2024 SOA ImpACT Conference - Session 2G: Embracing change - The Impact of Generative AI on Life Insurance Actuaries 10.28.24 Recording

In the last two years, the landscape of generative AI has evolved rapidly, showcasing significant enhancements in AI capabilities and expanding the spectrum of potential applications. This evolution presents both opportunities and challenges for the actuarial profession and the life insurance sector. This session will explore the implications of generative AI for actuaries and address several pivotal questions: - Nature of Change: Will AI represent an evolutionary advancement or a revolutionary transformation in actuarial practices? - Impact on Employment: How will AI affect actuarial jobs-will it lead to displacement, or will it serve to augment the capabilities of actuaries? - Organizational Readiness: Are current organizational processes conducive to adopting AI, or do they pose barriers? We will discuss necessary changes that could enable insurers to leverage AI benefits securely and efficiently. - Managing Human Aspects of Change: Change management is inherently complex. We will delve into strategies for individuals, the actuarial profession, and the broader industry to effectively manage the disruptions brought about by AI. This session aims to equip life insurance actuaries with the insights and tools needed to prepare for and navigate the sweeping changes that generative AI is poised to bring. Attendees will gain deeper awareness and understanding of how Gen AI will impact more broadly across their organization. They will be prompted to think more broadly on the subject rather than specific use cases, to consider wider operational and human impacts of Gen AI. This will include both positive impacts, to be capitalized, and negative impacts, to be understood and mitigated. The session will also afford the opportunity for the audience to share views and join in the discussion through polling and questions, and will therefore provide attendees with an opportunity to hear how others are considering these challenges.