ENBIS-17 in Naples

9 – 14 September 2017; Naples (Italy) Abstract submission: 21 November 2016 – 10 May 2017

From Life Tables to Deep Learning: Where Is the Insurance Business Going? What Are the Opportunities and Challenges for Statisticians?

11 September 2017, 12:00 – 12:30

Abstract

Submitted by
Yves Grize
Authors
Yves Grize (Baloise Insurance & ZHAW)
Abstract
Once again is the insurance industry confronted with a major revolution: after the deregulation of the industry about 20 years ago, it is facing today a "digital revolution".
Deregulation brought many exciting opportunities to the field of statistics, as it became clear that statistical know-how (later called predictive analytics), was key to profitability in the new competitive environment. The second revolution is coming now from the technological side: digitalization, big data, cognitive computing are some of the buzzwords here. However this time, the disruptions are likely to affect in-depth how insurers deal with data and risks. Some even predict that this revolution may change the entire business model of insurance companies.

I will briefly review the potential impact of this second revolution on the insurance business in general and try to see in particular, what challenges and opportunities may result for the actuaries & statisticians of the XXI century.
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