Course: Artificial Intelligence Meets the Pensions and Insurance Industries

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Beyond the Next Parliament: Siezing the Longevity Divid...

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Emotional intelligence and professional success: the ot...

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Life Conference 2020

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Membership and Education Working Party

Mortality Research Steering Committee (MRSC)

Optimising AI tool use in actuarial practice: managing ...

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XAI (Explainable Artificial Intelligence) Working Party

Actuarial Data Science Working Party

This working party will conduct a systematic review of AI applications in actuarial science, leaning towards practitioner's perspective. The aim of this study would be to investigate whether the pricing/reserving/capital (actuarially driven departments in insurance companies) could improve their output through the use of AI-based tools and why. Both cases, where AI does not bring satisfiable results that would justify disruption and the converse should be examined, yielding a clear view of the direction of the actuarial profession.

Chair: Karol Gawłowski

Established: 2023

Published Content:

The Actuary article: Gladiators, ready! Pricing models fight it out

neural networks

Data Science

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AI: A red eyed terminator or an actuary's best friend?

An online webinar delivered by John Taylor, immediate past-President of the Institute and Faculty of Actuaries. Despite long-running concerns that innovation could lead to widespread redundancy, technology has enabled greater productivity, created higher-value jobs and spurred us on to new heights. With artificial intelligence increasingly automating work undertaken by professionals, I look at the prospects for the actuarial profession in the era of unprecedented technological innovation. Whilst this “double-edged sword” will see some traditional actuarial tasks being automated, I contend it will create more opportunity for actuaries to contribute to a broader range of important issues such as climate change and consumer finances. Moreover, the prevalence of data provides a platform for actuaries to make a difference outside the traditional sectors of insurance and pensions.

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Applying AI – From Concept to Practice

380

Artificial Intelligence is heralded as a game-changer to the ways industries use data, with the insurance industry especially looking to embrace these new technologies. This brings many questions – not least around data privacy, ethics, potential biases and so on – with regulators increasingly interested in developments.

Moreover, whilst the stunning progress of specific technologies such as Watson and Alphazero made headlines some years ago, current commercial applications of AI remain far from mature.

Our two speakers from leading reinsurer Munich Re will share their experiences on both these areas. Frank Schiller will cover the conceptual framework needed for good governance, and Abhijit Pal will talk through some of the practical challenges of implementing AI to solve business problems.

For actuaries and data scientists this webinar will cover key current considerations in this important and exciting field.

Speakers: Dr Frank Schiller and Abhijit Pal, FIAI, FIA

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Artificial Intelligence Meets the Pensions and Insurance Industries

225

Now that AI has arrived, it is time to consider how we can harness its power and incorporate AI into our jobs every day. Over the past year, ChatGPT has become synonymous with AI and new tools are being released all the time. The pace of innovation is moving at an incredible speed. Please join us in this session with Sally Bridgeland and Stuart Breyer where we:

• go back to basics and discuss where AI works, and where it does not

• explore the practical applications to our sector and respective businesses

• discuss the ethical considerations in AI development

• debate the role of governance and risk management with AI

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Artificial intelligence thought leadership series: AI and the work of actuaries

304

Within modern society, artificial intelligence has long been a part of human innovation. Its increased prevalence in recent years has rocked society and captivated global interest. Many are now suggesting that the growth of AI is heading towards an inflection point. It could be capable of producing a technological renaissance akin to the rise of the internet or the splitting of the atom. But what does the rise of AI mean for the actuarial and wider financial services sector? Our thought leadership webinar series addresses this question. We draw on expertise from the worlds of policy, science, academia, and financial services to demystify AI and its growing role in society. We tackle the big debates around AI ethics and regulation and set out the work the IFoA is doing in this space. In the fourth and final webinar, we take a deep dive into what the increased prevalence of AI means for actuaries and their work. Both now and in the future.

