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TagArtificial Intelligence

Finding the balance: Personalization of risk and risk pooling

Blake Hill, FCIA, member of the CIA Single Topic Task Force on Risk Classification

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.

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.

The impact of big data on insurance ratemaking

Big data and risk classification: Understanding the actuarial and social issues is the CIA’s latest policy statement. In this episode of the podcast, Matt Buchalter, FCIA and Chris Cooney, FCIA speak about the need for this statement, the benefits that increased data collection can have on insurance ratemaking and society, how policyholder privacy is paramount, and how data collection is expected...

AI ethics and regulation in insurance: Actuaries uniquely positioned for success

With the increasing use of AI within both the private and public sectors, regulations and laws to address the appropriate collection and use of data are being proposed and passed within Canada and across the world. Beyond the expected regulatory burden that will face companies using AI, there is an ethical component as well. Insurers have historically built their business on the idea of “fair...

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Canadian Institute of Actuaries
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Ottawa, Ontario K1R 7X7
SeeingBeyondRisk@cia-ica.ca