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AI ethics and regulation in insurance: Actuaries uniquely positioned for success
With the increasing use of AI within both the private and public sectors, regulations and laws to address the appropriate collection and use of data are being proposed and passed within Canada and across the world. Beyond the expected regulatory burden that will face companies using AI, there is an ethical component as well. Insurers have historically built their business on the idea of “fair discrimination,” pricing policy-holders based on variables that differentiate their risk appropriately. Insurance companies that choose to use AI algorithms are now jumping headfirst into a situation that could be potentially deemed as unethical.
Text Analytics: A Twitter case study
The increasing availability of big data and the use of predictive analytics are changing how insurers and actuaries operate. As companies face growing competitive pressures to perform, knowing how to mine and recognize the importance of data, in all forms, becomes a prime advantage.
More the same than different: Data science and its relationship with actuarial science
Data science and actuarial science are both multidisciplinary in nature; they extract insights from data and require strong understanding of the underlying business processes and domain knowledge to be successful at accomplishing the task. A deeper understanding of data science can allow actuaries to leverage data science results in their work and find more applications in emerging practice areas.
Three strategies for moving forward: A PDC update
An update from Practice Development Council Chair, George Wang, on the council’s goals and bright vision for the future of the profession and its actuaries.
Forecasting the future
By Steven W. Easson, FCIA, Chair of the SOA/CIA Project on Real-Time Delphi Study on Economic Variables Futures research forecasting methods In forecasting the future, for purposes such as valuations and capital projections, our typical actuarial toolkit includes items such […]
A CIA donation with far-reaching impact
The CIA’s mission, among its many priorities, is to advance the profession not just at home but also abroad, making international outreach an important component of its work.
SOA/CIA study offers first glimpse into use of predictive analytics in Canadian life insurance industry
Predictive analytics offers the tools needed to implement a wide variety of valuable applications in the life and health insurance industry. How are Canadian life insurance organizations taking advantage of these tools?