Speakers Matthew Edwards, Atreyee Bhattacharyya, Catherine Drummond and Dr. Alexey Mashechkin

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Artificial intelligence thought leadership series: ethics and regulation

218

Speakers

Dr Cosmina Dorobantu, Matthew Edwards, Dr Florian Ostmann, Helene Panzarino and Andrew Strait

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Artificial intelligence thought leadership series: global impact and challenges

162

Within modern society, artificial intelligence has long been a part of human innovation. Its increased prevalence in recent years has rocked society and captivated global interest. Many are now suggesting the growth of AI is heading towards an inflection point. It could be capable of producing a technological renaissance akin to the rise of the internet or the splitting of the atom. But what does the rise of AI mean for the actuarial and wider financial services sector? Our new thought leadership webinar series addresses this question. We draw on expertise from the worlds of policy, science, academia, and financial services to demystify AI and its growing role in society. We tackle the big debates around AI ethics and regulation and set out the work the IFoA is doing in this space. In the third event of the series, we are joined by IAA President Charles Cowling, who will lead a discussion on: how the actuarial sector is reacting to AI developments globally how different jurisdictions are approaching this challenge

Speakers Charles Cowling, Bogdan Tautan, Fei Huang

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Artificial intelligence thought leadership series: keynote session

278

Within modern society, artificial intelligence has long been a part of human innovation. But its rapid advancement and increased prevalence in recent years has captivated global interest. In fact, many are now suggesting the growth of AI is heading towards an inflection point capable of producing a technological renaissance akin to the rise of the internet or the splitting of the atom. But what does the rise of AI mean for the actuarial and wider financial services sector? In our new thought leadership webinar series, the IFoA will seek to address this question. We will draw on expertise from the worlds of policy, science, academia, and financial services to demystify AI and its growing role in society. The series will seek to tackle the big debates around AI ethics and regulation and set out the work we as an organisation are undertaking in this space. In the first event of the series, we will be joined by Felicity Burch, Executive Director of the Centre for Data Ethics and Innovation. Felicity will deliver a keynote presentation focusing on exploring AI, by explaining what it is, the latest development in its capabilities, and where it is being used across society and financial services.

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Asia Conference 2020

5 (1)

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Beyond the Next Parliament: Siezing the Longevity Dividend

Events of the last five to 10 years have inhibited the British state’s ability to plan for and deliver ‘good’ long-term policy. From the UK’s departure from the European Union to COVID-19 and the war in Ukraine, the UK government’s capacity to think beyond a typical parliamentary term has been severely hampered. This isn’t a party-political criticism, nor a slight on our dedicated civil servants. It is an assessment of the various structural and behavioural barriers that prevent longer term thinking in our politics. As experts in long-term risk management, the actuarial profession is advocating a return to long-term policymaking. Last autumn we published our policy prospectus Beyond the next Parliament, to suggest ways in which government and others can take an alternative approach to ensure a longer time horizon is considered in the policymaking process. As part of this campaign, the IFoA hosting a three-part webinar series, focusing on the key policy areas addressed in the prospectus. In the second event of the series, we will focus on how the UK can seize the longevity dividend. Advances in medical care and living standards means the population is living longer, but is the UK equipped to deal with the policy challenges this brings? That’s the topic our pensions and social care experts will debate.

Speakers

David Sinclair

Catherine Foot

Anna Brain

Debbie Webb

Chair: David Heath

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CILA: AI – will actuarial input be replaced by artificial intelligence?

5 (5)

401

Part of the Current Issues in Life Assurance (CILA) 2023 Webinar Series We will consider how AI has been, and can be, used in the context of life and non-life insurers, as well as wider fields. We look at how ‘large language models’ work and their strengths and weaknesses. We will illustrate the use of this technology with the following use cases: IFRS 17 and AI – information search tool New AI coding assistant for actuaries How to prevent another global financial crisis. We will also consider WTW’s response to the recent consultation on AI in financial services.

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Creating Transformative Change in your Organisation

185

Have you ever wondered how to introduce change and encourage a culture of continuous improvement within your organisation? In this talk, we will discuss just that. The session will focus on three key areas: Real-life case studies from the industry – to give you some examples of transformative changes made by actuaries to large organisations, along with some tips and tricks to influence strategy, explore and implement new technology and really make a difference A view on the “operating model of the future” – including some views on how IT, Change and Finance functions can better work together to support strategic change and improve BAU processes Innovation insights – we will discuss our own experiences in developing a team of technology-enabled actuaries within our organisation, and how we go about developing and supporting a culture of continuous improvement and innovation.

