August 8, 2024

Actuarial Interpretation of Model Output

As actuaries adopt increasingly complex data science techniques, we must always remember that every model corresponds to specific business problems and solutions. Therefore, the best model depends not only on statistical support, but also on business needs and goals. Often, the model with the best test statistics is not the best model for the business and the ability to translate data science results to business outcomes is an essential skill for actuaries. In this presentation, we will share the results of modeling exercises and ask the audience to translate these charts into clear business outcomes. We will also share examples of where the output of a model should be overridden due to actuarial considerations and ask the audience for suggestions. Additionally, we will share good and bad questions to ask about a model.

Featured speaker:
Thomas Holmes, Chief Actuary - US Region, Akur8
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Learn more about the speakers

Thomas Holmes, Chief Actuary - US Region, Akur8
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Thomas Holmes, Chief Actuary - US Region, Akur8

Thomas Holmes is the Chief Actuary for the US at Akur8. In this role, he works directly with clients providing modeling insights and best practices with Akur8's software. Additionally, he works with Akur8’s product development team to improve the software's functionality for the US region. Prior to Akur8, Thomas has worked in both traditional ratemaking and modeling roles. Thomas is a Fellow of the CAS.