Earlier this year, the Canadian Institute of Actuaries (CIA) issued a statement on the growing interest in using big data 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
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...
Preparing for future pandemics with a risk management framework
Actuarial interest in COVID-19 is being approached from several angles: the impact on longevity and healthcare costs, the effect on insurance and benefit plans, and the economic disruption that could shape long-term investment returns, pricing, and funding. Yet even with all this to consider, there are still other areas that could benefit from the application of actuarial expertise, such as the...