In 2018, the insurance company Co-operators offered UQAM $500,000 to create the Co-operators Chair in Actuarial Risk Analysis (CARA).
The first scientific objective of the Chair is the use of recent statistical and probabilistic methods allowing optimal segmentation of risks between the various stakeholders involved. To this end, historical loss experience will be applied in combination with advanced methods that take advantage of all available data (loss experience analysis via telemetry data, megadata/Big Data, machine learning algorithms, etc.). Thus, advanced statistical estimation methods will be used. More specifically, the focus will be on pricing and provisioning contexts.
The second scientific objective of the Chair, which is more conceptual, is to mathematically analyze and develop new tools useful for P&C actuarial work. A fundamental understanding of the statistical techniques used, and the development of new inference methods better adapted to the context of P&C actuarial work (machine learning techniques, simulation techniques, Bayesian methods, filtering techniques, etc.) are of crucial importance here.