changing landscape of the actuarial profession
TRANSCRIPT
Changing Landscape of the Actuarial Profession
Mahidhara Davangere VMBA, MFC, MSc (Maths), Associate Actuary (UK)
Managing Director, Pramartha
The World around us is changing
Businesses undergoingsignificant change
TECHNOLOGY AND LARGE VOLUMES OFDATA
TRANSFORMING BUSINESS
Changing Customer ExpectationsThe Explosion of Data
Changing Risks Transition in theWorkforce
Drivers of Change –Data Science and Analytics
Data Science and Analytics –a necessity
What is Data Science?
A Multi disciplinary subject -Simplified
Technology
ResearchMethodology
Statistics
Data Science – Behind the Scene
Data Science – Behind the Scene
Actuaries produce the NABOnline Retail Sales Index
More examples Data Science at Work
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NetworkOptimization
CancerResearch
PriceOptimisation
RaceOptimisation
PerformancePredication
CustomerInteraction
TrafficAnalysis
ConnectedVehicle
Insurance Industry Disruptions
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“By 2020, Internet of Things spendingwill rise to $3 trillion and nearly
30 billion devices”
Insurance data will grow
94%,
84% of which isunstructured
Organisations looking to movefrom Descriptive to Cognitive Solutions
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CognitiveHow can we learndynamically?
PrescriptiveHow can we achieve thebest outcome?
PredictiveWhat could happen?
DescriptiveWhat has happen?
.
Learning ModelsExperience Memory
OptimizationModelsRecommendations
Predictive ModelsScores
ReportsDashboardsVisualization
Businesses needs - Insights
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Actuaries as Data Scientists –or perhaps “Business Scientists”
Programming & data
manipulation Understanding algorithms
andvalidationframeworkBusiness knowledge
+ company data
Codingskills
Maths&Stats
BusinessKnowledge
Actuaries – the required skillset
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Let Machinesdo the coding
Off theshelfalgorithmsfrom opensourceWorkingknowledgeis sufficient
Actuariescollaborating withother professionals
Codingskills
Maths&Stats
BusinessKnowledge
Programming & data
manipulation
Understanding algorithms
andvalidationframework
Businessknowledge +
company data
ECONOMICSMODELLING &PROGRAMMING
A Multidisciplinary SubjectActuarial Science
MATHEMATICS
ACCOUNTSSTATISTICS
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Evolving Actuarial Profession• 2019 Curriculum change bringing it closer to Broader Data
Science skillset• CT Series transformed to Core Business, Core
Statistics and Core Modeling• R programming integral part of syllabus across all
the Actuarial Associations
• Introduction of various roles for Actuaries besidesFellowship• Chartered Actuary (for Associates as Generalists)• Chartered Enterprise Risk Actuary (CERA- risk related
roles)• Certified Actuarial Analysts (CAA – at entry level)
www.actuariesindia.org
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Initiatives of ActuarialInstitutes around the world
• Actuarial Society of South Africa – Business IntelligenceForum
• The Actuaries Institute - Australia – Data Analytics WorkingGroup
• Canadian Institute of Actuaries – Predictive ModellingCommittee
• Casualty Actuarial Society – New Qualification CSPA• Institute of Actuaries of France – Big Data Committee• Institute and Faculty of Actuaries – MAID Working Party
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Working Group onWider Actuarial Applications –Next Steps1. Research2. New approaches to current actuarial work3. Possible ideas and solutions in new
opportunities from actuarial work4. Implications for professional affairs5. Collaborations with
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The Road Ahead
• Data Science, Artificial Intelligence, MachineLearning, Internet of Things and the everchanging innovations represents a majoropportunity for the actuarial profession
• Co-operation between different actuarialassociations will enable the profession to makethe most of the opportunity otherwise we maybecome marginalized
MAHIDHARA DAVANGERE VEmail: [email protected]
Australia |India | Kenya | Malaysia | South Africa | UAE | US |Zimbabwewww.pramartha.com