Actuarial Technology Summit 2024: At the Crossroads of Technology and the Actuarial Profession

By Aaron Smith

Actuary of the Future, March 2025

What does the future hold for the actuarial profession? I am not sure, but I am sure that our profession stands at the crossroads of traditional methods, emerging technological advancements, a rapidly changing insurance marketplace, and remote working. I have always been involved and interested in technology and have successfully leveraged it to help make my actuarial work more efficient, more controlled, and allow myself to focus on the problems that mattered, instead of just performing the same steps month-over-month.

As a leader in an actuarial transformation program, I partnered with IT, data scientists, and change managers to experiment with different technologies as well as operating models for actuarial and IT teams. Through the experimentation, I learned what worked and what did not. I wanted to share that knowledge with others. At the 2022 SOA ImpACT, I partnered with others to present “Applying Agile Philosophies to Non-IT Projects.” The session focused on how to use Agile principles to improve an actuarial team’s operating model. I wanted to continue sharing the things I was learning. Over the next few years, I submitted sessions on remote work, asynchronous communication, transformation program lessons learned, how to build an internal Python ecosystem to improve actuarial work and using low code systems to orchestrate modeling processes. However, the SOA did not accept my submissions.

I empathized. The sessions were not fully actuarial topics, as much as something like reserving considerations for LTDI or pricing trends for disability business would be. However, when I talked with actuaries about the topics, there was excitement and interest. These were topics that they encountered day in and day out. They were topics that they were hearing about, but were not sure how it affected them or how they may be able to benefit from them. I concluded that there was a powerful desire for these topics, but there was not a setting where they were routinely being discussed by actuaries.

After two years of submitting sessions, I partnered with Danny Quarrell, a like-minded colleague, to put on our own conference—Actuarial Technology Summit 2024. We decided early on to do a fully virtual conference; the logistics of an in-person conference would be too much for us, especially since we all had full-time jobs. Next, we needed sponsorship. Fortunately, we worked for organizations that saw the value in what we were doing. We were able to get sponsor support from our employers, The Standard and The Gunter Group. We also reached out to our consulting and technology partners. Oliver Wyman and Dataiku were both gracious enough to become sponsors as well. We selected a platform for our conference, and then we just needed the final ingredient: People to speak at our conference.

We started reaching out to technology-oriented actuaries in our networks. I reached out to panelists from an SOA technology panel that I had been a part of as well as others I knew through LinkedIn posts. As I reached out, I found consensus. They all had been wanting something like this and were excited and motivated to participate. Within a few weeks, we had 32 speakers from 21 companies and four continents lined up to give 21 sessions covering everything from how to use new Excel features, to Julia programming, to the coevolution of IT and actuarial.

Finally, we had to decide what (if anything) we should charge to attend. While we had a bias toward “free” to keep the conference as accessible as possible, we wanted to avoid registrations without attendance. Therefore, we decided to charge $49 and to donate the net proceeds to an actuarial science scholarship at Morgan State University. Now that we were all set, we marketed it through LinkedIn and began racking up the registrants. By the time all was said and done, we had 221 attendees from 31 countries.

Sessions and presenters focused on practical application of technology to actuarial problems with tools that actuaries are using today to be more effective and efficient. Following are some of the more attended sessions:

Actuarial Models & IT: Past, Present, & Future?

Speaker: Pierre Miehe, Milliman Mind

Addressed the evolving challenges actuaries face due to new solvency regimes, accounting standards, and IT advancements. It explored the balance between productivity and performance in choosing programming languages and techniques. The discussion included the impact of data science and AI on actuarial work and the importance of selecting the right tools to meet growing demands.

Building Illustrations in Excel Using Only Dynamic Arrays and Lambda Functions

Speaker: Bryon Robidoux, Constellation Insurance

Demonstrated how to use Excel 365's latest features to create functional illustrations of variable annuity policies using dynamic arrays and lambda functions. It highlighted the advantages of using these new Excel functionalities to create reusable functions without VBA, making the logic more accessible and easier to share with other parties.

So, You Think You Can Code? Software Engineering Principles in Actuarial Work

Speaker: Stephan Marais, Dynamo Analytics

Covered software engineering principles such as Agile, Test-Driven Development, Domain Driven Design, and continuous delivery. The presenter explained how to apply these principles to actuarial modeling to improve long-term code stability, maintainability, and the speed at which changes can be deployed. The session aimed to bridge the gap between software development and actuarial practices.

Setting Yourself up for Success: Emerging Skills in an Age of Rapid Technological Change and AI Integration

Speakers: Chad Record, Jeff Samu, Heather Gordon, Len Juliani

In this session, panelists discussed the skills actuaries need to stay relevant in a rapidly evolving technological landscape influenced by AI. Topics included current and future use cases for AI, desirable future skill sets, and the importance of the human element in the evolution of technology. The session aimed to equip actuaries with the knowledge to remain competitive and valuable in the industry.

Cloud Adoption: Empowering Actuaries by Leveraging Cloud Technology for Enhanced Workflows & Reporting

Speakers: Vikas Advani, Michael Hofbeck

This session discussed the benefits of cloud-based architecture for actuarial workflows. It included a live demo of automated actuarial workflow and reporting on the cloud, highlighting how cloud technology can optimize performance, automation, and network effects. The session also highlighted specific implementations and challenges faced by organizations in adopting cloud technology.

Maximizing Actuarial Efficiency with Python, Git, & DevOps

Speakers: Anton Cotelo Garcia, Aaron Smith

This session demonstrated how Python and Git can optimize actuarial analysis and operations. It introduced DevOps principles and practices, such as continuous integration, to streamline and enhance the actuarial workflow. Attendees learned how to use these tools together to improve the efficiency and reliability of actuarial operations.

Power BI for Actuaries: Transforming Data Analysis with Advanced Tools

Speaker: Josh Lauer, Fortitude Re

This session explored how Power BI can revolutionize data analysis for actuaries. It covered creating dynamic, interactive reports, utilizing advanced analytical techniques, and integrating multiple data sources. The session also highlighted Power BI's newest functionalities and real-world case studies where actuaries have successfully implemented the tool to improve decision-making and operational efficiency.

Attendees found the sessions to be highly valuable with practical takeaways. The hands-on workshops and networking opportunities also resonated well with attendees. One of the most thought-provoking aspects of the Actuarial Technology Summit was the debate surrounding the evolving role of actuaries. Attendees underscored the importance of the profession finding a balance between technology proficiency and business acumen. More importantly, no matter what the future of actuarial work turns out to be, attendees believed that there is untapped business value in finding out how to effectively collaborate with IT professionals.

Given the positive feedback, I plan to turn this into an annual event; if you’re interested in staying informed about the next conference, follow us on LinkedIn. More to come!

Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the newsletter editors, or the respective authors’ employers.

Aaron Smith, FSA, MAAA, CERA, is senior director and actuary for The Standard. Aaron can be contacted at Aaron.Smith@standard.com.