SDA to utilise Data Science techniques to enhance services
The IFoA launched its Certificate in Data Science in April 2020. The course provides an introduction to data science techniques and how they can be used to tackle actuarial problems.
The course is broken down into six modules:
- Introduction to data science, data management and processing
- Data analysis and an introduction to machine learning
- Data visualisation and communication
- Further analysis and artificial intelligence
- Good practice of data science and responsible AI
- Future directions
Ant Jones completed the course in 2021 and has made a number of suggestions for enhancements to our existing processes, techniques and design of output for clients.
Whilst we were pleased to discover that we had already adopted some of the techniques covered in the course, it also outlined new approaches to traditional actuarial problems that we hope to implement in the future. We plan to incorporate these new data science techniques into our software offering SDA Frame to improve automation and efficiency.
We found the content on data visualisation particularly useful. Applying these techniques will enable us to enhance the visuals we use in our reports.
We will be encouraging others at SDA to enrol in future courses as it encourages participants to expand their knowledge outside of core actuarial practice areas. This will allow us to identify opportunities to deploy data science solutions across our business and enhance the services we offer to our clients.