There is nearly unlimited amounts of data out there these days. Getting through all of it is a major issue all companies in the actuarial profession face. However this is changing. It is becoming increasingly accepted that the volume of data available to a company is less important than the actual models being used to analyse the data. More important than volume of data, is the ability to extract insight and application value form that data in an accurate and timely manner.
Data are being used in all aspects of the actuarial profession. The original uses being risk elimination and the expectation of resource demands. However, data are now also being used for fraud detection, cyber security and analysing the response rates of marketing campaigns.