Integrating AI into Actuarial Work: Preserving Control and Applying Judgment
Talk about AI is everywhere, but what does it really mean for actuaries and the future of our profession? While AI is certainly a powerful tool, it is simply that: one tool, among many, in an actuarial toolkit. However, these tools are different from others in our traditional toolkit and if used improperly, they will remove control and blind us to opportunities where we could be applying actuarial judgment.
This presentation will describe how a project’s structure and an actuary’s mindset must change to take advantage of AI tools. We will discuss how control and application of judgment should not be removed, but rather shifted from one part of the process to another when using AI. Additionally, we will discuss governance practices and some less obvious risks associated with the use of AI in actuarial work.
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Integrating AI into Actuarial Work: Preserving Control and Applying Judgment
Talk about AI is everywhere, but what does it really mean for actuaries and the future of our profession? While AI is certainly a powerful tool, it is simply that: one tool, among many, in an actuarial toolkit. However, these tools are different from others in our traditional toolkit and if used improperly, they will remove control and blind us to opportunities where we could be applying actuarial judgment.
This presentation will describe how a project’s structure and an actuary’s mindset must change to take advantage of AI tools. We will discuss how control and application of judgment should not be removed, but rather shifted from one part of the process to another when using AI. Additionally, we will discuss governance practices and some less obvious risks associated with the use of AI in actuarial work.
Learn more about the speakers
Thomas Holmes
Tom Holmes is Akur8’s Chief Actuary for the US region and is a co-author of the upcoming publication Penalized Regression and Lasso Credibility. He has experience modeling personal and commercial insurance, and volunteers with the CAS on predictive modeling topics. He is a frequent presenter at CAS events and Akur8 webinars, and performs industry outreach to share actuarial modeling methodologies and best practices. Tom is a Fellow of the CAS and holds music degrees from the University of Michigan and Ohio University.