Speakers: Will and Sian lead the UK Actuarial Technology offering for EY. This offering has three core focuses – actuarial modelling support (vendor-based), development of bespoke open-source solutions and research & development to identify new trends / offerings (including AI). They regularly bring new ideas and solutions to the insurance market in order to address a wide range of challenges, while also bringing their teams and clients along on the innovation journey. For example, since mid-2022 they have overseen the delivery of 600+ man-hours of actuarial technology training. Alongside this, they have successfully delivered a wide range of projects, from various tooling developments to some of EY’s largest actuarial transformation projects, and have supported clients with embracing cultural change in each of these.

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Data Science, Sustainability & Climate Change Working Party

This working party will:

• Look at applications of data science techniques to solve climate-related problems

• Produce related content, including in collaboration with the Sustainability Board

Co-chairs: George Tzougas and Debashish Dey

Established: 2022

Published Content:

Part 1 - Introductory analysis of S&P Green Bond Index
Classification of climate-related insurance claims using gradient boosting
Blog post: Time series analysis of S&P Green Bond Index
Time series analysis of GSS bonds Part 2 – Further univariate analysis of S&P Green Bond Index

Data science

sustainability

climate change

green bonds

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Data Science Virtual Conference

Actuaries in Data Science - reflections from the panel webinar
Data Science and AI cutting through the hype and doing right webinar
Actuaries Embracing Data Science webinar
Pathway for Actuaries into the field of Data Science webinar
Driving true customer value at Prudential Financial webinar
Machine Learning Actuaries webinar
Data Science Health Care: Leveraging Big Data in Predictive Modelling webinar
Data Visualisation as a powerful means of communication webinar
Machine Learning for Actuaries webinar
Emerging risk actuaries, artificial intelligence and the Board webinar
Advanced 'Big Data' Analytics for mortality webinar
Training a neural network to fit curves to claim data webinar
Case Studies in Machine Learning and AI webinar
Data Science Ethics Discussion webinar
The use of predictive analytics to enhance life insurance portfolio management webinar
Predicting the probability of a severe bodily injury in a car accident webinar
Risk Pricing with XGBoost webinar
You Can Code Your Own Way: Building Data Science Capability in Risk webinar
Re-think not re-write webinar
Data Science and Machine Learning meets Mortality Modelling paper
A Neural Network Extension of the Lee-Carter Model to Multiple Populations paper

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Data Science Working Party

Chair: Karol Gawłowski

Established: 2023

Published Content:

The Actuary article: Gladiators, ready! Pricing models fight it out

neural networks

Data Science

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Data Visualisation Working Party

This working party will investigate tools and packages available to perform data visualisation and produce outputs that conform to best practice in the area.

Chair: Stephen Windell

Established: 2020

Published Content:

Data Visualisation in Insurance presentation: Malgorzata Smietanka
Python for Excel GitHub article

Data science

visualistion

libraries

Data science

visualistion

python

excel

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Disrupting the investment management industry using AI

What are the advantages of using artificial intelligence (AI) in investing? What are the differences between traditional quant and AI? This new webinar discusses challenges and the future of AI in the investment sector.

Speakers Daniel Philps, CFA PhD, Head of Rothko Investment Strategies, and Raj Shah FIA, Assistant Portfolio Manager at Rothko Investment Strategies, will look at:

The difference between applying AI versus traditional quant investing
Where in the investment process AI can be used
How do we overcome inconsistencies in data via intelligent cross validation and error correction
Intelligent trading (reinforcement learning) and extracting alpha
What is the next generation of artificial intelligence and how do we look deeper into continual learning.

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Emotional intelligence and professional success: the other side of the equation?

5 (1)

154

Moving from expert to leader can be tough, especially when your expertise is all about data-driven decision making. Please join us in this session with Richard Galbraith and Clive Elwood. They will cover the biology of emotions and the importance of building emotional intelligence for leaders. Our panellists will share their experiences as technical experts, leaders, and coaching practitioners. They will explore ways in which we can all improve this aspect of our leadership.

