Man versus Machine - the rise of the robo actuary
Actuaries Summit 2017
There is little debate that modern technology is advancing at an unprecedented rate. Many of these technologies that are on exponential growth curves, commonly referred to as exponential technologies, have significant potential to disrupt the insurance industry, the actuarial function and the work we do as actuaries. In an “eat or be eaten” environment, those who embrace the disruption will be the ones that survive and thrive.
This presentation will explore the disruptive, exponential technologies that may be relevant to actuaries, in particular RPA, and present survey results demonstrating current actuarial progress and thinking on the matter.
We will consider the implications of these technologies on actuarial work and more broadly, the actuarial function of the future, which may include resourcing model changes.
We will examine the challenges as well as opportunities presented to actuaries by robots, automation and cognitive computing, particularly in relation to the optimisation of core insurance and actuarial processes. These may take the form of robo reserving, robo underwriting, robo data cleansing, robo claims management and so on.
In collaboration with a Robotics Expert (Adam Karasiewicz), we will provide practical case studies in the insurance industry to demonstrate how robotics can be applied and the subsequent benefits.
This presentation can be found here.
About the presenters
Marc is a co-author of the Actuaries Institute Green Paper on “The Impact of Big Data on the Future of Insurance”, and has a keen interest on the future of the actuarial profession and ensuring actuaries remain relevant.
Gloria is a Director in the Actuaries and Consultants practice for Deloitte in Australia. She is a qualified Fellow of the Institute of Actuaries of Australia (FIAA) and has been working in the general insurance industry since 2001. Her insurance experience spans Australia, NZ and Asia, and includes fulfilling Statutory Actuary roles for a number of Asia-Pacific general insurers and reinsurers. Gloria is passionate about helping businesses transform their operations to capitalise on opportunities in the ever-changing landscape.
Adam is a Director within the Automate practice within Deloitte Consulting. His focus is to deliver automation solutions such as Robotic Process Automation(RPA) to clients looking for new and innovative ways to drive improvement into their teams.Adam is passionate about helping organisations and highly skilled professionals such actuaries continue to unlock their potential using technology.