May 06, 2015
New York Marriott Marquis
New York, NY
Competency (Learn more)
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Insurance companies have always had to deal with very large volumes of data, but "Big Data" is about much more than size. The richness of data and the speed with which it can be ingested and applied offers not just competitive advantage; it will shortly be a business requirement. It is not just a technology play, valuable insight from new forms of data, new sources of data, faster time to value and new tools to manage it are the benefits.
Organizations other than the digital giants like Google are only now putting practices in place to manage Big Data. It requires new working models between IT professionals and the analytic community, including actuaries. This seminar designed to equip the actuary to participate in the design and delivery of tools and methods to effectively navigate the opportunities in order to provide the most meaningful and reliable results.
In this full day seminar, you will learn about the Big data industry, its capabilities and it hype (and there is a lot). Some sections will be somewhat technical, such as how to evaluate whether the effort of blending various streams of data is useful, how to validate quantitative models and how other kinds of organizations have placed these models into production without replacing existing legacy systems. Case studies will demonstrate approaches for actuaries in our various roles, such as how life insurers may find that they can profitably underwrite classes of business that they could not previously.
For actuaries, there are challenges simply managing data, big or small. There is a need to analyze, share and collaborate, report and summarize, control and govern data. There are growing regulatory and compliance requirements concerning the results of the analysis of collected data.
Specifically, this seminar will explore these opportunities and challenges faced by actuaries:
Approaches to working with Big Data
- Exploratory Data Analysis (EDA)
- Data Mining
- Analytical Toolsets
Evolving IT Roles
- Driving New Value from Legacy Systems
- Architectural and Design considerations
- Keys for a successful partnership
Processes for Trusted and Reliable Results (CVAT)
- Change Control
- Auditing concerns
- Team collaboration
- Very Large and Complex Data
- Sources of Data
- Performance not sufficient
- Ethical, Legal and Regulatory Concerns
In addition, the seminar will explore various tools that are available to effectively accomplish some of the above issues.
At the conclusion of this seminar, attendees will have insight as to how to address various data management requirements and issues related to data architecture. Participants will be aware of tools and options for analyzing and reporting results, approaches to setting actuarial assumptions.
- Actuaries who rely heavily upon results from Excel Spreadsheets
- Pre-fellows seeking professional development credits
- Pricing and other Modeling Actuaries looking to summarize large amounts of data to set assumptions
Level of Difficulty
The seminar is designed for participants of all levels.