Our comments:
Actuary
Significant Impact of AI on the Job
53.33%
level of automation
0%
100%
This section reviews the 3 main tasks associated with the job studied and assesses the potential level of automation induced by AI ('AI Automation Impact').
The modeling uses 8 criteria detailed on the 'Methodology' page.
The modeling uses 8 criteria detailed on the 'Methodology' page.
| Tasks | AI Automation Impact |
|---|---|
| Use mathematical techniques to assess financial risks, particularly in the insurance sector. | High |
| Develop predictive models to anticipate future financial obligations. | High |
| Advise management on insurance products, rates, and other financial decisions. | Significant |
Through our research, we have identified two pivotal categories of skills that will be impacted by AI-driven automation :
- 'At-risk skills,' which are likely to become obsolete due to their susceptibility to automation
- 'Future-proof skills', which are projected to retain their value and resist automation, thereby ensuring their relevance in the forthcoming job market.
| At-risk Skills | |
|---|---|
| Mastery of pricing and portfolio tracking. | With increasing automation and AI tools, some routine pricing tasks could be simplified or automated. |
| Calculating the financial provisions for future compensation. needs. | Thanks to the advancement of automation through artificial intelligence, the calculation of financial provisions could become increasingly automated, making this skill less critical in the medium and long term. Humans could then focus more on supervision, results or exceptions analysis, and on the implementation of new strategies or the improvement of existing models. |
| Future-proof Skills | |
|---|---|
| Mastery of international standards and of their business impact. | Harmonizing financial and insurance standards, understanding international standards have a crucial impact on business. This becomes particularly relevant in a context where industry players are increasingly international and need to navigate diverse regulations. |
| Proposing mathematical models and analysis tools. | The actuary is not just a passive user of tools, but must be able to model, refine, and adapt them to the specific needs and challenges of the industry that they are dealing with. |
How does AI impact this job type ?
Get the full analysis
AI presents both a challenge and an opportunity for Actuaries, particularly when it comes to routine tasks like pricing and calculating financial provisions. These tasks are increasingly subject to automation, as AI algorithms crunch numbers with a speed and accuracy that streamline these intricate processes.
Actuaries, however, hold a wealth of knowledge that transcends mere calculations, offering a blend of financial acumen and insurance expertise that facilitates the integration of diverse international standards, and ensures adherence to varied regulatory frameworks. In a world that’s progressively globalized, the Actuary’s role as a navigator through this complex regulatory tapestry becomes indispensable, demanding not only the mechanical application of rules but also the strategic utilization and adaptation of AI tools.
As AI continues to reshape the financial landscape, Actuaries can pivot towards a more strategic alignment, supervising automated tasks, analyzing results for discrepancies or insights, and formulating strategies that cater to the unique demands and challenges of an evolving financial and insurance sector