Machine learning for motor pricing - and lessons learnt in Scandinavia related to electric cars

Event Type
CPD Event
Date
Time

5.30pm - 6.00pm: Networking Tea/Coffee Reception 

6.00pm - 8.00pm: Event

 

Venue
Chartered Accounts House, 47/49 Pearse Street, Dublin 2
Description

Machine learning is increasingly used for insurance, in particular in the core area of pricing. Advantages of automated pricing algorithms include increased price accuracy, the ability to more frequently update pricing models as well as identification of underlying trends. To achieve this, existing and external data sources have to be utilised in a more effective way. The benefits of data-driven decision making have to to be coupled with a robust governance framework in order to satisfy increasing regulatory demands on transparency, fair treatment of customers and data protection.

The presenters will explain how this advanced technology helped motor insurers in Scandinavia automate their pricing processes and gain a competitive advantage. Furthermore, they will share insights gained on pricing for electric cars which are increasing in popularity around the globe. Norway is on top of the leaderboard with the fleet of electric cars largest per capita in the world (over 10% in 2018) and almost every second car (49% in H1 2018) sold is electric.

A comparison to the Irish marketplace and potential local applications will be covered as well including the role of actuaries in digital transformation.

Speakers/Presenters

Jan-Magnus Moberg, Director; PwC Norway
Ronan Mulligan; Partner, PwC Ireland
Bence Zaupper; Senior Manager, PwC Ireland
Biographical details

Jan-Magnus Moberg

Director, Global Pricing Asset Leader, PwC Norway

  • Director at PwC Consulting Bergen (Norway) leading PwC’s Data & Analytics group.
  • Leading the global development of a pricing software for insurers focusing on automating and modernising the pricing process.
  • Part time adjunct professor at Norwegian School of Economics and Business Administration where he holds a PhD in Finance.
  • 10 years experience as a consultant mainly working on Data & Analytics projects in banking and insurance.

Ronan Mulligan, FSAI, FIA

Partner, Assurance, PwC Ireland  

  • Leader of the Actuarial Services and Credit Risk Groups.
  • Chair of the General Insurance Committee of the Society of Actuaries in Ireland.
  • 20 years experience in non-life reserving, pricing and risk management.

Bence Zaupper, FSAI

Senior Manager, Assurance, PwC Ireland

  • Senior life actuary in the Actuarial Services Group.
  • Member of the Data Analytics Subcommittee of the Society of Actuaries in Ireland.
  • 16 years experience in life insurance and pensions across reporting, modelling and process transformation.
Cost (members)
€0
Cost (non-members)
€50.00