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Predicting Insurance Demand with Cultural Variables
Multiple August 10, 2022 Posted in: Blog, General, Pricing & Product Management

For insurance companies who wish to understand existing markets and enter new and emerging markets, being able to accurately predict insurance demand is critical. Currently, demand for insurance is predicted predominately by analyzing economic factors (e.g., gross domestic product [GDP], inflation rate). However, we often see gaps in insurance demand between two different countries, despite the similarity of those countries’ economic conditions. This difference indicates that insurance market dynamics cannot always be captured through economic conditions, or through an economic analysis. Clearly, some additional new and improved rating variables would be useful to more effectively predict insurance demand in different markets.

Autonomous Vehicles – A Revolutionary Look at Insurance
Multiple May 24, 2022 Posted in: Blog, General

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?

5 Ways to Move Forward When You Feel Like Giving Up
Steve Jagodzinski February 17, 2022 Posted in: Blog, General

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?

 

Data Issues: Frequent Problems and Your Solutions
Multiple November 08, 2021 Posted in: Blog Posts, Blog, General

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.

The Language of Consulting
Danny Linton September 23, 2021 Posted in: Blog Posts, Blog, General

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.”

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