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Generative AI – A Roundtable Peer Discussion

June 2025

Author

Joe Alaimo, ASA, ACIA

Executive Summary

In March 2025, the SOA Research Institute convened a panel of industry experts to discuss the advancements and implications of generative AI (GenAI) in the insurance industry. The roundtable brought together actuaries from various sectors, including life, health, and property/casualty, as well as consultants from diverse firms. The discussion aimed to explore the current uses, challenges, and future potential of GenAI.

During the roundtable, the panelists discussed and covered the following key topics with respect to AI:

  • How GenAI is currently being used
  • Using vendor tools or building tools in-house
  • Privacy
  • Compliance, governance and ethics
  • Risk management
  • Model validation
  • Challenges
  • The impact on actuaries

A number of companies are exploring ways to use AI to assist with modeling. The current trend is to use AI in pre- and post-model data processing. Some of the panelists also use AI to generate test cases and testing documentation for model validation, as well as testing policy and cash flow calculations.

Other key areas where GenAI is currently being utilized include coding assistance, digital assistants, digital coaches, data summarization, retrieval augmented generation (RAG), and data analysis.

Material

Generative AI – A Roundtable Peer Discussion

Acknowledgments

The researchers’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the Project Oversight Group and others for their diligent work overseeing questionnaire development, analyzing and discussing respondent answers, and reviewing and editing this report for accuracy and relevance.

Project Oversight Group members:
Henry Chen, FSA, FCIA, MAAA
Yifan Zhang, FSA
Ying Zhao, FSA, MAAA, FRM

At the Society of Actuaries Research Institute:
Korrel Crawford, Senior Research Administrator
Dale Hall, FSA, MAAA, CERA, Managing Director of Research

The researchers’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the Project Oversight Group for their diligent work overseeing, reviewing and editing this report for accuracy and relevance.

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