E43 - Jeromie Weatherburn - Data Science in Pricing to Manage Profitable Insurance Portfolios

Jeromie Weatherburn has a very unique career trajectory with an
impressive set of skills and expertise. Starting as a financial
planner, he soon became a trusted financial advisor and
counsellor to clients and colleagues. As a financial planner,
Jeromie’s achievements include $250,000 in life insurance
premiums completed and $8million in wealth creation products
placed.


With this deep expertise in the financial services industry, he
gradually moved into the insurance landscape and developed a
passion for decision making and problem-solving using data and
analytics. 


Apart from that, he has been working in the insurance pricing
roles from 2008. First as a Pricing Specialist at Australian
Insurance Holdings and then as the Pricing Team Leader at IAG New
Zealand. Currently, he is working as the pricing manager at
Insurance Australia Limited (IAL), formerly Berkshire Hathaway
Insurance Australia (BHIA). 


IAL is an InsureTech and a part of the Insurance Australia Group
(IAG) of companies, which is the largest general insurer in
Australia and New Zealand. Last year, IAG insured over $2
trillion worth of assets, collected $11.4 billion in premiums and
paid out almost $9 billion in claims. 


IAL provides end-to-end personal lines of insurance products to
the Australian market. At IAL, Jeromie plays a pivotal part in
scaling-up the organization through thought leadership,
relationship management, people and project management. 


In this exclusive interview, Jeromie offers us deep insights and
wisdom into the use of data and analytics in the insurance
industry.


How to get into insurance pricing if you're interested. Hint:
programming languages

A sneak peek into the practical experience in the grey world
of real-life work with data analytics.

History of IAL coming out of IAG.

How insurance pricing and analysis work.

How analytics translates into insurance pricing.

How the premiums are priced.

Use of the external data sets – real-life use case with
examples.

How there are new and exciting sources of data that you can
access, such as satellite and aeroplane imagery.

Why all business is a data business and success largely
depends upon distilling what truly matters. 

What’s the best insurance pricing software to use?

What can a new start-up insurer, who has no data, do for
price optimisation? Hint: Benchmarking.

Also, how they can avoid getting into legal troubles.

Changes in insurance pricing and data analytics tools and
technologies over the years.

Some of the ethical aspects of using data for insurance
pricing analysis.

How you can use the experience Jeromie gathered while working
and growing IAL.



So, all this really makes this episode another very exciting one
for the insurance industry folks here! Don’t miss this one! 


Also, share the episode with your friends and colleagues who are
interested in insurance and data analytics. 


#BusinessAnalytics #InsuranceAnalytics #DataScience