I have found some previous threads talking about the risk of automation for the actuarial career, but its mostly a debate about how the type of work we are doing will shift or how it will be more programming based, etc.
I think the points made in those threads are all valid and I think Colonel Smoothie is right that we will need to learn more and more technical skills going forward.
However I do not think our biggest risk is being replaced by machines or automation for our jobs. I think our biggest risk comes from everyone else's jobs being automated.
It is estimated that around 50% of the jobs in America will be automated and eliminated over the next 20 years. This will drastically hurt the demand for our products and therefore us as an extension.
What is the purpose of life insurance? To cover current indebtedness and replace estimated future earnings of a breadwinner. - If a lot less people are working and being breadwinners there will be lower demand for life insurance. They will be on the government dole instead.
We all know pensions are on there way out, no need to comment there.
With health we will see fewer people working and thus fewer people being covered by employer provided insurance and again, more people relying on the government. This will only accelerate calls for single payer takeover of healthcare.
With P&C obviously driverless cars decrease demand for car insurance, and homeowners insurance will be hurt by fewer people being able to buy a home and make the payments. This may give a slight boost to renters insurance, but that's a drop in the bucket comparatively.
Fewer workers means less workers comp coverage. Fewer vacations means less travel insurance... you could go on and on about how the replacement of the need for people drastically reduces the amount of risk out there and the demand for the products designed for people to hedge against that risk.
So what's the solution here for people about to get into this career?
I think the points made in those threads are all valid and I think Colonel Smoothie is right that we will need to learn more and more technical skills going forward.
However I do not think our biggest risk is being replaced by machines or automation for our jobs. I think our biggest risk comes from everyone else's jobs being automated.
It is estimated that around 50% of the jobs in America will be automated and eliminated over the next 20 years. This will drastically hurt the demand for our products and therefore us as an extension.
What is the purpose of life insurance? To cover current indebtedness and replace estimated future earnings of a breadwinner. - If a lot less people are working and being breadwinners there will be lower demand for life insurance. They will be on the government dole instead.
We all know pensions are on there way out, no need to comment there.
With health we will see fewer people working and thus fewer people being covered by employer provided insurance and again, more people relying on the government. This will only accelerate calls for single payer takeover of healthcare.
With P&C obviously driverless cars decrease demand for car insurance, and homeowners insurance will be hurt by fewer people being able to buy a home and make the payments. This may give a slight boost to renters insurance, but that's a drop in the bucket comparatively.
Fewer workers means less workers comp coverage. Fewer vacations means less travel insurance... you could go on and on about how the replacement of the need for people drastically reduces the amount of risk out there and the demand for the products designed for people to hedge against that risk.
So what's the solution here for people about to get into this career?
I think the threat of automation is greater than we think
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