Peer-to-peer (P2P) insurance is a decentralized network in which participants pool their resources together to compensate those who suffer losses. It is a revival of a centuries-old practice in many ancient societies where members care for each other’s financial needs in the event of misfortune. With the aid of internet technology, P2P insurance is becoming […]
Sales data provides businesses with valuable information on the profiling of their customers and thus has important implications on business problems, such as the improvement of customer satisfaction, retention rate, and sale efficiency. In this project, a dataset of sales records will be provided by Luyan Pharma, which has not been analyzed and utilized to […]
Title: Enhancing Claims Triage with Dynamic Data Speaker: Peng Shi Date: April 29th, 2022 at 3 PM CST Location: 345 Altgeld Hall Abstract: In property insurance claims triage, insurers often use static information to assess the severity of a claim and identify the subsequent actions. We hypothesize that the pattern of weather conditions throughout the […]
AXIS Capital is one of the major insurance carriers that provide cyber policies. As the world is becoming more connected than ever, systemic cyber threats pose a great risk to businesses that rely on information technology, as well as to insurers like AXIS, who provide financial protections to those businesses. As an example of systemic […]
Two years ago, the Actuarial Science Club at the University of Illinois at Urbana-Champaign presented the first ever InsureTech symposium organized entirely by actuaries. This year, the Actuarial Science Club joined forces with the Illinois Risk Lab to present our first virtual symposium on March 27, 2021. The Risk Analytics Symposium 2021: Actuarial Innovations to […]
Every year, the Actuarial Science Club (ASC) hosts one of our largest events called Meet the Firms. Students ranging from freshmen to graduates dressed in professional attire line up at each company’s station with a resume in one hand and a handshake in the other. The sound of well-practiced elevator pitches and engaged conversations echo […]
Professors Alfred Chong and Runhuan Feng, and our graduate supervisor Linfeng Zhang, speaks at the Education and Research Section Webcast of the Society of Actuaries, on their timely research project hosted in the Illinois Risk Lab: Pandemic Risk Management: Resources Contingency Planning and Allocation. During the COVID-19 pandemic, an extraordinary shortage of medical resources is […]
Although the pandemic is continuing to change the way of learning, opportunities unfold because of this. In Spring 2020, the Illinois Risk Lab initiated a series of hack night events and received a great echo from students, alumni, and faculties. In Fall 2020, the Illinois Risk Lab is very happy to announce that the hack […]
The pandemic seems to have caused (or even still causing) disruptive changes in our work, study, and daily lives. However, actuaries should see risk as opportunities! In Summer 2020, the Illinois Risk Lab recruited 17 students, including Actuarial Science, Mathematics, Statistics, Economics, and Engineering majors, to launch a web-baesd tool (https://covidplan.io), to showcase the pandemic […]