AI for Actuarial Work: Opportunities and Risks
Artificial Intelligence is a natural extension of actuaries traditional quantitative methods. As such, actuaries should be the first users of advanced AI models. Indeed, these models provides ways to find new risk pools, improve computation time and manage more data. However A.I. comes with its own challenges and risks. These risks have kept A.I. out of insurance core practices: risk management and policies pricing whereas departments such as distribution, marketing, claim management and fraud have greatly benefited from it. The three main challenges are individualisation, explainability and ethics which we will cover during the presentation.
Marc Fiani is a Director in MetLife Actuarial organisation. He has a Master degree in Mathematics from Columbia University in New York. He worked for the past 5 years with actuaries within the company to improve business processes using Machine Learning and Big Data.