From Data to Decisions – Using Actuarial Science In The Fight Against Poverty (ASTIN, AFIR/ERM and IACA Colloquia Innovation & Invention Aug 2015)
The article explores the use of data and analytics in the area of disaster risk financing and how this can assist low income populations in preserving their existing wealth. An example includes Kenya’s Hunger Safety Nets Program. Data and Analytics: Bottom Up or Top Down? - Darren Robb FIAA (The changing Face of GI Jun 2015)
A 2015 presentation on the impact of data analytics on GI and on the actuarial profession more broadly. YAP: Analytics, Actuaries and Asia, Ada Tong FIAA
A brief 2014 presentation by Ada Tong on the data analytics and big data. IAAust Insights: Data Analytics - Insights, Opportunities and Outcomes, Uma Joshi AIAA (Aug 2014)
A 2014 presentation by Uma Joshi on growth in the use of data and applications of data analytics to understand customer behaviour.
How Big Data is Transforming the Competitive Landscape of Business, Melissa Neumaier (Financial Services Forum May 2014)
A presentation from the 2014 Financial Services Forum by Melissa Neumaier on how data is transforming the competitive landscape of business. The presentation explores the decision making processes in traditional versus innovative industries. The presentation discusses multiple examples of how data analytics can help make better, faster decisions.
Big data, data analytics and actuaries, Adam Driussu - Quantium (2013)
A 2013 Adam Driussi presentation on the emergence of big data and data scientists in tackling a variety of problems.
Harnessing technology to narrow the insurance protection gap, Dr Kai-Uwe Schanz and Dr Fabian Sommerrock (Asia Insurance Review, Mar 2017)
Dr Kai-Uwe Schanz and Dr Fabian Sommerrock share the Association’s recent research report which was complemented by and validated through 23 executive and expert interviews.
Navigating the pitfalls of Big Data mining, Messrs Dino Wilkinson and Tyler Dillard (Middle East Insurance Review, Mar 2017) Airborne – A view of Data Analytics in Australasia, Hugh Miller FIAA (Actuaries Digital, Jul 2015)
Messrs Dino Wilkinson and Tyler Dillard of Norton Rose Fulbright caution insurers to tread carefully when harnessing the power of Big Data or risk losing customers and being embroiled in litigation.
A 2015 article by Hugh Miller providing some examples of how Taylor Fry has used analytics in non-traditional settings. The article discusses recurring themes of the Taylor Fry work and critical success factors.
Big Data: Implications for the General Insurance Industry and the Actuarial Profession, Dimitri Semenovich and Solai Valliappan FIAA (General Insurance Seminar Nov 2014)
A 2014 paper by Dimitri Semenovich and Solai Valliappan on data analytics practices adopted by web and retail companies and their application to the insurance industry.
Big Data adoption – A Question of Mind Set, Jas Singh FIAA and Jenny Lyon FIAA (Actuaries Digital Oct 2014)
A 2014 article by Jas Singh and Jenny Lyon on potential barriers to individuals and firms adopting data analytics as a strategy. The article draws parallels between actuarial and analytical skills and suggests some strategies to resolve barriers. Big data, Data scientists and Actuaries, Adam Driussi (Actuaries Dec 2012)
A link to the December 2012 Actuaries Institute magazine. An article of interest is the Adam Driussi article on Big Data, Data Scientists and Actuaries. The article describes the growth in data analytics and explains how this could be either a threat or an opportunity for actuaries. The article also provides an opinion on how the profession should respond to this emergence. Death by Data, Melinda Howes FIAA (Actuaries CEO's Column Aug 2012)
A 2012 opinion piece by Melinda Howes on the potential need for the evolution of actuaries away from purely data driven work.
How Walmart Is Tackling the Big Data Skills Crisis, Bernard Marr (Smart Data Collective Aug 2015)
A 2015 article describing WalMart’s analytics strategy, including specifically how they have sourced talent.
3 ways big data is improving healthcare analytics, Gregory Berg (Healthcare IT News Jul 2015)
This 2015 article summarises the way that better data in healthcare is improving interventions through a closed loop cycle of risk stratification, targeted intervention and program evaluation and refinement.
