Growing data availability is enhancing actuarial opportunity for property-casualty insurance — especially for actuaries eager to experiment with various predictive models.
My Actuarial Review article, The Quest for Big Data, explains how data is presenting greater potential and challenges for actuaries. To find data gold, they must shift through available data — whether is buried in text or from the growing number of external sources catering to the insurance industry.
Actuaries have a seemingly insatiable appetite for data. While more data is available than ever in some areas, information voids remain.
This article is part 1 of a series I am writing on the latest in predictive modeling for Actuarial Review.
To explain how growing data availability is enhancing actuarial opportunity, the article discusses:
- innovative ways insurers are using internal data;
- data sources for developing potential proxies;
- why all insurers will soon be able to collect telematics data;
- differences in data needs for personal compared to commercial lines;
- tips on selecting data vendors;
- growing data potential, including digital breadcrumbs and the Internet of Things.
Part II of the series will cover innovations in models. Part III will explore barriers to predictive modeling innovation, the upcoming disruption in the insurance company business model and more!
Do you agree that growing data availability is enhancing actuarial opportunity in property-casualty insurance? Please share your comments below. Thanks!