IFoA Generative AI Working Party - Survey 2024

Generative AI (GenAI) refers to a category of artificial intelligence models designed to create new content, such as text, images, audio and more, by learning patterns from existing data. The most famous subset of GenAI are Large Language Models (LLMs). These models leverage deep learning techniques to generate human-like outputs, revolutionizing creative processes and augmenting human capabilities across various industries.

By forming IFoA GenAI working party, we aim to harness the potential of these technologies in a structured and strategic manner and to educate members about the latest developments in GenAI and its applications across the various practice areas of the IFoA. We are also dedicated to exploring, researching, and developing GenAI solutions to drive innovation in the actuarial and insurance sector. This will include but not be limited to enhancing predictive analytics, offering better customer services, automating complex processing tasks, and ultimately helping to improve the organization’s business decision-making processes and profitability via increased sophistication of analytics and operational efficiencies.

Throughout this survey, we seek to understand how GenAI is being utilized by IFoA members in their respective domains. Additionally, we aim to understand what our members want to see and learn so we can prioritize our research initiatives effectively. By participating, you will help in shaping the future focus of our work, ensuring that we address the most relevant and impactful topics.

We will analyse the survey results and provide feedback to the members, keeping you informed about the directions and developments driven by your input.

As a token of appreciation, you will have early access to the results before they are available to the general public. Your participation is valuable and will significantly contribute to our collective progress.