Actuaries are being sidelined in favour of data scientists, Aviva’s boss revealed yesterday, in the latest evidence that artificial intelligence (AI) is causing an upheaval for office-based jobs.
However, Amanda Blanc, the insurer’s chief executive, played down the idea that AI will result in major lay-offs, but she said that it was reshaping the way the business operates and who it employs.
Actuaries are traditionally relied upon by the insurance industry – as well as other companies and organisations – to assess risk and uncertainty.
Using mathematical, statistical and financial models, the profession is a traditional well-paid career path for maths graduates.
But like other professions, it threatens to be disrupted by rapid advances in AI models which are able to complete ever-more sophisticated tasks.
Blanc set out yesterday how AI was transforming FTSE 100-listed Aviva. She said AI was being used across the business, for example by using virtual agents able to take simple claims calls.
Changing times: Aviva boss Amanda Blanc played down the idea that AI will result in major lay-offs but said that it was reshaping the way the business operates and who it employs
On the impact of AI on jobs, she said Aviva was in the ‘fortunate position’ that the business was growing but that ‘as AI scales, clearly we will look at that – I’m sure we’ll talk about that in the future’.
She added: ‘We are changing the type of people, the type of skills that we’re looking for.’ The Aviva chief did not suggest there was no future for actuaries, however.
Yesterday’s comments came as the Bank of England prepares to weigh up the implications of growing AI adoption amid fears it could cause a bloodbath of office-based jobs.
A spokesman declined to comment on the plans, first reported by Bloomberg.
Blanc’s comments on AI came as Aviva reported a 25 per cent increase in annual profits to £2.2billion and announced a £350million share buyback – a resumption of buybacks after a hiatus due to its £3.7billion takeover last year of smaller rival Direct Line.
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