Insurance Data Science Marketing Actuary

Actuaries have traditionally been associated with the insurance industry, where they are used to estimate risks, insurance premiums and reserving. However, in recent years, actuarial skills have found application in a number of other fields, including marketing.

One way is to employ actuarial skills in customer segmentation with the use of unsupervised learning. The purpose is the customer portfolio analysis identifying patterns and trends helpful in building tailored marketing strategies.

Actuarial expert judgment can be used in developing pricing models and services. With the analysis of customers behaviour, market trends, past sales, actuaries can give a contribute in discovering risks and optimizing pricing strategies for the Company profitability.

Another way is to employ actuarial skills developing predictive models with the use of supervised learning. The purpose is to predict events like churn or indicators such as customer lifetime value, helpful in the optimization of marketing budget efforts.