Is the insurance Actuary an endangered species, or simply facing an evolutionary makeover?

Press/Media: Other

Description

The role of the insurance actuary is built on a foundation of understanding data to better determine risk. With the massive explosion in data in the digital economy from just about every conceivable source, you’d think that this was the generation that the professional actuary would be king. Or would they? Automation and the emerging role of the data scientist have cast doubt on the importance of the actuary.

Are we at the beginning of the end for the professional actuary? Or at a pivotal moment when the actuary adapts to new skills, new technologies and new ways of understanding risk?  To help me answer these questions, I turned to three friends for their insight on the role of the digital actuary.

Period13 Dec 2018

Media contributions

1

Media contributions

  • TitleThe Digital Insurer
    Media name/outletThe Digital Insurer
    Media typeWeb
    Duration/Length/SizePanel Debate
    CountryUnited Kingdom
    Date13/12/2018
    DescriptionIn the late 1800s the ‘father of life insurance’, Elizur Wright, laid the analytical foundations of today’s actuarial profession. 150 years later and the role of the actuary is under threat. Or is it?

    New sources of data and new technologies are fundamentally changing the way that risk is understood and assessed. The wave of automation and the 4th industrial revolution seems to have the role of the insurance actuary in its sights. Is this the end of the road for the profession that underpins the insurance industry? Or a pivotal moment when the actuary adapts to meet the opportunities of the digital economy.
    Producer/AuthorRick Huckstep
    URLhttps://www.the-digital-insurer.com/blog/insurtech-is-the-insurance-actuary-an-endangered-species-or-simply-facing-an-evolutionary-make-over/
    PersonsMark Farrell