Our insights articles, based on industry research and hands on experience helps readers bridging the gap between an industry challenge and the potential technology solution to solve those challenge
Our actuarial forefathers made a breakthrough discovery. By studying data, they recognised patterns and determined that the past could be used to predict the future. Today, actuarial modelling is based on a similar concept.
An insurance company receives premiums, manages reserves and pays out claims. Traditionally actuaries have been using the claim data to assist them with calculations of premiums and reserves and to perform actual versus expected claims comparisons.
A huge increase in data generation, data capture and data storage combined with significantly increased computing power is providing life insurers with a unique opportunity to re-evaluate the value that their data can provide.
More and more businesses are starting to adopt Artificial Intelligence based solutions. Besides considering the apparent project risk that implementing such techniques introduce, enterprises need to consider what the overall impact will be on their Risk Profile after the launch.
Put simply, data science is the application of scientific methods to business data to effect action. Data science includes technological tools and statistical methods to provide information to management to assist them in decision making and risk management
In this article, we discuss the digital trend and technology evolution, staying abreast of the changing landscape, how technology can support us with training and career management, virtual training for actuarial students, active career management for professionals, other approaches, and our thoughts on the future.
In the current economic climate, insurers need to improve their processes continually – making them more efficient and cost-effective while maintaining the agility to deal with new requirements.
Insurers are under constant pressure to enhance regulatory compliance procedures and provide evidence for fair treatment of customers and portraying improved conduct. We uncover how some modern day technologies can assist with these challenges.
Sign up to our newsletter for the latest in actuarial technology and data science