Technology changes - and how the work of actuaries is becoming even more critical to the insurance i

Technology changes - and how the work of actuaries is becoming even more critical to the insurance i

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Speaker(s): Jürgen Huschens (IBM)

The world and options of technology is developing at an increasing speed. While topic areas like Big Data or Real-time Analytics are starting to be digested by the Insurance Industry, new technology topics like IoT, Blockchain, Robotics or Cognitive Computing are making pathways into widespread, pervasive usage. The author will provide patterns describing how these technology options are supporting the transformation of many Insurance companies from the classical “covered risk”-perspective of their product portfolio into service providers (“care takers”) addressing the underlying life situation of the customers in a (more) holistic way. The presentation will contain many illustrating real life examples how this shift may look like and why this solves real problems for the persons affected, the companies involved and the Insurance company taking care of a specific problem area. These examples will, by nature, be crossing the lines of the classical separation of life, health, P&C as the real life situation of humans are very likely to ignore these classifications. From a mathematical point of view this extension will be accompanied by the necessity for models that can be used not only to predict hazardous constellations, but also give ”optimal” (in whatever sense) advice and resulting actions how to finally avoid this. The development of these models together with the interference with the Risk models, the models predicting customer behavior or the operational models needed to handle individual, contextual support actions will be the next frontier of actuaries and mathematicians (models composed from sub-models).

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