This new qualification offers members a practical introduction to the concepts, tools and techniques of data science within an actuarial context
The IFoA is working with the Southampton Data Science Academy to offer a certificate in data science that is jointly accredited by the University of Southampton’s Web Science Institute.
In July we awarded 91 Certificates in Data Science to our first cohort. The Certificate has generated interest from members who want to update their skillset to reflect the importance of data science in traditional and wider areas of actuarial employment. On 3 September a second cohort of 200 members, from more than 25 different countries, embarked on this programme.
The Data Science Certificate is a globally accessible online-supported programme. It has been designed specifically for actuaries and contains many examples of how techniques can be applied to actuarial practice. It sits outside the IFoA qualification structure, but helps individuals who wish to develop their own skillset.
The purpose of the Certificate is to provide an introduction to data science concepts, tools and techniques, and their relevance within an actuarial context. The programme will not turn an actuary into a data scientist, but will highlight many of the issues actuaries should consider when working in multi-disciplinary teams on data science-related projects.
The programme is designed around six modules, each with specific learning materials and academic support:
- Introduction to data science, data management and processing
- Data analysis and introduction to machine learning
- Data visualisation and communication
- Further analysis and artificial intelligence
- Good practice and responsible artificial intelligence (AI)
- Future directions.
Participants learn how data science techniques have been applied across the core actuarial domains, as specific practice area case studies are a key part of the learning materials. Feedback from our first cohort has told us how valuable these case studies are.
The programme includes technical exercises that allow participants to use data science tools to work through practical examples in their own time. It brings together a wide range of issues that actuaries should be considering with regard to data science, including ethics, professionalism, regulation and the public interest.
This first programme has not been designed to be highly technical, but participants will find opportunities to engage with additional non-assessed technical exercises. These unsupported elements have been included for those who want to test out techniques.
There are reflective assessments to be completed at three stages in the programme, assessed by the Southampton tutoring team.
The programme was designed as an enabler and we are pleased that in the results from the April cohort 91 students passed; this has confirmed to us that those participants who engage with the programme and submit assignments that meet the learning outcomes will be successful. The programme requires approximately 10 hours of supported study per week across an eight-week period, with an additional two weeks to complete the final assignment. On average, our first cohort participants spent nine hours per week on their studies.
In order to deliver the Certificate we explored various learning opportunities and ran a pilot that was trialled by member volunteers (see facing page). They took part in a public online programme, and their feedback was instrumental in guiding the format and content of the Certificate.
The IFoA is considering adding further data science-related education options, which is likely to include more data science-related material within examinations and possibly more technical data science-related learning opportunities.
Jasvir Grewal is a general insurance actuary working at Arcus 1856, a Lloyd’s syndicate backed with funds managed by Credit Suisse’s ILS team. She holds a master’s degree in mathematical modelling and scientific computing from the University of Oxford and is a Fellow of the IFoA, as well as a Chartered Enterprise Risk Actuary.
What was your experience of the pilot Data Science Certificate course?
For those who are new to data science, this is a great introductory course to help de-jargon and demystify concepts. A wealth of examples are provided and I found these the most useful in my case, as it provided good food for thought. However, don’t come into this course expecting to be a data scientist at the end of it!
My point of view regarding actuaries in data science is that we need to start taking a seat at this table, and understanding data science concepts is the necessary first step to take in order to do so.
Having completed the course, how have you have applied your new-found learning and the benefits to your employer?
Coming from a background where I already had a good knowledge of data science concepts, I personally derived the most benefit from the opportunity to think in greater detail regarding the types of projects that I could implement at work.
My employer is very open to employing novel techniques to solve problems, and has embraced changes I made
to processes prior to my attendance on this course. During 2020, I will hopefully get the chance to test and implement a few of the data science ideas that came to me during the assignments. I’m really looking forward to setting these up!
How did you find the support on the course?
The level of support was good. I am more of a self-starter, so a lot of support wasn’t really necessary, but it was always clear that one-on-one tutorials could be booked to discuss any issues or concepts.
One tutorial that was particularly useful was where the tutor spent time critiquing my proposal. This was a very useful discussion that helped me to understand the finer points I would need to make in any business case.
Did you find the course was flexible enough to enable you to balance work, study and home life?
The flexibility was the main selling point of this course, in my opinion. I planned when to tackle each section according to my workloads and personal commitments. For example, when I knew I was about to hit a busy period at work, I did a couple of weeks’ worth of the course in one go so that I didn’t need to worry about falling behind.
To highlight the flexibility, I even watched some of the lessons on my train ride home!
Declan Whiteford is an actuary at Pramerica, provider of business and technology services to Prudential Financial, Inc, and has an interest in insurtech, fintech and data science. He is a Fellow of the IFoA and a Chartered Enterprise Risk Actuary.
What was your experience of the pilot Data Science Certificate course?
The course was brilliant. It was great to dedicate time and use course resources to learn about data science, AI and machine learning (ML) in more detail.
It presented real-life business case studies and challenged my thinking on how AI could be effectively harnessed in my role through an individual project.
While the areas of computer vision and natural language processing wouldn’t fall into the traditional actuarial domain, the course opened my eyes to how these technologies could enhance my actuarial toolkit and how I could contribute to new areas within life insurance.
Having completed the course, how have you applied your new-found learning and the benefits to your employer?
My employer has been a great advocate for exploring and applying AI and ML tools and techniques in our work with Prudential Financial, Inc. Working closely with data science colleagues, I have been able to use my lessons from the course to consider new ways to underwrite life insurance business and model insurance risks such as mortality and lapse.
The course has given me the confidence to be an active participant in new ways of thinking on how to evolve our life insurance business.
How did you find the support on the course?
The support was great. Once a week I had a 30-minute tutorial with my course tutor in which I could ask questions about my project and the course more generally. There were also group tutorials in which I was able to hear the opinions of others, as well as how they envisaged the course would be beneficial to their roles. I could also email my tutor and found that they were very prompt in providing a response or feedback.
Did you find the course was flexible enough to enable you to balance work, study and home life?
The structure was very flexible. I found each module to not be overly time-consuming, while the blend of reading material and videos was a good way to vary the course content.
The tutorial options were particularly flexible; when I was not able to attend during the working week, I was able to use evening or weekend slots.
How will your learning help you in your career development?
The course has given me the foundation to get involved in new projects that actuaries wouldn’t traditionally participate in. With the world rapidly changing, I think this course is a great way to help futureproof the actuarial skillset and help grow our presence in non-traditional fields.
