Actuaries and STatisticians endeavour to design innovative, inclusive insurance products in a changing RISK landscape (ASTeRISK)

Actuaries design and value risk transfers by analyzing insurance data sets with a sophisticated statistical
toolbox. Current practice faces technical challenges in the design and estimation of risk models from finegrained
data. At the same time, trust in modern-day insurance is under pressure. Policyholders and regulators
expect value creation from the collected granular data in the form of better insurance products and a wider
coverage of (new types of) risks. New forms of mutual insurance (e.g., peer-to-peer covers) recently emerged
outside traditional insurance, inspired by evolutions in the sharing economy. In response to these challenges
our project aims to shape the statistical toolbox necessary for building valid, reproducible and viable risk
models for the granular data collected in a variety of key actuarial tasks. Building on solid methodological
foundations our project innovates by explicitly incorporating a dynamic prediction and prevention view into
these risk models. Moreover, we aim to contribute to a better, more inclusive and fair access to insurance with
the design of a wide array of new risk sharing solutions and the development of novel quantitative tools to spot
proxy discrimination in insurance pricing. Finally, the project targets tailored statistical models to assess actual
riskiness and to refine the implementation of the recent ‘right to be forgotten’ that should improve the access of
cancer survivors to essential insurance products.