Predictive modeling involves the use of data to forecast future events. From the first predictive model in 1880 to predicting life expectancy to current applications, actuaries have been in the predictive modeling game since the profession was created, and the CAS is the most advanced actuarial organization in North America, and one of the leading actuarial organizations in the world, in the field of predictive modeling and predictive analytics.
CAS members have successfully applied predictive modeling to personal lines and are now applying it to commercial lines, such as workers compensation. It is increasingly being used by actuaries to solve a wide range of problems, such as designing plans, predicting loss development, and analyzing customer retention. Businesses outside the direct insurance industry (such as Google and Tesla) are increasingly hiring actuaries for their ability to apply technical and analytical skills to solve complex business problems in the “Big Data” era. The CAS is committed to providing its members with extensive opportunities for predictive modeling continuing education to enable them to be leaders in predictive modeling and analytics.