AI and Actuarial Work – Opportunities and Risk Management

This talk focuses on the emerging use of AI in actuarial work. Tom will share recent examples of where AI and machine learning has transformed traditional actuarial approaches.
 
Tom will also present an overarching risk management framework, that insurers can adopt and adapt to support their teams in their own AI journeys.
 
Opportunities:

• What are the key areas where insurers could deploy AI and what additional specific risk do these lead to?
• How can we accelerate model build using AI and open source frameworks?
• Analytics to transforming insurance reserving, using a "diagnostics-first" approach

Risk management:

• Where are we on the AI journey and what are the general risks that we will encounter on the journey?
• An analysis of the pros and cons of developing AI models internally vs use of “vendor models” like Chat-GPT.
• A framework for helping insurers manage AI risks.