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Why insurers must remake reporting frameworks—or pay the price

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The most successful insurers of the future will be those who best collect and analyze data. But existing reporting frameworks are simply not good enough, with a company’s business and financial systems often operating in silos and not providing actuaries with the full picture. What if the increasing digitization of data could not only create […]

How chatbots will remake healthcare

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From retailers to service companies, chatbots have already revolutionized the way businesses interact with customers. Now chatbots are poised to alter the healthcare industry, with a tenfold increase in chatbot use expected in the next five years. While chatbots will help health insurers save money, they’re not without potential setbacks. The biggest challenge, experts say, […]

Smart planning can help Gen-X women close the retirement gap

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According to 2018 research, female workers in their 30s and 40s save 15% less for retirement compared to their male peers. The solution, say actuaries and financial experts, is for women to invest aggressively during their 40s and 50s to make up the gap. Female executives in this age group (today’s Gen-Xers) can leverage Health […]

Why “entrance fee” retirement homes need actuarial advice

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Many retirement communities operate by an “entrance fee” model: the resident pays a substantial fee upfront that helps to cover an almost unlimited number of contingencies. While these continuing care retirement communities operate similarly to a life insurance company, says actuary and eldercare expert Jack Cumming, they’ve failed to learn many of the lessons that […]

How Insurtech is disrupting loss-reserve studies—and how actuaries can evolve

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When insurers need to estimate future claims or losses, they usually turn to complicated loss-reserve studies compiled by actuaries. But what happens when the market is so uncertain—or so disrupted by insurtech startups—that past loss-reserve estimates no longer apply? The answer is not simple, says actuary Thomas Ryan, but there is a method to estimating […]

Pet insurance industry prepares for rapid growth

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As urban neighborhoods become increasingly pet-friendly and more people consider their pets “part of the family,” the demand for pet insurance is growing. The pet insurance industry has doubled in the United States since 2013, with insurers now collecting over $1 billion in annual premiums. How is the industry beginning to apply actuarial science to […]

What Hollywood really thinks about actuaries

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It’s rare to see an actuary depicted in a Hollywood film. Unlike “international spy” or “hard-charging police detective,” it’s not a profession that easily inspires an action-packed screenplay. So for an anonymous writer called The Secret Actuary, the few appearances (or even mentions) of actuaries in movies have provided a unique sense of satisfaction. From […]

Why demand is increasing for actuarial consultants

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From inefficient IT systems to increased regulatory scrutiny, insurers are up against big challenges—which creates a wealth of opportunity for actuarial consultants. In the UK, for example, about 60% of life insurers plan to increase their spending on consultants in the coming year and 54% are looking to switch to new consultants. Which specialties will […]

Cyber attacks, personal liability are top fears for senior managers

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Since the implementation of the General Data Production Regulation (GDPR) in European markets earlier this year, executives’ fear of cyberattacks and data loss has risen dramatically. In fact, say researchers at Allen & Overy, more than half of business leaders say they’re “very” or “extremely” concerned about such risks. Perhaps even more concerning is the […]

How Munich Re is reinventing reinsurance

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When a natural disaster strikes and insurers are paying out billions in claims, who insures the insurers? In the aftermath of this year’s Hurricane Florence, many turned to Munich Reinsurance Company, commonly referred to as Munich Re. While Munich Re has been in business since the 1880s, they’ve recently become one of the most high-tech […]