The world is constantly changing, and as an actuary, I probably view these changes differently than most people. In my world, all of the advancements in new and innovative technology that have made our lives more convenient also present more complex risks.
From an insurance perspective, new and more prevalent technologies like mobile payments and drones require more complex risk-management tools. Previous methods for quantifying and managing risk — such as using past data to price insurance products — may no longer be sufficient. At the same time, the digital revolution, led by smartphones and wearable devices, is giving us more data than ever before. Insurers need to embrace and mine the increasing volume of data, finding new techniques to evaluate and produce insights.
The good news is that a lot of new data is readily available — the not-so-good news is that insurers and their analytical teams may not know what to do with this data. Everything from the sheer volume of data to the nature of how it is stored and processed can make it hard to sift through and find information that will be useful.
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