The P&C actuary using data science

Speakers: René Billing, Frank Schönfelder

How does a P&C actuary and Data Science fit together to create value for the company? And where are the limitations? The Working Group Pricing of the German Association of Actuaries would like to share their views on that.

The business cases for applying Data Science are spread out through the value chain of P&C insurers. Few experts at the companies understand Data Science methods in detail. Therefore, it is important for the industry to identify those business cases, where Data Science adds concrete value to the company efficiently.

The Working Group Pricing of the German Association of Actuaries has formed a view on where those relevant business cases might be. We would like to share this overview, giving a good top-down overview on possible applications of Data Science.

This includes an overview about relevant business cases - both potential and already in use in the field. We would also like to include a few spotlights on the most promising business cases for actuarial departments.

But we would also like to share our view on limitations and share some concrete practical challenges in applying machine learning methods.

Altogether, this way the audience will gain a good overview and get some insights about important aspects when implementing Data Science techniques in P&C companies. Thereby helping Actuaries to better understand and identify chances and challenges of applying Data Science methods in the companies.