Predictive analytics has revolutionized the insurance industry, enabling actuaries to leverage vast amounts of data for more accurate risk assessment and decision-making. With AI-powered tools, actuaries can enhance traditional statistical models to process real-time data, predict future trends, and create personalized insurance solutions. These advancements not only improve pricing strategies and underwriting efficiency but also help in fraud detection and claims management. However, challenges remain in ensuring data quality, model interpretability, and regulatory compliance. As AI continues to shape the industry, actuaries must adapt by embracing new technologies and acquiring cross- functional skills to remain pivotal in this transformation.

Points of discussion:

1.How has AI-driven predictive analytics enhanced traditional actuarial methods for risk assessment and pricing in insurance?

2.What challenges do actuaries face when integrating AI tools into predictive models, particularly in terms of data quality, interpretability, and regulatory compliance?

3.How do you see the collaboration between actuaries and data scientists evolving as AI continues to transform predictive analytics in the insurance sector?

Speaker Bio: Akshay Dhand is currently working as the Appointed Actuary for Canara HSBC Life in India. He has over 21 years of total work experience across various countries and companies. Before joining Canara HSBC Life, Akshay worked with Deloitte LLP and HSBC Life in the UK. He has extensive expertise in all areas of actuarial work such as valuation, product development and pricing, business planning, experience analysis, risk management, capital management, modelling, reinsurance and ALM. He is also experienced in putting together and managing large teams across multiple work streams as well as cross-functional projects. He holds a Masters in Actuarial Science with Distinction from City, University of London and Bachelors in Mathematics from St Stephen's College, University of Delhi. He is a Fellow of the Institute & Faculty of Actuaries (UK), a Fellow of the Institute of Actuaries of India and a Fellow of the Insurance Institute of India. He is also a Council Member of the Institute and Faculty of Actuaries (UK) as well as a Member of the Expert Committee on the School of Actuarial Science constituted by Institute of Insurance & Risk Management.