

Training Event | 21 April 2020

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.

  • 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:

  1. Improved data and computational capabilities can tackle insurance related business challenges with increasingly sophisticated approaches
  2. The insurance professional can expand their toolkit by learning practical data science skills
  3. 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.

Event Information
Tuesday 21st April 10 am - 5 pm, Hilton Sandton Johannesburg

For further information or to register for the event click here.

Insurance & Insurtech Breakfast Johannesburg

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 at the Hilton Sandton in 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

Roundtable objectives:

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


Event Information
Tuesday 21st April 07:30-09:30 am, Hilton Sandton Johannesburg

For further information or to register for the event click here.

Exploring Ethics & AI within Financial Services Webinar

On Demand Available now

Click here to listen on demand now.

On the 17th January, Actuartech presented a talk on Exploring Ethics & AI within Financial Service. This talk took the form of an online webinar, with each of the speakers presenting, followed by a Q&A session.

Talk Details:

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 explored:

  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

Listen to the webinar on demand here.


IN THE NEWS: ACCELERATING INTELLIGENT & DEMAND DRIVEN INNOVATION IN INSURANCE

LONDONInsurance techLAB, the programme which supports insurers in benefiting from innovative emerging technologies in a commercially viable way launched by Actuartech and Venture Agenda.

Demand Driven Innovation - Insurance Tech Lab is an industry-specific SME engagement programme which connects insurers with emerging technologies and early stage businesses that can solve real-world challenges to deliver measurable insights and ROI.

“Insurance techLAB’s framework introduces processes and technologies ensuring that insurers can increase value and efficiency and achieve a measurable ROI from their innovation activities.”

We live in a world of constant change and unlimited opportunity, where the insurance industry is constantly seeking to achieve and master transformational and value-added innovation, we see collaborative, ROI-focused innovation as the path which will shape the future. We have made it our mission to help forward-looking leaders in the insurance industry to collaborate safely, and effectively, with the innovators and emerging technologies that will shape the world of tomorrow.

Insurance techLAB is currently on-boarding insurers and programme sponsors worldwide and will solve industry-specific challenges ranging from efficiency to growth, compliance and value creation.

Please reach out to us to discuss the details of the programme and find out how Insurance techLAB can help future-proof the growth of your insurance company.

Please keep visiting our website www.actuartech.com for further updates regarding these initiatives, and other.

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 here.  

We also offer bespoke training tailored exclusively to the needs and requirements of you and your business.  To discuss this, please contact us.

Sponsorship Options

Find out more about sponsorship opportunities with Actuartech for upcoming podcasts, videos, and events, info@actuartech.com.

Get in Touch

Actuartech wants to hear from you!

We would love to hear your thoughts on our newsletter and the articles featured and any suggestions you may have for next month.

Our Facebook page is now live - please take a look and give us a Like!

You can email us at info@actuartech.com or visit our website to learn more about Actuartech and access our unique database of vendors for specific technology solutions.

We look forward to hearing from you and thank you for reading.

Actuartech, January 2020

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