Speaker(s): Cristina Mano (Cantanhede Mano Consultoria em Atuária), Elena Rasa (Grupo Zurich Italy)
The technology evolution of the last years has deeply changed the way customers and consumers interact among themselves and share data. They seem to appreciate the benefits coming from such an evolution, but at the same time, they are worried about privacy and security implications. This attitude, in addition to the highly regulated environment, forces the Insurance market in some sort of bipolarity effect: from one side the company owns a lot more data but from the other side a good balance in order to safeguard reputation is necessary.
Big data is now commonly used across many industries. it has arisen from rapid advances in technology and digital connectivity of society. It is often described using the multiple Vs definition, as data that brings challenges in volume, velocity, variety, veracity, value, visualisation, etc.
For the insurance issues considered in this paper, it is ever increasing volumes and granularity of data and their use in revealing paterns, trends and assocations that is being explored. The new technologies are posing the question of digital ethics and reputational damage, alongside empowering the capability of creating value for the customers with enriched data: an augmented data approach enrich the knowledge of the customers and therefore the capability of assessing the risk in a much more detailed way.
Interpreting these changes, looking sufficiently forward, being flexible enough to satisfy today's global needs while anticipating those of future generations: this is precisely what the new Actuarial 2.0 era has to achieve!
This paper wants to give trace how the actuarial profession has to change in order to be able to respond to these new trends, merging the typical insurance information used for many generations of actuarial science to create products and tariffs with the new big data coming from all these changes.