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Actuarial Process Optimization—A Case for Using Modern Technology in Actuarial Domain
Actuarial Process Optimization is a framework for using technology to support the actuary of the future. In this article, we discuss the capabilities of new technologies and explore examples where they can be used to aid with providing strategic business direction, optimizing skillsets and use of technology, and maintaining governance, control, and risk frameworks. -
Getting Started with Julia for Actuaries
An overview of the basic tooling and packages available for the Julia programming language, with a focus on why this is of interest to the actuarial profession. It covers some of the built-in language features as well parts of the Julia package ecosystem that make Julia ideal for modeling and data analysis. This is the second installment in a series of article aimed at actuaries. The first installment, Julia for Actuaries, was published in the October 2020 edition of Actuarial Technology Today, and covered the base language itself, its high-level, math-friendly syntax, and why the actuary of the future should consider its adoption. -
Electronic Health Records in the Age of Coronavirus: The Covid Crisis Has Accelerated Real-World Adoption
Electronic Health Records (EHR) have increased in importance due to the in-person medical visit restrictions caused by the Covid-19 pandemic. Access to EHRs for insureds - apart from EHR vendors and providers - is now also prescribed by federal law. Combined, electronic medical data access has accelerated faster than expected. These trends are examined for potential impact and opportunities for actuaries in data aggregation. -
All You Need to Know About a Successful Model Conversion
Best practices for a successful model conversion or transformation. It details the key stakeholders involved and the processes and tasks across various stages of the model conversion. -
The Ethical Actuary—a Tautology: Never let it Become an Oxymoron!
Actuaries are Known as highly ethical. Data Science poses ethical challenges for our profession. -
Surrogate Models: A Comfortable Middle Ground?
In this article we examine the benefits and drawbacks of using a global surrogate of a black-box model. Are surrogates a comfortable middle ground that provide insurers high predictive power as well as model explainability? -
What Actuaries Can Learn from Data Scientists
A description of Data Science best practice tools and how they can apply to general actuarial work. -
Research Spotlight
This article summarizes the new research paper of "InsurTech: A Guide for the Actuarial Community" by Carrie Kelley and Kiki Wang. It serves as a quick read for our members to learn the latest development in the InsurTech space and explore the opportunities for actuarial practitioners. -
Analysis of 2020 S&P Equity Returns and the Importance for Actuaries
During March 2020, COVID-19 concerns escalated in the U.S. and lockdown measures were announced. Market returns in March 2020 were quite extreme and choppy, alternating between days of huge gains and losses. As investors prepare for the future, it is important to understand whether these volatility surges and sharp movements are understood and captured by commonly used models. In this article, we will explore equity market performance in 2020 using the S&P 500 Total Return Index (SP500TR) and the relevant equity modeling implications. -
Minding the MediGap: Modeling Considerations for a Complex Product
Discussion on modeling Medicare Supplement insurance and the considerations when choosing an Actuarial Modeling Software (AMS). Focuses on model risk management, key modeling assumptions and inputs, and the complex interactions between modeling assumptions and why its critical to have a model that can handle that complexity. This article also touches on the incorporation the of accounting and regulatory regimes into the model, including Statutory, GAAP (Legacy and LDTI), and Tax regimes, and the modeling considerations for sensitivity testing and capital planning. Lastly, the article highlights the capabilities to look for when choosing an AMS for Medicare Supplement.
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