Do Data Better With An Actuary
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An actuary brings the rigour, ethics, acumen and innovation you need to ensure your team extracts maximum value from data science and AI.
As a profession, we've been practicing our evolving craft in Australia for 125 years. Learn more about how you can do data better with the right:
Strategies - The strategic value of actuaries spans across multiple business domains, offering expertise in several key areas:
Talent - Beyond strategies, having the right talent makes all the difference in your data initiatives:
Ethos - At the core of actuarial work is a strong ethical foundation that guides all practices:
Community - Connecting with the actuarial community opens doors to valuable resources and expertise:
If you want to do data better, add an actuary to your team. Actuaries bring acumen, innovation, ethics, and rigour to help you achieve maximum impact from your every data strategy.
Do customer experience better
When your customers share their data, they expect you to harness it to make their lives better.
That means better products, better services and better experiences, all tailored to their personal needs.
It means more of what they want, exactly when they want it and less of what they don’t. And if that’s not their experience, they’ll disengage or unsubscribe.
With an actuary in your team, you’ll do customer experience better, combining a granular understanding of customer needs and behaviours with predictive and prescriptive analytics and commercial intelligence.
It’s a powerful blend that harnesses the powerful potential of data for the benefit of customers and companies alike.
See how Justin Tam, Data Analyst at Canva, does customer experience better as an actuary.
Do automation better
In the intelligent application of data lies the potential to make faster more accurate decisions, at scale.
And as advancements in technology, smart-networking and IoT converge, the opportunity for automation has never been greater.
This means faster, leaner, more customer-focused supply chains. It offers the potential to create more from less at a time when commercial efficiency and care for our environment have never been more important.
But when deploying AI, you need true human intelligence to maximise value and minimise the risk of unintended consequences.
Listen to our conversation with Jon Shen, Data Analytics Leader, to see how actuaries can help you do automation better.
Do decision insight better
Intuition is always important, but data-driven insight and automation is helping Australia’s smartest companies transform accuracy in their most important decisions.
Since the beginning of trade, customers have been rewarded for being valuable, loyal, easy to serve or lower risk.
But with the industrialisation of commerce, assessing individual customer value and risk became increasingly challenging.
Enter the data age when every consumer, business or asset can be understood and valued through data with a high degree of accuracy.
Actuaries have pioneered customer- and asset-specific pricing and valuation strategies for more than 20 years, innovating rigorous end-to-end valuation, risk assessment and governance processes in insurance before moving into new markets, such as banking, property retail, consumer goods, and energy.
With an actuary in your team, you’ll do pricing and valuation better – surfacing actionable decision insight with less risk while working with a professional who is obliged by professional standards to consider the community impacts.
Discover how Ada Tong, Product Director – Domain Insight, does decision insight better as an actuary.
Do innovation better
Australia’s smartest innovators are deploying data to reimagine every corner of our economy at the heart of Australia’s most entrepreneurial businesses.
Whether it’s a start-up, scale-up or in established innovators like Atlassian and Canva, actuaries are making their mark.
Actuarial training is grounded in innovation techniques aligned to human-centred design and agile development.
Every actuary is trained to first clearly conceive the business challenge and then truly understand both category and customer. Next, they prototype a concept, test and learn, measure impact, adjust and repeat until full value is realised.
With an actuary in your team, you’ll do innovation better, reimagining ways of working, creating new categories and collapsing the status quo.
Find out how Robbie Baskin utilised his actuarial training to co-found Australia’s first deposit booster, FrontYa.
Do ESG better
Innovation with data promises to enhance governance and solve many of the world’s great social and environmental challenges.
Whether driving efficiency, managing down risk or helping organisations better focus on their customers’ needs, data will be transformational.
Australia’s actuaries have been focused on ESG since 1897 with a professional obligation to serve the public good.
Ensuring that insurance and pensions provide, assessing climate risks or enhancing supply chain efficiency, with an actuary in your team, you’ll do ESG better.
Hear from Ramona Meyricke, Director at Taylor Fry, on how you can do ESG better with an actuary.
What to look for in a leader
An expert leader of your data division could have travelled many routes and we’d never say that every CDO, CAO or Head of Analytics must be an actuary.
But foundations are important, and they can make the difference between a leader who manages and a strategist who inspires true revolution in the way data, analytics and AI are deployed across your organisation.
