In this newsletter...
- Have your say: The Evolving Role of the Actuary Take 5 mins to complete our Survey
- On demand webinar AI Governance & Risk Management Framework in Insurance: A Virtual Panel Discussion
- On demand webinar Digitalising the actuarial operating model: the future of work is here
- Introduction to Data Science In Insurance On Demand Course
For more information about any of the above please contact us
The Evolving Role of the Actuary: Have your Say
Actuartech and Montoux are partnering on a content series that digs into the heart of what the modern actuary looks like, the challenges and opportunities facing the profession today, and what the actuaries of tomorrow could look like.
This series will include views from actuaries from around the world. It will seek to answer a couple of key questions, including:
• What is the impact of technology and data science on the actuarial profession?
• What is the role of the actuary in the current Covid 19 environment and the impact on insurers and society?
• Is actuarial training adequately preparing actuaries for the new challenges they face
• How have the tools and technologies available to actuaries changed, if at all?
• What are some major expectations and trends actuaries foresee for the future of the profession?
Some initial views from our respondents are included here:
"We’re facing new challenges today, especially in respect to data science, and this is a problem because we need to be able to collaborate and in order to do this we need a better understanding of IT. And create teams of actuaries and data scientists.""I think today’s challenges are hard, and while the training process is quite good but it’s mostly a theoretical one. I think we need more practical experience. “" I think the market today needs more actuaries with IT skills, but in the past it wasn’t like this.”
"Our tools and technologies have not [changed] as much as they should have, there’s still far too much reliance on spreadsheets. I know we’re trying to boost data science and data analytics and some people are starting to adopt that, but I don’t think we’ve really embraced it enough yet."
"Tools and technologies can make sure that we don’t just focus on turning the handle to calculate numbers. I think back in the day, building a model was just to put in random data and see what would come out, but if we can move a little bit further from that and start interpreting data in a different way, and be able to project forward and understand what could happen...it’s forward looking instead of backwards looking."
Actuartech Virtual Events
Introduction to Data Science On Demand Training Course
Improvements in computational power have given rise to the use of data science techniques in a wide variety of areas, including finance, driverless cars, image detection, speech recognition etc.
In a world of high volume and varied datasets, data science techniques are invaluable to an insurance professional's toolkit to provide actionable insights from data
- An overview of the impact of Data science and possible applications within the Insurance Sector.
- An understanding of the main techniques of Data Science including data management, machine learning, text mining, scraping and data visualisation.
- Initial insight on how to address hot business topics in different fields of the Insurance Sector by leveraging data, in particular in response to the current Covid 19 economic and pandemic scenario that we are facing at the moment.
Who will benefit from the training?
Actuaries or other insurance professionals working in insurance looking to learn how:
- Improved data and computational capabilities can tackle insurance related business challenges with increasingly sophisticated approaches
- The insurance professional can expand their toolkit by learning practical data science skills
- Data Science can be applied in an insurance context, using practical business examples.
We also provide a high level overview of the various machine learning techniques that are used covering the key supervised and unsupervised learning methods. This will include examples of how data science techniques can be applied in insurance.
Virtual conferencing details will be emailed to delegates upon registration along with all course information and training materials.
ON DEMAND WEBINARS
AI has become more and more popular within the financial industry, and many insurers have started out on their AI journey.
During this event we talked about some of the worries around delegating decisions to machines, and how to overcome some of these challenges.
We have built on this to help identify ways to obtain sufficient comfort in the models in order to make business decisions and to be able to explain the impact to stakeholders, in particular the AI risk management and governance framework that could be used to support this.
Watch our on-demand virtual panel session now, with experts from across the insurance risk management spectrum to hear how we have discussed and explored:
- AI and its role within the business (for example the differentiation between using AI models as back office tools to understand the business versus building AI models to automate process and decision making)
- The adoption of AI within the business including reliability versus ethical & trust debate
- The Governance around AI and accountability
- The operating model in which AI is being used
Senior Manager, Deloitte
Founder & Managing Director, Crescendo-erm
Chief Risk Officer, Generali UK
Actuarial Consultant & Risk Professional
Valerie du Preez
Managing Director, Dupro
A brief highlights video of this webinar is available to view here.
The challenges faced at the moment given the global pandemic is causing actuarial teams to change their operating models significantly.
Now, more than ever insurers must embrace change and rethink business models to move to digital tools and capabilities.
Watch our on-demand webinar now where we explain the so what of solution and data architecture for actuaries - i.e. breaking it into simple to understand concepts - what do actuaries need to know.
We covered, among other:
- Processes, Data and Technology that underpins the actuarial operating model and how it is evolving over time, including the benefits of cloud computing.
- The balance between business and solution architecture and how we ensure the solution is fit for purpose and understood by ‘functional’ technical stakeholders.
- Data management and core concepts around data warehousing, data architecture, data design and data storage.
- Key governance and controls measures that needs to be put in place to underpin the above operating model.
Available on Demand
All of our webinars are available on demand and information regarding future webinars and how to register can be found by visiting our website www.actuartech.com/webinars
Virtual Executive Data Science Sessions
Insurance Data Science Training | Executive Virtual Lunch Series
The aim of the executive virtual lunch is to support the leadership or executive team of a particular function or of the company to develop an awareness of the data challenges and opportunities the insurer is facing. It consists of round table discussions over lunch on a regular basis.
The Goal of the training is for Leaders to:
Develop an awareness of Insurance Data strategy trends in 2020, for that particular function or leadership team;
· Share different perspectives and feedback about data topics within their team (s);
· Enrich their understanding of data techniques and practices.
Examples Topics being covered:
•Demystifying statistical learning models
•How to target key, valuable and realistic business cases for the company
•Unleash the power of external and unstructured data
•Big Data, Machine Learning and AI: what is possible and what is not?
•Communication, storytelling and communication power in AI
•Evolution of technologies and processes : operational, effective and scalable approaches
•Interpretable machine learning
•Developing an ethical framework for AI
For further information on how we can support with virtual data science events please email email@example.com
Actuartech is Hiring!
We are looking for our next Data Scientist
- Analyse raw data: assessing quality, cleansing, structuring for downstream processing
- Design accurate and scalable prediction algorithms
- Collaborate with engineering team to bring analytical prototypes to production
- Generate actionable insights for business improvements
If you have any further questions about this role, or if you require additional information, please email firstname.lastname@example.org
We are the home of actuarial technology for insight, training and networking.
Actuartech provides leading insights and research on the topic of actuarial technology.
We take technology and data science beyond the theoretical and can uncover, and explain, in simple to understand language the impact it will have and the problems we are trying to solve and ultimately what value it will bring to the organisation. We cut through the noise and bring you the simple, easy to understand insight and practical examples.
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© Actuartech, June 2020