We give decision-makers the insights they need to manage future financial uncertainty with confidence.

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Drawing on our unique combination of skills – data science and modelling, risk management and commercial acumen – Actuaries give decision-makers the insights they need to manage future financial uncertainty, make better decisions and execute them confidently

 
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Actuaries help manage complexity and uncertainty so that society can be ready for the future.
Data Science Practice Committee and the Data Science Strategy

The data science space is a rapidly evolving area with broad reaching applications. The advent of big data has led to an explosion in captured data, analytics approaches and businesses harnessing this data to create new industries or reinvent the way existing industries operate.

There is a large opportunity for the profession to make a significant contribution to data science in Australia and globally. International actuarial associations also recognise the importance of data science and are in varying stages of development.

The Data Science Practice Committee are committed to a strategy which aims to create sustainable and successful data analytics career paths for all our members. A summary of the key elements of the strategy are outlined in the table below.
DataTable
Data Science and the Actuaries Institute Education Program

The Education Program of the Actuaries Institute includes two courses that have an exclusive focus on data science.  In the Actuary Program, one of the four subjects – Data Science Principles – aims to extend students’ knowledge of modern analytical tools and techniques beyond those introduced in the Foundation Program subjects and to teach students how to apply this knowledge in real-life business settings. In the Fellowship Program a new Module 3 subject – DSA - Data Science Applications - has been introduced.

The actuarial skillset is well positioned to contribute to data science, and many actuaries are making significant contributions today in the areas of financial services, loyalty schemes, retail, telecommunications, technology, health and social policy.
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