Our starting premise is that whilst machine learning techniques are widespread in pricing, they are not being adopted ‘on the ground’ in reserving (certainly in the UK). The idea of the working party is to help move this forward, by identifying what the barriers are, communicating any benefits, and helping develop the research techniques in pragmatic ways.
At the same time we understand the resource and time pressures that reserving actuaries are under and the aim is not to replace existing reserving methods per se, but to start the journey to understanding if and how machine learning may help us in our day to day work.
This is an international working party bringing together experts in this field from around the globe.
We are particularly interested in volunteers with relevant experience, however the working party is open to everyone with enthusiasm for the subject and time to commit. Applications are welcome from both members of the Institute and Faculty of Actuaries (IFoA) and non-members.
It is estimated that volunteers will be asked to devote at least one or two days per month to the research, developing models and/or writing up findings.
If you would like to offer your support and volunteer for this working party, please contact the Engagement Team at engagement.team@actuaries.org.uk. When contacting us, please provide:
Volunteering provides you with a wide range of opportunities. With all rights and opportunities come responsibilities and we ask all our volunteers to comply with the terms of the IFoA’s Governance Manual and Volunteer Information Pack (VIP). Before offering to provide support, please read through ‘what you need to know’.
The practice area that relates to this vacancy is general insurance. To learn more, see practice areas.