Death by Data
Actuaries Summit 2017
As we go about our day-to-day activities, we all leave a trail of digital breadcrumbs behind – our driving behavior generates data, our movements and location are constantly captured, and every touch of our smartphones is logged. Consequently, firms now have the opportunity to find new and innovative ways of obtaining and using data to their advantage.
Across all forms of insurance, the increasing use of Big Data to write policies on an individual risk basis is changing the application of underwriting, risk pooling and risk management. In addition, by utilizing available data and technologies, insurers can now change the playing field and take up a newfound role of proactive risk mitigation. This allows insurers to not only get involved in the lives of their customers at claim time, but also throughout the life of the policy. Similarly, firms at large can now use data to better understand their customers, the market they play in and even their own businesses.
However, although the potential benefits of data are abundant, firms are still struggling to maximize the value of their data. If firms were to use data to its potential, what kind of results could they expect? We will explore case study examples around insurance as a service, as well as how the combination of analytics and behavioral science yield surprisingly powerful results. By combining advanced analytics with the study of human behavior, it is possible to not only predict the likelihood of future scenarios, but also influence potential outcomes.
We will also look at some of the potential dangers that come with this outpouring of data and the common pitfalls to be avoided when embarking on this journey in order to escape ‘Death by Data’.
This presentation can be found here.
About the presenters
Marc is a co-author of the Actuaries Institute Green Paper on “The Impact of Big Data on the Future of Insurance”, and has a keen interest on the future of the actuarial profession and ensuring actuaries remain relevant.
Basem is a member of Deloitte’s Actuaries & Consultants team in Sydney, with a focus on enabling businesses to use analytics to realise the power of data.