The actuarial community needs to lead discussions around big data and analytics so as to not be disrupted by the rapidly emerging field of data science.
“Actuarial societies should promote data science and drive developments in big data and predictive analytics as data science is coming up fast to disrupt actuarial science as a profession,” said Mr Raymond Cheung, Regional Insurance Lead of ride-hailing platform Grab.
Speaking at the 9th Singapore Actuarial Society’s General Insurance Conference last Friday, he urged actuaries to keep growing and learn new technologies, and make a bigger impact in the data analytics space.
While actuarial science is an established profession governed by regulations and strict licensing requirements, disruptors are constantly at the door step and actuaries need to continuously enhance their services and value to key stakeholders.
Mr Roberto Malattia, Director of General Insurance Consulting (Southeast Asia) at Willis Towers Watson, commented that actuaries have not been spared being laid off by insurance companies in recent times – something that would have been unheard of 10 years ago.
However, the insurance industry also has the potential to be a disruptor, said Mr Cheung.
To do so, insurers need to invest in startups and partner with technology companies to develop new insurance solutions.
He added that startups and technology firms are also keen to employ actuaries as data scientists or insurance experts, and hence actuaries should update their skillsets in order to be a good fit for jobs of the future.