Webinar Date: Wednesday 30 June 2021 08:30 am BST
Significant changes in technology, regulation, markets, customer behaviour, the environment and other global trends are influencing the actuarial department. The increasing availability of big data, The availability of technical data science skills, and the application thereof; are changing how insights are being derived and continuing to shape the operating model of the actuarial department.
We performed benchmarking exercises which involved structured interviews with senior first line actuarial department representatives from different UK, South Africa, Belgium, Luxembourg & Switzerland life and non-life insurance organisations to investigate how the insurance industry is utilising data science, with a focus on application and use cases within an actuarial context. We investigated the strategy and the operating model within which data science is used including the types of tools and techniques being used.
Within our benchmarking exercise we also included themes around the types of data; the technical nature of machine learning techniques and software being used; and wider considerations including risks, risk management, governance, and ethics related to data science.
We investigated trends impacting the skill set required by those working within Data Science and the barriers to adopting data science.
We interviewed representatives from first line actuarial departments mainly with Heads of Actuarial Reporting and Pricing Departments, Heads of Actuarial Systems and Heads of Actuarial Transformation and Strategy including direct insurance organisations and group entities.
Our talk will summarise the findings from this Actuarial Data Science benchmarking exercise.
This webinar will be hosted by Actuartech, Reacfin & Synpulse.
Valerie du Preez FIA - Managing Director, Actuartech; Dupro Ltd
Valerie has played a key role in the IFoA’s journey with data science including:
- Modelling Analytics and Insights Data Science Working Party and the subsequent
Practical Applications Papers
- Data Science Member Interest Group and Virtual Conference
- A task force member working on the ethical guidance for practitioners working in data
She advises insurers and technology providers on the application of data science that incorporates business domain experience and optimal strategies that delivers data driven insights. She launched actuartech.com: an insights page providing thought leadership on the topic of technology and data science, for actuaries.
Xavier Marechal - IA|BE qualified actuary, CEO Reacfin SA
Xavier is an expert in non-life and Heakth pricing and provisioning. For a few years, he tries to incoporate Data Science in traditional actuarial practices (e.g. Pricing). He is also leading the Prepare and Educate part of the Data Science working group at IA|BE
Anja Friedrich - Actuary SAV, Manager at Synpulse Management Consulting
Anja is leading the competence center for Product and Pricing Management at Synpulse Management Consulting. She focuses on advising insurers about interdisciplinary topics of actuarial know-how and IT. She is supporting the Swiss Data Science Working Group to generate awareness of the importance of Data Science for actuaries.
Actuaries and their organisations are facing significant challenges in an ever changing world, especially in the midst of a global pandemic.
As a result of COVID-19, the insurance industry is being affected through the combination of lockdown measures, changing product demand, increased mortality, health & event cancellation claims, & volatile financial markets, among others.
A brief history of Insurtech and how it is likely to develop in the future. We also explore the application of image, video and audio in the financial services industry and in insurance.
A huge increase in data generation, data capture & data storage combined with significantly increased computing power is providing insurers with a unique opportunity to re-evaluate the value their data can provide; & the technologies available to do that.
Actuartech and Montoux are collaborating on a content series that digs into the heart of what the modern actuary looks like, the challenges and opportunities facing the profession today, and what the actuaries of tomorrow could look like.
AI has become more and more popular within the financial industry, and many insurers have started out on their AI journey. We will talk about some of the worries around delegating decisions to machines, and how to overcome some of these challenges.
The challenges faced at the moment given the global pandemic is causing actuarial teams to change their operating models significantly. How ready have we been for this change and what issues have we been experiencing?
Explainable Machine Learning Machine learning techniques have become more and more popular within the financial industry mainly because of the potential to capture complex interactions from data the potential for better predictive models than traditional statistical models the ability to capture non-linear interactions within a range of inputs
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.
We 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.
IFRS17 has been deferred by another year.... The IASB decided that IFRS 17 will come into force on January 1, 2023. Join our webinar as we look at what this means for insurers. We will look back at recent progress made on IFRS 17 implementation by insurers. We will also look at the opportunities available to insurers to make the most of the extra year.
Methods used in non-life pricing are evolving at a fast pace and more advanced actuarial and statistical techniques are being used in pricing, competition analysis and profitability analysis.
How can life insurers address low persistency? How can data and analytics help? Join our webinar on Friday 12 March 12pm as we discuss how the full cycle of actuarial analysis is evolving
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.
Improvements in computational power has 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.
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. At the same time, technological change is providing new ways of achieving these objectives. In particular, the term ‘robotics’ appears to be used everywhere, and it is important to grasp the impact and potential use of these new technologies.
Listen to Valerie du Preez, founder and Managing Director of Actuartech, on the panel for Legerity's IFRS 17 webinar discussing, "Can IFRS17 help deliver digital transformation?".
In a world of high volume and varied datasets, data science techniques can add valuable tools to an actuary’s toolkit to provide actionable insights from data.
Sophisticated machine learning models have the potential for high predictive accuracy but their complexity may sometimes result in black box models, which, in some cases, may appear to be a trade-off between accuracy and interpretability.
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