Speakers:

Clive Elwood

Richard Galbraith

Nozipho Gazi

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Event Paper: GIRO 2015: Pragmatic Reserving Working Party: Wrap-up and next steps

Pragmatic Reserving Working Party:

Wrap-up and next steps

Alessandro Carrato and Markus Gesmann

16 June 2015

Contents

1. Wrap-up: The Ultimate View of Reserve Risk

2. Next Steps: 1yr View and Reserving with R

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Launch

Event Paper: GIRO 2015: Update from the PPO Working Party

Update from the PPO Working Party

Emma Potter – Towers Watson

Deputy Chair of PPO Working Party

Presentation to General Insurance Reserving Seminar 2015

18 June 2015

Agenda

• Reserving methodology

• Propensity

• Introduction of Irish PPOs

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Event Paper: GIRO 2022: D5 Understanding AI - eXplainable AI (XAI) techniques in practice

Agenda

1. ICE – Individual Conditional Expectation

2. PDP – Partial Dependence Plot

3. ALE – Accumulated Local Effects

4. XAI in

5. SHAP – Shapley Values

5.1. Adapting Shapley values to XAI

5.2. Observation level explanation

5.3. Variable level explanation

5.4. Model level explanation

5.5 SHAP in R

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Event Paper: TIGI 2019: Machine Learning: Now and in the Future

Andy Rigby & Renaud Million

Keywords: Core competency, modelling, modelling application, data, process, risk, drone, smart homes, technology

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Event Paper: TIGI 2019: Machine Learning: “Pricing” the Way Forward

Navarun Jain Actuarial Analyst Lux Actuaries & Consultants Dubai

Machine Learning – The Concept Gradient Boosters

• Decision Trees

• How Gradient Boosting works Artificial Neural Networks

• Structure and Architecture

• How ANN’s Work and Learn What does it mean to “learn”?

• Gradient Descent Applications to Insurance Data Interpreting Machine Learning Models

• Measuring Feature Importance

• Finding Variable Interactions

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Event Paper: TIGI 2019: Pricing Workshop – Overview and Practical Applications of Machine Learning Methods in Pricing

Bethan Faultless & Matthew Lambert

Context of machine learning in pricing
Decision trees • Random forests
Gradient boosting machines
Practical applications of ML techniques
Conclusions

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Federated Learning Working Party

The aim of this working party is to:

• Broaden knowledge of Privacy Preserving ML methods and their application in insurance industry.

• Popularize Federated Learning Machine Learning techniques.

• Increase awareness of the industry on how the technology might change the way insurance works.

• Understand potential difficulties and risks in adopting FL technology in insurance and attempt to address those issues.

• Understand when it is worth collaborating and when companies should rely on their own data.

Chair: Malgorzata Smietanka

Established: 2020

Published Content:

The Actuary: Pieces of the technology puzzle
SSRN Paper: Federated Learning for Privacy-preserving data access
Insurance: Collaboration without compromise
All together now: modelling claims using federated learning
Federated Learning: Collaboration with no compromise
Application of Federated Learning in Predictive Maintenance to Predict Remaining Useful Life
Splitting dataset for federated learning

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Generative AI: positive or negative force – a balanced view

5 (3)

288

There has much discussion around the world in the last few months, in various forums and in the media, about the use of generative AI. Some see clear opportunities for its use as a controllable tool across different professions. Others see major potential legal, reputational, and societal risks associated with it, particularly in the case of corporate reporting. Please join us for a lively debate on this topic with Claire Bodanis and Zhixin Lim. Claire Bodanis is Director of Falcon Windsor Ltd. She is a corporate reporting and communications specialist and author of ‘Trust me, I’m listed’. Zhixin Lim is Actuarial Head of Projects at HSBC. He has a passion for AI and tech and recently published the article ‘master the genie’ in The Actuary magazine. The webinar will be chaired by Richard Galbraith, Director of ERM at Canada Life. Richard is an actuary and an executive coach.

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Generative AI Working Party

The GenAI Working Party aims to explore, research, and provide guidance on the application of Generative AI in the fields of actuarial science, insurance, and finance. It seeks to assess the impact of AI on the industry, promote best practices, and develop strategies to leverage AI technologies for enhancing decision-making processes.

