Playing with probabilities is one of the insurers’ core abilities and, in fact, the essence of the insurance business. But lately the game moved from mainly analyzing past data to assess future potential risks, to predict not only risk factors’ evolution, but also customers’ behaving influence on the future business, discerning among real factors of influence and statistical “noise”. The latest technologies added to the actuarial functions the opportunity, but also the challenge, of disposing of the huge quantities of data provided by telematic or IoT devices, satellite stations and even social media apps.
As a result, the actuaries’ job becomes more and more complex and should most probably hold a central place in the insurers’ scheme of functions and chain of decision.
What is the current CEE reality of the actuarial job and what is needed to make the best of the actuaries’ skills in improving the insurance business results?