ARECA Hosted the “Applied Data Science with ChatGPT” Workshop in Singapore
On 11 December 2024, CAS ARECA hosted the “Applied Data Science with ChatGPT” workshop physically in Singapore, designed for actuaries to enhance their data analysis skills without the need for coding. The event saw strong participation, including three attendees from overseas, one of whom traveled from Taiwan, reflecting the huge interest in AI tools for actuarial work.
The workshop began with an introduction to data science from an actuarial perspective, highlighting how ChatGPT Plus can assist with data analysis and predictive modeling. This was followed by a hands-on session featuring the Kaggle competition “Predicting Housing Prices in Ames, Iowa.” The first exercise demonstrated the accessibility of ChatGPT with a quick-start task to predict prices using a simple prompt, providing final results within seconds, albeit without the ability to understand or explain the results. The second exercise, with ChatGPT as a assistant, guided participants through a step-by-step process using prompt engineering, covering data analysis and processing such as relationships between variables, missing values, and encoding. Participants then explored modeling techniques, including regularized linear models, random forests, and ensemble methods, before visualizing results and generating a report ready for executive presentation
The session concluded with a networking event, providing participants an opportunity to connect, share insights, and strengthen professional relationships. The workshop received overwhelmingly positive feedback, with participants requesting more similar sessions to further develop their skills.
We extend our gratitude to Wei Chyin for volunteering his time and expertise as the workshop facilitator, Jing Yean and Jeremy Lian from the ARECA committee for organizing the event, and WTW for sponsoring the venue.
The success of this workshop reaffirms our commitment to empowering actuaries with practical tools and fostering a collaborative community. We look forward to organizing more sessions that combine innovation, learning, and connection.
