Actuaries in Actuarial Data Science / Artificial Intelligence
The rapid global increase in the digitalization of many sectors and the accompanying transition to digital, data-driven business models are increasingly changing the actuarial profession. These new approaches and technologies present actuaries with new challenges in their daily work, but they also provide opportunities to expand their areas of responsibility beyond traditional actuarial applications.
Data science is an interdisciplinary field that lies between statistics and computer science, enabling the development of scientifically sound methods, processes, algorithms, and systems for extracting insights, patterns, and conclusions from both structured and unstructured data. In addition to the methods and tools used, data protection plays a central role.
Due to their in-depth knowledge of insurance mathematics (particularly mathematical statistics) and their typical familiarity with programming languages commonly used in data science applications, actuaries in the insurance and financial sectors are particularly well-positioned to act as data scientists.
Committee for ADS / AI
With the Committee for Actuarial Data Science / Artificial Intelligence, DAV has established a body that addresses all topics related to data science across various sectors in the insurance and financial environment. Its primary task is to support DAV members in their daily work by providing professional principles and result reports in the field of Actuarial Data Science / Artificial Intelligence. Additionally, use cases with code and data are made available to promote engagement with data science / Artificial Intelligence methods.
Another focus of the committee is to enhance the qualifications of its members regarding questions in Actuarial Data Science / Artificial Intelligence. This is achieved through a comprehensive range of training events and the integration of Actuarial Data Science / Artificial Intelligence as a specialized subject in actuarial education. Furthermore, the committee supports the DAV board by preparing statements and representing DAV before authorities, international associations, and the public.
In close collaboration with the technical committees and their working groups in the area of Big Data, Data Science and Artificial Intelligence, the committee considers the sector-specific peculiarities of Actuarial Data Science / Artificial Intelligence, ensuring knowledge transfer on data science topics. The committee also promotes the exchange of information with universities, authorities, and associations to stay updated on developments in the field of Actuarial Data Science.
Working Groups of the Committee
To address the diverse topics in the area of Data Science / AI, the committee has established the following active working groups:
The Working Group on the Artificial Intelligence Act focuses on the planned EU regulation of AI applications and their impact on the insurance industry. In addition to the structured preparation of the requirements, the working group is intensively examining the impact on actuaries.
The Working Group on Avoiding Bias and Discrimination aims to develop tools for actuaries to identify and appropriately assess bias. At the same time, the working group is working on a report that will serve as a guide for avoiding bias.
The Working Group on Anonymization/Pseudonymization focuses on the importance of data availability for the development of methods and models in actuarial work. The main goal is to develop practical methods for generating anonymized data and to provide measures for assessing anonymity and data protection risks.
The Working Group on Portfolio Migration in Life Insurance aims to develop approaches for structuring and simplifying migration processes. In collaboration with the Life Insurance Committee, the working group seeks to minimize risks and increase efficiency in migration processes. The main task is to find practical solutions to make the transition process smoother and more effective.
The Working Group on Big Data in Life Insurance, in collaboration with the Life Insurance Committee, aims to create general overviews of the application fields of Big Data in life insurance.
The Working Group on Qualification is responsible for the independent quality assurance of the specialist knowledge exams created by the relevant examination board of the Education and Examination Committee.
The Fit4AI Working Group is dedicated to investigating and developing strategies to help actuaries and insurance companies prepare for the increasing integration of Artificial Intelligence (AI) in actuarial work. The goal is to equip actuaries with the necessary skills and knowledge to effectively apply AI-driven methods in their daily tasks. The group focuses on topics such as data preparation, modeling techniques, and the implementation of AI into current processes in the insurance industry.
The Generative AI Working Group focuses on the application of Generative Artificial Intelligence in actuarial work and the insurance industry. It examines how generative AI methods can be used to develop complex models, create new insurance products, and improve predictions. Special attention is given to the ethical use and the impact of these technologies on the industry. The group works on practical solutions and use cases to help actuaries understand and implement the potential of Generative AI.
The Working Group on Data Synthesization focuses on the artificial generation of realistic yet privacy-compliant datasets for the insurance industry. Its goal is to identify suitable data synthesization methods, test them in practical settings, and make them usable for actuarial applications. The group analyzes opportunities, risks, and regulatory frameworks, and develops systematic recommendations for the use of synthetic data. A special emphasis is placed on concrete use cases from various lines of insurance business, as well as on providing practical tools, notebooks, and demos to support actuarial work.
ADS / AI Section
The meetings of the ADS / AI Section take place twice a year during the annual meetings of DAV and DGVFM in late April and the autumn meeting in November. Participation is open to anyone interested and is not limited to members of DAV or DGVFM.
Use Cases
The working groups of the Committee for ADS / AI develop various use cases, which are available under the specialist information section.
Publications
The Committee for ADS / AI of DAV develops professional standards, supports actuaries working in the field of data science / AI in their specific activities, and provides them with essential guidelines for their work.
Here you can find the professional principles and result reports of the Committee for Actuarial Data Science.
