The Role of Artificial Intelligence in Advancing Actuarial Calculations: Challenges and Opportunities for Digital Transformation in the Insurance Industry

Abstract

This research aims to explore the role of artificial intelligence, particularly machine learning techniques, in developing actuarial calculations and improving the accuracy and efficiency of risk analysis and decision-making in the insurance industry. Actuaries face numerous challenges in handling large and complex data using traditional methods, which have become insufficient to keep up with technological advancements. The study examines the role of artificial intelligence in advancing actuarial calculations and the insurance sector through innovative models and technical applications, while highlighting challenges such as privacy, bias, and the importance of developing actuaries' skills to adapt to digital transformation. The key findings derived from the analysis indicate that artificial intelligence enhances the efficiency of actuarial processes, allowing actuaries to focus on strategic analysis rather than routine tasks while improving transparency. The research proposes training actuaries in modern technological skills, developing regulatory policies to ensure transparency and fairness, and fostering collaboration between actuaries and technology developers. Additionally, the study provides a significant scientific contribution by offering a modern framework for advancing actuarial calculations using artificial intelligence, thereby supporting digital transformation in the insurance industry and effectively addressing future challenges.