Successful AI adopters encourage actuaries to become data scientists | The Actuary

Chris Seekings, News reporter at The Actuary writes, Empowering actuaries to become data scientists is a key feature of insurance companies successfully harnessing artificial intelligence (AI) to foster change, Microsoft has found.

AI shaking up insurance industry
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In a new whitepaper, the technology giant said that AI pioneers are moving away from the crude averages that still provide the basis for many actuarial and underwriting models.

It explains how formerly technical elements of data science are being automated and democratised, allowing actuaries to build and use new sophisticated AI models.

"The take-up of AI has become a key feature in driving business changes across the insurance journey lifecycle," the whitepaper says.

“New AI approaches allow companies to accurately depict multifaceted individual behaviour and build optimal risk profiles specific to an individual or event.”...

Moreover, AI can help companies make business decisions that drive positive social impacts, from health and wellness to natural catastrophe mitigation and planning.

As for customers, the researchers explain how AI can generate slick digital experiences, more personalised communications and quicker insurance payouts.
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Source: The Actuary