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.
Most actuaries work with data and build models, but do most know how to facilitate the distribution of their data and models? The purpose of this article is to introduce the idea of application programming interfaces (APIs) to actuaries who may not have considered them as a way to distribute their data and models.
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.
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...
What do risk managers see as the major risks confronting us in a not so far future? The 15th annual survey of emerging risks – sponsored by the CIA, Society of Actuaries, and Casualty Actuarial Society – provides insight into that question. Max Rudolph, FSA and author of the survey report, joins us to highlight the survey’s key findings.
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