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Actuarial Transformation

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-Highlight from the #saschat #ActurialTransformation of 9 July.

-Highlight from the #saschat #ActurialTransformation of 9 July.

  1. Jul 9

    Hello and welcome to our chat on - please introduce yourself and don't forget to use and in all your tweets to be a part of the conversation

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  2. Jul 9

    Good Afternoon from Munich. Happy to talk with my colleagues about actuarial transformation.

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  3. Jul 9

    Hello from on the Main (Germany). I‘m advising in the DACH region on how they can use to generate more value for the company but especially for the customers. Curious to hear your thoughts on .

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  4. Jul 9

    Good afternoon from Heidelberg/Germany, Looking foward to learning lots about

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  5. Jul 9

    Greetings also from the Cologne area. Great to see so many people being passionate about and business.

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  6. Jul 9

    Hello from the UK

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  7. Jul 9

    Hello from a beautiful sunny Berkshire. Here to listen and learn from experts at

    Hello and welcome to our chat on - please introduce yourself and don't forget to use and in all your tweets to be a part of the conversation
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  8. Jul 9

    Good afternoon from a sunny but freezing Johannesburg!

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  9. Jul 9
    Replying to

    Hi I am Jean-Michel Cornish from Cape Town, South Africa, looking forward to the conversation around this key transformational topic.

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  10. Jul 9

    Q1: What are the relative importance of competitive tariffs, optimized portfolios and real-time pricing?

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  11. Jul 9
    Replying to

    Hello! This is Nihan from the Global Practice Customer Intelligence team . Looking forward to talking about on .

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  12. Jul 9

    A1: in real time is essential for many products today. When benefits are highly interchangeable, customers often make decisions with price comparisons. Insurers need to combine powerful and automatable with tariff expertise.

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  13. Jul 9

    Hi, I am Ping from Toronto, Canada. Excited to hear what people have to say about the future of pricing risk.

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  14. Jul 9

    A1: Margins are always challenged - being able to better optimise pricing and gain best benefits for the firm and customers is important

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  15. Jul 9

    A1: needs to become quicker and closer to the individual customer's needs. The quicker you get the closer to your target, the better.

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  16. Jul 9
    Replying to

    A1: With more and more digital leads coming through price comparison aggregators your ability to price your policies competitively given all the competing prices is key to success.

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  17. Jul 9

    A1 – Competitive Tariffs and Real-Time Pricing go hand in hand as tariffs are a primary criteria for customers to select their insurance.  

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  18. Jul 9
    Replying to

    I'm Marcia Walker, head of for . I know NOTHING about but came to this to introduce my fellow "shipper", of fame, who writes about that topic.

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  19. Jul 9

    A1: In a world were everyone also compares tariffs on aggregators, helps to create smaller tariff segments. Therefore more tariffs

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  20. Jul 9

    Welcome Ping! It's great to see a fellow participant participating in via

    Hi, I am Ping from Toronto, Canada. Excited to hear what people have to say about the future of pricing risk.
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  21. Jul 9

    A1 – Optimizing Portfolios already starts when winning new customers. Insurers must select potential new customers by criteria which matches best their strategy and risk appetite.

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  22. Jul 9

    A1: Absolutely essential in this digital age. Relative importance = 1. Customer's are demanding transparency and is comparing not only the monthly premium but the finer details such as value adds, benefits etc.

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  23. Jul 9

    Q2: What is the significance of speed in quote decisions?

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  24. Jul 9

    Hello from . I am an actuary working in with SAS Nordic clients. While offers exciting improvements in pricing and reserving, I focus very much on and streamlining existing processes/analyses.

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  25. Jul 9

    A1: Real-time pricing can be helpful for insurance companies to react faster to tariff changes of the competition and help customers deciding quicker when at the same time. You need to be transparent however

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  26. Jul 9

    A2: Speed is nothing without control. needs to address the right customer with the appropriate tariff quickly, at the right time, while meeting the profile issued by the .

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  27. Jul 9
    Replying to

    Q2: Speed is everything. Studies show that if you are not responding within 2 minutes to an inbound insurance lead you are 80% less likely to close that business.

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  28. Jul 9

    Friendly reminder before continuing our conversation - we don't want to miss your tweets so please be sure to use and in all of your answers

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  29. Jul 9

    A2: Speed is absolutely critical. I don't practice in P&C but, as a consumer in the digital space, I'm not waiting for an insurer to "crunch the numbers".

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  30. Jul 9

    A2: I would say the quality of the decision is prio no. 1. If you are not good at that, you won't get customers or you will be unprofitable. But in today's sales, speed comes a close second. Customers expect quick decisions or they will go to the competition.

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  31. Jul 9

    A2: Online as well as offline, you need to be quick with a quote. If you´re not up to speed and react to changes in real-time, the competition might win the customer for a first product. Than second contracts usually follow.

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  32. Jul 9

    Q3: How is the role of external data in risk assessment and tariffing evolving?

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  33. Jul 9
    Replying to

    A3: new external data sources coming from , () and () are the drivers of

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  34. Jul 9

    A3 – External data can help to improve the prediction quality of potential claims, etc. and therefore contribute to a better risk assessment.

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  35. Jul 9
    Replying to

    A2: time is money and the speed of response to requests from clients is critical for every insurer

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  36. Jul 9

    A3: External data can play a significant role in pricing, mostly for comparing your own tariffs. For the proper assessment the risk factors however need to match. and can help a lot here.

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  37. Jul 9

    A2: Speed of decision allows firms to deliver the most appropriate and best quality pricing back to customer.

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  38. Jul 9
    Replying to

    A1: even the most competitive tariff can be irrelevant if the policy price is not offered fast enough, when a customer is taking a decision and is looking for offers

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  39. Jul 9

    Yes, absolutely. You can compare it with a sports car. Many can go fast in a straight line. But on a race track with curves, the wheat is separated from the chaff.

