🎙 How will the actuarial profession and practices evolve in the coming years?
Interview with Joanna Chardon, Chief Data Science and Insurance Officer at Akur8
As 2023 begins, Joanna Chardon, Chief Data Science and Insurance Officer at Akur8, reflects on the future of the actuarial profession and practices.
How will the role of the actuary evolve in the future?
Data science and actuarial science are closely related fields, and the use of data analytics and machine learning techniques is becoming increasingly important in the field of actuarial science. Actuaries are using data science techniques to improve the accuracy of their models, automate tasks that were previously done manually, and gain insights from data that were not previously possible.
The future of actuaries in pricing is likely to involve a greater use of data science techniques to analyze and understand data, and to develop more accurate and sophisticated models for pricing insurance products and other financial instruments. Actuaries will also need to stay up to date with the latest developments in data science and machine learning, and be able to effectively communicate the results of their analyses to non-technical stakeholders.
Overall, the integration of data science and actuarial science is likely to lead to more efficient and effective decision making in the pricing of insurance products, and will continue to shape the future of the actuarial profession.
How is Akur8 positioned to counter market evolutions (risk, inflation)?
There are several ways that insurance pricing can be designed to account for changes in the market, including risk evolution and inflation. Actuaries use complex statistical models to analyze the likelihood of different types of risks, and use this information to set insurance premiums. These models can be updated periodically to take into account changes in the market, such as increased risk or rising inflation. Akur8 greatly helps regular model reviews. It is good practice for insurance companies to regularly review their policies and pricing to ensure they are still appropriate in light of changes in the market. This can help to prevent the company from undercharging (and therefore being underprepared) for the risks it is insuring against.
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About Joanna Chardon
Joanna is Chief Data Science and Insurance Officer at Akur8. She has 22 years of insurance industry experience, especially in P&C pricing. She started her career as an actuary at AXA XL. She later participated in the creation of AXA’s direct entity in Poland in 2007. This exciting adventure led her to pursue her career in a new entity of AXA Global Direct to lead the competitive intelligence department and, later, the commercial pricing team and the Pricing Lab. She then headed AXA France’s Center of Pricing Excellence, before joining the insurtech Wakam as the Chief Product and Pricing Officer. She joined Akur8 in 2022.