2023 ImpACT Conference - Session 9G: Actuaries & IT: Working Together for Better Data 10.25.23 Recording

Actuaries too often get pulled into data management activities, taking them away from the analysis work they enjoy and were hired to do. Without a good relationship between actuaries and IT, this can persist even at companies that have been through finance transformations. Gain insight as we focus on the important relationship between actuaries and IT, and how they can work together on best practices for extracting, managing and using the policy data needed for actuarial models. Join our discussion on a variety of data governance and control practices used when extracting policy data from administration systems. Actuaries and IT must work together to create clear data dictionaries that fully document all steps taken as policy data runs through the exchange, transform and load (ETL) processes prior to being used in actuarial models. Listen in as we address other issues, including setting up comprehensive test plans for accurate data mappings, granularity considerations such as seriatim versus cohort level data, establishing fund value rollforwards and other controls, the roles of automation and backcasting, and detailed data review techniques such as regression testing and inventory distribution reports. Find out more about topics that will be presented from the actuarial, IT and auditor perspective. By the end of this session, you will be able to evaluate the effectiveness of your relationship with IT, and explain how actuaries and IT can work together to create clear and well-documented data dictionaries, set up proper data governance and control practices, and appropriately test and review data for accuracy. TRACK: Technology/Model Development/ Artificial Intelligence/Machine Learning;Other (DEI, Professionalism, Leadership, Communications, Business Skills, Bias Topics, Etc.)