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Tracking actuarial technology's evolution, with Amalgamated executive, part one

Tracking actuarial technology's evolution, with Amalgamated executive, part one

Exploring Actuarial Technology with Amalgamated Life's Amanda Turcotte

In a recent conversation with Digital Insurance, Amanda Turcotte, the senior vice president and chief actuary at Amalgamated Life Insurance Company, shared insights into the evolution of actuarial technology. Having held various executive positions at insurance carriers and even in an insurtech startup, Turcotte brings a wealth of experience to the discussion.

Key Insights on Technology Advances

Turcotte highlighted several technological advancements that are reshaping the actuarial landscape. She emphasized the growing importance of data analytics and artificial intelligence in enhancing predictive modeling. These tools allow actuaries to derive insights from vast amounts of data, leading to more accurate pricing and risk assessment.

Furthermore, she noted that technology is not only streamlining operations but also improving customer experience. Automated processes mean claims can be handled more efficiently, ultimately benefiting policyholders.

Who’s Affected?

The advancements in actuarial technology are likely to impact various stakeholders in the insurance industry. Actuaries will need to adapt their skillsets to work effectively alongside evolving tech tools. Insurance companies, by leveraging these technologies, can enhance their pricing strategies and profitability.

Additionally, consumers could see a direct benefit in terms of more tailored insurance products and faster service delivery. This shift could lead to increased competition in the insurance landscape, as companies that harness these technologies improve their offerings.

Conclusion

As the industry continues to evolve, insights from experienced professionals like Amanda Turcotte provide valuable perspectives on how technology is changing the actuarial field. Staying ahead in the insurance industry will increasingly depend on understanding and utilizing these technological advancements.

Original Source: https://www.dig-in.com/news/tracking-actuarial-technologys-evolution-part-one

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