Actuaries and Data Scientists – Match Made In Heaven or Hell?
It is clear that the majority of respondents are in agreement that although the relationship between Data Scientists and actuaries is in its infancy, it is critical that both parties cooperate in order to maximise the potential value of the raw materials that are leveraged to create actionable insights. Although Data Scientists are gaining great traction for their use of rigorous data and analytics processes, this is rendered almost useless without strong business acumen and context. Actuaries can provide this knowledge, backed up with centuries of refined familiarity with the insurance business model.