The Association of Consulting Actuaries (ACA) has formed a steering group to assess the risks and advantages associated with the evolving field of artificial intelligence (AI).
To establish ethical guidelines, the team will consider how actuaries could respond to the emerging opportunities and challenges posed by AI technology.
Leading firms such as Aon, Barnett Waddingham, Buck (a Gallagher company), Isio, Mercer, and XPS have contributed members to the group, with LCP partner Alex Waite serving as the chair.
Alex Waite highlights the continuous growth and transformation of AI, emphasizing its potential impact on the roles within the industry and the broader world. Regardless, he stresses the necessity for businesses to adapt to these inevitable changes.
Waite acknowledges the “evident benefits” of AI that can enhance the efficiency of actuarial tasks.
To facilitate a smooth transition into this evolving landscape, Waite mentions the group’s commitment to establishing ethical standards and providing support to consulting actuaries in comprehending the implications of AI on their profession.
