New AI Manifesto From the IFoA

The latest new thinking from the IFoA for you;

The Institute and Faculty of Actuaries (IFoA) has published its landmark AI Manifesto, setting out how actuaries can support organisations in building AI systems that are robust, trustworthy and sustainable over the long term.

Artificial intelligence is transforming how organisations make decisions, but successful AI requires more than technical capability alone. Drawing on expertise in modelling, risk management, governance and ethics, actuaries help to navigate uncertainty, strengthen oversight and develop AI that delivers value while serving the public interest.

Actuaries are used to working in multi-disciplinary teams and can bring structure to discussions about risk, performance and fairness. They are adopting new tools which allow them to work confidently with predictive, generative and agentic AI systems. The IFoA continues to build and strengthen its support to members and the profession, developing new skills, research and guidance for AI.

This manifesto is for anyone accountable for, or interested in, the use of AI, including executives, product owners, chief risk officers, data and technology leaders, regulators, researchers – whether they are actuaries or non-actuaries. Its aim is to explain how actuarial involvement strengthens AI projects and supports better outcomes for organisations and the people it serves. Using real-world examples, the manifesto sets out what this involvement looks like in practice.

Alex Waite FIA C.Act, IFoA President-elect and AI Manifesto author, said:

“AI can be a powerful force for good when shaped by people trained to balance risk, reward and responsibility. By embedding actuaries early in AI projects, you increase the likelihood that the system you build is one you can stand behind over the long term: commercially, professionally and ethically.

“I encourage anyone developing and deploying AI systems to read this manifesto, to understand how having an ‘actuary-in-the-loop’ can make AI safer, more reliable and more effective.”

Paul Sweeting FIA C.Act, IFoA President, said:

“Actuaries are trained to manage uncertainty, balance risk and reward, and apply the professional and ethical standards set out in the Actuaries’ Code. With skills that complement those of data scientists, engineers, product owners and legal teams, actuaries can play a key part in AI projects by shaping standards, guidance and research that work in practice.”