Chairs:
Lei Fang
Betty Zhu
Daniel Ramsay

Established: 2024

GenAI, Data Science, Actuarial Science, Insurance, AI Ethics, AI Applications

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GIRO 2023: Workshop E7: With great power comes great responsibility: professionalism and ethics for actuaries in data science

In the ever-expanding world of data science, machine learning, and AI, actuaries have access to unprecedented modelling power and opportunities for efficiency in their work.

But could actuaries be responsible for the next big data privacy scandal? Is following the letter of the law enough when it comes to AI? Just because you can, does it mean you should?

Using real examples and case studies, the Data Science Community – Professionalism, Regulation and Ethics Working Party explores the ethical use of these tools and talks through some of the regulatory and professional obligations actuaries should consider before embracing them.

Speakers: Murray Lidgitt, Hymans Robertson; Hazel Davis, Sabre

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GIRO Conference 2020: Developments in the Insurtech Scene

The IFoA GI Insurtech Working Party has been carrying out research focused on the four main technologies driving innovation in insurance: IoT devices and sensors; video, image and audio processing; blockchain and parametric solutions; AI, big data and robotic process automation.

We would like to present the findings to GIRO, including:

An overview of each technology
The applications to insurance
Data and analytics
The impact on actuarial work and opportunity
Examples of actual use cases

Speakers: Ed Plowman, Cherry Chan and Harjit Saini

GIRO 2020

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Hot Topics: A focus on AI

In the ever changing fast-paced world of Artificial Intelligence, we look to shine a light on the opportunities for Actuaries to expand their knowledge, network and keep ahead of the latest trends.

This Hot Topics page will be regularly updated over 2024/2025, with new content items added.

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IFoA Conference 2023 Workshop C: From bias to black boxes: understanding and managing the risks of AI – an actuarial perspective

"We will explore key issues and challenges in AI risk management from an actuarial perspective, based on discussions and outcomes from a transregional industry focus group. We will define the gaps and challenges faced when it comes to implementing and utilising modern modelling techniques from a risk-perspective, in the context of regulation, and discuss best-practice guidelines:

An overview of key issues related to data science and AI regulation and risk management Industry examples of the key modelling issues in traditional and non-traditional actuarial work Best practice and practical tips for AI risk management

Speakers: Valerie du Preez, Dupro Advisory Actuartech; Richard Galbraith, Canada Life"

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Life Conference 2020

Life Conference 2020, featuring the following sessions:

2030 – a view from the future - lessons in resilience and climate change risk management
Covid-19 – where are we now? A medical and an actuarial perspective
IFRS 17: So far, but we have another year to 2023!
Recent CMI activity: Implications of COVID-19 for future mortality
Shining a light on the “black box” of price optimisation
Part VII transfers in the current environment
Onboarding With-Profits: All in to last out
GBP inflation & the RPI curve: A tale of two halves
AI in an actuarial world: training a machine to assess matching adjustment eligibility
With-Profits - current areas of focus: A panel discussion
Sustainability and climate change: I’d like to help – but I’m an actuary
An alternative take on how to be 'professional'
Changes in insurers investment strategies
Weathering the Climate storm - creating an enhanced disclosure and climate scenario testing
IFRS17 – how do we explain ourselves better? Tackling analysis of change
The greatest threat to with-profits
International Capital Standards - an Equity Analyst’s views on ICS and current solvency/capital
Assessing Model Drift – Do internal models accurately reflect the risks that UK life insurers face?
ESG and climate change integration – the journey for life insurers
Application of machine learning techniques to financial reporting
What's a 1-in-200 year stress when you're in a market downturn?
Integrating ESG into long-term strategic asset allocation

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Life Conference 2023: Workshop B1: Generative AI: the biggest transformation since desktop computing

This session will illustrate the transformative potential of generative AI. It will do this through a range of concrete AI use cases, showcasing a wide range of powerful applications seen in this field. Most discussion of large language models (LLMs) focuses on their ability to write essays or computer code, which is impressive but less relevant to actuaries. Instead, this session will examine how LLMs can be augmented with insurance domain knowledge and be integrated into processes to accelerate actuarial modelling and financial reporting. This presentation will build on earlier versions presented at CILA and the Society of Actuaries, Ireland, with a wider range of practical insurance-related use cases. It will outline the workings of the LLMs that underlie tools like ChatGPT and Github Copilot. Given the rapid advances in this field, it will also provide an update on other leading AI models advances (that is, ‘non-ChatGPT’ models). It will discuss the pros and cons and potential future capabilities of these models. The agenda will cover: introduction to LLMs; AI use cases; expert systems; documentation generation; writing code; model translation; what’s new in 2023 ‘Q3.5’?

