The executive director of the Society of Actuaries discusses the changing role of the actuary in a world of quickly evolving data, analytics, digital work, and the COVID-19 pandemic.
Actuarial capabilities—a mix of quantitative skills, product knowledge, and understanding of regulatory requirements—are indispensable in insurance. The industry is handling more data, using more advanced techniques, making faster decisions, and sometimes facing greater uncertainty. The COVID-19 pandemic has also accelerated the already underway shift to digital channels, including a renewed appreciation for algorithmic underwriting.1 In step with rapid technological changes and ongoing adoption of advanced analytics and artificial intelligence (AI), actuaries will need to change as well.
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