Talent Development

How an insurance company increased quality and efficiency by investing in training for Actuaries.

An insurance company engaged StatCore to build new, more sophisticated risk premium models for their shop insurance products and to develop the skills of their in-house junior actuaries.

Over a year, StatCore provided intensive tutoring to actuaries both in England and Asia, supporting them to develop and deliver risk models for two insurance products.

  • The formal training that StatCore delivered included modules on:
    • Text Mining using R – How to better understand your claims
    • Emblem – Industry Best Practice modelling
    • Rate Assessor -Visualisation of Geographic Data
  • StatCore introduced Text Mining to the department, using Clustering Dendrograms to visualise the key phrases/ claim types in the loss adjustor notes.
  • This work was published in the May 2011 edition of The Actuary, and was awarded the ‘Article of the Month’.

StatCore regularly delivers training sessions on industry standard software such as Emblem, R and SAS and will expand this offering to include Python soon.

The client commended StatCore on its in-house talent development programme, which left this legacy:

  • Higher quality output by the Actuaries
  • The promotion of one Senior Actuarial Analyst
  • A more motivated Pricing team who appreciated the company’s investment in their development
  • A reduced spend on outsourced risk modelling, because the in-house team could deliver more sophisticated models than before

I had the pleasure to work with Tony during the early stages of my career. Under Tony’s instruction we built, validated and tested a complete rating structure for a new e-traded Commercial Lines Insurance Product. Tony demonstrated why he is considered an expert in Emblem, SAS, VBA and Statistics/Mathematics, but he equally demonstrated his qualities as a leader and teacher. I consider working with Tony to have been the greatest learning opportunity in my career so far and a key factor in the speed of my own progression within this industry. From a commercial perspective, Tony’s work continues to have an impact as he was able to create macros to automate an enormous part of the rate review process, which not only helped to hit the extremely tight deadlines of this project, but also streamlined the process for all future model builds and rate reviews.

Joe Curry, Pricing Manager

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