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Full Notes for ACTL1101 - Introduction to Actuarial Studies
ACTL1001 - Actuarial Studies and Commerce
18 Pages • Complete Study Notes • Year: Pre-2021
• Big Data to Transform Australia’s Insurance industry and its implications for the cost and availability of insurance for all consumers - Improved data will produce both winners and losers amongst insurance customers - Insurers that choose not to use available data will end up in the unsustainable position of only insuring the higher risks. Therefore, big data usage is likely to become widely adopted. o Depends on incentive and if reduced margins are significant, which is debateable - Benefits for consumers: o Premium pricing will more accurately reflect risk behaviour (incentive to reduce risky lifestyles) o Reduced risk to society
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