Tag: actuaries

Geography modelling plays a vital role in property and casualty (P&C) insurance pricing, especially in motor and property insurance. By incorporating spatial patterns into...

As the insurance industry rapidly modernises, actuaries are becoming integral to shaping and executing strategic growth plans. With a focus on enhancing risk management, leveraging advanced technologies like AI, and optimising decision-making processes, actuaries are driving innovation across the landscape. Their expertise is crucial in adapting to industry changes and achieving long-term business objectives, underscoring their pivotal role in the future of insurance strategy.

Actuaries, often dubbed as mathematical risk managers, play a pivotal role in the insurance industry. Their expertise in quantifying and managing risk is essential for insurers in a market where financial responsibility for potential negative outcomes is traded. However, determining the cost of this responsibility isn't a straightforward task; it involves estimating expected losses akin to manufacturing costs for tangible goods. Yet, setting a price demands more than just knowing costs; it requires calibrating profit margins to market realities and consumer behaviours. InsurTech Quantee delves into the intricate process, known as price optimisation.

The insurance sector, traditionally slow in embracing modernisation, is progressively adopting programming languages to refine workflows and bolster decision-making capabilities. Among these, Python has...

In the rapidly evolving landscape of InsurTech, a new game-changer has emerged: hx Renew. This cutting-edge platform is redefining how actuarial teams operate, offering...

The insurance sector is grappling with a pricing tool dilemma. A significant 81% of insurers express doubts regarding the effectiveness of their current pricing technologies. One of the main culprits? Excel.

The 2023 landscape of the US Commercial P&C market reveals that traditional understandings of pricing are perhaps outdated. An overwhelming 78% of insurance providers...

Successful pricing and underwriting transformation mandates not just a vivid vision but the sustained momentum to actualise it. This transformation isn't a one-size-fits-all approach; it varies for each business. Yet, the goal remains consistent: refining the process of assessing and insuring risk.