What would I do as an actuary?

#fredwagner: About the future role of actuaries, big data and artificial intelligence

IT finance magazine / PP23. October 2019News, Media
#fredwagner - InsuranceTV
#fredwagner (from InsuranceTV) is a monthly video format for the insurance industry on www.insurance-tv.de. As a joint project of the V.E.R.S. Leipzig and FinanzplanerTV, which has been reporting from the insurance industry in the form of video reports for over seven years, InsuranceTV is aimed at decision-makers and executives: Background reports, reports, panel discussions and interviews with protagonists of the industry are available free of charge on the Internet at any time.
What has the German Actuarial Association (DAV) set out to do? Are insurers increasingly becoming data octopuses? And what potential does artificial intelligence offer to do the work of actuaries more effectively and efficiently? Dr. Guido Bader, board member of the Stuttgarter Versicherung and chairman of the DAV, in an interview with host Prof. Dr. Fred Wagner (#fredwagner).

In the sixteenth issue of the video magazine #fredwagner, Dr. Bader, among other things, that big data and artificial intelligence (AI) will play an increasingly important role in the work of actuaries. Artificial intelligence could be used, for example, to model large amounts of data and prepare it for analysis. So far, actuaries have been using mathematical-statistical methods to derive correlations in order to assess risks. With the help of AI, this work could be done more efficiently.

Does AI threaten actuaries?

When asked whether artificial intelligence would endanger the profession of actuary, Dr. Bader said that AI would not replace actuaries, but would make their tasks even more demanding, because logarithms would have to be checked, for example. The number of actuaries required would therefore even increase rather than decrease.

The entire interview with Dr. You can find Bader here. You can find more #fredwagner episodes on www.insurance-tv.de.pp

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