Data science, predictive analytics and AI are certainly the buzzwords these days. They are heavily used and developed in underwriting and marketing but for most actuaries, they might/may as well be science fiction. The presenters will demonstrate how a normal actuary can utilize data science techniques in their daily job function without forming an official data science team within a company. It can be done in a gradual fashion so that normal business is not disrupted and improvements are made over time. The usage of data science techniques will include demonstrations of the following areas:
- Regression analysis
- Economic scenario generator
- Experience study
- Data quality checks
- Inforce compression for explicit hedging
At the conclusion of the session, attendees will be able to:
• Have a general idea on how to incorporate data science techniques into their daily routines and make gradual improvements overtime
• Feel more confident and comfortable to implement data science techniques into their routines
• Realize the benefits and efficiency that these techniques can bring to the table
• Have their own epiphany of its applications in other areas of the business