On a recent episode of “The AI Fundamentalists” podcast, hosts Andrew Clark and Sid Mungalik sat down with CRA Senior Consultant David Sandberg, a seasoned actuary with over four decades of experience in insurance and InsureTech advising. The discussion explored the intersection of actuarial science, artificial intelligence (AI), and the evolving role of data in decision-making.
Sandberg shared several key insights during the podcast, offering valuable perspective on the integration of AI into organizational decision-making and risk management, including:
- AI should be used to enhance human judgment, supporting critical thinking and accountability, rather than simply automating tasks or replacing human decision-makers;
- Emphasizing “small data” enables better validation and learning from AI predictions, making outcomes more reliable; and
- Implementing centralized risk management frameworks and validating AI models through comparison and actuarial approaches is essential for maintaining transparency, accountability, and effective decision-making in organizations.
Sandberg concluded that adopting an actuarial approach to AI means being transparent about AI’s limitations, validating assumptions, and maintaining human accountability. Ultimately, AI should serve as a tool to empower better human decisions, not to replace human judgment.
Read more about David Sandberg’s insights on AI, data, and decision-making in insurance here.
