An Intelligent Decision Support Model for Actuarial Profession

As actuarial analysis and evaluation is a time-consuming, complex and error-prone process, it can be improved or enhanced considerably by automated reasoning. Efforts to reduce the inaccuracy and incorrectness of analyses and to enhance the confidence levels of actuarial analysis have led to the development of an intelligent decision support system called ActuaExpert, which assists, not replaces, actuaries. ActuaExpert assumes the role of a hypothetical actuary capable of assessing risks, creating policies that minimize risk and its financial impacts on companies, and maximizing the profits for insurance companies. It has a knowledge base containing the expertise of statistics, finance, and business, and a case base of past episodes and consequences of decisions. By combining knowledge-based problem solving with case-based reasoning, ActuaExpert demonstrates forms of intelligent behavior not yet observed in traditional decision support systems and expert systems.