Emerging Technologies and their Impact on Actuarial Science

Report by SOA Research Institute

The increasing availability of technologies is changing the way many industries have traditionally operated. The Society of Actuaries (SOA) commissioned this study to highlight the leading emerging technologies that may significantly affect the actuarial profession over a three-year horizon.

This study focuses on:

1. The identification of emerging technologies currently utilized in other sectors that may significantly impact the actuarial profession in the coming three-year horizon, i.e., by 2024;

2. Analysis of emerging technologies, including their functionality, their value proposition, and several implementation considerations;

3. Case studies of how these technologies are being used today or will be used in the near future; and

4. Commentary on the current state and future outlook of these technologies for the actuarial profession sourced from a combination of interviews with actuarial professionals and the authors’ observations at various insurance companies.

This study also acts as a guide and a resource for actuaries or potential employers to identify the prospective tools to enhance or expand actuarial work, for people collaborating with actuaries who may be affected by these technologies, and for leaders looking to enable teams employing actuaries through the introduction of these tools

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