The Rise of the Exponential Actuary
The Transformation of the Actuarial Profession
AI. Automation. Machine learning. The rise of technology is rapidly creating a new future of work. And it’s gathering speed, redefining jobs and transforming entire professions by enabling humans and machines to work together side by side. As this exciting future unfolds, the actuarial professional is changing dramatically – opening opportunities for actuaries to take on dynamic, new business roles.
In addition, global and local regulatory requirements such as the International Financial Reporting Standards (IFRS) promise fundamental change. These collective forces are revolutionizing not just how actuaries work, but the value they deliver to their organizations. Deloitte believes actuaries now face a unique opportunity to play a more central, strategic role in their organizations – what we call the Exponential Actuary. The Exponential Actuary will leverage the power of automation to move beyond the role of data steward and model builder. Actuaries have the opportunity to spend more time as business strategists and offer critical voices on C suite issues. They will influence how a company optimizes shareholder returns. Shape how a company maximizes return on capital. And harness data to influence core strategic questions like which products to sell, what markets to enter, and how to better manage inforce business. Blending technical expertise and business knowledge, the Exponential Actuary will become a catalyst for strategic decision making at the highest levels of the company.