The Actuarial Society

Gambling is a zero-sum game and is miles apart from insurance or any other related products that Actuaries typically design. However, that is no reason for us to think that actuaries have no role in this domain. Risk analysis and modeling is a skill that  every actuary possesses and that’s a fact. And unlike any investment product, gambling too is filled with risk.   Dominic Cortis, an associate actuary explained how he carries out modeling for betting. He explained how he builds a model using a set of assumptions which is later developed into a more sophisticated version of itself by working on its intricacies. Dominic also threw light on the fact that the modelling process and the experts involved in gambling are not very different from those in the finance domain. Dominic also considers insurance and gambling to be exactly the same and the only dissimilarity he sees between the two is “insurable Interest” i.e, a person paying for insurance has something to lose but the case...

  “Data science is very empowering for actuaries: it gives them a platform to move into wider fields.”   John Taylor, Immediate Past President, The Institute and Faculty of Actuaries  What is Data Science? Data Science is no longer a buzzword in the industry, and is being implemented as a part of day to day operations of organizations across the board. It combines programming skills, mathematical and statistical knowledge, and domain expertise to gain valuable insights from data. Data scientists apply machine learning algorithms to data in all forms- number, text, images, audio, video, and more, to design artificial intelligence (AI) systems which can perform tasks which would normally require human intelligence. These systems also generate insights into the data which are used by business analysts for making crucial decisions. Actuarial Science and Data Science: What are the similarities and differences? Data is a crucial tool for both actuaries and data scientists – the...