With advances in cloud storage and cloud computing, actuaries are in a position to leverage their current skills to new areas within and outside of traditional roles at insurance companies. However, there is also the potential to misuse data and advanced analytical techniques. Actuaries must be aware and proficient in their understanding of the appropriate analytic techniques, data, and applications. This paper first presents an introduction to the cloud service models and their impact on the actuarial profession. It then discusses the use of the cloud in terms of financial modeling and actuarial processes, and in terms of the increased ability to collect more data to perform advanced analytics.

Frustrated with the impact of technology advances on infrastructure upgrades and IT budgets, a growing number of organizations are opting for cloud computing investments instead. That is the view of Bluelock Chief Technology Officer Pat O'Day, who shared his predictions for cloud computing and machine learning with Information Management. O'Day sees four key trends driving cloud computing in 2017. "There's a lot of churn in the hardware space because of virtualization," O'Day explains. "Companies are growing tired of having to refresh their IT systems with new hardware every five years. People want to be more mobile, and the cloud is a way to get there. Plus, rapid technology innovation has driven increased competition (think about the rise in artificial intelligence, for example)."