Main Page

From Actuaries
Jump to: navigation, search
"What of the future? The future of data analysis can involve great progress, the overcoming of real difficulties, and the provision of a great service to all fields of science and technology. Will it? That remains to us, to our willingness to take up the rocky road of real problems in preference to the smooth road of unreal assumptions, arbitrary criteria, and abstract results without real attachments. Who is for the challenge?" John W. Tukey, 1962

With the rise of computational power, data analytics is rapidly emerging as a key strategic priority across most industries. General insurers and accident compensation schemes are following this trend and are increasingly focused on optimally leveraging all available data assets to provide competitive advantage, enhanced customer experience and differentiated product offerings. Within this context, we have initiated a field guide for practitioners looking to take advantage of the new opportunities that this will bring to the actuarial profession.

The General Insurance Analytics Field Guide has been created to help actuaries either currently using or planning to use data analytics in various general insurance fields. It is designed to be high level, not overly technical, and able to be added to and modified over time to ensure it remains as useful as possible.

Version 1 of the guide, outlined in this paper, is currently a roam over the data analytics countryside, covering practical pointers for a range of areas including pricing, performance monitoring, natural hazards, personal injuries, lenders mortgage insurance and capital. Each section covers the following topics:

  • Introduction
  • Data sources
  • Analysis approaches, tools and methodologies
  • Current applications

The sections are independent of one another and as such, the reader is invited to dip directly into those topics that are of most interest to them.

We have also created a section which discusses ways in which Actuaries add value in this area.

In keeping with the rapidly evolving nature of this field, the guide is a living document, able to be added to by the community over time to expand the scope of coverage, add to existing topics and act as an up to date resource. To this end, we invite you to make edits and add to the field guide!

Please note that this Field Guide has been created by a number of different authors, who have each contributed a section to the guide. Each author has adopted their own writing style. As we hope that more authors will edit and add to the Field Guide over time, we have deliberately not attempted to create consistency in writing style between each of the sections.