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Predictive analytics

Encompassing a wide variety of techniques, such as statistics, modelling, optimization, clustering and market research, predictive analytics helps businesses and organizations forecast future unknown events.

Actuaries in predictive analytics use data science 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; and
  • 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.

Predictive modelling resources

Introductory data science and actuarial resources

Basics of programming 

Ethics, fairness and bias

Practitioner data science and actuarial resources

Canadian actuarial resources

Resources from other actuarial organizations and industry bodies