Tomorrow’s insurance success stories will qualify the outputs of AI tools with good old-fashioned actuarial judgement, pricing in assumptions and instigating the appropriate checks and balances. This kind of actuary-machine combo will generate prices and products superior to those either one could muster
While they both revolve around data, there are certain lines drawn between these two. For instance, actuaries are found primarily in the insurance industry and risk management. On the other hand data scientist can be found in virtually any industry. If we have a comparative lookout of actuarial science and data science, prior is about the study of finance and related fields and activities and latter is about studying different data sets, their relationship and analysis.