Speakers: Matthew Edwards, Daniel Ramsay, and Arlen Galicia Carreon, WTW

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Life Conference 2023: Workshop F: From Bias to Black Boxes - understanding and managing the risks of AI

This panel discussion will explore key issues and challenges in AI risk management from an actuarial perspective based on discussions and outcomes from a transregional industry focus group. The session will define the gaps and challenges faced when it comes to implementing and using modern modelling techniques from a risk-perspective, in the context of regulation. They will also discuss best practice guidelines and how to take a practical approach to AI risk management. Practical outcomes include: an overview of key issues related to data science and AI regulation and risk management from an actuarial perspective; industry examples of the key modelling issues in practice in traditional and non-traditional actuarial work; best practice guidelines for data science and AI risk management; practical tips for data science and AI risk management; This discussion is aimed at participants who are looking to implement AI or data science within their functions or looking to improve their risk management in these domains. No prior technical knowledge on the topic is required. Research findings from the working group is available on request at info@actuartech.com. Comments on the panel discussion are invited either before or during the session.

Speakers: Valerie duPreez, Dupro Advisory Actuartech, Richard Galbraith, Canada Life, Charles Cowling, Mercer, Perry Thomas, Chair of the AI Ethics Working Party, Kalpana Shah, IFoA President-elect

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Membership and Education Working Party

To support membership engagement and events on data Science topics.

Key objectives

• Members’ engagement and education (events, content)

• DS-support of IFoA Education (exams, etc.)

• Collaboration with DS WPs

• Content distribution channels

Chair: Alexey Mashechkin

Established: 2018

Published content:

Webinar: Actuaries in data science
Article: The data science process (28 August 2019)
Article: Statistics vs Machine Learning (5 September 2019)
Article: Fitting data with XGBoost (11 October 2019)
Paper: What Makes a Data Scientist? Author: Alex Labram

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Mortality Research Steering Committee (MRSC)

Chair: Karol Gawłowski

Established: 2023

Published Content:

The Actuary article: Gladiators, ready! Pricing models fight it out

Data Science; education; IFoA Education support

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Optimising AI tool use in actuarial practice: managing risks and ensuring quality

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212

In today’s rapidly evolving digital landscape, some actuaries are increasingly leveraging AI tools such as ChatGPT, Copilot, and Bard to enhance their work. While these tools offer numerous benefits, including increased efficiency and accuracy, they also introduce new risks that must be carefully managed. In this webinar, our guest speaker Jeremy (Jez) Bassinder, Watson X and Generative AI Leader for UK and Ireland at IBM, aims to provide some practical guidance for actuaries to safely and effectively use AI tools in their practice. Agenda: Understanding and mitigating risks associated with public AI tools Ensuring high-quality output when using AI Effective governance of AI tools IBM’s approach to AI tool governance Q&A session (20 minutes) This webinar is promoted by the AI Ethics Risks Working Party of the IFoA’s Risk Management Research and Thought Leadership Committee. Perry Thomas is Chair and Jerome Nollet is Deputy Chair. It is important to note that neither the IFoA nor any of its members or parties endorse any software, tools, or products that may be discussed or presented during the webinar.

Speakers Jez Bassinder, Perry Thomas and Jerome Nollet

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Personal impact for professional success

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137

How we communicate ourselves and engage with others at work is key to professional success; we do not work independently of others. Please join us in this session led by Joanna Gaudoin, where we will look at: • what personal impact really is • why it matters • the key ‘tools’ you have to improve it to build better relationships at work – for both the short and long term You will leave the session with practical tips you can put into practice. Joanna Gaudoin (MD, Inside Out Image) spoke at our popular past webinar ‘Skills to future-proof your career’ (6 November 2023), covering a number of key skills. She is kindly leading this follow-up session to cover the personal impact topic, which appeared to create a great deal of interest in the audience.

