Earlier this year, the Canadian Institute of Actuaries (CIA) issued a statement on the growing interest in using big data in insurance ratemaking.
CIA statement – Big data’s position in insurance ratemaking
Finding the balance: Personalization of risk and risk pooling
The latest buzz phrase in the insurance industry is “embedded insurance,” which presents an opportunity to seamlessly offer protection in real time given a proactive approach to risk management. Underpinning embedded insurance is the ability to personalize insurance. This requires that customers understand the necessity of sharing more data with their insurance providers.
Actuarial evidence with a twist
About 10 years ago I received a call from a lawyer looking for help in determining the expected number of members in a class action. It was a historical action dating back to the 1940s. My mandate was to determine the number of Indigenous children who attended one of several schools from the 1940s to the 1990s. That number, then, was to be split between surviving and deceased students as of 2010...
Behold the API (application programming interface)
Most actuaries work with data and build models, but do most know how to facilitate the distribution of their data and models? The purpose of this article is to introduce the idea of application programming interfaces (APIs) to actuaries who may not have considered them as a way to distribute their data and models.
Improving the Canadian insurance industry through big data
A new statement from the Canadian Institute of Actuaries (CIA), Big data and risk classification: Understanding the actuarial and social issues, says that using big data derived from new technologies can contribute to the healthy functioning of insurance markets.
