ACTUARIES FOR CHANGE IN TECHNOLOGIES AND INSUREES OPPORTUNITIES FOR NEXT STEPS (ACTIONS) CHAIR

Scientific project

The world is transforming at an incredible speed, particularly due to technological, regulatory, societal, and environmental changes, which intersect and present unprecedented challenges to society as a whole. These transformations have accelerated with the widespread use of artificial intelligence, a vector of new risks but also new uses, further complicating the insurance profession: changing insureds’ behaviors, needs, and ways of accessing insurance, increasing personalization and individualization of solutions, and so on. Overall, the era of immediacy, hyper-connection, and automation is revolutionizing the insurance industry (scope of intervention, distribution, product design, consulting, etc.). These upheavals also represent a tremendous opportunity to better understand clients: for example, by enabling the processing of large and unstructured data or significantly improving modeling and risk analysis capabilities.

To better understand these new dynamics and to feed its vision of the insurance of tomorrow, always more accessible, BNP Paribas Cardif, one of the world leaders in insurance partnerships, has been collaborating with the research world for over ten years. This collaboration initially gave birth to a first chair of excellence, responsible for exploring the use of risk management models in the human decision-making processes by insurance companies. This was followed by the DAMI chair’s work, dedicated to the reasoned use of decision models by mastering the disruptions caused by the massive use of data and AI.

It is in the continuity of these successive works that the new ACTIONS chair of excellence, created in 2023, comes into play. It sets the following objectives:
➢ Firstly, to study new actuarial techniques that contribute to making insurance more accessible. Insurers must use technology and innovation responsibly: while new, more efficient tools can be used to benefit insurance and insureds, the risks that may arise for both insurers and insureds must be clearly identified. Making insurance more accessible means making it clearer, simpler, and more understandable for everyone. The chair’s work also emphasizes the broad communication issues around insurance, thereby helping to demystify insurance risks and the profession in general (education and risk culture).

➢ Secondly, to question the evolution of the “customer promise” of insurers, as well as the actuaries’ responsibility regarding this commitment, in a changing society. The objective is to develop the best models while maintaining the right balance between individualization and mutualization for optimal risk management. The mutualization of risks must remain the economic model of insurance, and actuaries the guarantors of this principle of solidarity.

➢ Finally, to analyze and model the behavior of the insureds, using an approach that takes into account various parameters such as the increasing diversity of collected customer data, the digitization of interactions, social networks, and connected objects. At the same time, the work focuses on rethinking tomorrow’s contractualization and considering the evolution of biometric risk knowledge and medical advances in pricing.