Description: On October 7, 2023, the SOA Research Institute assembled an industry expert panel to discuss current issues in GenAI. The group was diverse in terms of employment, including company actuaries from life, health and property/casualty backgrounds, as well as consultants from various kinds of firms.

Description: The rapid advancement of technology today will revolutionize how humans interact with their vehicles in the near future. Vehicle manufacturer initiatives to incorporate new technology into their products should usher in societal benefits such as improved driving safety, enhanced fuel efficiency and potentially lower costs for insurance.

Description: 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.

Description: This study explores the use of geospatial imagery and high-resolution image technology in the property and casualty (P&C) insurance industry, focusing on improving risk determination through accurate building location data. It introduces new methods like structure footprints and high-resolution elevation information to enhance underwriting, rating, and claims settlement. The study includes two case studies: one on flood risk in Hillsborough County, Florida, and another on wildfire risk in three California communities, demonstrating the significant impact of precise location and elevation data on risk assessment and insurance premiums.

Description: This project enhances the current understanding of cyber risks in the smart home ecosystem from the insurance industry's perspective. In particular, the quantitative framework and pricing strategies developed in this project can be immediately adopted/adapted by actuaries to price the cyber risks for smart homes, a fast-growing insurance market.

Description: On November 30, 2021, the SOA Research Institute assembled an industry expert panel to discuss current issues in actuarial technology. Each participant who volunteered to be part of the discussion was selected because of their management-level responsibilities for the application of technology in an actuarial context. The group was diverse in terms of employment, including company actuaries from life, health, and property/casualty backgrounds, as well as consultants from various kinds of firms. This document summarizes the discussion that occurred during the three-hour meeting. To encourage candor during the discussion, participants were assured that this report would not attribute comments to individuals or companies, so no names appear in the body of the report. The names of those who participated are included at the end of the report.

Description: Actuaries have a long history with stochastic modeling. Nested stochastic modeling is often used when the modeling components under each economic scenario are themselves determined by stochastic scenarios in the future. In this paper three methods have been suggested that can be added on top of existing enhancement methods to improve NSM efficiency.

Description: On August 29, 2022, the SOA Research Institute assembled an industry expert panel to discuss current issues in actuarial technology. This was the third time such a panel was assembled, and most panelists had participated in the previous discussions. Each participant volunteering for being part of the discussion was selected because of their management-level responsibilities for the application of technology in an actuarial context. The group was diverse in terms of employment, including company actuaries from life, health, and property/casualty backgrounds, as well as consultants from various kinds of firms. This panel included participants from outside the U.S. as well.

Description: View the Data Challenges in Building a Facial Recognition Model and How to Mitigate Them

Description: The SOA’s Artificial Intelligence Working Group explored the role of AI in actuarial practice, focusing on risk management, regulatory compliance, and ethical considerations. The discussion highlighted the importance of the NIST AI Risk Management Framework and Generative AI Profile in ensuring responsible AI development and deployment in insurance and healthcare.