Charity never faileth

Esko Kivisaari

Chairperson AAE Artificial Intelligence – Data Science Working Group

 

Large Language Models (LLMs) like ChatGPT might finally bring with them the long-awaited benefits of AI. It is not clear what they will mean in practice and how fast their adoption will be.

While LLMs have stolen a major share of publicity AI is also proceeding in other areas. It has been used, e.g., in opening the folding of proteins (previously thought to be an impossible feat) and finding prototypes for new antibiotics (critically helpful with more and more resistant bacteria). Actuaries need to understand the possibilities and threats introduced by AI. We might see in the coming years an ActuaryGPT (Generative Pretrained Transformer) giving us better tools in our day-to-day work. We should also think of unsolved actuarial problems that could be manageable with AI, mirroring the successes with proteins and medicine.

Actuaries need to understand how they can, based on their long experience with complex models, bring their expertise to this novel area, and also warn of the possible dangers with models that might be used when assumptions they are based on are not valid or when the tools are used in areas where their validity has not been tested. Actuaries can also help regulators in safeguarding that new legislation like the AI Act will be successfully implemented. One element of this will be to develop tools in explainable artificial intelligence (XAI).

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ECA 2024: Registration is open!

On 6 and 7 June 2024, the Actuarial Association of Europe (AAE) will hold the 5th European Congress of Actuaries (ECA 2024) in Rome, Italy.

Over 350 experts and executives from Europe and beyond are anticipated at this year’s congress. The onsite program will showcase inspiring keynote sessions by renowned speakers, alongside parallel sessions covering the full spectrum of actuarial subject areas.

 

Book your ticket now!

Registration for ECA 2024 has just opened!

Make sure to save your spot and do not miss this extraordinary conference. Admission for delegates and academics includes access to the congress sessions and the evening event on June 6, 2024.

Please note that the attendance fee is per person and subject to VAT at the applicable rate.

Find further information  here.

 

Fee Early Bird  Regular
Delegates 700 € 850 €
Academics 650 € 750 €
Accompanying Persons 120 € 140 €

Early Bird deadline: 15 March 2024

 

Program
Guided by the theme ‘Managing uncertainty in a changing world – Assessing risks sustainably for the well-being of society,’ the Program Committee received a great amount of interesting submissions from all over Europe on the following topics:

  • Artificial Intelligence and Data Science
  • Sustainability
  • Accounting
  • Products and product development
  • Emerging risks
  • Supervision
  • Actuarial profession

View the full program here.

 

Find all information on the ECA2024 website.

 

 

The horizon for actuaries | a column by Giampaolo Crenca

THE HORIZON FOR ACTUARIES

a column by Giampaolo Crenca

Giampaolo Crenca is Chairperson of the Actuarial Association of Europe

‘The horizon for actuaries is vast, and with passion, enthusiasm and courage, we are moving towards an evolution of the actuary capable of assisting decision-makers in evaluating risks from a global perspective.’

 

Read the column here.

 

Disclaimer:

This column represents the opinion of the author and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 36 – December 2023

The challenges facing social security in our times

THE CHALLENGES FACING SOCIAL SECURITY IN OUR TIMES

by Maria Economou

Maria Economou is AAE Chairperson for the Social Security sub Committee

Which are the ageing challenges and opportunities? How we can defend the public pension systems? How (and Why) peoples’ awareness on pensions issues should be raised?

With these questions, the Social Security Sub Committee (SSSC) addressed to the distinguished speakers who participated in the Social Security Forum in November to discuss the future of Social Security.

Read the article here.

 

Disclaimer:

This article represents the opinion of the author and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 36 – December 2023

Catastrophe bonds as an important segment of insurance-linked securities

CATASTROPHE BONDS AS AN IMPORTANT SEGMENT OF INSURANCE-LINKED SECURITIES

by Krzysztof BURNECKI

KRZYSZTOF BURNECKI  is Head of Academic Team at Actuarial Intelligence Triangle Limited Company, Actuary, Member of the Polish Society of Actuaries, Professor at Wroclaw University of Science and Technology. (supported by NCN grant no. 2022/47/B/HS4/02139)

Innovative risk-transfer solutions can help to close identified protection gaps and increase personal and societal resilience. In this context, the insurance-linked securities (ILS) market, as a form of alternative risk transfer,
has been at the forefront. The actuarial techniques play a key role in the valuation of catastrophe instruments.

 

Read the column here.

 

Disclaimer:

This article represents the opinion of the author and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 36 – December 2023

A view on actuarial modelling in insurance the digital age

ACTUARIAL MODELLING IN THE DIGITAL AGE

by  Zuzanna CHMIELEWSKA

Zuzanna CHMIELEWSKA is an actuary at Triple A, Warsaw

In the insurance industry, we face the challenges of uncertainty and unpredictability, and actuaries are focused on managing them. Actuaries have a powerful tool in their arsenal: actuarial models. These models provide a methodical and data-driven approach to assessing and predicting future financial outcomes.

 

Read the article here.

 

Disclaimer:

This article represents the opinion of the author and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 36 – December 2023

Innovation: showcasing banking expertise to actuarial societies

SHOWCASING BANKING EXPERTISE TO  ACTUARIAL SOCIETIES IN THE AMERICAS

By Ronald KOZLOWSKI and Michael TICHAREVA

Ronald KOZLOWSKI is a Fellow of the Casualty Actuarial Society, and the CAS International Ambassador.
 Michael TICHAREVA is the Executive Chairman and Senior Actuary at South Africa’s Claxon Actuaries International. He is a Fellow of the Actuarial Society of
South Africa and a Fellow of the Institute of Actuaries. Michael is also the Chair of the IAA Banking Virtual Forum.

Actuaries are increasingly involved in banking practice in various jurisdictions around the world. South Africa and Australia currently lead, with banking practice for actuaries being well established. In South Africa, about 12% of actuarial professionals, roughly about 560 members of the Actuarial Society of South Africa, are involved in banking practice. In North America and Europe, the involvement of actuaries is still at its infancy, although there are also a number of individual actuarial professionals already involved in banking in those jurisdictions.

 

Read the article here.

 

Disclaimer:

This article represents the opinion of the authors and not necessarily the opinion of the AAE.

This article was published in The European Actuary No. 36 – December 2023