The actuarial education delivers a unique combination of rigour, ethics, acumen and innovation that establishes the perfect foundations for an exceptional data-driven leader focused not just on the data, and technology, but what it means for financial performance, operational efficiency, sustainability, product and service excellence and customer satisfaction.
The actuarial professional, technical and problem-solving toolkit is second to none. There is no sounder foundation in the commercial and ethical capabilities any organisation needs to do data better. Actuaries are the experts in delivering impact with responsibility.
On Australia’s most popular business podcast, Fear and Greed
Hear leading Actuaries Adam Driussi (Co-Founder and CEO, Quantium), Jonathan Cohen (Principal, Taylor Fry), and Rick Shaw (Partner, Deloitte) dive deep into data-led strategies, real-world transformation applications of data, the promise of AI, and the vast potential of a data-led future.
The best data science consultancies embrace actuaries as a crucial component of their talent mix to drive true excellence for their clients.
Smart companies choose consultancies that offer the unique mix of rigour, ethics, acumen and innovation brought by consultancy teams with actuaries at the centre of their talent mix.
How adding an actuary can enhance your team
Adding an actuary to your team will help you Do Data Better in a myriad of ways. The best data teams leverage diversity of perspective to the fullest possible extent.
It’s the unique combination of rigour, ethics, acumen and innovation that position actuaries to make a telling contribution to any data science team.
Actuaries are trained to extract the killer insight for real-world deployment. And they do so, always, with an eye on the bigger picture.
In a world that’s rarely been more risky, you need an actuary by your side. To de-risk your next hiring decision, add an actuary to your team!
Contact us to learn more about how an actuary can help your business.
Actuaries have been trained for real-world impact since 1897. Today’s actuarial education creates masters of data with the acumen to accelerate its impact in the real world. Actuaries are bound by a rigorous code of standards and a responsibility to manage for the public good.
You can be guaranteed that an actuary in your team will champion the highest standards in data ethics, while delivering breakthroughs in data science. Using data with great care and responsibility is in the actuarial DNA.
Obligated under professional standards to consider the ultimate impact of data strategies, Australia’s actuaries are championing the highest standards of ethics and innovative frameworks for data science.
Model created by Adam Driussi, Co-Founder and CEO, Quantium
Maximise the benefits of a data-driven future: Australia’s corporate and government sectors have a duty to do this as the success of the Nation depends on it.
The intelligent application of data will dramatically increase the quality of goods and services and the efficiency with which they are delivered. This means better, more affordable healthcare and transport, more personalised products and marketing, less waste and reduced environmental impact.
Countries that fully embrace data will be wealthier, create more jobs and attract their fair share of the world’s best talent.
Ensure the benefits of a data-driven future will be fairly shared: Both governments and the corporate community need to demonstrate and ensure the data revolution does not lead to greater inequalities and that the benefits of data-driven growth are enjoyed by all.
Use data in the interests of the person who share it: The data economy is reliant on citizens choosing to share their data. When a person shares their data with any organisation – whether public or private sector – that organisation has a duty to use this data in their best interests.
Transparency and accountability for how people’s data is used and a respect for their privacy: Organisation demonstrate this at all times to retain their social license to operate.
With over 3,700 actuaries in Australia, the community is a strong one, which connects with each other and industry to share the latest thinking and insights around key community issues.
Connect with an actuary
Looking for expertise for your data journey? The Actuaries Institute can connect you with the right actuaries who could help you in your industry and with your set of issues.
You can contact us directly through the Actuaries Institute Engagement Manager, Kelly Holcroft with your request.
Connect through local and global events
The Actuaries Institute hosts key annual events that empower delegates with best practice, innovative market knowledge, updates on local and global trends and other key industry issues.
The Data Science Seminar is held in November each year. This year’s event debates a wider view of data: regulation and professionalism, careers and education, and the philosophy and practice of data ethics.
The International Congress of Actuaries 2023 brings together the world’s brightest actuarial minds and employers of actuarial services across five days to learn, share, network and solve the biggest global issues. This event will be held in Sydney from 28 May-1 June 2023.
For all major upcoming events across the future of health, injury and disability, and data science, amongst others, check our calendar .
Connect with our Data Science Practice Committee
The Actuaries Institute’s Data Science Practice Committee is committed to creating sustainable and successful data analytics career paths for all members and to the benefit of the wider community.
As significant contributors to data science, this community comes together to create debate and thought leadership around the largest trends and to bring together best practice methodologies and analysis.
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