Innovation is everywhere around us. From the new iPhone X to a tight bus schedule; in our everyday lives we can find its results everywhere. Of course, innovation is also applicable to the field of Econometrics, Operations Research & Actuarial Sciences.
Put even stronger, this field of study has innovation as one of its core pillars. Digital currencies traded and studied by econometricians, logistical problems solved by operations research experts and personally adjusted health care insurances created by actuarial science professionals are just mere examples of innovation within this sector.
The theme ‘Innovation is key’ stresses the importance of innovation within our field of study and suits the current atmosphere within the private sector. Therefore, it was extremely suitable as a theme for the VESTING Conference 2018.
First of all, innovation plays a crucial role within the sector of econometrics. An obvious example of innovation within this field of play are the digital currencies currently traded and its underlying techniques. However, one might also think of adjusted marketing strategies created with aid of big- data analyses. The applications of econometrics are uncountable and innovation can prove itself to be a part of the solution to everyday problems.
Secondly, there has been a remarkable development concerning research and development within the field of operations research. Taking the Netherlands as an example of a trading hub, it is to be noticed that Dutch cathedrals of logistics, such as Schiphol Airport and the Port of Rotterdam, have constantly been thriving upon the innovation of operations research experts in order to cut costs and remain competitive with comparable transportation facilities. Taking into account the major importance of trade for the Dutch economy, one cannot undervalue the innovative work of operations research experts.
Thirdly, the work of actuarial science experts has been greatly influenced by innovation. The availability of big data has offered this sector to improve analysing certain risks and acting upon them. Take insurances as an example. The availability of larger streams of information on customer behaviour has led to price differentiability among the products an insurer has to offer. By being able to better analyse the behaviour of clients, the insurer is able to target the people he makes loss up most. An opportunity most interesting for the insurer.
All in all, we can conclude that innovation has greatly influenced the field of Econometrics, Operations Research and Actuarial Sciences and remains to do so today. Logistics, insurances and trade in securities are just mere examples we touched upon, but a great deal of other occasions of innovations within these sectors remain unspoken of. We, the VESTING Conference Committee, hope to have touched upon those topics during the VESTING Conference 2018.