Since its inception, the actuarial profession has been associated with technical rigor coupled with deep mathematical precision. In fact, an origin of the word “actuary” can be traced to the days of the Roman Empire, when the Latin word “actuarius” was given to those who meticulously recorded public actions of the Roman Senate.1 As the…
Generative AI marks a significant advancement in artificial intelligence (AI). It is distinguished from traditional AI by its ability to create new content in the form of text, images, code and voice. Unlike traditional AI, which analyzes patterns in data for forecasting or classification, generative AI produces outputs not previously found in the data. Generative…
At the heart of modern actuarial work is the need to process vast amounts of data rapidly and accurately while sustaining complex, computationally intensive models. Whether by scaling up a single high-performance computing system or orchestrating a distributed network of machines, the strategic decisions behind hardware selection play a pivotal role in meeting these operational…
For its summer international focus, The Actuary takes a look at Bermuda, one of the largest global reinsurance domiciles and, as reports show, home to more than 40 life and annuity entities. From multinationals to boutique life reinsurance firms, Bermuda has a mix of experience levels, all of which are adapting to regulatory enhancements. In…
The Society of Actuaries (SOA) is dedicated to continually improving our operations so we can be well positioned for the future. The SOA Board of Directors (Board) initiated a Task Force in fall 2024 to review SOA Board governance, pinpoint challenges, examine leading practices and solicit member feedback. The insights gathered by the Task Force…
Hispanic Heritage Month is observed annually to honor the rich history, diverse cultures, and significant contributions of Latino/a/x and Hispanic communities in the United States. In 2025, the celebration will take place from Monday, September 15, through Wednesday, October 15. Hispanic Heritage Month actually began as a commemorative week when it was first introduced in…
For tens of thousands of years, human beings communicated information through time and across generations verbally and with gestures. Caregivers, elders and storytellers passed stories on to younger individuals. Eventually, humans developed written language. This meant we could rely on what others wrote. If future generations could read it, it would persist. First, some history.…
In the wee morning hours of August 24, 1992, Hurricane Andrew came calling just north of Homestead, Florida. With sustained winds of 165 mph, it would be the strongest hurricane to hit the United States in nearly 60 years. The loss of life was thankfully relatively low. The property damage and the impact on the…
One of my favorite quotes attributed to Steve Jobs is, “Innovation is the ability to see change as an opportunity—not a threat.” In the working world, in my observation, innovation—particularly around AI advancements—at times has seemed more like a job security threat than an opportunity. However perceived, there’s no doubt more change opportunities are coming.…
Teamwork. Perseverance. Intellectual curiosity. Three traits UWaterloo’s (Ontario, Canada) Team Factuarial —William Zhang, Ki Yan Chan and Kevin Jiang—relied on to take first place in the Society of Actuaries (SOA) Research Institute’s 2025 Student Research Case Study Challenge. Each year, the SOA Research Institute invites college students to work on a hypothetical case study. Teams…