Short Form Professional Development Videos - Challenges and Limitations of AI Data Recording

The following video from Joe Long, a consulting actuary and data scientist at Milliman, discusses the challenges and limitations of developing and using machine learning models, emphasizing the critical role of data quality and aggregation. It highlights the importance of understanding data nuances and ensuring alignment with business problems before model development. The script also covers the complexities of building and implementing models, adhering to Actuarial Standards of Practice (ASOPs), and addressing ethical implications in the insurance industry. Additionally, it underscores the need for standardization across diverse datasets and the practical challenges of deploying models in real-world scenarios. Finally, it emphasizes the actuary's role in transforming raw data into reliable models and ensuring fairness and equity in model applications.