Summer E-Forum Essays Explore Linking AI and Actuarial Science

The CAS 2024 Summer E-Forum features essays on the topic of “The Intersection of Artificial Intelligence and Actuarial Science.” Three are published in the E-Forum, including the prize winning essay by Ron Richman. Two other essays appear in the July/August 2024 Actuarial Review.

In “An AI vision for the actuarial profession,” Ron Richman envisions a natural evolution of actuaries adopting AI-based tools for actuarial tasks and upgrading their current tools, while remaining firmly committed both to the professional and ethical underpinnings of the actuarial profession.

“Emphasizing the Match Between Computer Model and Environment” by Paul Kutter, FCAS, CSPA, Ph.D., discusses how the newest leading computer models must predict more accurately and give more detailed data. Insurers need the competitive edge of these models or risk their viability. 

Sergey Filimonov’s “The New Insurance Toolkit: Human-AI Partnerships” discusses the evolution of AI and its applications in the insurance industry. Filimonov considers how human-AI partnerships can enhance efficiency, personalization, and fraud detection.

In AR’s “What AI Will Mean for the Actuarial Community” by Mario DiCaro, FCAS, CERA, the author posits that human judgment and management flexibility are still crucial, despite the transformative potential of AI in areas like predictive analytics and reserving. Practical constraints and regulatory oversight may limit AI’s immediate impact.

In "Can a Machine Learn to Do Actuarial Work? Is that the right question?" Betsy Wellington, FCAS, relates what she learned when she while attending a hands-on AI bootcamp.

Other E-Forum articles include an essay by Louise Francis, FCAS, MAAA, CSPA, on social inflation and an independent research paper by Joel Atkins, FCAS, Ph.D., CPCU.