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.
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...
The Actuarial Aspects of ERM
The CIA is releasing a series of practice resource documents providing information on the foundations of enterprise risk management (ERM). In this episode, Claude Désilets, FCIA and member of the Committee on Enterprise Risk Management, shares what we can expect from the first paper.
