2024 ValAct Meeting Virtual - Session 5A: Revolutionizing Actuarial Assumptions: AI/ML Power with Responsible Governance 9.18.24 Recording

The insurance industry hinges on accurate actuarial assumptions. This session explores how insurers can leverage AI/machine learning (ML) to unlock greater accuracy and granularity in assumption setting, while effectively managing risks, implementing strong governance frameworks, and meeting validation expectations from regulators. Learning objectives will include: 1. Exploration of the use cases of AI/ML in actuarial assumption setting for areas like mortality, morbidity, lapse, and expense assumptions 2. Understanding the potential benefits and limitations of AI/ML in actuarial assumption setting 3. Identification of key risks associated with AI/ML, including explainability, bias, and data quality 4. Exploration of best practices for governance frameworks to ensure responsible and ethical use of AI/ML 5. Knowledge of validation expectations from regulators and how to meet them in the context of AI/ML-driven assumptions