CS-16 - Effective Data Visualization for Actuaries

As actuaries, we are expected to understand the structure and rationale behind complex statistical models. Beyond that, we need to evaluate whether one model is preferred over another in a well-defined business context. Finally, these conclusions must be shared with stakeholders who are then expected to digest and support the actuary’s conclusions. Although data visualization is often touted as having maximal benefit for the last step of the process, we contend that it provides value throughout. In this session, Brian Fannin and Jordan Bonner will highlight key actuarial concepts and exhibits that can be better understood through data visualization. R’s ggplot2 package will be used to create exhibits that allow for a deeper level of understanding and intuition. By growing comfortable with the value and mechanics of visualization at all stages of the analytics cycle, actuaries will become more facile in communicating with any stakeholder at any stage.