The Future of Actuarial Science
How AI is revolutionising the field of insurance
Artificial Intelligence is everywhere. You might have noticed...
Artificial Intelligence is everywhere.
You might have noticed - it is slowly starting to transform the world we live in. In the insurance industry, actuarial science applies mathematical and statistical methodologies to assess and manage risk.
Like many industries, actuarial science is experiencing rapid transformations thanks to the emergence of AI. Let’s take a closer look at the future of actuarial science and how platforms (like ADA) are contributing to the revolution.
Limitations of Traditional Actuarial Science
AI and data science are also transforming actuarial science through development of predictive models. These models can scrutinise diverse data ranges, including demographic information, claims data and economic indicators.
These models can then anticipate future risks and identify possible losses. As a result, insurers can make more precise pricing decisions and enhance their underwriting process.
To conclude, the future of actuarial science is undeniably linked to the sustained advancement of AI platforms like ADA. New technologies of this nature are revolutionising the field, rendering it more efficient, accurate and effective.
As data volumes continue to surge, the significance of AI and data science in actuarial science will only amplify. MGAs who embrace these new technologies and adapt to the changing landscape will be well-positioned for success in the future.
Actuarial science traditionally relied on statistical models and historical data to evaluate risk and calculate premiums. Nonetheless, the ever-increasing volume of data in recent years has resulted in a more intricate actuarial process. This is where artificial intelligence comes into play. Enter ADA.
Capable of processing large amounts of data quickly and accurately, ADA enables us to offer our MGAs an online platform featuring dashboards with granular, near-real-time insights. Previously unattainable thanks to the complexities of the actuarial process, ADA makes it possible.Our Artificial Digital Actuary, ADA, can also automate several routine tasks that actuaries usually perform, including data cleansing and processing. This frees up valuable time for actuaries to concentrate on more intricate tasks, such as developing new risk models and analysing emerging risks.