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A decade ago, autonomous vehicles (AVs) seemed
like a futuristic gimmick, out of reach.
Today, however – although the word “autonomous” might
suggest otherwise – most people drive some sort of AV. Various rate filings, both for commercial and
private passenger auto, give an idea of how autonomous vehicles are being
priced with regard to insurance. Although rate filings do not exist for fully
autonomous vehicles, many filings offer discounts for having an
autonomous feature attached to the vehicle.
This raises the question – would fully
autonomous vehicles be even more cost-effective with regard to insurance?
Not too long ago, I received the news that I failed my most
recent actuarial exam. Those familiar with the actuarial examination process
know that this is an agonizing feeling (in fact, the Wall Street Journal
published an article
in December 2021 about the challenges of actuarial exams). To make matters
worse, it was the fourth time I scored just under a passing score of 6 during
my exam journey.
When faced with discouragement, it’s all too easy to admit
defeat. So how can we keep going when it feels like a win is out of reach?
What makes data “bad” or difficult
to work with? For actuarial consultants, data
from clients is crucial to a comprehensive analysis. Although that data may
arrive with any number of issues and challenges, solving those puzzles gives
actuaries the opportunity to demonstrate our ability to adapt, innovate and
far as I can remember, I have always been drawn to numbers. Throughout my early
education, I gravitated to all the various “toys” designed to instill a tactile
knowledge of mathematical tenets; there were number chains, peg boards, puzzles
(some were even three-dimensional!), to name a few. This attraction has always
been founded on one notion, or cliché: “numbers don’t lie.”
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