The new human-centered Computational Insurance approach enables organizations to elevate their teams and experts to use their experience in a far more impactful way. Industry leaders of the future leverage the unique capacity of the human mind: enabling expertise to be focused on strategic guidance and provide oversight to a computational system that makes the transactional decisions based on the vast amounts of historical, current and future trend insights required to optimize outcomes. In this way, insurance company employees provide critical value-added oversight, guidance and constraints.
A key role in this new computational enterprise is the Executive Actuary. They are responsible for guiding the company and its operational systems into the future. Ultimately this enhanced Actuarial role oversees visibility into how decisions are made and controls the enterprise’s core decision parameters – based on key indicators such as market projections, medical research, or competitive differentiation. For example, armed with new comprehensive insights into current demographic trends in emerging market, an Executive Actuary can incorporate trends of urbanization and workforce growth insights to target customized products to an emerging customer population
Another key role is that of Medical Prognosis Oversight. This enhanced role leverages new Megaservices™ (to be explained in the next post) such as Medical Research Automation™ (MRA), to oversee the computational system systemically combing through vast amounts of research, to find the outcomes that may change the assessment of an impairment. From this assessment, reaching far beyond what traditional systems enable, new actuarial guidance can be created. As an example, if new research anywhere in the world, indicates the emergence of a new treatment that will significantly alter the prognosis of a specific impairment, Medical Prognosis Oversight can provide the information needed for the Executive Actuary to issue guidance to write more policies for people with that impairment, even though historical data may indicate that it could be higher risk.