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Actuarial Model Validation

In this episode, Joe Alaimo interviews Jeremy Levitt to explore the critical role of model validation in actuarial practice—what it is, why it matters, and how to do it effectively. From technical procedures to strategic impact, we break down the components of a strong validation framework and discuss how emerging technologies like AI are reshaping the landscape.

In this episode Joe Alaimo interviews Jeremy Levitt.  Actuarial models are central to decision-making across insurance, finance, and risk management—but without proper validation, even the most sophisticated models can lead to costly errors. In this episode, Joe and Jeremy take a deep dive into model validation: defining its purpose, outlining key procedures, and highlighting the risks of getting it wrong. Jeremy shares expert insight on balancing thorough analysis with real-world constraints like timelines and budget, while also addressing cultural and structural barriers to effective validation.

We also explore how AI is beginning to influence model validation, from automated testing to AI-driven challenger models. Whether you're a practicing actuary, a risk professional, or a stakeholder relying on actuarial outputs, this conversation offers valuable guidance on how to build confidence in your models—and the decisions they support.

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Publication Date: 9/4/25