Analysts Vs. Actuaries: Managing the Conflict

Insurance companies are investing heavily in data science and analytics functions to find an edge, but some within the enterprise are feeling left out as a result. In its “Data Science and Actuarial: Managing Potential Conflict” brief, Novarica says that actuarial functions who had traditionally been the keepers of data models are finding themselves at odds with the new entrants. There are several reasons for the conflict, says study author Mitch Wein, who interviewed several carrier representatives on the analyst firm’s Research Council to gather information for the brief. First, though actuarial science, like data science, is based on drawing conclusions about future risk based on certain information, the practices come from different underlying assumptions about the nature of the input. “Actuarial science is based on a constraint around the…

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