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.
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...
Despite a collective interest in modelling public health-care costs in Canada, actuaries have had limited opportunities to get involved in the process. Stafford Dean, Senior Program Officer for Analytics at Alberta Health Services, joins us for the first episode of 2022 and shares an insider’s look at the modelling being done within the public health sector.