The Association of Consulting Actuaries (ACA) has set up a steering group to assess the risks and opportunities from emerging and evolving artificial intelligence (AI) technology.

The group will consider how actuaries should respond to the emerging challenges and opportunities that AI technology presents and will help to develop ethical standards.

It will be chaired by LCP partner Alex Waite and to date is made up of members from Aon, Barnett Waddingham, Buck (a Gallagher company), Isio, Mercer, and XPS.

Waite said: “AI and how it’s used is growing and changing daily. Opinion is divided on how AI will evolve our roles and ultimately our society. Regardless, it is clear that it is here to stay and as an industry, we need to respond to these changes.”

According to Waite, there are “clearly many benefits” of AI that will make actuaries’ jobs more efficient.

He added that the group will aim to help consulting actuaries better understand the impact of AI on our work and to develop some ethical standards to “help us all navigate this new and emerging field”.

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