Intern: Kenny Xu, Macquarie University
Industry Partner: Dr Greg Taylor, Taylor Fry Actuarial Consulting
Academic Mentor: Associate Prof. Jun Ma, Macquarie University
|Taylor Fry is a leading independent consultancy firm that offers analytics, actuarial, statistical and policy advice to business and government. Taylor Fry is at the forefront of developing innovative and world-class solutions for the actuarial and analytical challenges faced by their clients within general insurance.They recently enlisted the skills of an APR.Intern to research insurance loss reserve estimation – information that tells the insurer how much money will be needed in reserve to pay all future claims.APR.Intern Kenny Xu, a statistician at Macquarie University worked with Taylor Fry on this project.
“We are working to improve the quality of an important data set that has been compiled for a range of US insurers to help estimate loss reserve,” Kenny said.
With the guidance of his academic mentor, Associate Prof. Jun Ma, Xu has used stochastic models to improve the loss reserve estimation by reducing the prediction error.
“This internship has provided me with the opportunity to apply the statistical techniques I learnt at university to a practical project; I’m really enjoying all the research topics with Taylor Fry and I’m learning a lot,” Kenny said.
The APR.Intern program connects businesses and academics with specialist knowledge. All intellectual property remains with the business, creating a secure environment to grow innovation and productivity through R&D projects.
“The APR.Intern program was very advantageous. It allowed us to undertake a clutch of research projects to uphold our reputation at a moderate cost,” Greg Taylor, Co-Founder, said.