On September 2, the CIA and the IAA are celebrating International Actuaries Day. This observance marks a significant historical milestone. The International Congress of Actuaries (ICA) held their inaugural meeting on September 2, 1895, in Brussels. Consequently, September 2 stands as a significant moment in history for the global profession as the first identifiable moment in which actuaries from...
The actuarial profession has always been at the forefront of utilizing technology to improve decision-making and predictions. Now, with the introduction of advanced artificial intelligence (AI) and machine learning (ML) tools like OpenAI’s GPT-4, the profession is on the cusp of another major transformation.
Earlier this year, the Canadian Institute of Actuaries (CIA) issued a statement on the growing interest in using big data in insurance ratemaking.
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.
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.
Canadian Institute of Actuaries
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Ottawa, Ontario K1R 7X7
SeeingBeyondRisk@cia-ica.ca