Actuaries have been doing data analysis since centuries. I will give you an example of an actuary doing this perhaps for the first time in history. Another example is recent and still developing. These examples show that we have the technical skills to do the analysis.
In addition it is the aim of our profession to contribute to the well-being of society, which is also at the core of our code of conduct. So, in my view, we have the perfect combination of technical skills and ethical behaviour to play a leading role in this area. Talking about ‘ethics’: the publication of the work of my first example resulted eventually in a horror story… The second example is with that background much more energising!
That actuaries are in a good position to play an important role in data analysis and data ethics is proven by the fact that there is strong actuarial involvement in EIOPA’s Consultative Expert Group on Digital Ethics in Insurance. All three workstreams are led by an actuary!
I will update you on the work of this important group.
To conclude my intervention at the conference I will share some ideas on how we perhaps can measure economic activity in a different, more human-centered, way. And where data analytics and ethics could play an important role.
Falco is an independent consulting actuary, entrepreneur and investor. He was elected in The Netherlands on 30 September 2014 “Actuary of the Year 2014”. In over 30 years professional experience with large consulting firms (Towers Watson and others) he has built up in-depth expertise in the field of pensions. He is Chairperson of the Actuarial Association of Europe and closely involved with pension developments in Europe. He is also Vice-Chairperson of the Occupational Pension Stakeholder Group of the European Insurance and Occupational Pensions Authority (EIOPA). Falco believes that there is a growing need for innovation in pensions. He is interested in the link between six P’s: People, Planet, Profit, Pneuma, Pension and Pride. He is supporting two initiatives as an investor: PensioenPod (consumer centered holistic communication tool) and Surance (offering every individual a tailored retirement savings scheme with maximum control and flexibility).