The Extinct Actuary?

Rick is one of my favourite InsurTech authors, so I knew he would do a good job of bringing up some interesting debate.

We covered many areas, and I’ve briefly summarised the top 13 key points below:

4. Many actuaries are now adding machine learning to their toolkit and the actuarial profession is embracing this change.

5. In the era of “data is the new oil”, actuaries may be able to use their skills to break into new non-traditional areas.

6. Actuaries understand financial performance and policy-holder behaviour and hence they are the lifeblood of many insurance companies.

7. We are likely to see a blending of actuarial and data science in the next five years.

8. We are moving towards more dynamic pricing models as data increases in size and availability.

9. New risks will emerge that will likely require actuarial expertise to understand (e.g. drone risk or liability from autonomous vehicles).

10. We may see a shift towards growth outcomes (new business, customer retention, etc.) rather than the risk/compliance/ regulatory side of modelling.

12. An actuary’s strong professional code of ethics provides an oversight which I think is particularly important for helping to ensure that we are using data ethically and responsibly.

13. Being flexible and being able to adapt and grow is key for future actuaries.

Related posts:

Did SEC commissioners make it easier or harder on investors? When we last checked in on the SEC, they were seeking to toughen rules regarding the regulation of broker-dealers. The talk was that it…

Although I truly believe in these words, they’re not mine. They’re from Einstein. It seems that his relativity theory came out of his inspiration from music. And his inspiration from music had…

The fundamental idea of self comes to question, which seeks to ask itself “am I really who I thought I was?” And often when we think about this, we spiral in our thoughts, going through the motions…