The Association of Consulting Actuaries (ACA) has established a new industry steering group to assess the risks and opportunities presented by emerging and evolving artificial intelligence (AI) technology.

The steering group will aim to understand these risks and opportunities that AI presents to the pensions industry.

With AI technology developing “rapidly”, the AI steering group has been set up to consider how consulting actuaries should respond to the emerging challenges and opportunities that AI presents.

The ACA stated that the steering group will also be helping to develop ethical standards relating to AI.

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

Commenting on the establishment of the steering group, LCP partner and AI Steering Group chair, Alex Waite, said: “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.”

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