The Institute and Faculty of Actuaries has published an AI Manifesto, setting out how actuaries can support organisations in building artificial intelligence systems that can be robust, trustworthy and sustainable over the long term.
The manifesto noted that AI is transforming how organisations make decisions, and it will look to assist actuaries in navigating uncertainty, while strengthening oversight and developing AI that delivers value while serving the public interest.
This manifesto is also more widely aimed at a broad range of people, including executives, product owners, chief risk officers, data and technology leaders, regulators, and researchers, whether they are actuaries or non-actuaries. Its aim is to explain how actuarial involvement strengthens AI projects and supports better outcomes for organisations and the people it serves. Using real-world examples, the manifesto sets out what this involvement looks like in practice.
Alex Waite, IFoA President-elect and the AI manifesto author, says: “AI can be a powerful force for good when shaped by people trained to balance risk, reward and responsibility. By embedding actuaries early in AI projects, you increase the likelihood that the system you build is one you can stand behind over the long term: commercially, professionally and ethically.
“I encourage anyone developing and deploying AI systems to read this manifesto, to understand how having an ‘actuary-in-the-loop’ can make AI safer, more reliable and more effective.”
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies.
