The Connecticut Insurance Department has consolidated all actuarial and data science functions to improve regulatory oversight and better protect consumers as the insurance industry’s usage of Artificial Intelligence, Big Data, and Machine Learning expands.
“As the insurance industry increasingly relies on rapid technological innovation within a complex data-driven environment, the regulators at the Connecticut Insurance Department (CID) will meet these challenges by restructuring and integrating all actuarial and data science functions within a single unit to better protect consumers,” said Andrew N. Mais, Commissioner, Connecticut Insurance Department. “Wanchin Chou, Assistant Deputy Commissioner and Chief Actuary will lead this division and direct all actuarial functions in addition to the Department’s recent advent of data science work.”
“This Department is the regulator of the insurance capital of the world, and we will continue to adapt our operations and recruit regulators with advanced skills to address changes in industry practices. Under Wanchin Chou’s leadership, we will follow the very best actuarial practices and provide world class professional services in insurance regulation,” said Mais.
“I am truly excited about this new organization. Our experienced actuaries and data scientists will bring advanced analytics expertise in Economic Capital Modeling (ECM), Predictive Modeling in Artificial Intelligence, Machine Learning, and Catastrophe Modeling to enhance the needed actuarial services in our current regulatory environment,” said Wanchin Chou, Chief Actuary. “We will continue to actively collaborate with the National Association of Insurance Commissioners (NAIC) on numerous committees and participate in professional organizations for actuaries, such as the Casualty Actuarial Society, the Society of Actuaries and the American Academy of Actuaries.”
The Data Scientists within the Actuarial Division will assist the CID divisions in the digital transformation to help modernize insurance regulation and will also collaborate with the NAIC and other state insurance departments to develop modeling capabilities and provide needed studies of AI and ML models.
The Insurance Actuaries of the Actuarial division provide financial and analytical services with a mandate of solvency regulation and market regulation in support of the Commissioner. In addition to actuarial analysis and financial exams, actuaries are responsible for reviewing rate and rule filings produced with the Property & Casualty and Life & Health divisions.
Chou has more than30 years of insurance experience in the U.S. and internationally. Prior to his current position, he was Vice President and Chief Analytics Officer at Liberty International where he achieved profitable business growth in 20 countries as well as developing modeling capabilities. Chou’s actuarial expertise includes insurance pricing and products, reserving and financial reporting, reinsurance, data analytics and risk management.
Chou received his B.S. in Nuclear Engineering from National Tsinghua University in Taiwan, and a master’s in actuarial science from Georgia State University. He is a Fellow of the Casualty Actuarial Society (CAS), a member of the American Academy of Actuaries (AAA) and is a Chartered Property and Casualty Underwriter (CPCU), a Certified Specialist in Predictive Analytics (CSPA), and a Certified Catastrophe Risk Management Professional (CCRMP).
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