How The Best Marketers Are Using Analytics To Create Competitive Advantage, Kimberly A. Whitler (Forbes Jul 2015) Competing on Analytics: A Follow Up to Thomas H. Davenport’s Post in HBR, Myles Suer (Informatica Blog Aug 2014)
An interview/Q&A with a CEO at an analytics firm which provides an overview of how marketers are using analytics which explorers the definition of analytics, what leading analytics companies look like and examples of this.
An Informatica article which describes the importance of achieving the
best results from analytics for major organisations and the role of the
CIO in achieving this. It describes how poor information management is
often a critical factor preventing the achievement of greater output
from data analytic effort.
An Introduction to Data-Driven Decisions for Managers Who Don’t Like Math, Walter Frick (Harvard Business Review May 2014)
A 2014 article from HBR magazine summarising the role that data science plays in supplementing intuitive or managerial decision making and the basic skills managers not trained in statistics need to effectively use data to derive organisational improvement. The article references several prior articles.
Read more - Click to expand The ASA and Big Data, Nathaniel Schenker, Marie Davidian and Robert Rodriguez (AMSTAT news 2013)
An article by the American Statistical Association summarising the emergence of data analytics and big data, a statisticians role in data analytics and the ASA’s strategy in response to these changes
Data Scientist: The Sexiest Job of the 21st Century, Thomas H. Davenport and D.J. Patil (Harvard Business Review Oct 2012)
A 2012 article from HBR magazine providing some historical context to the emerging role of data scientists and describing traits of successful data scientists and their role in the growth of organisations such as Intuit, LinkedIn & Google.
Big Data: The Management Revolution, Andrew McAfee and Erik Brynjolfsson (Harvard Business Review Oct 2012)
A 2012 article from HBR magazine providing a good description of the properties of big data and how it can be used. The article describes use cases for big data and how the role of an executive is changing as a result. It examines traits of successful organisations in this new world.
The Perils of Being in 3D, Jon Peltier (Peltier Tech blog Apr 2008)
An article describing some common pitfalls when using 3D graphs and visualisations. The article suggests alternative visualisations that achieve the same information display more efficiently
Audio and Video
- The Elements of Data Analytic Style, Jeff Leek (2015)
- Data Science for Business, Foster Provost and Tom Fawcett (Jul 2013)
- An Introduction to Statistical Learning, Gareth James, Daniela Witten, Trevor Hastie and Robert Tibshirani (2013)
- The Elements of Statistical Learning, Trevor Hastie, Robert Tibshirani and Jerome Friedman (2009)
- CRISP-DM 1.0 Step-by-step data mining guide, Pete Chapman, Julian Clinton, Randy Kerber, Thomas Khabaza, Thomas Reinartz, Colin Shearer and Rüdiger Wirth (2000)
- Influence: The Psychology of Persuasion, Robert B. Cialdini (1993)
Courses and eLearning
Recently established DS degrees in Australia:
Coursera specialisations and MOOCS eLearning Providers:
Tools and Resources
KDNuggets - repository of information, lots of links to resources.
A link to the KDNuggets home page which is a popular site on Business Analytics, Big Data, Data Mining, and Data Science. The site provides content on software, jobs, meetings, conferences, companies, courses, education, solutions, webcasts and other websites – as well as surveys and recent articles.
Data Analysis website: fivethirtyeight.com, Nate Silver
A link to the “538” which is a data and statistics focussed site run by Nate Silver, a famous statistician and political commentator. The site was named based on the number of electors in the US electoral college and originally focussed mostly on political analysis, but now aggregates articles on a wide variety of statistics and data related topics.
The Institute for Operations Research and the Management Sciences (INFORMS) is the largest society in the world for professionals in the field of operations research (O.R.), management science, and analytics. Their “analytics” magazine focusses on the solutions, industries, methodologies and articles relevant to analytics.
The General Insurance Analytics Field Guide
The General Insurance Analytics Field Guide has been created to help actuaries either currently using or planning to use data analytics in various general insurance fields. It is designed to be high level, not overly technical, and able to be added to and modified over time to ensure it remains as useful as possible.