I think that there are two quite important parts of this. The first one is to be curious, and the second one is being ready to think outside of the box. If you combine these two characteristics you will have very open minded, innovative actuaries that are really ready to learn and are happy to dive into the topics they undertake.
The most important impact that actuaries can have is collaboration and readiness to share their knowledge.
The actuarial profession will move to be more and more digital and international. Actuaries have started to use more advanced techniques and have also started to build the trust in unsupervised methods and models.
You have to make sure that you love it. It means you really like math, statistics and accounting. Being an actuary means being involved in many different operations in the insurance company that include pricing, reserving and assessment management.
I think they work together quite well because being a data scientist is just providing a different perspective on the data, applying new techniques and tools. Actuaries can provide valuable insight, including the nuances of insurance, that may help data scientists in their analysis.
The most impactful innovations create business value for customers and shareholders. I believe the most important thing is to create real value for customers. Meeting the customer’s needs leads to increasing the shareholder’s value.
The current trends show substantial impact of data science and machine learning. Thanks to that, we are able to manage premiums, claims and sales faster than before. We are able to meet real customer needs with products that solve their problems.
Actuarial science has many applications, some of them help to improve society and address global issues. Right now, we have to concentrate on climate-related risks to provide an overview of how different insurance activities are impacted by those risks.