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Presidential Speaker Series with Sir Adrian Smith - Mathematical Futures: The Actuary in a World Transformed

Sir Adrian Smith will outline how advances in data science, machine learning and artificial intelligence in the world of big data will transform the nature of many industries, including financial services. The broader environment within which mathematics is applied will change rapidly, often led by innovative yet disruptive forces outside. These changes will undoubtedly have an impact on the work of actuaries - and the profession will need to adapt quickly to thrive. Actuaries are well-placed to consider the long-term implications of a world in which data technology informs not just traditional actuarial sectors of insurance, pensions, risk, investment and healthcare, but also to drive policy decisions to address broader societal challenges. Sir Adrian will encourage the profession to step out of its traditional areas of strength, with a more ambitious mindset, to take advantage of the opportunities that these sweeping changes will provide. This is not just about embracing the skill sets which are required in the digital world; a whole new mindset and reinvention are necessary. There is also a heightened need for leadership to identify and develop the appropriate talent for new, emerging roles. Given the IFoA’s public interest perspective, the debate is not just about innovation in data technology but must include fostering trust in data through good ethical practice. Sir Adrian will also speak to the profession’s responsibilities in the ethical implementation of data science and the need for new standards, regulation and transparency to protect society in this new world. John Taylor and Marjorie Ngwenya will join the session as panellists. John will focus on the links between data science, AI and the IFoA's Great Risk Transfer work, and Marjorie will debate how the profession ensures that existing and new technologies work to the benefit and purpose of people.

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Sessional meeting: actuary GPT – applications of large language models to insurance and actuarial work

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Recent advances in large language models (LLMs), such as GPT-4, have spurred interest in their potential applications across various fields, including actuarial work. This paper introduces the use of LLMs in actuarial and insurance-related tasks, both as direct contributors to actuarial modelling and as workflow assistants. It provides an overview of LLM concepts and their potential applications in actuarial science and insurance. In this webinar, we will: explore the main elements of this paper: what LLMs are and their uses including 2 case studies close off on a discussion of risks and new developments since writing

artificial intelligence sessional research

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Sink or Swim: An Actuary's Primer to Water Risks

New

Given the increasing focus on water risks, the International Actuarial Association have convened a task force to provide appropriate guidance to the actuarial profession. Following the publication of the first paper “Sink or Swim: An actuary’s guide to water risks” this webinar will cover the current and future risks of water to the actuarial profession.

Speakers Emily Forsyth-Davis, Sara Goldberg, Hayley Clarke and Lylah Davies

artificial intelligence sustainability climate risk

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Statistical learning in actuarial applications Working Party

Statistical Learning in Actuarial Applications The aim of this research is to construct highly flexible actuarial models such as:

• finite mixture regression models for the number and the costs of claims

• univariate and multivariate regression models with varying dispersion and shape for claim frequencies and severities

• copula-based models with regression structures on the mean, dispersion and dependence parameters for different claim types and their associated claim counts and costs

• dependence modelling in risk management and sensitivity analysis

• first-order integer-valued autoregressive INAR(1) regression models with varying dispersion for time series of claim counts

• neural network embeddings of the aforementioned models which are able to capture the stylized characteristics of structured, semi-structured and unstructured insurance data

• classification of green bonds using statistical learning methods and decarbonization

• Gaussian process spatial-temporal regression models; and

• heavy tails and extremes in spatial and temporal settings.

Chair: George Tzougas

Established: 2020

Published Content:

Bivariate Mixed Poisson Regression Models with Varying Dispersion
The multivariate mixed Negative Binomial regression model with an application to insurance a posteriori ratemaking
A first-order binomial-mixed Poisson integer-valued autoregressive model with serially dependent innovations
Applying Analytics in Embedded Insurance
EM Estimation for the Bivariate Mixed Exponential Regression Model

Data Science; Statistical learning; poisson; regression; models Data Science; Statistical learning; Data Science; Statistical learning; Poisson; models Embedded insurance; data science; anaytics Data Science; Statistical learning; bivariate, regression

data science working party artificial intelligence

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Supervised learning Working Party

Experiment with methods including feature engineering and data management to improve supervised learning model prediction accuracies.

