Actuaries Advance Predictive Analytics

R. Dale Hall, Managing Director Research, Society of Actuaries

R. Dale Hall, Managing Director Research, Society of Actuaries

Predictive Analytics: It’s the process of using modeling and data analysis techniques on large data sets to discover predictive patterns and relationships for business use. From all corners of the world, across many different types of companies and practice areas, predictive models have emerged to help guide business decisions and opportunities.

The techniques have also quickly developed far beyond the well-known examples of technology-dependent business models like Amazon and Netflix. More than ever, it has been financial services firms, healthcare providers and all levels of government agencies getting into the predictive analytics mix. Yes, even today, ESPN has on air their own predictive analytics expert.

Over the past years, the actuarial profession has been actively advancing the use of predictive analytics methods in its work. Actuaries have been fast to collect and transform big data into useful information to glean future tendencies and patterns. The results have had a strong impact as companies are able to use actuarial predictive modeling results to optimize their business practices. In addition, actuaries bring to the table a unique skillset that can understand the importance and complexities of preparing the data, combined with the business insights to use the resulting models.

From, a recent Society of Actuaries Call for Articles we selected examples of predictive analytics from articles offering insight into the growing number of ways the actuarial profession utilizes these methods in affecting business decisions. While just the tip of the iceberg, these tangible examples demonstrate the expanding ways that actuaries are putting predictive modeling techniques into practice.

Read the articles here and then come back to let us know your ideas for future exploration and ways that you are working withpredictive analytics.

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