steering group will assess risks and opportunities for the pensions industry from AI

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The Association of Consulting Actuaries (ACA) has set up a new industry AI steering group to assess the risks and opportunities from emerging and evolving AI technology. 

With AI developing rapidly, the AI steering group has been established to consider how consulting actuaries should respond to the emerging challenges and opportunities that AI technology presents. The group will also be helping to develop ethical standards. 

The group will be chaired by LCP Partner Alex Waite and, to date, is made up of members from Aon, Barnett Waddingham, Buck (a Gallagher company), Isio, Mercer, and XPS. 

Alex Waite, AI Steering Group Chair, commented: 

“AI and how it’s used is growing and changing daily. Opinion is divided on how AI will evolve our roles and, ultimately, our society. Regardless, it is clear that it is here to stay, and as an industry, we need to respond to these changes. There are clearly many benefits that AI has that will make our jobs more efficient and help us to deliver better results for our clients. 

“The aim of this group will be to help consulting actuaries better understand the impact of AI on our work and to develop some ethical standards to help us all navigate this new and emerging field.”