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Industry seeks more convergence between actuarial and data science, says Akur8

4th October 2022 - Author: Kane Wells

According to Akur8’s first Global Pricing Survey, 83% of key players in the insurance pricing community believe the convergence between actuarial and data science would be highly valuable to their team in the future.

The survey notes that pricing teams across the insurance industry are committed to activating the power of data to improve their business performance, affirming that the highest value for insurance pricing will be realized through the convergence of data science and actuarial science.

It also observed that pricing practices are still facing legacy challenges, among which the lack of data and resources are the biggest hurdles, along with the limitations of current IT and tools.

Samuel Falmagne, co-founder, and CEO of Akur8 commented, “The introduction of this survey allows Akur8 to gather direct insights from insurance companies and underwriters across the globe, to better understand the industry’s pricing practices, challenges and expectations for the future.”

“Through these findings, we are excited to provide the insurance industry with new thought leadership on pricing processes and practices, and to pave the way for next-generation pricing tools and approaches.”

Stratumn, by SIA Partners

Akur8 affirmed that the new insurance survey offers insights from over 100 insurance pricing professionals across lines of business, representing 31 countries.

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