CIA (e)Bulletin/(e)Bulletin de l'ICA
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November 2016
 
 

Flashback on the 2016 In Focus Seminar

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Delegates at the In Focus seminar.

Over 130 people attended the 2016 In Focus seminar: The Gathering Storm – Digital and Climate Disruptors, held October 27–28 in Montréal. The event was jointly sponsored by the Casualty Actuarial Society (CAS) and the Canadian Institute of Actuaries (CIA).

Members from the CAS and CIA, as well as other professionals in the property and casualty industry, attended a variety of sessions on many topics including the internet of things, big data, cyber risk, climate change, and the sharing economy.

Québec Environment Minister Addresses Delegates

David Heurtel, Québec’s Minister of Sustainable Development, the Environment, and the Fight Against Climate Change was a last-minute addition to the program, addressing delegates for a 20-minute session and Q&A regarding climate change and its impact on the planet, humans, and the economy. Among the ideas Minister Heurtel discussed were the following:

  • There is a worldwide trend towards cap and trade, with China being the game changer in this area;
  • There are massive impacts of climate change on infrastructure in Québec, one example being science that shows that the saline front is moving inland in Québec and water treatment is not designed to deal with salt water;
  • By investing in new technology we fight climate change and create new jobs and new opportunities;
  • We need to change our ways of doing things and our habits around the way we use hydrocarbons to fuel the economy, and invest in a new economy that doesn’t rely on oil; and
  • We are looking at massive transformations in the way we live, eat, and breathe.

 
Presentation by Québec Minister Heurtel.

Minister Heurtel added that actuaries need to have the tools to fully integrate risk management into calculations on climate change.

Actuaries, Big Data, and Risk

During a session on the internet of things and causal analytics, speaker Philip Schwartz, chief technical officer for the financial services sector at IBM Analytics, said that predictive analytics is a game changer for optimizing the workplace of the future. "Data is great," he said. "Real time insights are better. They provide possibilities for predictive quality management for all types of business." He used an example of factory workers wearing sensors that monitor their environment, biometrics, and GPS location, which would allow management to, for example, monitor noise hot spots that could lead to hearing loss. This would allow for better risk and claims management. "We must balance what data is private with appropriate risk management monitoring and alerts," he added. "Actuaries need to make moves now to be able to compete. Make sure you put together a strategy and plan test cases accordingly so you can respond to competition."

At the same session, speaker Don Mango, vice-chair of enterprise analytics at Guy Carpenter, said that Paul Slovic’s Perception of Risk is one of the most important papers for actuaries to read.

A common thread through a number of presentations was the impact of new technologies; specifically, autonomous vehicles and drones. These innovations present challenges as P&C insurers need to adapt traditional liability and damage coverages to accommodate them,

Don’t miss out on other great continuing professional development (CPD) opportunities. Check out the upcoming events page on the CIA website.

 

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