Actuarial Software

The Rise of the Machine & the impact for actuarial modelling

By Martina King CEO, Featurespace
A shift is occurring in the volume of manual actuarial work which can be replaced by pioneering machine learning and predictive analytics methods, capable of cutting-edge pattern recognition and anomaly spotting. These changes are already having an impact on how insurance companies detect and block application fraud in real time, spot quote manipulation and reduce claims fraud. 
Some actuaries reading this article will already be aware of this emerging trend and taking steps to retrain or gain additional skills in machine learning. Others will say that it will be impossible for machines to do their work. As always, the true answer is going to lie somewhere between the two extremes.
An assumption-less approach to data
Modern fraud attacks are evolving at a more rapid pace than humans can imagine or write the rules needed to block it. Fraudsters are constantly looking to expose the vulnerabilities in insurance organisations’ lines of defence, whether it is organised ‘ghost broking’ rings making fraudulent applications or individual customers attempting to manipulate quotes or commit claims fraud.
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Cyber risk & aggregation - ‘the elephant in the room’

By Sarah Stephens, Head of Cyber, Technology and Media E&O, JLT Specialty
Cybersecurity professionals in any given organisation assess cyber vulnerabilities one organisation or one country at a time, without necessarily looking at the cumulative risk to the overall system. Individual cyber insurance underwriters can fall into the same way of thinking, and the potential for aggregation of cyber risk is the current ‘elephant in the room’ for the insurance industry. The burgeoning cyber insurance market is grappling with aggregation of risk in two main forms.
Aggregatio...Read More

Hacking the data secrets of Cyber Cover

By Laura Scaife, Associate, Addleshaw Goddard
While existing insurance policies such as commercial property, business interruption or professional indemnity insurance, may provide some elements of cover against cyber risks, businesses are increasingly buying specialised cyber insurance policies to supplement their existing insurance arrangements.
Cyber security insurance is designed to mitigate losses for a variety of cyber incidents, including data breaches, business interruption, IT systems and network damage. Policies ge...Read More

SunGard Stream Derivatives Solutions by BP2S

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Lifestyle Actuary

The trappings of fast paced city lifestyles rarely take into account the charm and elegance that a room, a dinner or a cup of tea can afford; characteristics lost to a by-gone era of debutante balls and black tie for dinner.

The Luddite

Sam Richardson looks into the up and coming and the outgoing of the technology and gadgetry world in 2014.

Travelling Actuary

This month's Travelling Actuary takes us to the iconic Boston to experience New England at it’s very best.

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