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The increasing ability to store and analyze the data due to the advancement in technology has provided actuaries opportunities in optimizing capital held by insurance companies. Often, the ability to optimize the capital would lower the cost of capital for companies. This could translate into an increase in profit from the lower cost incurred or an increase in competitiveness through lowering the premiums companies charge for their insurance plans. In this analysis, tidyverse and tidymodels packages are used to demonstrate how the modern data science R packages could assist the actuaries in predicting the ultimate claim cost once the claims are reported. The conformity with tidy data concepts by these R packages has flattened the learning curve to use different machine learning techniques to complement the conventional actuarial analysis. This has effectively allowed actuaries in building various machine learning models in a more tidy and efficient manner. The packages also enable users to harass on the power of data science to mine the “gold” in unstructured data, such as claim descriptions, item descriptions, and so on. Nevertheless, these would enable the companies to hold less reserve through a more accurate claim estimation while not compromising the solvency of the companies, allowing the capital to be re-deployed for other purposes.
- Topic: When 1 + 1 > 2: How Modern Data Science Could Complement Actuarial Science in Claim Cost Estimation
- Date: 22nd April 2021 (Thursday)
- Time: 10.00am – 11.30am
- CPD: 1.5 hours
- Platform: Zoom. Details will be shared after registration
- Fees: Free for SAS members and SMU Actuarial Club members. SGD 20 for non-members
- To register, complete the Online Registration Form below.
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About the Speakers
Jasper Lok has been working as an actuary in both life & GI insurance companies for more than 8 years. He has diverse experience including life & GI pricing, distribution compensation, participating fund management, experience analysis, actuarial analytics-related projects, and new business model.
Jasper graduated from The Australian National University and is an Associate of the Society of Actuaries. He is a final year student in SMU Master of IT in Business (Analytics). Throughout his course, he specializes in various types of analytics, including customer analytics, social analytics, visual analytics, and operation analytics. He has done a research project together with Professor Kam Tin Seong on how to use modern data science techniques to complement conventional actuarial analysis. As Jasper is passionate about data science, he is also running a data science blog during his free time.
He also specializes in digital transformation strategy in his master course. During the middle of the pandemic, he also did a consulting job for a local SME that is in the oil & gas industry. The task involves preparing a business proposal on how the SME could leverage its current strength to pivot the current business to venture into a new business market. This would help the SME to ensure its revised business model is more resilient to external market forces.
Dr Kam Tin Seong is Associate Professor of Information Systems (Practice) at the School of Information Systems, Singapore Management University. He is also a faculty member of the Master of IT in Business (Analytics) programme, Asia’s first professional master programme which teaches professionals with a background in Computer Science, Information Systems, IT, Engineering or the Sciences on the use of data analytics to create value and develop a sustained competitive advantage in their organization. Dr Kam has more than twenty years of experience in both the analytics industry as well as academia. His teaching and research interests are in data analytics, customer analytics, data visualization and interactive analytics, and geospatial analytics.
Dr Kam is active in consulting work as well as executive training in data visualisation, data analytics, customer analytics, GIS and geospatial analytics for government agencies and companies. Some organisations that he consulted or conducted training programmes for include P&G, Citibank, Standard Chartered Bank, DBS, OCBC, UOB, Alexandra Health Institute, Jurong Health Services, Health Promotion Board, Ministry of Home Affairs, Ministry of Finance, Ministry of Manpower, United Nations Centre for Regional Development, Asia Development Bank, Japan-Indonesia Forum (JIF), PT. Freeport, Brunei Shell Petroleum, UNOCAL Thailand, and ConocoPhillips, Indonesia.
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