Through a variety of roles and responsibilities, actuaries play a pivotal role across industries. Combining deep industry expertise and analytical capabilities, actuaries have a unique skillset that is leveraged across insurance product development, pricing, reporting & reserving, risk management, and research & development. Actuaries are also taking on non-traditional roles within and outside of insurance.
But the environment the actuary works in is changing rapidly. Widespread changes in technology, the growing influence of data science, regulations, climate change, global challenges like COVID-19, and the ability to collect; store and interpret vast amounts of data all heavily influence the actuary’s role and the new challenges they face today.
Due to the unique and central role actuaries play in some of the world’s largest companies, understanding how the role of the actuary is changing is important. It allows us to make sense of how new technologies, data capabilities, and analytics impact actuaries and the companies they work for as they consider the opportunities and challenges these aspects bring.
We sought answers to two key questions in the ‘Evolving Role of the Actuary’ study, in the context of the business problems they face:
1 — How has the role of the actuary recently changed in response to new circumstances?
2 — How will the role of the actuary continue to evolve in the years to come?
Montoux and Actuartech are proud to bring you ‘The Evolving Role of the Actuary,’ a study which digs into what the modern actuary looks like, challenges and opportunities facing the role of the actuary today, and what the actuaries of tomorrow could look like. Our team interviewed and studied actuaries around the world to understand how the actuarial role is affected by these changes.
The study explores themes around professional training, emerging technologies and automation, the impact of climate change, COVID-19, and data science. It considers the future role of the actuary, examining areas where actuaries are likely to play a role in the future and the tools and skills involved. Our findings paint a picture of business professionals that could be empowered by data science and technology, continuing to help companies, communities, and governments identify, understand, and mitigate current and new risks, as well as supporting company growth and strategic direction.