Actuarial Innovation & Technology Research Reports

2021

  • InsurTech: A Guide for the Actuarial Community
    April
    This report is intended to serve as a guide to the InsurTech landscape for the actuarial community and insurance practitioners.
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  • Interpretable Machine Learning for Insurance
    April
    Machine learning algorithms fit models based on patterns identified in data and can be very complex. In this report, we describe and illustrate a range of methods for interpreting machine learning models from the growing field of Interpretable Machine Learning (IML).
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  • A Primer on Insurance Policies and Genetics
    March
    This primer paper seeks to introduce and update the actuarial profession to the topic of insurance policies and genetics and study the impacts on insurance and potential responses.
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  • Peer-to-Peer Insurance: Blockchain Implications
    March
    Peer-to-peer (P2P) insurance is one such business model where individuals or economic agents join together and pool their resources for mutual aid. The aim of this project is to showcase the development of a P2P insurance model and analyze it from both technological and product perspectives.
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  • Taking Life Insurance Customer Engagement to the Next Level
    January
    Taking Life Insurance Customer Engagement to the Next Level, commissioned by the Society of Actuaries and produced by Aite Group, uses consumer insights, market trends, and domain expertise to provide ideas that can help insurers create better customer relationships and drive better outcomes for customers and their organizations.
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  • Fintech and the Retirement Savings System
    January
    The Aging and Retirement and Actuarial Innovation and Technology Strategic Research Programs are pleased to make available a report that provides a sampling of new financial technologies (fintech) and their applications related to retirement savings systems affecting participants, plan sponsors and service providers.

2020

  • Selected Report Summaries in Chinese
    October
    The SOA has translated four of its AIT report summaries into both Traditional and Simplified Chinese. They are “Behavioral Science”, “Big Data and the Future Actuary”, “Cancer Genomics”, and “Cloud Computing and Machine Learning Uses in the Actuarial Profession”.
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  • Epigenetics: A White Paper on Technology and Innovation
    September
    This paper explores how molecular biology, specifically epigenetics, may impact the life insurance industry, and considers the effects of utilizing epigenetic biomarkers for underwriting.
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  • Exposure Measures for Pricing and Analyzing the Risks in Cyber Insurance
    June 2020
    This report identifies and makes recommendations regarding possible exposure measures for pricing and analyzing the risks in cyber insurance.
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  • Quantification of Cyber Risk for Actuaries
    May
    This study aims to develop a generic model that can be applied by any organization. For the validation of the developed cyber risk analysis method, simulations and sensitivity analysis will be performed.
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  • Actuarial Practice Innovation Call for Essays
    May
    This report is a compilation of the prize winning essays from the recent Actuarial Practice Innovation Call for Essays.
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  • Validating Algorithmic Underwriting Models – Expert Panel Report
    March
    On December 11, 2019, the Actuarial Innovation and Technology Steering Committee of the Society of Actuaries (SOA) assembled an industry expert panel to discuss the key considerations and challenges of algorithmic underwriting model (AUM) validation.
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  • Electronic Health Records (EHRs): A White Paper Summary
    January
    Electronic Health Records, or EHRs, are a major worldwide initiative to eliminate paper recordings – including the Attending Physician Statements (APSs) – of an individual’s medical history and current treatment. This paper explores Electronic Health Records in depth.

2019

  • Literature Review: Artificial Intelligence and Its Use in Actuarial Work
    December
    The purpose of this report is to review research on how artificial intelligence is used in actuarial work.
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  • Summary of Innovation and Technology Research Reports
    November
    A brief overview of recent AIT research papers in summarized format.
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  • An Update on the Outlook for Automated Vehicle Systems
    October
    To help describe current trends and highlight differences between the cars we see on the street today and driverless vehicles, this report relies on three market-related definitions; safe, self-driving and driverless.
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  • Ethical Use of Artificial Intelligence
    September
    The purpose of this report is to highlight the ethical risks arising from the application of AI in actuarial practice and to have tools to use to identify and manage it.
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  • A Tour of AI Technologies in Time Series Prediction
    July
    In this report, we will try to provide an in-depth review of current Machine Learning and Deep Learning models and will explain how those models works and their possible applications in the actuarial field.
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  • Emerging Data Analytics Techniques with Actuarial Applications
    July
    The aim of this research is to survey emerging data analytics techniques and discuss their evolution and growing use in the actuarial profession. Data analytics’ applications in life and non-life insurance will also be provided.
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  • Cloud Computing and Machine Learning Uses in the Actuarial Profession
    July
    Actuarial modeling has gone through several distinct phases largely defined by the underlying technology platform. Today, cloud computing is again redefining the technology foundations of actuarial modeling and related processes.
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  • Behavioral Science Report
    June
    Situated at the intersection of psychology, neuroscience, sociology, and economics, behavioral economics (BE) centers on applying an honest understanding of human behavior to practical problems.
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  • Insurance Regulatory Issues in the United States
    May
    This research examines the intersection of U.S. insurance ratemaking and analytics techniques in advanced modern rating systems and associated regulatory considerations in the U.S.
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  • Technology In Microinsurance
    May
    This literature review provides insights on emerging technologies that interact with the actuarial profession within the space of microinsurance for the purpose of establishing a frame of reference for actuaries to use in their work.
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  • Cancer Genomics
    May

    The treatment of advanced cancer is undergoing a major paradigm shift. Traditional pillars of cancer treatment – surgery, radiation, and chemotherapy – are moving to two new efficacious approaches: tumor genomics and immunotherapy. This analysis report introduces SOA stakeholders to these brand-new areas, examines the growing clinical evidence, and sets initial projections for cost effectiveness.

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  • Big Data and the Future Actuary 
    April  
    The purpose of this report is to review the existing literature on how today’s unprecedented access to data is reshaping the capabilities of insurance actuaries. Topics covered in this report include the ways in which actuaries are using non-traditional data sources, how this is likely to evolve into the future, and how the typical roles, technologies, and skillsets of the future actuary will look different than they do today.
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  • Top Actuarial Technologies of 2019 
    April 
    This research study aims to understand the current and planned use of various technology types and tools and to highlight those technologies that are anticipated to grow the fastest among actuaries in 2019. It also explores the growing set of emerging technologies and discusses perspectives on the abilities of actuaries to adopt them.
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  • Machine-Learning Methods for Insurance Applications - A Survey 
    January  
      
    The Society of Actuaries is pleased to make available a research report that provides a literature survey of methodologies applying machine learning to insurance claim modeling.

2018

  • The Development Of WeChat Marketing 
    December  
    WeChat is gradually becoming the main force of insurance online marketing for insurance products in China. With the popularization of WeChat communication technology, more and more insurance companies have started to use the WeChat platform.
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  • Market Framework and Outlook for Automated Vehicle Systems 
    November 
    The surface transportation industry is in the early stages of a series of profound changes, stimulated by the development of increasingly sophisticated driving safety and automation technologies.
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  • The Impact Of Genetic Testing On Life Insurance Mortality 
    October 
    The Society of Actuaries (SOA) Reinsurance Section, Product Development Section and the Committee on Life Insurance Research, are pleased to make available new research exploring genetic testing and U.S. life insurance mortality.

2017