It’s gathering information on how actuaries are using AI and ML across all fields where actuaries are working. We’ve already discovered some interesting preliminary findings.
The survey is looking to collect information on:
• Areas of usage: where is AI and ML being used and in which areas of the profession
• Approach: what are the approaches being used and how are they chosen
• Governance: how do the governance processes in place compare to more traditional techniques
• Output: how is AI and ML impacting internal output for companies and how does the use, approach and governance impact the uncertainty around actuarial modelling
GAD actuary Sam Davies commented: “At GAD we’ve been using these techniques in our actuarial work for a few years. However, we are starting to see this become established practice for some actuaries, such as those working in non-life pricing.
“We are really interested to hear that even in these areas there can be some big differences in the approach taken to team setup and assurance.
“As well as this, we really want to hear from members of the profession who are seeing these techniques being applied in new areas.
“It’s great to have these tools available to complement established approaches. In some of GAD’s work, machine learning has been used to better predict things as diverse as drought in African countries and repayment patterns of borrowers.”
Preliminary research findings
The preliminary findings from the survey show that AI and ML are being used widely in general insurance, whereas other areas have seen less activity.
The survey is looking to capture information from all areas of the profession, so if you are using AI or ML in areas such as life insurance, pensions or investment, then please have your say and share your experiences in the survey.
Survey deadline
The survey, which takes about 15 minutes to fill in, will now close on 24 April. GAD is looking for more members of the profession to complete it across all areas of actuarial work.
If you complete the survey, you will receive a summary of the results and the opportunity to join the interview stage, where your experiences and views can be discussed further.
To have your say, the following link can be used to access the survey: FRC AI & ML Survey
Or by scanning the following QR code:
All information, views and opinions shared by companies or individuals in the survey and interview responses, will be fully anonymised in the reporting of research findings.
Interviews
The next stage of the research is to carry out interviews to go into more depth on the techniques and ways of working.
Sam added: “We hope to get a complete picture, not just of what is happening right now, but how practice will develop over the next few years.
“We are already seeing indications that organisations who have started using these techniques are much more likely to expand use in future years than those who have yet to take the early steps.”
If you are interested in contributing to the interview stage, please do get in touch at AI.MLSurvey@gad.gov.uk
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