A list of actuarial technologies and their brief explanations

  1. Agile

    • Agile is a method of project management where a project is divided into small pieces of work and frequently reassessed to allow for quick adaption of plans. It is commonly used in the application and development of IT-related software products.
  2. ActuarTech

    • ActuarTech is the name given to a group of technology products focused on the actuarial industry. An example being advanced modelling tools and software. Its goal is to reduce actuarial costs and unlock insights hidden in the data.
  3. Blockchain

    • Blockchain is a technology that allows for the creation of decentralised ledgers to maximise cybersecurity. An example being Bitcoin that facilitates online payments.
  4. ChatBots

    • ChatBots are computer programs that mimic conversations to direct users to what they are looking for. An example being customer service.
  5. Cloud Computing

    • Cloud computing is when a set of instructions are sent to an offsite server to be carried out, usually done over the internet for instructions that need to be continuously run. Cloud computing has made powerful processing available to business and allows them to scale when needed.
  6. Data Science

    • Data Science is the combination of mathematical statistics with programming tools. It aims to extract information from data and provide useful insight.
  7. FinTech

    • FinTech is the name given to a group of technology products focused on the financial sector. An example being payment processing. Its goal is to make finance easier to use and accessible to new populations.
  8. InsurTech

    • InsurTech is the name given to a group of technology products focused on risk transfer. An example being the reduction of fraud in the claim process. Its goal is to make the insurance industry more efficient.
  9. IoT

    • IOT  (Internet of Things) is a network of various devices that can communicate with each other without requiring human interaction.
  10. Machine Learning

    • Machine learning is when a program is permitted to adjust its parameters to find the optimal solution. It tends to do this via multiple simulations where the output is feedback into the model.
  11. No Code Automation

    • No code automation is a type of technology that allows subject matter experts, such as actuaries, to automate their own processes.
  12. Telematics

    • Telematics is an interdisciplinary field that encompasses telecommunications, vehicular technologies, for instance, road transportation, road safety, electrical engineering, and computer science.
  13. RegTech

    • RegTech is the name given to a group of technology products focused on making compliance more efficient. An example being auto-generation of audit trails. Its goal is to make sure regulation is upheld and not a burden on a firm.
  14. RPA

    • Robotics process automation is a type of technology that can emulate mouse clicks and keystrokes from a user – interacting directly with the user interface layer of applications.