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Insurance industry the most exciting for Data Scientists

Jennifer Cruise, Head of Data Science reminds us that the insurance industry is actually the original data industry and she believes insurance is now the most exciting industry for data scientists
Posted on Friday Nov 22

Identifying the root causes of subsidence risk


Explaining the factors causing a ten-year spike in subsidence claims and how insurance providers can more accurately assess the growing risk through tree and soil data combined. Subsidence can be caused by man-made issues, like dramatic cases of mine shaft collapse, however the most common causes are natural, unseen and unpredictable which makes pricing for this risk a challenge for the insurance sector.

Posted on Thursday Nov 21

Why do pensions have an image problem

I was recently thinking about stereotypes and how unfair they can be. It came about when I was explaining to a colleague that I write a column for Actuarial Post. We somehow got onto actuary stereotypes. My colleague then went on to tell me about a BBC comedy from a couple of years ago called ‘Uncle’. (Disclaimer: there is some fruity language included, so avoid if that’s not your thing)
Posted on Tuesday Nov 19

Mental health how can insurers make a difference

Societal views and clinical practice related to mental health have been changing rapidly over recent years with a big potential impact on Swiss Re's book of business. The aim of this one-day forum was to exchange with experts on the current mental health landscape and factors affecting prevention and treatment of mental health-related conditions.
Posted on Monday Nov 18

Webinar: Allstate, Nationwide, Liberty Mutual on Carrier-OEM

Webinar: Allstate, Nationwide and Liberty Mutual on Carrier-OEM Collaboration. The wheels are now in motion and it’s sure to be an interesting journey. OEMs, insurers and new market entrants are all jockeying for position. The question is how do industry players identify a roadmap through new and different business models, data exchanges and partnership structures, that lead to workable, exciting new ecosystems; one able to deliver on customers’ high and still rising needs and expectations.
Posted on Thursday Nov 14

Exploring the DARQ side

The insurance industry was slower than most to adapt to the digital era, but it is making up for that now. Digitalisation is front and centre in insurers’ strategies, as they have recognised that it is the key to increasing the level of personalisation that can be given to the consumer. Digitalisation lies at the heart of innovation in products and services supplied to the market. It is a core component in cost-reduction by increasing the efficiencies inherent in the business processes of the organisation.
Posted on Thursday Nov 14

Stars of the Future 2019 Winner is....

Welcome to our first Awards edition where we congratulate all of our Stars of the Future 2019, sponsored by Star Actuarial Futures, nominees and especially to our worthy winner Mohammed Raza from Gen Re, you can read Mohammed’s reaction to winning inside. I would also like to congratulate the runners up Rose Pashley from Asta and Andrew Shaw from Royal London. It was a close run contest with all of our nominees in very close order at the end of voting so congratulations to all.
Posted on Tuesday Nov 12

Insurance systems integration

Marisa Ruscitto from Willis Towers Watson discusses the rationale and considerations for insurance systems integration, and why she sees its implementation as becoming more pressing as many insurers employ multiple IT systems, platforms and solutions, which are challenged to connect and speak effectively with one another. Merger and acquisition activity or the need to meet various business initiatives may explain the use of multiple systems.
Posted on Monday Nov 11

How NGOS are driving the flight from carbon

Behind the headlines generated by Extinction Rebellion’s city blockades and Greta Thunberg’s emotional tirades against national leaders there has been a firm but rising drum beat of pressure from environmental activists, demanding financial institutions break ties with the fossil fuel industry – and it is working. Within the last two years, a host of major European financial institutions including L&G, AXA, Allianz and Munich Re have committed to exiting deals and investments concerned with coal mining and coal-fired power.
Posted on Friday Nov 8

Big is beautiful

It’s official – size does matter. The Pension Policy Institute (PPI)’s latest review of the DC pension market concentrates on the factors which might improve member outcomes and concludes among other things that bigger schemes are likely to result in greater savings pots at retirement.This is very comforting, as the report also shows that 83% of employees who are automatically enrolled join a master trust, while only 15% will enter smaller contract-based arrangements.
Posted on Tuesday Nov 5

Mastering business risks through Advanced Analytics

The harnessing of existing as well as new digital data from sensor networks and digital platforms is becoming increasingly important. However, only a few businesses in Europe manage to truly embrace the potential of Advanced Analytics. In this webinar, we look at large businesses and how they can mitigate corporate risks through modern analytics models such as forward-looking methodologies.
Posted on Monday Nov 4

