About 35% of current jobs in the UK are at high risk of computerisation over the following 20 years, according to a study by researchers at Oxford University and Deloitte. Actuaries and Statisticians are not completely safe, but the likelihood of automation is quite unlikely at 15%.
That makes sense. The role of an actuary requires creative thinking, problem formulation, communication skills, judgement, a moral code and domain knowledge. All which are hard to automate. Don’t get too comfortable though….
Will a Data Scientist take my job?
Almost certainly – and probably much sooner than expected in areas where predictive modelling is the dominant skill e.g. personal lines pricing and marketing. The shift towards data science has been recognised in the US with the Casualty Actuarial Society (CAS) introducing a speciality credential in data science. The transition is also underway in the UK with several insurers starting up specialist “data science” teams. Machine learning – a trademark skill of a data scientist will soon become the preferred method of building predictive models. Point and click Generalised Linear Modelling (GLM) – the current industry standard – will become the “old way of doing things”.
To read the full article which appeared in the June 2016 Actuarial Post Magazine click here