Actuarial Software

Data delivery and integrity is key to telematics growth

By Selim Cavanagh, Vice President of Telematics, Wunelli

For telematics to reach the next level and achieve mass market take up, there are two key challenges for the industry: data collection methods need to widen to support greater engagement amongst consumers and investment needs to put into the validation of the mass volume of driving data that will come from an increasing number of motorists. 
 
UBI gives insurers a simple, digestible driver score that is demonstratively related to loss propensity. Driving scores are particularly powerful because they give incremental lift to traditional data sources, such as, credit scores or demographic data so that rather than relying on proxies, insurers can calculate risk based on actual driving behaviour.
 
Telematics products also provide continual data throughout the life of the policy, enabling insurers to monitor the ongoing risk associated with a specific driver and create engagement through feedback to help support better driving. We know, for example, from working with insurers that some have seen a 30% reduction in claims when drivers are given feedback on their driving behaviour. Self selection is a key factor in this (drivers choosing to be monitored through telematics). However, the transition to the mass market will come not only from self selection but also from better risk selection through...Read More

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 ...Read More

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

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