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This Week in Consulting

Wednesday, February 12th 2020

Is Actuary ready for the looming digital revolution?

THIS WEEK’S MUST READ

As actuaries, we hear a lot about big data, predictive analytics, machine learning and artificial intelligence (AI). Big data and predictive analytics have already created insights on risk, particularly for personal property and auto insurance.​”

Will the lessons of the industrial revolution and the arrival of artificial intelligence allow the actuarial profession to transform itself in depth?

This Week’s Must Read  is an insight piece from The Actuary where the author explores how AI and machine learning can  transform the actuarial role.

Read on to Find out More: “The AI Revolution Is Coming | Emily Kessler, Society of Actuaries.


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THIS WEEK’S VIDEO:

IFoA President John Taylor discusses how actuaries can make a unique contribution to data science​​​.

THOUGHT LEADERSHIP

  • How can model governance capture value from AI in insurance? “The term artificial intelligence (AI) commonly refers to specialised predictive machines, i.e. software/algorithms that take data as input, and output predictions. Although AI also includes other areas such as unsupervised learning, predictive algorithms are the focus of this article. In insurance pricing, predictions are focused on the expected claims cost of a policy.” Simon Lim makes us think about the use of AI in insurance and how to assess its risks. | Simon Lim for Actuaries digital
  • The rise of the exponential actuary: “Artificial intelligence. Automation. Machine learning. The rise of technology is rapidly creating a new future of work. And it’s gathering speed, redefining jobs and transforming entire professions by enabling humans and machines to work together side by side. As this exciting future unfolds, the actuarial professional is changing dramatically – opening opportunities for actuaries to take on dynamic, new business roles.” Is the rapid emergence of new technologies the engine driving the rise of Exponential Actuary? | Darryl Wagner, Caroline Bennet and Marc Fakkel, Deloitte
  • Actuary 2050: data science and actuarial science as one? “Many have claimed actuaries and actuarial science should be recognised as the early practitioners and building blocks of modern day data science. After all the actuarial profession dates back to the 1800’s, the dawn of the modern insurance industry. Then and now actuaries have pioneered the use of data, maths, statistics, economics and are now increasingly using computing, automation and machines to predict the future and manage risk.” The author enlights us on what data and actuarial science can bring their profession. | SRColeman, Medium.com
  • Ethical Use of Artificial Intelligence for Actuaries: “Actuaries understand quantitative modeling. It seems only natural that they would adopt Artificial Intelligence (AI) as an extension to  their already extensive training and skill in predictive and probabilistic modeling. However, in addition to requiring more learning to be effective,  AI imposes requirements that are very different from current analytical modeling.” This article provides a technical overview of the tools and disciplines used in AI as well as the forces that insurance companies are using to modernize their analytical processes | Neil Raden, Hired Brains Research.

CONSULTING INDUSTRY NEWS

  • HTC is shutting down its Official Community in China tomorrow: “After HTC shut down its Elevate community program internationally last month, the Taiwanese smartphone maker has called it quits in China as well. In a community post earlier today, the company said that it will be shutting down its official Chinese community forum tomorrow. HTC has asked its customers to ask for support via its official service number on WeChat.” | Joel Joseph, Gizmochina
  • McKinsey acquires spend analytics firm Orpheus GmbH: “Orpheus’ software helps organisations ‘optimise their external expenditure throughout their operations by analysing purchasing data streams for value capture opportunities and measuring realised procurement impact.’ The move gives McKinsey a new offering to clients: Spend Intelligence by McKinsey. The service will enable spend  transparency, spend and cost analytics, and value capture management, the press release says” | Spend Matters
  • Zigmabit Inc. Starts a New Era in Cryptocurrency Mining: “Zigmabit is pleased to announce the formal launch of three new mining rigs with capabilities to take the global crypto space by storm. Led by some of the most experienced specialists in the cryptocurrency mining industry, Zigmabit has utilized ASIC chip technology to deliver three introductory products that are pre-configured for ease of use and promise return on investment within just one month.” |Zigmabit 
  • Mercer launches AI prediction tool for pensions schemes: “A new artificial intelligence tool from Mercer will assist defined benefit pension schemes anticipate the outcome of an options exercise. By using AI and data driven insights, schemes will hope to predict the chance of each individual member accepting a particular offer.” | Consultancy.uk

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