Insurers, chief financial officers (CFOs) and actuaries will face overwhelming changes and challenges in the year ahead. These include compliance with new regulatory and solvency standards, pricing insurance premiums in line with inflation and other economic factors, addressing climate risk and ESG concerns, and adapting to new technologies. The impact
SAS Hackathon team, Data Hack Freaks, created an artificial intelligence (AI) and machine learning (ML) based dynamic pricing approach that allows insurance providers to adjust pricing based on the changing nature of the risk behavior of their customers. This solution has three major components: The loss ratio score, telematics score
The perfect storm of challenges facing insurers is well-known to anyone working in the industry today. Some have been bubbling away for years – such as the competition from insurtech companies and non-insurance firms like manufacturers, the rising cost of claims, and internal inefficiencies. As the tough economic climate continues