Further changes to SIP requirements for trustees

On 6 June 2019, the Government introduced further regulations which will extend the disclosure requirements for trustees of defined contribution (DC) and defined benefit (DB) schemes in relation to their Statement of Investment Principles (SIP) and annual reports. Most trustees will have already prepared for the amended disclosure requirements that have been applied from 1 October 2019.
Posted on Friday Nov 1

Why the Internet of Things should be on insurers radars

The Internet of Things (IoT) promises to pioneer new ways for businesses to create value and organizations of all types are already benefiting from the new functionality and efficiency gains. However, the constant connectivity and data sharing through the anticipated 20.4 billion connected devices by 2020 (Gartner) also invites new opportunities to compromise security.
Posted on Wednesday Oct 30

Quarterly InsurTech Briefing Q3 2019

Andrew Johnston, Head of InsurTech for Willis Re, on unicorns and the meaning of the term InsurTech.
Posted on Monday Oct 28

The evolution of predictive analytics in insurance

More than most industries, general insurers use data and analytics to run their business efficiently, sustain profitability, and create competitive advantages. Significant investments have been made over decades to collect, organise, and analyse the massive volume of data that insurers hold. Given the spend, hype, and promise of big data, machine learning, and AI, many are asking the question, “What impact is the investment having on the challenges of capturing business value?”
Posted on Monday Oct 28

Homing in on property risks by characteristics and claims

Understanding risk in the home insurance market has come a long way in the past two decades. At the turn of the millennium we started moving from more basic rates for buildings and contents insurance, to perils rating using cutting-edge modelling and amalgamation techniques to deliver a more accurate picture of risk, right down to an individual address.
Posted on Friday Oct 25

Is AI overhyped or an essential business tool

AI is a popular buzzword for many different industries at the moment – and the insurance sector is no exception. 85% of insurers are hoping to invest over $5M in AI by the end of 2020 according to Deloitte’s Digital Disruption Index, showing the huge business value being attributed to this technology. But insurance has a long way to go when it comes to achieving these goals.
Posted on Tuesday Oct 22

IFoA guide to Data Science and AI

A video from the FoA on their guide to Data Science and AI
Posted on Monday Oct 21

Climate change is it the next latent claim or just hot air

As awareness of the human and financial cost of climate change and air pollution rises, insurers could face compensation claim liabilities that would dwarf those from tobacco or asbestos. But PwC research shows that more than 80% of insurers have yet to carry out any significant planning for managing climate change risks. How then can you as an insurer take the initiative in limiting the risks to your business, your clients and society as a whole?
Posted on Friday Oct 18

What role can insurers play in the climate change crisis

Our brains are heavily wired to deal and focus on immediate and short term issues. For example here in the UK, in the last three years the domestic political agenda has been dominated by the single issue of Brexit, overshadowing many others. An example of a critical issue requiring our attention is climate change. News and reports on the issue seems to have intensified recently together with a feeling that swift action must be taken now or it will be too late. As the old adage goes, when is the best time to plant a tree? 20 years ago. However, the next best time is today.
Posted on Wednesday Oct 16

Gaining differentiation and efficiencies in insurance

In this presentation Alan O’Loughlin, Statistical Modelling and Analytics Lead for Europe, Insurance, LexisNexis Risk Solutions, shows some insights for gaining differentiation and efficiencies in insurance.
Posted on Monday Oct 14

The Seventh Anniversary of the Revolution

Where were you in October 2012? I hope you can remember. I know I can. It was a revolutionary moment in the history of this country. I was in a proposition team, wrestling with the problem of how we could support employers to communicate details of the revolution to millions of employees. It was the moment auto-enrolment (AE) began.
Posted on Monday Oct 14

AAU and the evolution of the life insurance market

It’s almost inevitable. Spend your working life identifying, analysing, quantifying and ascribing monetary value to risk, and you’re likely to have a fairly strong aversion to it. Or more accurately, an aversion to undertaking new endeavours with inadequately understood consequences. The insurance industry is, on any number of levels, the very definition of risk-averse.

Posted on Friday Oct 11

Reviewing the FCAs guidance on vulnerable customers

The Financial Conduct Authority (FCA) recently released their guidance consultation paper on the fair treatment of vulnerable customers, placing customer vulnerability at the core. The consultation was anticipated to bring clarity from the regulator’s perspective on a very complex subject that has wide-reaching implications for firms.
Posted on Thursday Oct 10

Connected Insurance USA 2019

Connected Insurance USA Summit (Nov 20-21, Chicago) is bringing together over 700+ senior insurance leaders to redefine the future of insurance.With over 350 executives already registered to attend, this will be the largest executive gathering for forward-thinking carriers. Can you afford to miss this opportunity to join the insurance transformation movement?
Posted on Wednesday Oct 9
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