Companies of all sizes are continuously finding new ways to integrate advanced data analytics into their risk management strategies. Based on the relative dominance of “big data” in industry headlines, these innovative efforts don’t appear to be slowing down anytime soon. Despite the increasing popularity of analytics, many companies still only see their actuary as a means of preparing reserve or loss projection analyses, but an actuary’s capabilities can expand far beyond those two reports.
Unfortunately, broaching the topic with an actuary and knowing where to start can be a challenge. So, to help guide this process, SIGMA has developed a PDF brochure to specifically address the most common types of advanced analytics. The brochure starts by presenting a high-level introduction, then moves to pro-forma statement modeling, which can be useful for self-insureds, captives, and pools. From there, the focus shifts to simulations and advanced statistical modeling, enterprise risk management consulting, and analytics for non-traditional program structures. Finally, a list is provided for other, less common, types of advanced analytics provided by actuaries.
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