Reimagining actuarial science with AI

In this episode of the Practical AI podcast, Chris Benson interviews Igor Nikitin, CEO and co-founder of Nice Technologies, about the application of AI in the actuarial industry. Igor explains the traditional actuarial processes, which heavily rely on Excel spreadsheets and financial modeling, and how regulations are pushing the industry towards adopting more sophisticated technologies. He discusses how Nice Technologies is revolutionizing actuarial modeling with its calculation engine and data management platform, inspired by the video game development industry's approach to complex software. The platform aims to streamline workflows, improve efficiency, and enable actuaries to leverage AI for tasks such as data summarization, model development assistance, and second opinions on data analysis, ultimately changing how actuarial modeling is done by using common technologies like Python.