Following on from the successful NZSA Conference 2021, the NZSA Student Committee is excited to present Future Pathways 2021 – an event where our students and young actuaries take the stage. Similar to previous years, we will have presentations showcasing the varied and interesting types of work that actuaries do. We are looking forward to another great turnout this year!
Auckland session: 5pm, Monday 12th July at PwC, Auckland Enter via the corner of Albert Street and Customs Street West (the Commercial Bay building). Follow the signs all the way up the escalators to the Sky Lobby, where you can take the lifts up to the PwC offices on floor 27. There will be drinks and food available from 5pm, with presentations commencing at 5.30pm sharp.”
Matthew Bray (Taylor Fry) and Isabella Lyons (Taylor Fry) on Artificial Intelligence.
“Real-world applications of artificial intelligence abound in contemporary society, yet an ethical command over their use is sorely lacking. What are these systems, how rapidly are they advancing towards broader human-like intelligence and beyond, and what are the critical ethical considerations that must be addressed in their accelerating application? In this presentation we examine these questions via an exposition of the current state of AI in the insurance industry, public sector and beyond. We highlight the relevance of recent regulatory developments to actuaries and examine the ethical questions that practitioners must address throughout the entire modelling pipeline from data through to deployment.”
Angus Cheng (AIA) on Risk Management during COVID-19 (presenting in Auckland only).
“COVID-19 pandemic triggered the perfect storm for insurers with not much of a precedent to reference from – Spanish Flu would be the closest match which was from the beginning of the 20th century. It has had far-reaching effects on many lives, businesses, and economies worldwide. From day one, the risk environment has been changing and shaping for insurers as the scientific understanding of the COVID-19 virus evolved, the development of medical responses (e.g. vaccinations) and the funding and response strategies by different governments around the world. This presentation is intended as a pandemic risk profile review for an insurer (life, GI or health) which will be outlining the main uncertainties and risks being introduced as a result of the pandemic, the immediate and emerging adverse effects to consider and the response strategies as the risks materialise.”
Brett Kim (Finity) and Hannah Brydon (Finity) on Artificial Intelligence.
“Fraudulent claims cost the US insurance industry $40 billion (USD) per year, this is estimated to cost each household an additional $400 in extra premiums. In New Zealand it is estimated to have cost $739m in 2020, representing 10% of Gross Written Premium (GWP). The integration of Artificial Intelligence (AI) and Machine Learning (ML) algorithms in the claims handling process presents opportunities to reduce the burden of fraudulent claims but could also be exploited in new and novel ways. We use Lemonade as a case study to explore the role of AI/ML in fraud prevention in the insurance industry. And further we explore the way that these learnings from overseas could be implemented in the New Zealand insurance industry.”
Georgia Knowles (PwC) and Richard Zhou (PwC) on Culture and Life Insurance.
“Cultural differences influence our values, which in turn affect attitudes, and ultimately, behaviours. This presentation will explore the influence of culture on our perceptions and behaviour, and the intersection of this with life insurance consumption. For example, there is a popular model in the field of cross-cultural psychology describing how various cultures place different emphasis on independence and interdependence. A result of this is that some cultures are more likely to rely on life insurance products, and others more so on social and family networks for security. Additionally, talking about premature death is considered a taboo topic in traditional Chinese culture, which can mean that products and marketing which work well in some cultures do not resonate. This presentation will explore how these cultural differences can and should be considered by life insurers during the product design process, and throughout the customer journey, to better meet customer needs.”