Actuarial Data Science – What Does This Mean for the Role and Skills of an Actuary in the Future?

Actuarial Data Science – What Does This Mean for the Role and Skills of an Actuary in the Future?

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The know-how of an actuary will include the dealing with large and unstructured data and machine learning techniques. Hence, actuarial science will consist of the new topic called actuarial data science. In some areas data science plays already an important role such as for example in non-life pricing by the means of telematics data and the machine learning techniques used to analyze them. In contrast reserving, risk management and ALM are struggling more with including data science methods. Nevertheless, data science methods and techniques will be an essential part of an actuary’s toolbox in the future. Actuaries will step more and more into the role of an actuarial data scientist, and there will be a stronger collaboration of actuaries and data scientist. Indispensably, the traditional skills and know-how of actuaries remain important for the future as well.
In this talk, we will present the vision, the strategy and the implementation of actuarial data science within the Swiss Association of Actuaries (SAA), driven by its dedicated working group. We will discuss the recent achievements and the next steps ahead.

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