Actuaries will be needed to develop, price and evaluate a variety of insurance products and to calculate the costs of new risks. More actuaries will also be needed to help companies manage their own risk, a practice known as business risk management. Actuaries must evolve and assume new dynamic functions as old ones become obsolete. As a new world of work emerges, I expect an actuary's current job description to be very different in the coming years.
Actuaries must adopt a growth mindset and continue to learn and adapt to keep up with changing times. Since the best prospects are likely to go beyond the conventional actuarial sector, innovation and adaptability will be the key to success as a future actuary. How is it possible to do so many types of work now? It will be possible because the data cleansing work, which used to take up most of the actuaries' time, has been automated and the silos have been broken. Actuaries lean on the giant shoulders of AI with blockchain and machine learning, freeing them time to reach their true potential.
As a result, actuaries must constantly evolve to develop new and creative solutions to problems that arise. This places actuaries in a privileged position to solve technical mathematical problems that arise in the future, with a particular focus on how to apply and implement real-world solutions. I believe that actuaries who continue to improve their skills, learn and adapt have a long and successful future in this world. It is impossible to predict, with the greatest certainty, what the future holds for us as actuarial professionals.
There has been little cross-pollination between actuaries and futurists, although most of them are investigating the same complex domains and have much to learn from collaboration. Actuaries devote a lot of time and attention to emerging risks and futurism to forecast not only current numbers, but also emerging risks and opportunities. While strong training in actuarial knowledge is required for these jobs, many actuaries would agree that some parts of the work are repetitive and could be simplified. Blockchain eliminates any operational and administrative work that actuaries can hold on to prove themselves.
As big data and automation become an increasingly important part of the profession of actuarial science, it will take a human eye to make crucial decisions, apply a level of emotional intelligence that a machine is unable to achieve, provide new knowledge and present the data of a easy to use and understand way. These are industries that aren't used to handling large data sets and need actuaries to discover the value of data. Therefore, actuaries will have a more significant and significant impact on the workplace in the future, rather than doing numerical calculations.
