The CAS organized a final virtual event in 2021. This virtual seminar featured four sessions, as well as the opportunity for live video discussion with other attendees on the conference platform.
Mining for Gold: Text Analytics in Insurance
Insurers collect vast quantities of unstructured text data
through normal business operations. Claim notes, loss control reports, and
customer feedback are a few common examples. Language is messy and text data,
in its unstructured form, is of limited use. Natural Language Processing is a
quickly-growing subfield of Artificial Intelligence which aims to read,
decipher, and understand language in order to gain valuable insights from text
data. Actuaries can look to this field for a range of techniques, from simple
to highly complex, which unlock this previously underutilized data source.
Features derived through text mining add value to predictive models and other
analytical efforts. Claims and underwriting are two applications where
actuaries and data scientists can support decision making with text analytics
Learning Objectives:
- Describe techniques for processing text data.
- Generate useful text features for predictive modeling and decision support.
- Identify promising use cases for text analytics.
Snorkeling the ASOPs
During this session, members of the Committee on Professionalism Education will highlight and summarize key provisions of several Actuarial Standards of Practice relevant to all casualty actuaries, including ASOP’s 41, 23, 56, and 38.
Learning Objectives:
- Apply the Actuarial Standards of Practice (ASOP’s) to actuarial work.
- Recognize actuarial gray areas and respond in a manner that upholds the reputation of the actuarial profession.
- Utilize resources available to help actuaries abide by the standards.
Cyber Market – Where Do We Go from Here?
The Cyber insurance market had enjoyed unhindered growth and profitability for much of the last decade. In the last 18-24 months we have seen a material shift in threat actor activity resulting in increasing losses, concerns around the rating environment and the ability to assess the true exposure in cyber risk; the result is a rapidly hardening market. The panel dives into some of these challenges the cyber market is battling and also what we can expect to come in the near future.
Learning Objectives:
- Learn about the evolution of cyber insurance underwriting
- Take on the challenges facing Cyber risk insurance
- Differentiate Cyber from other lines of business
Climate Change and Risk Management
A changing climate creates a risk to, and opportunity for, actuaries specializing in measuring risk of natural hazards. The use of traditional insurance ratemaking techniques, which typically consider risk over a time horizon of one year, may limit the effectiveness of actuaries in contributing to the growing field of climate change research. By extending the time horizon under study, and broadening the scope of their analysis, actuaries may be able be provide significant value in assessing the financial implications of this risk. This session will present a case study that quantifies the current countrywide exposure to flooding, how it could be impacted by climate change, how this could affect the financial health of residential householders, whether it could impair their ability to meet their mortgage obligations, and what resulting effects might impact other parties. We hope to persuade attendees that actuaries can make significant contributions to climate change research.
Learning Objectives:
- Quantify the financial implications of catastrophic risk and contribute to the field of climate change research.
- Explain the scope of interactions between climate change, flood risk, flood insurance participation, and mortgage risk.
- Estimate the impact of climate change on flood risk using catastrophe models.