Innovation in technology has disrupted nearly every industry creating mounting internal and external pressures on organizations to accelerate the adoption of their digital agendas. The COVID-19 pandemic further brought to light the need for technology to be adaptable, powerful and scalable. Insurance companies have been trying to keep up with the pace of innovation, primarily focusing on adopting modern technology on the consumer experience front. Many have modernized the front office processes that support application, underwriting and claim handling. The significant benefits achieved through process optimization and the use of modern technology have been the topic of discussions at many insurance conferences and publications.
As technology leaders are looking to expand insurer’s digital agenda to the middle and back offices, it is important to focus on how new technology can support actuaries in their daily work today and in the future. It is imperative that leadership consider the role of the future actuary as its responsibilities grow and evolve. In addition to what is considered traditional actuarial work today, the actuary of the future is expected to provide leadership with strategic business direction, own governance, controls and risk frameworks, and focus on optimization of skillsets and technology within their domain.
As the insurance industry leaps into the future, actuaries must not only proactively refine their roles and responsibilities within insurance companies, but also seek opportunities for improvements and optimization in their day-to-day work. This publication focuses on how technology and actuarial process optimization will support the role of the future actuary as a leader, risk manager and technologist.