THE IMPORTANCE OF INFORMATION SYSTEMS IN ACTUARIAL PRACTICE

''Orao'' A.D. za proizvodnju i remont, Bijeljina, BIH
Bosnia and Herzegovina

''Orao'' A.D. za proizvodnju i remont, Bijeljina, BIH
Bosnia and Herzegovina

JU Ekonomska škola, Bijeljina, BIH
Bosnia and Herzegovina


Abstract

Information systems have become indispensable tools in actuarial practice due to their pivotal role in the analysis, interpretation, and prediction of financial risks. They play a crucial role, enabling actuaries to analyze vast amounts of data, identify patterns, and forecast future financial obligations. These systems are essential as they empower actuaries to make informed decisions regarding risk management and future financial obligations, such as pension plans and insurance. Through the utilization of information systems, actuaries can effectively assess financial risks, adjust management strategies, and provide relevant information to management and other stakeholders. This paper explores how actuarial practice utilizes information systems, emphasizing the importance of their role in decision-making and enhancing the financial stability of organizations. By analyzing existing information systems used in actuarial practice, we investigate their characteristics, advantages, and limitations.

Keywords



Full Text


References


Becker, W., Schmid, O., (2020): The right digital strategy for your business: an empirical analysis of the design and implementation of digital strategies in SMEs and LSEs, Business Research

Boyer, M. and C.M. Nyce, (2011): Market growth and barriers to entry: Evidence from the title insurance industry.

Insurance Risk Manage.

Chojan, A., Lisowski J. and Manikowski, P., (2022): Digitalization trends in insurance and their impact on the functioning of the insurance market entities. Poland: Insurance Review 1/2022

Pauch, D., Bera, A., (2022): Digitization in the insurance sector – challenges in the face of the Covid-19 pandemic. 26th International Conference on Knowledge-Based and Intelligent Information & Engineering Systems (KES 2022)

Panev, I. and Kaluža, M., (2022): Modeliranje podataka i procesa, Rijeka

Kočović, J. and Mitrašević, M., (2010): “Uloga i značaj aktuara za uređenje tržišta osiguranja”. Ekonomska politika i razvoj, Jovanović Gavrilović, B., Rakonjac-Antić, T. (ed.). Beograd: Ekonomski fakultet, Univerzitet u Beogradu

Kočović, J., Koprivica, M., Janković D., (2018): Edukacija aktuara u funkciji razvoja tržišta osiguranja. Sarajevo: SorS – 29-Susret osiguravača i reosiguravača Sarajevo

Kočović, J., Antić, T.R., Koprivica, M., Šulejić, P., (2021): Osiguranje u teoriji i praksi. Beograd: Ekonomski Fakultet Beograd

Hielkema, P., (2024): The trend towards the increasing digitalisation of the insurance sector, The EUROFI Magazine

Eling, M. and Lehmann, M., (2018): The Impact of Digitalization on the InsuranceValue Chain and the Insurability of Risks The Geneva Papers

Radwan, S. M., (2019): The Impact of digital Technologies on Insurance Industry in light of digital transformation

Available online: https://aqabaconf.com/images/uploads/The_Impact_of_digital_Technologies_on_Insurance_Industry_.pdf (pristupljeno 17.04.2024)