ACTUARIAL SCIENCE & DATA SCIENCE:
A NECESSARY CONVERGENCE
Content also available in French.
Big Data, Artificial Intelligence, Machine Learning, Deep Learning... New practices linked to the growing use of data science are emerging in the insurance sector.
But why, and above all how, should these methods be applied to the insurance industry in order to offer innovative solutions? What is the role of the actuary in these statistical learning methods? What are the new challenges they have to face?
Between 1940 and 1950, we started to invent Artificial Intelligence (AI) and the myth of the human robot.
Today, most actuarial work (from underwriting to reserving and capital adequacy) uses statistical learning methods related to data science and Machine Learning.
The challenge for the actuary - data scientist is to simultaneously use his or her business knowledge and expertise in data science to develop innovative approaches with traditional models augmented by machine learning models.
In this document, we want to establish a brief overview of the new practices linked to the growing use of data science in the insurance sector.
First of all, we provide a brief historical overview of certain terms that have become "buzzwords": Big Data, Artificial Intelligence, Machine Learning, Deep Learning and Statistical Learning.
We will then explain why and how to apply these methods to the insurance world in order to propose innovative solutions.
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Overview of the topics addressed in the e-Book:
- The origins and evolution of Artificial Intelligence
- The actuary: an augmented data scientist?
- Data Science for insurance: solving the predictivity / interpretation dilemma
- The actuarial enhancement by Example
- Capital need assessment
A content written by:
Head of Data Science,
R&D Coordinator at ADDACTIS France.
addactis®, the Risktech for Insurance, combines the knowledge and expertise of the insurance sector with a high level of analytics embedded in our software to transform risk and complexity into opportunities to improve insurance operations.
Our range of solutions covers Risk & Solvency assessment, Data Analytics, Reserving, Data Management, Tasks Automation, Business Intelligence, Reporting...