2024 AI Insights for Actuaries: A Virtual Symposium -General Session- Opening Session - The Actuary in an Age of AI- Speaker: Ronald Richman 12.10.24 Recording

The actuarial profession stands at an inflection point, where choices made about embracing AI and machine learning will determine whether our profession thrives or merely survives in the age of AI. While recent developments in Large Language Models and multimodal systems are capturing attention, perhaps even more significant are the advances being made in adapting deep learning specifically for actuarial purposes - making these models interpretable, bias-free, and aligned with professional standards. Rather than viewing AI as a threat, we can see the emergence of the AI-enhanced actuary as a natural evolution, building upon the mathematical and statistical foundations that have been the cornerstone of actuarial work for decades. Through specific examples, we will discuss how actuarial expertise can be used to modify deep learning models to respect traditional actuarial principles while achieving state-of-the-art performance. This talk will also cover the proposed path forward – the AI-enhanced actuary – a role that thoughtfully integrates both general and specific AI tools into actuarial practice, presenting an opportunity for actuaries to shape how AI is deployed responsibly within insurance, actuarial work and potentially beyond.

Ron Richman is the Founder of InsureAI, a startup focussing on building machine and deep learning tools to improve actuarial processes. Before this, he was Chief Actuary at Old Mutual Insure, South Africa’s second largest P&C group, where he was responsible for oversight of all P&C actuarial activities across Old Mutual. Prior to this, Ron was Chief Actuary and Chief Risk Officer for AIG’s African entities. Ron is a Fellow of the Institute and Faculty of Actuaries (IFoA) and the Actuarial Society of South Africa (ASSA), holds practicing certificates in Short Term Insurance and Life Insurance from ASSA, a Masters of Philosophy in Actuarial Science, with distinction, from the University of Cape Town and has finished his PhD in applying deep learning in actuarial science at the University of the Witwatersrand. He chairs the Actuarial Society of South Africa’s Climate Change committee and the IAA’s ASTIN Board.

Recording Details

Competency:
- Business Skills for Actuaries
- Communication
- Communication and Influencing Decision Making
- Data Science, Analysis & Predictive Analytics
- Professionalism and Business Ethics and Diversity
Credit:

1.20 SOA CPD

1.00 CIA
Note:

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2024 AI Insights for Actuaries: A Virtual Symposium -General Session- Opening Session - The Actuary in an Age of AI- Speaker: Ronald Richman 12.10.24 Recording

On-Demand

Online

Recording Details