Taking advantage of developments within other subject matter areas is
key to developing and enhancing the actuarial profession. As an example, significant advances in the tech industry have been made in the last decade,
in both tools and techniques, that can be applied within actuarial work. By adopting some of the best practices from the tech industry we can optimize how actuarial teams operate and introduce a new way of modelling we call next-generation modelling, in which everything is carefully source controlled,
continuously and automatically tested and integrated.
In this article, we will discuss these best practices and how this new way of working will not only redefine how we build and test models, but
ultimately how it will redefine the scope of our capabilities as actuaries. Actuaries should spend less time on inefficient processes and pure number
production. Rather, we should spend more time on analysis, to discover insights and add more value, to become an Exponential ActuaryTM.
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