Introduction

Put simply, data science is the application of scientific methods to business data to effect action. Data science includes technological tools and statistical methods to provide information to management to assist them in decision making and risk management. It enables us to extract insight from data that can lead to innovation and competitive advantages. It can also be a useful tool to develop an early warning system that picks up problems before they become too big to handle.

Actuarial Case Studies

Insurance products are built on data. With the rise in technology, more data is being generated and accessed on a daily basis. Data Science not only helps insurers handle all this new data, but it also provides new tools to extract new insights. These insights can provide more information about customer churn, attrition and retention. This can supplement existing models to better price products and know which target markets to focus on. Actuaries can also start incorporating new datasets in risk models that may help them make more accurate predictions.