PARS, Machine learning for valuation steering

PARS, Machine learning for valuation steering

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Standardization and automation are catch phrases that have echoed in the actuarial profession for decades. Yet the drive for more efficient processes is a dream for senior management that quickly turns into a nightmare for the very actuaries that are asked to implement them. In truth, actuaries are champions at designing models and finding pragmatic solutions, but often miss out the greater opportunities on a company scale. Plagued by the multitude of calculation models and project-specific requirements, defining a set of standard processes, yet alone keeping an overview of existing processes can pose a challenge that is hard to overcome. Much of these difficulties are not necessarily due to poor management but more to the complexity of the actuarial profession as a whole. The aim of this publication is to show how supervised machine learning elements can support management in steering valuation processes. Moreover, it simplifies the implementation of standardization and automation. In essence, an actuarial valuation can be broken down into four elements: A Project-Profile, Project-Activities, Project-Requirements and Project-Sources. PARS stands for the combination of these four elements and is also the name of a machine learning tool developed to that purpose. The presentation will feature a live-demonstration of PARS and its implications on automation and standardization.

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