Predictive analytics
Encompassing a wide variety of techniques, such as statistics, modelling, optimization, clustering, and market research, predictive analytics help businesses and organizations forecast future unknown events.
“Preventing the worst-case scenario and ensuring support is available when it’s needed”
Actuaries in predictive analytics use tools and techniques to describe, predict, and recommend courses of action that take into account consumer, provider, and distributor behaviours. These highly skilled actuaries are responsible for:
- Building tools for insurance underwriters and claim reviewers
- Calculating and setting up insurance premium categories
- Ensuring insurance companies are able to deliver on their promises to consumers
- Nurturing Canadians’ confidence in financial institutions by ensuring these firms are not taking unnecessary risks with individuals’ savings and deposits
Ultimately, actuaries working in predictive analytics help a variety of businesses better serve their customers by identifying opportunities and anticipating problems before they actually happen.
Curious about a career in predictive analytics?
The actuarial career path isn’t all about risk – it comes with a variety of rewards, too. Whether it’s the opportunity to tackle new and constantly evolving challenges or the ability to make a tangible impact on the lives of Canadians, actuarial careers are multi-faceted and intriguing.
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