Due to technological progress in connection with Data Science and Digitalization, summarized under the buzzword Big Data, a plethora of opportunities and challenges arises for society.
Technological developments have of course also reached the insurance industry and thus have a direct impact on the working environment of actuaries.
Under the heading Actuarial Data Science, many relevant modern procedures and methods are embedded in the actuarial context. These range from mathematics-driven statistical methods for derivation of insights from data to computation-driven methods such as the broadly discussed machine learning. As a result of almost unlimited computing capacity through cloud computing and wide availability of training data, tried and tested methods of machine learning, such as neural networks, are facing much attention in theory and practice.
Due to the importance of this topic and to provide actuaries and participants working in the field of (actuarial) data science with the necessary expertise, the European Actuarial Academy offers a brand new EAA Certificate in Actuarial Data Science consisting of four modules:
This four-part series has been very successfully established within the German Association of Actuaries (DAV) and is based on the corresponding learning objectives of the DAV for the modules Actuarial Data Science Basic and Actuarial Data Science Advanced, which are part of actuarial training in Germany, and of the modules Actuarial Data Science Immersion and Actuarial Data Science Completion, which are part of the additional DAV qualification "Certified Actuarial Data Scientist" (CADS).
EAA plans to offer all four modules starting in 2024. A complete run of all four modules will take two years to complete.
All courses are also open to interested actuaries and other quantitative experts to deepen their knowledge and skills in the field of Actuarial Data Science (without exams).
