Big Data Analytics for Risk Engineering
Speakers: Duane Wilson & Scott MacDonald
On September 26, Duane Wilson and Scott MacDonald from Analyze Re presented to a tech saavy audience at the K.C. Irving Centre, Acadia University. Analyze Re is a Halifax based company that works with reinsurance companies (companies that insure insurance companies) worldwide and assist in predicting the most significant risks to affect insurance companies each year.
This is a daunting task and in the past has made reinsurance companies eerie of investing in certain areas of the world. Analyze Re hopes to change this by giving reinsurance companies more confidence in the risk associated with each deal and allowing these companies to insure new areas that have never received backing before. The duo touched on the importance social media is playing in early response of disasters. Information collected online can allow insurance companies to get a quick sense of the impact the disaster had and how much it might cost. Moving forward Analyze Re is planning to expand globally and explore new information sources to allow for better predicitions and give its clients, reinsurance companies, an edge when making a deal.
Above: Scott MacDonald explaining the difference between reinsurnace and insurance companies