Big Data and Algorithms in Actuarial Modeling and Consumer Impacts: Six Questions and Answers for Actuaries

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ABOUT THIS WEBINAR

The use of big data and algorithms in actuarial modeling is becoming a topic of increased scrutiny from industry leaders, policy makers, and the general public. This webinar explored these concerns and included a discussion of a major issue paper Big Data and Algorithms in Actuarial Modeling and Consumer Impacts published by the Academy’s Risk Management and Financial Reporting Council’s (RMFRC) Data Science and Analytics Committee (DSAC).

Speakers presented six key question topics for consideration:

• The importance of risk classification mechanisms;
• Inherent dangers in modeling data;
• Perspectives on measuring systemic inequalities;
• The importance of professional standards in deciphering the black box;
• The importance of actuarial standards of practice (ASOPs) in modeling with big data and algorithms; and
• Navigating the positive transformation of insurance utilizing big data and algorithms.

They discussed these issues as they relate to the actuarial profession and provide opportunities for attendees to offer feedback.

Attendees of the webinar can count this towards the new U.S. Qualification Standards (USQS) requirement of annual bias education. Learn more.

SPEAKERS

• Seong-min Eom, MAAA, FSA
  Vice President, RMFRC
• Dave Sandberg, MAAA, FSA, CERA, FCA 
  Vice Chairperson, DSAC
• Mary Bahna-Nolan, MAAA, FSA
  Member, DSAC
• Liaw Huang, MAAA, FSA, FCA, EA
  Member, DSAC
• Ross Zilber, MAAA, FSA
  Member, DSAC

MODERATOR

• Dorothy L. Andrews, MAAA, ASA
  Chairperson, DSAC

CONTINUING EDUCATION

The American Academy of Actuaries believes in good faith that attendance at this live webinar constituted an organized activity as defined under the current Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States, and that attendees may earn up to 1.8 CE credits for attending this live webinar. This webinar can count towards the new USQS requirement for bias education.

GROUP REGISTRATION POLICY

While many people are working remotely, the Academy is offering group registrations to employers of our members. Please read our group registration policy carefully.

The lead registrant must be an Academy member. You will receive one computer connection (link) to the webinar that will allow you to broadcast the live event to your remote attendees, who must be members of the same company, using a platform (Zoom, WebEx etc.) of your company’s choosing. Audio is streamed via the web.

Within one business day of the webinar, the lead registrant is responsible for submitting a list of attendees, using this template created for the event, to webinargroups@actuary.org. Failure to submit this list will result in no longer being able to register your group for future webinars.

* The Academy does not take responsibility for ensuring the live webinar can be seen and heard through the registrant’s broadcasting platform. Group registration fees for the live webinar do not include access to the archive recording, except for Academy members who may access an archive of all Academy webinars in the members-only section of the Academy’s website.

QUESTIONS: For information about this webinar, contact Gwen Pegram at webinarhelp@actuary.org.