Five Challenges Facing Pricing Actuaries in Helping Insurers Respond to the Current Economic Climate

Pricing actuaries are trained to use data to mitigate risk but, in current times, they cannot rely solely on just their extensive mathematical abilities. With inflation, cut-throat competition for customers, and evolving circumstances like climate change creating increased market volatility, pricing models inevitably become out-of-date quickly. Pricing actuaries need to embrace innovation to make their organizations and pricing models agile and ready for the future. Aaron Wright, Director, Strategy at Earnix outlines the top five challenges facing pricing actuaries in 2023.