2019 P&C Insurance Industry Data Limited Attendance Seminar

Data and information are key to the actuary’s day-to-day work. Internal data from the insurance company or the client itself is only one source of data and information. Other sources often constitute a major component of state-of-the-art actuarial analysis in the P&C actuarial field.

The purpose of the seminar is to provide the participant with an overview of the various sources of data that can be used to supplement the insurance company's internal data or the client's own data to enhance analyses and will cover several important considerations around the use of external data.

The participant should be able to appropriately use the data sources presented quickly after the seminar. This seminar could also allow for representatives from various industry sources to describe the products and information they have available (e.g., ISO, NCCI, AM Best, SNL). Types of industry data may include the following: loss development factors, increased limit factors, WC benefit level adjustments, annual statement/Schedule P elements, loss rates/loss costs, severity/frequency trends, expenses, consumer behavior, other industries useful and comparable data as market concentration, price elasticity of demand, and so on.

At the end of the seminar, participants should have gained a general knowledge of available P&C insurance industry external data, and have practiced using it in an applied case study.

TARGET AUDIENCE

This course is targeted toward an actuarial analyst, business analyst or an actuary with 0-5 years of experience in the insurance industry. Some basic knowledge of Microsoft Excel, R and SAS are desirable. Participants should bring a laptop with Excel and R installed. Instructions for how to install R are here. Files for practical exercises will be provided prior to the seminar.

OBJECTIVE

This course will introduce the participant to data sources useful in property and casualty insurance actuarial and predictive modeling projects. We will provide an overview of data sources available from government agencies, as well as describe data compilations and online data services available from private vendors.

The course will also discuss how these data sources may be used in different types of analysis, as well as considerations the user should keep in mind regarding necessary adjustments, disclosures, and applicability of the data to a particular project.
Participants will perform several practical exercises involving extraction of government agency data and using that data, along with insurance data, for actuarial analysis or predictive modeling.

LEARNING OBJECTIVES:

• To acquire a general knowledge of data sources available from industry organizations and government agencies.
• To gain a deeper understanding of statistical and financial data sources commonly used in ratemaking.
• To develop awareness of challenges that may be encountered and considerations to bear in mind when using external data sources.
• To understand the need for data resource information such as data descriptions, data dictionaries, and metadata.
• To obtain a general understanding of different data formats.
• To perform hands-on exercises in which participants will use specific data sources to complement a company's internal data.

CONTINUING EDUCATION CREDIT

The CAS Continuing Education Policy applies to all ACAS and FCAS members who provide actuarial services. Actuarial services are defined in the CAS Code of Professional Conduct as “professional services provided to a Principal by an individual acting in the capacity of an actuary. Such services include the rendering of advice, recommendations, findings, or opinions based upon actuarial considerations.”

Members who are or could be subject to the continuing education requirements of a national actuarial organization can meet the requirements of the CAS Continuing Education Policy by satisfying the continuing education requirements established by a national actuarial organization recognized by the Policy.

Participants should claim credit commensurate with the extent of their participation in the activity. CAS members earn 1 CE Credit per 50 minutes of educational session time not to include breaks or meals.

Note: The amount of CE credit that can be earned for participating in this activity must be assessed by the individual attendee. It also may be different for individuals who are subject to the requirements of organizations other than the American Academy of Actuaries.

CONTACT INFORMATION

For more information on content, please contact Nora Potter, Education Coordinator, at npotter@casact.org.
For more information on attendee registration, please email the Actuaries' Resource Center at arc@casact.org.
For more information on the Seminar other than registration or content issues, please email meetings@casact.org.
For more information on other CAS opportunities or regarding administrative policies such as complaints and refunds, please contact the CAS Office at (703) 276-3100 or office@casact.org.