Risk 2.0 has been a little quiet lately. I’ve been immersed in several projects. One of them just culminated in a trip to New York City to attend the 2010 Society of Actuaries Annual Meeting.
I was part of a panel that presented a session called “The Actuarial Technology Perfect Storm.” In the session, we discussed a model for creating a better working relationship between actuaries and IT professionals. Our goal was to point out that while a disintegrated actuarial-IT structure may work okay today, it’s not sustainable given the rapidly changing technological demands on actuarial work.
Our findings were based on a survey of actuaries that we’ve conducted the past three years. In 2009, we introduced a question on Web 2.0. The question asked respondents to indicate their awareness and implementation of seven Web 2.0 technologies:
- Social Networks
- Dynamic Documentation
- Instant Messaging
- Collaborative Product/ Service Design
Awareness and implementation increased across the board in 2010. However, it’s clear that actuaries are still very much in a discovery phase with Web 2.0.
Instant messaging, blogs, and social networks were the most recognized Web 2.0 technologies in the survey. Roughly 90% of respondents had heard of each of them. They were also among the most highly implemented to date. 30% had implemented instant messaging, 11% blogs, and 8% social networks.
In my mind, the Web 2.0 tool that would provide the biggest immediate benefit to actuaries is the wiki, which is an ideal way to openly store documentation and procedures for easy access. Wikis were recognized by 73% of actuaries in 2010 (a healthy increase of 16% over 2009). But only 10% had implemented a wiki in their work.
If you’ve implemented any of these technologies or want to know more about them, let me know.