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