Global Learning and Networking

Predictive analytics in Asia and universal life insurance in Latin America

October/November 2018

Predictive Analytics and InsurTech in Hangzhou

Big data, cloud computing, blockchain and digitization are already having an impact in the insurance industry and will influence the role of actuaries moving forward. These changes will also trigger new risk scenarios and risk management tools.

The SOA hosted a Predictive Analytics and InsurTech Seminar on Sept. 6 in Hangzhou, China. This seminar explored the comprehensive potential of data science for the insurance industry and took a close look at the impact of big data, cloud computing and blockchain on this industry.

This seminar was designed to provide a learning and networking platform in Asia for SOA members and nonmembers to share their experiences in predictive analytics and InsurTech topics.

The SOA in Brazil: Universal Life Insurance

The SOA held the 2018 SOA Universal Life Insurance seminar on Sept. 4 in Rio de Janeiro, Brazil. This seminar presented an overview of the development of universal life insurance through the perspective of the Brazilian insurance market. A panel of international speakers provided insight into the evolution of universal life, practical risk management and other issues that actuaries, regulators and insurers had to overcome.

SOA Predictive Analytics Seminars in Asia

The predictive analytics market growth in Asia has been rapidly gaining momentum and is expected to expand exponentially in the coming years. Companies are using predictive analytics to enhance customer service and productivity, and to edge out competition and drive revenue growth.

The Society of Actuaries (SOA) conducted a series of events in Asia in August—with the support and help of local actuarial organizations—to give actuaries a front-row seat to these developments. Predictive analytics seminars were held in Kuala Lumpur, Malaysia; Hong Kong; and Taipei, Taiwan; on Aug. 27, Aug. 29 and Aug. 31, respectively. Presenters and speakers for the events included actuaries, data analysts and senior leaders from Milliman, RGA Reinsurance Company, AIA Bhd, Pacific Life Re, Ernst & Young, Insurance Authority, The Terry Group, Ortec Finance Asia, CASH Algo Finance Group, FWD Life Insurance Company and Peak Reinsurance Company Limited. Topics discussed included predictive analytics in policyholder behavior, distribution, underwriting and claims; FinTech and predictive analytics; advanced risk management techniques in the era of FinTech; using predictive analytics to solve business problems; building analytics teams; upskilling actuaries into data science; and professionalism to mitigate risks of predictive analytics.