Life Insurers’ Actuarial Transformation Journey and the Impact of Analytics
Authors
Henry Chen, FSA, FCIA, MAAA
Mike Hughes, FSA, MAAA
Jasmine Lan, FSA, CERA, MAAA
Marshall Lin, FSA, MAAA, CFA
Nick Miller, FSA, CERA, FIAA
Tracy Zhang, FSA
Felishia, ASA candidate
Description
This research assesses the evolution of life insurers’ Actuarial Transformation efforts and the future outlook, with a focus on emerging Advanced Analytics techniques. For the purpose of this report:
- Actuarial Transformation (or Actuarial Modernization) is defined as a significant step change in an actuarial organization’s productivity and decision support capabilities resulting from improvements to the operating model (people, processes and/or data and technology); and
- Advanced Analytics are defined as techniques based on large volumes of data and statistical methods such as predictive analytics, artificial intelligence and machine learning (AIML).
The research was conducted through literature reviews, interviews with actuarial organization leaders, and an industry survey.
Materials
Life Insurers’ Actuarial Transformation Journey and the Impact of Analytics
Life Insurers' Actuarial Transformation Journey and the Impact of Analytics - Simplified Chinese
Thank You
The researchers’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the Project Oversight Group and SOA staff for their diligent work overseeing the scope development and reviewing this report for accuracy and relevance.
Project Oversight Group members:
Brett Heineman, FSA
Bruce Friedland, FSA, MAAA
Kashif Khalid, ASA, ACAS
Mujtaba Ali, MBA
Naxine Chang, FSA, MAAA
Paula Schwinn, FSA, MAAA
Qi Rao, FSA
At the Society of Actuaries:
Korrel Crawford, Senior Research Administrator
Emily Rafferty, Director of Business Insights, Strategy & Innovation
David Schraub, FSA, CERA, MAAA, AQ, Senior Practice Research Actuary
The researchers would also like to thank the companies and individuals who participated in the interviews and the survey.
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