I am the CFO of a personal lines carrier and my son brought up some ridiculous notion of him wanting to become an actuary. I have an actuary who reports to me because some outdated law says that I need to have my reserves signed off by one. Otherwise, I consider him to be a serious liability and drain of cash which I would rather spend on data scientists. The guy comes up to my office and gives me these cute drawings of triangles (what is this, middle school?) and tries to justify setting the reserves based on these outdated methodologies that don't even look at the underlying claimant characteristics that might be the cause of loss development.
Trying to figure out development by looking at patterns in aggregate data? Please. What a joke. That's why I would rather have data scientists - they actually look at the claimant data in detail to figure out what's going on. I'm pretty sure you can program AI to replicate what a human would do when picking development factors. Most actuaries' jobs can be programmed away.
Look buddy, I didn't get to CFO without reading up on my real analysis and elements of statistical learning. The actuarial career is going down the tubes. Guys, please help me steer my son away from this career.
Trying to figure out development by looking at patterns in aggregate data? Please. What a joke. That's why I would rather have data scientists - they actually look at the claimant data in detail to figure out what's going on. I'm pretty sure you can program AI to replicate what a human would do when picking development factors. Most actuaries' jobs can be programmed away.
Look buddy, I didn't get to CFO without reading up on my real analysis and elements of statistical learning. The actuarial career is going down the tubes. Guys, please help me steer my son away from this career.
Trying to talk my son out of becoming an actuary