Chair: Neptune Jin

Established: 2020 – 2023

Published Content:

Modular Framework of Machine Learning Pipeline
Differential Privacy and Fairness in Automated Decision Making
Examples of Potential Actuarial Applications

Data science; machine learning; actuarial control cycle Data Science; automated decision making Data Science; models; applications

artificial intelligence working party data science

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The value of digital mental health tools in insurance

Join us for an insightful webinar hosted by the Mental Health Working Party. This session aims to explore the potential value of digital mental health tools in life and health insurance. This meeting will be chaired by Lisa Balboa who co-leads the working party. We have on our panel 3 digital mental health providers: Thrive, Headspace Health, and Dialogue. They will be joined by Dr Tarun Gupta, Chief Medical Officer of L&G, adding a wealth of clinical experience to the discussion. This session is about understanding the impact and value of these digital tools in the insurance value chain. It offers insights into some of the different types of providers and the value digital mental health tools can provide in life and health insurance. Our panellists will bring this topic to life with real-world examples and insights, making it a practical and interesting discussion. Dr Gupta will also provide his first-hand clinical experiences with such tools. The session will conclude with an interactive Q&A, providing you with an opportunity to engage directly with our experts.

Chair: Lisa Balboa.

Speakers: Frank Cheung, FSA, MAAA, Tarun Gupta, Martin Jervis, Simon Miller and Wendy Rose

artificial intelligence health and care

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TIGI Conference 2019: Plenary 1 - Machine Learning: Now and in the Future

Machine Learning: Now and in the Future

Andy Rigby & Renaud Million

25 April 2019

Machine learning has now become “mainstream”
But current applications limited: – Pricing (risk and retail/behavioural) Reserving
Looking at other industries and emerging trends, applications could be much wider
A whistle -stop tour through other applications to show both potential benefits and risks/challenges:
- Core competencies
- Non-core competencies

the conference collection artificial intelligence event paper general insurance

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Transforming Underwriting & Claims with Gen AI where do we stand

4 (1)

The aim of this presentation is to present the potential and latest advances of GenAI in streamlining life & health underwriting and claims processes. These processes currently involve a large manual effort for a significant proportion of customers, as the risk is often controlled by reviewing unstructured medical evidence. GenAI enables much more effective and accurate automated analysis of evidence, compared with pre-existing technologies. The presenters will also explain why they believe that GenAI solutions will become a commodity and why our underwriting and claims teams need to shift their knowledge and expertise to make the most of GenAI solutions. Underwriting and claims expertise will become essential in helping to build solutions (e.g. through prompt engineering) and in using them effectively in daily operations (e.g. case summaries and auto-decisioning).Presenters will also introduce the tech behind AIssistant, a GenAI solution already live and built by SCOR teams, which helps streamline our underwriting and claims operations.

Speakers Antoine Ly, Chief Data Science Officer, SCOR | Debbie Bolton, Remark Group

arc health and care artificial intelligence

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Why data science and AI needs us more than ever

177

The Southampton Data Science Academy and the IFoA present:

Why data science and AI needs us more than ever

Speakers: Dame Wendy Hall, DBE, FRS, FREng (keynote), Melanie Zhang FIA, Stuart Coleman SDSA, Colin Thores IFA, IFoA

artificial intelligence data science

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XAI (Explainable Artificial Intelligence) Working Party

The aim of this working party is to:

• Demonstrate concepts behind XAI to IFoA members with a view to myth busting the notion that “Machine learning models are black boxes”.

• Provide guidance notes around embedding XAI practices in any future actuarial work relying on AI. (Note that there is potential crossover here into Ethical AI and attitudes to AI in general).

Chair: David Bennett

Established: 2017

Published Content:

All clear: How Shapley values make opaque models more transparent

data science artificial intelligence working party

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Artificial Intelligence Meets the Pensions and Insurance Industries

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Artificial Intelligence Meets the Pensions and Insurance Industries

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