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Accession #: 221122

 

Publication Date:
November 04, 2021
Title:
Draft CIA Policy Statement - Using Big Data in Insurance: Reduce Risks, Lower Pricing, and Save Lives
Other Details:
18 pages
Author:
Canadian Institute of Actuaries
Description:
In December 2016, the Canadian Institute of Actuaries (CIA) Board approved the topic of risk classification for the development of a CIA policy statement (formerly called a level-2 public statement). A first Notice of Intent (NOI) for the statement was issued in November 2017. The Single Topic Task Force (STTF) determined that the original goals of the statement were too broad and issued a revised NOI on March 9, 2020.
This draft policy statement examines risk classification and its important function within the insurance ratemaking process. The CIA believes that the use of big data to gain insight serves an important place in the healthy function of insurance markets.

This document is for CIA members only.

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