Blog and News

Shining some Light on the Black Box that is ML You’ve probably heard that Machine Learning (ML from here) can be highly predictive and sophisticated. Unlike stochastic models, ML algorithms do not rely on any underlying assumptions about the data, …

In the drive to help the Gulf Cooperation Council (GCC) region adopt the new accounting standard for insurance contracts, Lux Actuaries & Consultants, the UAE based independent actuarial consultancy, has formed a strategic partnership with FIS’ Prophet team. Together, FIS …

Premium Magazine: May 2020 By Noman Zafar and Raghav Ohri The recent deferral by another year pushes the IFRS 17 implementation date to 1 January 2023 and is a relief to overburdened insurers, many of whom are firefighting to align …

This presentation, given at the Technical Issues in General Insurance (TIGI) Conference in April 2019, explores Machine Learning in Insurance Pricing. While stochastic models such as GLM’s have shown promise, there are shortcomings to such models. For instance, these models …

An insurance company processes millions of claims, knowing that some of these might be fraudulent. Fraudulent claims that get paid out can cause insurance companies unnecessary and sometimes massive losses. One question that is often posed, and one that is …

Change for the better Lux started working with this UAE based insurer early 2017, when major changes to the Company began. At the time Lux became the Appointed Actuary, the client was effectively insolvent, the business was performing poorly, and …

Lux Actuaries & Consultants is proud to be re-awarded as the 2018 “Most Distinguished Actuarial Services Company” by the UAE Insurance Authority at the recent UAE National Day celebrations in Abu Dhabi. Lux was previously awarded this title in 2017. …

Adoption of Ind AS 19 has become mandatory, from 1 April 2016, for all companies having net-worth of INR 500 crores or more. The holding, subsidiary, joint-venture or associate companies (‘affiliates’) of such companies captured by this new requirement also …

Overview of the Region With the launch of International Financial Reporting Standard no 17 (“IFRS 17”) by the IASB in 2017, there has been a sense of urgency from regulatory bodies globally towards feasible adoption approaches. One of the main …