Is Machine Learning a Threat to the Actuarial Profession? - Earnix Blog

Man vs. Machine: 10 years ago, I would never have guessed that I would be writing about this topic with such serious concern. Yet, some people are predicting that machine learning technology will produce a jobless future for certain professions, including actuaries. And with news headlines like "Google's AlphaGo AI beats Lee Sedol again to win Go series 4-1" and "Meet Ross, the IBM Watson-Powered Lawyer"; you have to wonder what the future holds for the actuarial profession and just how much computers can take over the human role within actuarial departments. With the tremendous advancements in machine learning, many financial institutions are already making extensive use of these technologies to do all types of (traditional and new) actuarial work including competitor rating reconstruction and intelligent claims handling. Let's take a moment to see what people are thinking about when it comes to the impact of machine learning on the development of their actuarial teams: Yes, give it time, machine learning will take over!