Big Data - An Actuarial Perspective

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IABE Big Data working group Mateusz Maj Chairman of IABE Big Data WG mat@motosmarty.com

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What is Big Data?

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What is Big Data?

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What is Big Data?

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What is Big Data? source:www.hp.com

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Not only size matters Volume data at rest Terabytes of existing data to process   Velocity data in motion Variety data in many forms Streaming data Structured, unstructured, mileseconds to respond   different sources   Veracity data in doubt Uncertainty due to data incompleteness, ambiguity, model approx., etc  

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Why Big Data Working Group? Discuss: •  Impact of Big Data on insurance sector and the actuarial profession; •  Present challenges and good practices when working with Big Data; •  Educate actuarial profession about Big Data.

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Big Data WG activities •  Regular meetings with guest lecturers presenting different aspects of Big Data; •  Big Data information paper by 03/12/15; •  Presentation of the IABE stance on the topic during the industry meetings; •  Big Data Forum – 03/12/15; •  CPD courses – Big Data/Data science program – from 2016.

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Information paper Covers different aspects of Big Data in insurance and opens up a discussion about: •  Technical aspects; •  Data science issues; •  Impact of Big Data on the insurance value chain; •  Legal aspects; •  New horizons for the insurance industry.

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Insurance value chain: Underwriting undewriting Covers different 360 degree customer view  

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Pricing •  New rating factors; •  New modelling techniques like machine learning; •  New, disruptive insurance offerings like Usage-Based Insurance.

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Insurance value chain: Fraud detection undewriting Covers different Social network analytics  

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Legislation Covers different EU-wide law under construction  

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Insurance – beyond current frontiers •  Risk pooling vs. personalization; •  Traditional insurance model vs. prevention.

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Role of actuaries EU-wide law Best under construction data scientists    

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Q&A   Mateusz Maj Chairman of IABE Big Data WG mat@motosmarty.com

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