Wednesday, December 15th 2021
This week in
How AI is changing the Actuarial Landscape.
This week’s must read
AI’s current objective is to employ powerful computing technology to assist people in making judgments that previously had to be made only by humans. Actuaries are hired to study data and render educated Actuarial Opinions in healthcare (and other industries). Although AI might assist in identifying things utilized in actuarial judgments, it would not be used to create Actuarial Opinions. Is AI going to abolish the need for Actuaries, or do Actuaries have to accept AI as a part of their future?
This Week’s Must Read is an insight piece from Joshua Axene, Axene Health Partners on how AI will impact the future of Actuaries.
Successful ARMs need educated decision-making, which is aided by risk quantification. This aids in a better understanding of the hazards, which in turn aids in effective risk management. Regular performance assessment is necessary because it is essential for tracking performance versus expected results. If you can’t measure it, you can’t manage it, and if you can’t manage it, you can’t improve it.
As technologies such as artificial intelligence (AI), machine learning, and automation usher in a new era of work, the future of actuaries is swiftly changing.
These tools, which use actuarial analytics, allow the actuary to take on the role of genuine business strategist, giving vital insights and bridging the gap between technology and strategy.
The effects of rising interest rates on life insurance products are examined in this article, with an emphasis on in-force retention, new business strategy, and third-party transactions.
Insurers wanting to optimize competitive advantage in a rising-rate environment will find crucial considerations and action items.
AI has recently made its way into popular culture as well as many parts of the business, including insurance. More and more insurers are realizing that technology like AI may provide them a competitive advantage. So, what factors have contributed to AI’s rise in recent years?
This week’s Consulting News
According to Mercer, the total value of bulk annuities, longevity swaps, and novel risk transfer solutions will exceed £60 billion by 2022.
Pent-up demand and improved affordability, as well as considerable increases in the funding levels of defined benefit (DB) pension systems in 2021, are likely to fuel the expansion.
More schemes than ever are becoming in condition to pursue a transaction, thanks to moves to de-risk investments, improvements in data quality, and clear intentions to address GMP equalization. | Emmanuel Ofosu-Appiah@Mercer
According to PwC’s analysis, investors would benefit greatly from a globally unified, uniform set of standards for gauging ESG performance.
Only one-third of investors polled believe the quality of ESG reporting is excellent, and less than half (40 percent) trust the information they acquire through ESG ratings and scores. | Kent Miller@Pwc
As of December 1, Material Economics, a major sustainability consulting business, has joined McKinsey.
This group of 30+ experts based in Stockholm, Sweden, specializes in assisting clients in developing sustainability strategies that emphasize “circularity,” detailed and data-driven approaches for sustainable materials systems in companies and across industries that maximize the use and reuse of products and materials. | @McKinsey
The Planet Group, an Odyssey Investment Partners portfolio company and a leading provider of outsourced human capital and consulting solutions, announced today that it has agreed to buy Strive Consulting, a full-service technology consulting firm that defines and implements strategic solutions to solve problems and deliver on digital transformation initiatives. | Elizabeth Spayne@The Planet Group and Jordan LeGaux Rachke@ Strive Consulting
This week’s media
In a TED talk, Dominic Lee, ACAS presents a framework for the actuarial profession to step into the future and claim its rightful place as a dominant force in the world of risk: Reimagine, Embrace and Explore.
Consulting sourcing tips
Implementing demand management for consulting services means building a decision-making process in order to filter the projects you want to launch based on their impact on your business and keep your expenses under control. It gives you a great opportunity to boost the transformation of your organization. Still, it requires some degree of centralization and transparency. So what’s the key to a successful demand management system?
Like for any other category, Supplier Relationship Management (SRM) is a Huge Topic for Consulting Services. The way Procurement manages Consulting Providers should fit in the overall SRM practices for the company.
Managing a consulting project is, first and foremost, about managing a project. You will need to manage three aspects to increase the likelihood of success: manage the stakeholders, manage the project and manage the change.
Previous Weeks’ issues
Laboratories must meet ever-increasing demands for accuracy and speed of analysis, as well as productivity and flexibility, as well as regulatory and environmental restraints. When people are involved, however, speed, quality, and reliability are especially difficult to harmonize. Automation is one option.
Toys are a crucial part of every child’s life, and with the advancement of technology such as cloud computing, machine learning, and facial identification, the toy business has achieved an unparalleled level of interaction with individuals. “smart toys” are interactive, intelligent, and assist a youngster in getting smarter.
Manufacturing companies have seen extraordinary disruption in the last year. The COVID-19 problem has expedited digitalization, increased the incidence of cyber assaults, and changed consumer behavior. The epidemic has exposed flaws in manufacturers’ end-to-end processes, emphasizing the need for increased resilience and agility.