The Individual Life Experience Committee of the Society of Actuaries sponsored a Data Analysis Contest for the first time during the last quarter of 2018. The purpose of this Contest was to encourage SOA members and students, as well as the general public, to apply their data analysis and predictive analytics skills to a large, public dataset to test the dataset for issues, gaps, inconsistencies, outliers and problems.
There were a variety of data areas highlighted, and techniques used, regarding parts of the dataset that need additional validation:
The contest was designed to as to give students and members of the public the opportunity to apply predictive analytics and data mining techniques to test a very large dataset for inconsistencies and other potential data problems. While this dataset had gone through a rigorous deterministic validation process, the dataset had not been analyzed from a statistical and data science perspective as to what potential issues may exist with the data. The contest was successful in that it did generate some out-of-the-box thinking that allowed different approaches to be used to test the data.