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From its early history to now, the actuarial profession has contributed to strengthen the security and resilience of our societies and, beyond that, the well-being of everyone, based on the application of rigorous technical principles and the use of increasingly complex models.
But our value added goes far beyond the adequate implementation of sound modelling techniques and risk management practices: providing assistance and attention to the legitimate needs and expectations of all customers, whoever they are, and guiding them as best as possible in their risk coverage and financial planning choices are, now more than ever, an integral part of our profession.
Actuaries are discrete but major contributors to the societal role of insurers. They play a key role in ensuring that the necessary resources, be they financial or not, are available and allocated in the best possible way to honour all the missions that banks, (re)insurers, pension funds, governments, etc. have assigned to themselves.
To this end, from the very beginning, actuaries have developed ever more specialized skills in an increasingly number of fields. However, beside the complexity of the technics to use, the most fundamental question remains: how to serve all our stakeholders in their best interests?
In an increasingly complex and unstable world that is digitizing and relying on more and more AI systems at a frantic pace, maintaining the highest standards in terms of technical skills, expert judgement and ethical requirements appears to be one of the greatest and exciting challenges our profession will continue to cope with: how shall we contribute to the development of relevant and performing AI-based solutions pursuing fair and meaningful purposes while reducing protection gaps, addressing potential discriminatory biases and complying with a set of sometimes contradictory regulatory requirements?
The actuaries of the future will need to adapt and prepare for the new opportunities that technological developments will offer us, not to admire the beauty of algorithms and their underlying modelling techniques, but to support our primary societal role: keeping humans at the center of everything we do.
It is in this context and state of mind that the International Actuarial Association (IAA) and the Institut Luxembourgeois des Actuaires (ILAC www.ilac.lu) looks forward to hosting the 3rd JoCo (Joint Colloquium of the IAA Sections) in Luxembourg from 19 to 21 May 2027, with, as the main theme “Actuarial Intelligence: Where Ethics Meets Expertise”.
We hope to count you among the participants!
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