When we first started talking about AI and ML in the life and annuity space, we had big ambitions about how these new tools would help us crack some of the most significant challenges facing the industry. By lowering costs, improving precision, and improving access AI and ML were going to allow us to: • Get life insurance coverage into the hands of the middle market • Smooth the path from retirement savings to income security • Find new ways to help financially insecure Americans deal with a sudden illness or injury
Standing here in 2022, it is clear that the industry has failed to deliver on these goals in any meaningful way.
This talk is about why the industry has failed to deliver on the initial ambitions of AI and ML, what we need to learn from those failures, and most importantly, why we should keep trying to pursue the spirit of those original aspirations.
Julia Romero is the lead for Actuarial Engineering and Advanced Modeling at Haven Technologies, a modern, advanced, and cloud-native insurtech offering for the life, disability, and fixed annuities industries. At Haven Technologies, Julia is focused on actuarial technology and applying data science and other analytics models to drive innovation in actuarial services. Prior to joining Haven Technologies, Julia oversaw similar responsibilities at Haven Life, the digital life insurance agency backed and wholly owned by MassMutual.
Prior to Haven, Julia worked as an actuary at AXA US, where she focused on the development of agent-based models of annuity policyholder behavior. Julia graduated from Colgate University and is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.