The robots are coming: The future of the actuary
Speakers: Darryl Wagner, Caroline Bennet
The world is changing at an increasing pace and is disrupting everything from how one orders goods and services, stays in a hotel/AirBnB, to how they take a taxi/Uber. Increasingly, this disruption is affecting the workforce, particularly the daily activities and the work of "blue collar" professionals. But what about other professionals, will Actuaries be impacted? The simple answer is a resounding yes. The pace of this disruption will be increasing quickly, shifting the industry toward the new paradigm of the Exponential Actuary™.
Today, the Actuarial Profession is burdened with many lower cognitive and lower value activities to operate the business. A paradigm shift in technology, using such innovations as robotic process automation, will significantly impact the career path, the training, the necessary skillsets, and should unlock the potential capabilities of the Actuary of the future. There will be a fundamental opportunity for Actuaries to increase the value they add to the organization through the ability to provide more forward looking strategic insight, proactive business planning, and through war-gaming scenarios.
Simultaneously, the upcoming rollout of IFRS global insurance accounting framework will impact all global insurance organizations. As a result, there is going to be a significant influx in work that cannot be met within companies using existing Actuarial resources, tools, and processes. This increases the need for leveraging innovative technology, along with tapping into internal and external crowds.
This session will cover:
- An overview of the Future of Work for professionals and how that will differ from today's work environment
- Then, we will more specifically address how the Future of Work will impact Actuaries via technology and other disruptors
- Finally, we will go through several examples to illustrate