    A2: Speed is nothing without control. needs to address the right customer with the appropriate tariff quickly, at the right time, while meeting the profile issued by the .
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  40. Jul 9
    Replying to

    A1: optimized portfolio is the one which unlocks growth potential of insurers and where the profit margin is protected by proper balance of diversification and microsegmentation based pricing

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  41. Jul 9

    A2: Other than the fact that you may lose a customer with a slow quote, its important to impress your customers at the first interaction as a sign of a good experience to come.

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  42. Jul 9

    A3 - External data is important to help with risk assessment

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  43. Jul 9
    Replying to

    A1: Rather than the traditional one-size-fits-all perspective, following a data-driven approach will help to make the most customized offerings to the insurance customers through dynamic pricing.

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  44. Jul 9

    A3: More and more external data get´s available. It´s interesting what you can get there. However i would recommend to start your first with own data - there is a lot to gather there already.

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  45. Jul 9

    Q4: What is the current profile of machine learning for risk assessment and pricing among insurance market leaders?

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  46. Jul 9

    A3: It depends on the insurance product. Weather or geo-data or socio-demographic data can contain important indicators for . But is it important that every can work with it. Or is this an area for specialists, e.g. ? What do you think?

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  47. Jul 9

    A3: External data is no doubt useful. The challenge is properly blending it with your inforce risk profile.

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  48. Jul 9

    A4: currently insurers are still learning how to combine 'old-school' actuarial sciences with 'new-school' data science. Only the combination wins, but insurers are not there yet. Good times for early movers.

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  49. Jul 9
    Replying to

    A4: helps insurers in unlock growth potential by improving microsegmentation and provides better fit of policy pricing to those microsegments and particular clients

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  50. Jul 9
    Replying to

    A4 () () creates a perfect trio in together with IQ of Actuaries () and of Product Managers and Sales teams

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  51. Jul 9

    Q5: What will it take for risk assessment and tariffing to be completely handed over to artificial intelligence?

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  52. Jul 9

    A4: Use of ML must be anchored to existing business processes. Adaptation is achieved by demonstrating value through incremental changes to the business critical decisions and processes.

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  53. Jul 9
    Replying to

    A3: Totally agree. All digitalization roadmaps must include strategic data acquisition.

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  54. Jul 9

    A4: is great to find suitable ways to create a portfolio of one. With new models you find better fitting tariff constellations per customer. Therefore more happy customers

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  55. Jul 9
    Replying to

    A5: the tariffs are already rules based and the underwriting process requires human decisions only at certain points, so is progressively extending its presence with

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  56. Jul 9

    Q4: While most insurers are still using traditional methods for many reasons, we are seeing more and more experiment with newer data science approaches and using those as benchmarks.

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  57. Jul 9

    A5: Why handing over completely? Expert judgement still is very relevant. You need to combine the experience of with the skills of . is a team sport.

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  58. Jul 9

    A5: Trust will be an important aspect for the technology. Better integration within the internal systems within the firms. A greater level of transparency of how pricing is managed

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  59. Jul 9

    A5 – It will take well defined processes, but also ethical responsibility to fully automate the tariff making leveraging AI.

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  60. Jul 9

    A5: Difficult to answer this in a 280 character tweet. So just a few aspects: robust , exclusion of , consistently high , confidence in that delivers reliable results today and tomorrow.

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  61. Jul 9
    Replying to

    A5: actuarial pricing will always require actuaries who truly understand nuances in data and actuarial risk profiles, so is a great toolkit 🛠️in hands of great actuaries🧠

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  62. Jul 9

    A5: It's hard to 100% trust machine learning at this point. We may get there as experience emerges against what the ML models are predicting.

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  63. Jul 9
    Replying to

    A2: In today's fast-paced world where we're continually faced with speed bumps, AI can definitely help to create quote-ready tables that will speed up the process.

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  64. Jul 9

    Great discussion today team! What final thoughts would each of you like to share before we close up this chat on

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  65. Jul 9

    Thanks for that. After all, that's what should come out at the end and pays off for everyone: happy customers! 😀

    A4: is great to find suitable ways to create a portfolio of one. With new models you find better fitting tariff constellations per customer. Therefore more happy customers
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  66. Jul 9

    A5: is done by actuaris with experience. In my view can help to bring some creative new thoughts in the tariffing and reserving process. You need to be open and up for some change

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  67. Jul 9
    Replying to

    Thank you for inspiring questions on Have a nice weekend

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  68. Jul 9

    Great chat!! Thanks everybody for this interesting discussion!! Happy weekend!!

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  69. Jul 9

    It was a pleasure to share thoughts with each of you. can be a game changer for insurers if they are eager and learn to adopt new ways for , by using joint forces from and . And this is not a sprint.

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  70. Jul 9

    If tariffing falls within the "high risk" area as defined by the recent EU proposal to regulate AI-Systems, it will always require expert verification / approval. But AI can provide a decision baseline and reduce human bias.

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  71. Jul 9
    Replying to

    A3: Using external data is another opportunity to create a bigger picture during the problem-solving process. It will add value in risk assessment and traffic evolving.

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  72. Jul 9
    Replying to

    It was such an informative session! Loved hearing amazing ideas from the experts. Thank you!

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  73. Jul 9
    Replying to

    A4: Especially with the rise of AutoML and the democratization of AI, we see applying analytical approaches becoming more common.

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  74. Jul 9

    technology is helping customers and suppliers find each other more effectively. Along the way, the scope of marketing is evolving. Join our next Friday to hear how progressive marketers are staying ahead of the skills re-set.

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