A decade ago, autonomous vehicles (AVs) seemed like a futuristic gimmick, out of reach.

Today, however – although the word “autonomous” might suggest otherwise – most people drive some sort of AV. Various rate filings, both for commercial and private passenger auto, give an idea of how autonomous vehicles are being priced with regard to insurance. Although rate filings do not exist for fully autonomous vehicles, many filings offer discounts for having an autonomous feature attached to the vehicle.

This raises the question – would fully autonomous vehicles be even more cost-effective with regard to insurance?

Not too long ago, I received the news that I failed my most recent actuarial exam. Those familiar with the actuarial examination process know that this is an agonizing feeling (in fact, the Wall Street Journal published an article in December 2021 about the challenges of actuarial exams). To make matters worse, it was the fourth time I scored just under a passing score of 6 during my exam journey. 

When faced with discouragement, it’s all too easy to admit defeat. So how can we keep going when it feels like a win is out of reach?

 

What makes data “bad” or difficult to work with? For actuarial consultants, data from clients is crucial to a comprehensive analysis. Although that data may arrive with any number of issues and challenges, solving those puzzles gives actuaries the opportunity to demonstrate our ability to adapt, innovate and communicate.

As far as I can remember, I have always been drawn to numbers. Throughout my early education, I gravitated to all the various “toys” designed to instill a tactile knowledge of mathematical tenets; there were number chains, peg boards, puzzles (some were even three-dimensional!), to name a few. This attraction has always been founded on one notion, or cliché: “numbers don’t lie.”

When we remember 2018, its events and circumstances have been more varied and challenging than one might imagine. Hacks, ransomware and data intrusions were announced weekly. Volcanic eruptions, wildfires and mudslides decimated a record number of homes and forest acreage. The entire island of Puerto Rico continues to suffer Hurricane Maria’s devastating effects. We have also become numb to the numerous senseless shootings in places where we used to feel safe.