In the 2010s, the focus of actuarial activities was particularly on regulation and the implementation of (supervisory) legal requirements. With the web session "The Future of Actuaries" we will take a cross-national look into the near future and show which changes and requirements the actuarial profession will face in the 2020s. The latest results of a worldwide PwC study on the topic of "Actuarial Modernisation" will be considered.
Robotic Process Automation, Data Science, Artificial Intelligence, Blockchain, Cloud and other terms illustrate the dynamic change in the insurance industry due to digitalisation. The new tools that come with this change will have a lasting effect on the day-to-day work of actuaries. Previously established interfaces between sectors and departments are shifting and new players are developing technical and mathematical fields of activity in insurance companies.
Actuaries should therefore continue to develop themselves, their role and their field in order to achieve the company's goals of growth, efficiency and profitability. Professional skills and expertise should be used effectively where judgment is important, and activities cannot be easily automated.
In this sense, the session is to point out the future development in the field of actuarial work. For this purpose, examples of modern digital tools and methods will be given with which actuaries can work better and more effectively. Because this is clear: from today's perspective, actuaries will be needed more than ever in the future - provided they position themselves correctly!