Human actuaries will continue to be a vital part of the business. Due to the advancement of AI technology, some people will be left behind and leave the industry. But for those who are willing to learn, there will be great opportunities to use AI-based actuaries for better analysis and recommendations. If you're in college, you must assume that the entire workforce will transform throughout your career in ways that are impossible to predict right now.
But as long as you follow your interests, you'll be fine. Before Microsoft Excel, actuaries spent most of their time doing calculations by hand, and people thought Excel was going to destroy the actuarial labor market. After Excel, actuaries were able to focus more time on analysis. This made actuaries even more useful to companies, creating more actuarial jobs.
AI is nowhere near the level that people who receive their news on social media tend to believe, but even if it were, AI will only be another tool in an actuary's repertoire. And this doesn't even touch on the fact that regulatory restrictions make it nearly impossible to use advanced technologies that are difficult to explain in the first place. Even damned GLMs get rejected by regulators. A model is only as good as its interpretation, and computers are notoriously bad at putting things into context.
For example, if a part of a data source changes unexpectedly and yields results from a complete model, AI cannot correct or interpret it without human intervention. AI hasn't made even the most mundane retail jobs obsolete. They will continue to exist, but work will be done at a higher level of abstraction and people will be more productive. At the end of the day, more automation is needed if we want our standard of living to rise.
It's not about creating robots to sit at desks and do people's work. If you entered the actuarial profession in the days when progress toward actuarial credentials could be identified simply by asking a candidate what “part” they were working on, you might know that those entering the profession today often feel envious or even resentful of those who preceded them by 40 years. more or less earlier. In the early 1980s, successfully completing the first two “parts” generally meant that a candidate for entry-level actuarial positions would have little trouble scheduling interviews at several insurance companies and consulting firms.
In the absence of interpersonal skills at the troglodyte level, such a candidate would likely come out of interviews with multiple offers. In addition, with an eye on California wildfires, this organization of actuaries published a document that examines where and when wildfires occur and determines how the cost of losing property and victims will increase. Asia, Australia, Canada, South Africa and the US. UU.
these are just some of the places that have members of the Institute and the Faculty of Actuaries (IFoA). However, the most common misconception with actuarial science is that if you're a number critic, you'll succeed. Actuarial science is a profession that is expanding with the growing influence of technology (as seen in InsurTech) and with actuaries taking great strides to learn the importance of data science. The life insurance actuary has an exciting and bold journey ahead of him, and I believe that the advancement of AI will only lead to a higher quality of actuarial products and services and allow actuaries to move to higher-value activities, such as becoming more involved in strategic decision-making within the company.
Practicing actuaries who are a few years after completing their exams sometimes scoff at the limited extent to which they use their initial training in statistics and mathematics in their daily work. However, in a modern age where there is a persistent desire to extract more data from more sources to provide better analysis, actuaries may need to propose more innovative methods for extracting data. It has been found that almost 72 percent of actuaries work in the insurance industry, while about 17 percent work as consultants. No one can become a member of the American Academy of Actuaries without having a basic education that includes a firm command of statistics and a knowledge of U.
The best way for actuaries to protect their jobs is to gain computer experience and other skills needed in data science. . .