Key findings
GenAI is poised to enhance the role of actuaries by streamlining routine tasks like number crunching and data analysis.
It will improve efficiency in market analysis and predictive modeling, while also ensuring regulatory compliance with faster checks and reduced errors.
While GenAI won’t transform the work entirely, it will provide valuable support in areas like system optimization and data entry.
By automating administrative tasks and offering plain English interactions with enterprise systems, GenAI will facilitate quicker decision-making processes and improve user support through chatbots and multimedia content generation.
This technology will complement the skills of actuaries in critical thinking, mathematics, and judgment, ultimately optimizing their workflow without replacing their expertise.
How could AI or automation replace or complement job activities?
AI, automation, or LLMs like ChatGPT could potentially enhance efficiency in the field of assessing insurance risks and developing financial plans.
While they may not entirely replace actuaries, they could streamline tasks such as data analysis, risk assessment, and financial modeling.
For instance, these tools could assist in analyzing statistical data to estimate mortality rates or in designing insurance plans.
However, the critical thinking, collaboration, and communication skills required in collaborating with various stakeholders, making strategic decisions, and providing expert advice cannot be fully replicated by AI.
For example, in negotiating reinsurance terms or providing testimony in court, the human expertise and judgment of actuaries remain indispensable.
Job description
Analyzes statistical data to predict risk and liability for future benefits, such as mortality, accidents, sickness, disability, and retirement rates. Constructs probability tables for forecasting. May also determine insurance rates and cash reserves needed for ensuring future benefit payments.
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