The Future of the Pricing Actuary ... Today : 09/12/2021 (1 CPD) (16h00 - 17h00)
We find ourselves is a unique set of economic circumstances. And in such a dynamic environment, insurers are having to reinvent themselves. Propagated by consumer expectations through their experiences with online shopping. And as insurers navigate this journey there is a very pronounced role for the pricing actuary.
We will look at the pricing processes of insurers.
When topics like Dynamic Pricing are discussed, people often assume it not to be for them because it’s only relevant to hyper competitive insurance markets. But at the core of Dynamic Pricing is a vision where the processes that drive the pricing process are automated and integrated into the systems that deliver the pricing.
When an actuary is done with a pricing model, he or she can promote the pricing model immediately (with the necessary approvals) to the market. And as a consequence, simply having risk pricing expressed in a more up to date fashion, will quickly deliver significant improvements in loss ratio’s.
Often pricing actuaries spent 75% of their time on IT related activities and 25% of their time on value added actuarial analysis.
The Pricing Actuary of the Future will spend the vast majority of their time on advising the business. Monitoring the performance of the insurer and identifying opportunities to find commercial benefits. Once the pricing process has achieved the desired level of integration new and exciting prospects come alive. Utilising modelling methodology such as AI and Machine Learning will become easy and second nature. Whether you are using DataRobot, R, Python or whatever, it will integrate natively. Helping pricing actuaries express their talent for risk and price modelling. Opportunities then also exist to personalise pricing and product bundles, in real time. Making sure each customer gets the right product at the right price. And if you engineer these processes correctly, you’ll engage the customer at the right time.
- Rick de Jager, Director Insurance Netherlands and Scandinavia at Earnix, UK
- Matt Wood, Business Solutions Specialist at Earnix, UK
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