Actuarial Data Science Introplication - Part 3
Due to technological progress in connection with Data Science and Digitalization, summarized under the buzzword Big Data, a plethora of opportunities and challenges for the industry is arising. Technological developments have now also reached the insurance industry and thus have a direct impact on the working world of actuaries.
Under the heading Actuarial Data Science, the procedures and methods of data mining are embedded in the actuarial context. These range from mathematics-driven statistical methods for derivation of insights from data to computation-driven methods sometimes summarized as machine learning. As a result of almost unlimited computing capacity through cloud computing and wide availability of training data, tried and tested methods of machine learning, such as artificial neural networks, are experiencing a renaissance in theory and practice. The potential of Actuarial Data Science is vast. It is widely expected that this potential will be realized in a more explicit manner in the coming years. In this web session we will present the current state of affairs in the area of Actuarial Data Science. Introplication is a compound artificial word consisting of Introduction and Application. And in the web session, we would like to combine both: a basic introduction to the subject area with an overview of applications in the actuarial environment.