Connecticut Insurance Department restructures to better regulate use of technology – InsuranceNewsNet

The Connecticut Insurance Department has consolidated all actuarial and data science functions to improve regulatory oversight and better protect consumers as the insurance industry expands its use of artificial intelligence, big data and machine learning.

“As the insurance industry increasingly relies on rapid technological innovation in a complex data-driven environment, regulators at the Connecticut Insurance Department (CID) will address these challenges by restructuring and integrating all actuarial and data science functions into a single entity to better protect consumers,” the company said Andrew N. CornCommissioner, Connecticut Insurance Department. “Wanchin Chou, Assistant Deputy Commissioner and Chief Actuary, will lead this department and lead all actuarial functions, in addition to the department’s recent data science work.”

“This department is the regulator of the world’s insurance capital and we will continue to adjust our operations and hire regulators with advanced skills to address changes in industry practices. Under Wanchin Chou’s leadership, we will apply best actuarial practices and provide world-class professional services in insurance regulation,” said Mais.

“I’m really excited about this new organization. Our experienced actuaries and data scientists bring advanced analytical expertise in Economic Capital Modeling (ECM), Predictive Modeling in Artificial Intelligence, Machine Learning and Catastrophe Modeling to improve the required actuarial services in our current regulatory environment,” said Wanchin Chou, Chief Actuary. “We will continue to work actively with the National Association of Insurance Commissioners (NAIC) on numerous committees and participates in professional associations for actuaries, such as e.g Accident Actuarial Societythe Society of Actuaries and the American Academy of Actuaries.”

The data scientists within the actuarial department will support the CID departments with digital transformation to modernize insurance regulation and will also work with the NAIC and other state insurance departments to develop modeling capabilities and provide required studies on AI and ML models.

The insurance actuaries of the Actuarial Department provide financial and analytical services with a mandate of solvency regulation and market regulation in support of the officer. In addition to actuarial analysis and financial reviews, actuaries are responsible for reviewing rate and rule documents prepared with the Property & Casualty and Life & Health departments.

Chou has over 30 years of insurance experience in the US and internationally. Prior to his current position, he was Vice President and Chief Analytics Officer at Freedom International, where he achieved profitable business growth and developed modeling skills in 20 countries. Chou’s actuarial expertise includes insurance pricing and products, reservations and financial reporting, reinsurance, data analysis and risk management.

Chou received his BS in Nuclear Engineering from National Tsinghua University in Taiwanand a Masters in Actuarial Science from Georgia State University. He is a Fellow of Accident Actuarial Society (CAS), a member of American Academy of Actuaries (AAA) and is a Chartered Property and Casualty Underwriter (CPCU), Certified Specialist in Predictive Analytics (CSPA) and Certified Catastrophe Risk Management Professional (CCRMP).



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