Evolving big data and analytic technologies are putting pressure on insurance companies to mitigate the risks associated with their actuarial and business models.

“Technology is helping insurers get better answers to their actuarial questions, but it’s also dramatically increasing the complexity of insurers’ actuarial models,” according to Henry Essert, U.S. risk and capital management leader at PwC. “That complexity introduces a higher degree of risk into model implementation—which, in turn, drives the business case for more codified model risk management best practices,” he maintains.

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