RNA Analytics, Hyundai Marine & Fire Insurance, Kakao Insurance, Lina Korea, and Gia Actuarial Consulting will participate in the International Actuarial Association (IAA) AI Task Force (AI TF). This initiative is expected to accelerate research on incorporating artificial intelligence into actuarial science.

Actuarial science involves using mathematical methodologies to evaluate and analyze risks, premiums, and claims in insurance and pensions. It is applied across all areas of insurance operations, where products are developed based on statistical analysis.

According to the insurance industry, actuaries from three domestic insurers—Hyundai Marine & Fire Insurance, Kakao Insurance, and Lina Korea—will participate in the IAA AI TF as members. Additionally, two actuarial consulting firms, RNA Analytics and Gia Actuarial Consulting, will also join the task force.

In November, the IAA began recruiting members for its AI Task Force, drawing participants from 23 countries and assembling a group of approximately 80 experts. From Korea, Hyundai Marine & Fire Insurance will contribute two members, while RNA Analytics, Gia Actuarial Consulting, Kakao Insurance, and Lina Korea will each send one representative. Representing RNA Analytics on the AI Task Force will be Sunil Yoon, Principal Actuarial Consultant.

The AI TF aims to explore ways to leverage AI in actuarial science and establish a global AI community within the actuarial field. Its activities are planned to span two years, beginning with participation in the AI Summit in San Francisco in February and continuing through 2026.

The task force will focus on the following:

• Research on AI development

• Methods for utilizing AI

• Developing relevant guidelines

The goal is to assess and share practical applications of AI in actuarial science.

This new research will build on discussions conducted in 2024 under five themes:

1. Professionalism and ethics

2. Education

3. The role of actuaries

4. Policy integration

5. Innovation

Experts note that the insurance sector offers significant opportunities for AI within the financial industry. By applying AI to actuarial work—which involves predicting future losses and risk rates based on probability and mathematics—it is possible to reduce errors and improve accuracy.

This is particularly relevant given ongoing market concerns surrounding the new accounting standard (IFRS 17) and the new solvency regime (K-ICS) introduced in 2023. Experts believe AI could help enhance trust in these systems.