This video, hosted by Dale Hall of the Society of Actuaries Research Institute, introduces actuaries to Large Language Models (LLMs) and their practical applications. It is based on a research report titled Operationalizing LLMs – A Guide for Actuaries. The report explains what LLMs are, outlines major providers, and discusses how to select and evaluate models based on task complexity, cost, and deployment needs. The guide emphasizes the importance of prompt engineering, retrieval-augmented generation, risk management, and governance in applying LLMs responsibly. Actuaries are encouraged to experiment with LLMs but to do so with discipline, testing, and awareness of ethical and operational risks.
Contributors: Dale Hall, FSA, MAAA, CFA, CERA ; Lisa Schilling, FSA, EA, FCA, MAAA; Scott Allen, FSA, MAAA; Jon Forster, ASA, MAAA