HARNESSING THE POWER OF AI FOR ACTUARIES
interview with Ron Richman
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Ron Richman is Founder and CEO at insureAI | Climate Change Chair at ASSA | Chair of the ASTIN Board | Former Chief Actuary and Chief Risk Officer | ||
Some insurance CEOs refer to AI as a bubble. What is your view on this? Is this something we need to be thinking about long term? ‘I think this is very similar to an exponential curve. At the beginning, it moves quite slowly, but the impacts become greater and greater with time.
So there’s a lot of hype currently around AI, a huge amount of investment, a lot of VC money pouring in, and that can lead one to think that maybe this is overblown. But I think we cannot underestimate what this is going to do in the longer term. We’re already seeing substantial impacts in actuarial work, such as reducing pricing model development time from months to days and helping write reports in a fraction of the time taken.
Disclaimer: This interview represents the opinion of the interviewee, and not necessarily the opinion of the AAE.
This article was published in The European Actuary No. 41 – March 2025
