AM Best discussed recruiting and selection, data and actionable insights in a recent interview with the chief analytics officer of software and analytics firm, Insurity. In the discussion with AM Best’s senior associate editor, Lori Chordas, Kirstsin Marr says abundant data doesn’t always translate into actionable insights.
Marr says traditional roles in underwriting and actuarial services now require those working in such positions to have data science skills. More, she says those at every level in a company need to be upskilling to support and meet the same challenges. “Everyone needs to be upskilling and reskilling, from the very top positions, to entry-level and mid-level,” she says. She adds that the notion of an emerging leader is particularly relevant today, given this.
“I think the underwriter of 10 years ago is not the underwriter of today. The actuary of 10 or 15 years ago needs to be more of a data scientist and mix that in with their actuarial career.”
As for talent, she says there is no lack of need, anywhere. “You need people who understand data science. Geospatial is such an emerging technology in the industry, really trying to help with all the severe weather and complement what we see in catastrophe modelling. If you talk to anyone, everyone wants to know about artificial intelligence (AI) and what people are doing in AI and advanced machine learning. From a data analytics perspective, it’s vast in terms of what’s needed,” she says. “Everyone is being tasked to understand how to make data and analytics work for an insurance organization.”
She also says insurance can be data rich, but information poor, with so much data it is difficult to make any of it actionable. “You need data and analytics people. You also need your traditional roles to lean into those skill sets, as well.”