Today, forward-thinking firms are leveraging technology in astonishing new ways that promise to transform the insurance industry. The data-fueled tech revolution is not only driving the creation of more relevant and innovative products and services, it’s also completely redefining the customer experience.
Milliman professionals work with both startups or traditional enterprises looking to connect with new consumers.
Much like the decisions about a central estimate, quantifying the uncertainty (i.e., determining a loss distribution) is prone to many of the same vulnerabilities of subjectivity and method/model error. The introduction of the claims variability guidelines is part of an evolutionary process that began with deterministic and statistical models aimed at understanding an insurance entity’s risk. The advent of substantial computing power allowed actuaries to move closer to a reasonable depiction of an entity’s risk with the development of sophisticated models that simulate millions of possible outcomes. From there, distributions of the possible outcomes can be used to identify a central estimate and to quantify worst case scenarios. Milliman’s Mark Shapland offers some perspective in this article.
Please join me at Perrin Conferences’ National Construction Defect Conference on November 16-18 at The Ritz Carlton Hotel Fort Lauderdale. I’ll be speaking on a panel entitled “Simulated Courtroom Daubert Challenge.”
The conference will host speakers and panel discussions covering topics such as “An Update on Complex Construction Cases – A Multi-State and Risk Industry Perspective,” “Deconstructing the Mansion,” and “The Insurance Coverage Landscape.”
In addition to its educational program, the conference will offer valuable networking opportunities. For more information, click here.
Most actuarial work within the Middle East is undertaken by actuaries from outside the region. Primarily, the work is performed by actuaries from Europe and South Asia.
One of the main reasons for the shortage of actuaries in the Middle East is the historical lack of recognition for the profession. This situation has been changing gradually over the past five to 10 years due to changes in regulation and a move towards risk-based culture. These recent changes have provided an impetus to the actuarial profession in the region and have resulted in more locals joining the profession.
Despite the increased demand, growth rates have been modest because of the limited availability of actuarial courses at the university level, especially those taught in the local language. Currently, there are only a few countries in the Middle East offering university-level actuarial science programs.
In this article, which originally appeared in the September 2018 issue of International News, published by the Society of Actuaries, Milliman’s Dana Barhoumeh discusses in greater depth the actuarial field in the Middle East.
On Thursday, October 18, the Property Casualty Insurers Association of America (PCI) will host a forum featuring industry and thought leaders discussing the urgent need to work together to identify solutions for bridging the flood insurance gap.
Millions of families and businesses are underinsured or uninsured for natural catastrophes. Hurricanes Michael and Florence are yet another reminder that policymakers, insurers, thought leaders, and consumers need to work together to identify solutions to bridge the flood insurance gap. The discussion will focus on solutions to prevent this devastating and catastrophic trend from continuing.
Don Griffin, Department Vice President of Policy Research and International, PCI
Scott Giberson, Principal of Flood Compliance, CoreLogic John Rollins, Actuary, Milliman
Michael Lyons, President and CEO, Weston Insurance Holdings Corporation
Forum on “Flood Insurance: Bridging the Gap”
Thursday, October 18, 12:00 p.m. ET
2247 Rayburn House Office Building, Washington, DC
Confined by limited data, the aggregation process is typically riddled with volatility that can skew the view of an entity’s risk and capital needs. What has long been missing, at least until now, is a reliable benchmark for identifying and quantifying the risk dependencies between segments that underlie the loss aggregation process. Understanding risk dependencies between segments is a fundamental part of the process in forming conclusions about the interaction of loss distributions. With the introduction of new claims variability guidelines, actuaries can gauge the reasonableness of their correlations against benchmark correlations. Milliman’s Mark Shapland offers some perspective in this article.