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. 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?
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.
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
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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