Towards Open Collaboration in Insurance Innovation
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Towards Open Collaboration in Insurance Innovation
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In the past year, we saw big data and distributed computing maturing and artificial intelligence coming into the mainstream. These technologies were merely buzzwords not too long ago, but have disrupted a wide range of industries, including insurance. One factor that is often credited for the rapid advances in these technologies is the open and collaborative nature of the computer science and machine learning communities. With a few exceptions, the insurance industry hasn’t always embraced open source software and sharing research, but the trend has been shifting recently as actuaries refine and align their roles in an environment driven by data science. We discuss benefits, challenges, and ramifications of conducting actuarial research in the open, and introduce Kasa AI (https://kasa.ai), a recent initiative for community-driven research and software development for insurance. We demonstrate ongoing projects in life and nonlife insurance, and walk through workflows for participating.
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Towards Open Collaboration in Insurance Innovation
- Towards Open Collaboration in Insurance Innovation Kevin Kuo @kevinykuo RStudio, Kasa AI (kasa.ai)
- Tl;dr: Get folks together to do research in the open, create software and workflows, and develop educational materials.
- Wouldn’t it be nice if... We had open source state-of-the-art individual claims forecasting models that people can easily adopt for their own data so they can do reserving and claims analytics better?
- Wouldn’t it be nice if... We addressed the interpretability issues of ML models for ratemaking and get regulators on board so we can charge more accurate premiums?
- Wouldn’t it be nice if... We had end-to-end tutorials for pricing/reserving with realistic messy data for onboarding new actuaries/data scientists?
- Wouldn’t it be nice if... We had a standard set of packages/workflows for common problems so we reduce friction in audits and knowledge transfer?
- Or, solving common problems together so we have more resources to focus on our own unique problems
- Together? Who?
- Actuary
- Actuary Data scientist / software engineer
- Actuary “Business stakeholders” Data scientist / software engineer
- How?
- Actuary “Business stakeholders” Data scientist / software engineer
- Data scientist / software engineer Actuary “Business stakeholders”
- Git what?
- Home for code
- Version control
- Discuss approaches in issues
- Issues track tasks
- Discuss changes line by line
- Leverage resources across the industry Make the world a better place
- Sounds good but...
- Or, solving common problems together so we have more resources to focus on our own unique problems
- Open source? Yeah, it’s a thing
- is a new open source community dedicated to making insurance analytics even more fun! * Kasa = Japanese for umbrella. Because insurance.
- Kasa.ai Blog.kasa.ai @kevinykuo