June 26, 2024

๐ŸŽ™ Expert Insights: Algorithms and Alliances - The Key to Future Actuarial Success

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Charlotte Halkett, Senior Consultant at Milliman

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After dedicating 15 years to building and advancing insurtech companies, Charlotte Halkett now leads General Insurance insurtech services in the UK at the globally renowned consultancy Milliman.ย 

With her extensive industry experience and as a Senior Consultant at Milliman, she shares her valuable insights on the future of the actuarial profession, offering a unique perspective on how it is evolving in an increasingly dynamic and fast-paced world.ย 

Taking a step back, what was unique about the previous year in the insurance field, and how did it impact new trends and challenges?

I donโ€™t think there has ever been in my whole career a period of such profound change in the insurance industry. Factors ranging from economic shifts and climate change to the influx of data and evolving customer behavior have revolutionized our work processes, the scope of insurance coverage, and the methods we employ to provide that coverage.

These changes impact every aspect of insurance pricing: the tools we use, the products we develop, the pace at which we operate, and our communication strategies with both customers and internal teams.ย 

How do you see new technologies opening up opportunities for innovation and driving growth in the insurance industry?

There are two clear realities for me: technology is an enabler, and insurance should align with societal needs. In a fast-changing world, leveraging technology is essential to understanding risks, pricing fairly, and serving society effectively.ย 

Technology not only helps achieve these objectives but also enables pricing teams to concentrate on the most critical and engaging aspects of the pricing process.

How do you anticipate the actuarial profession will evolve over time, particularly in relation to the integration of data science principles and techniques?

The actuarial profession has always focused on understanding the future. To do this effectively, we must also embrace it. Innovation is already shaping insurance pricing; now, it is about the direction we take as a profession.ย 

Actuaries possess the necessary skills to be leaders in a changing world. I am convinced that the actuarial profession will thrive by integrating new technologies and new diverse forms of data.ย 

I would also like to see actuaries become more outward-looking and involved in strategic decision-making.ย 

Certain risks may become uninsurable unless we harness new technology to understand them and effectively communicate our expertise to decision-makers.

In your opinion, what is the position of Akur8 in this evolving ecosystem?

Akur8 empowers future actuaries, allowing them to concentrate on more strategic, complex, and engaging challenges. By managing the heavy lifting and proposing new avenues to explore, Akur8 creates significant opportunities for actuaries to serve society with greater accuracy and fairness.

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Want to learn more about the evolution of the actuarial profession?

In our latest report "Pricing teams in a changing world", we surveyed 100 insurance pricing professionals worldwide to understand their challenges and expectations. Download our report below:

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