Amity University – Use of Cloud based Technology for Actuarial Work

ActuaryLife has conducted a training program for the students of Amity School of Insurance, Banking, and Actuarial Science. The online training program was conducted by H Vikram Arora, CEO, ActuaryLife on 27th July 2021. The training program was focused on the use of cloud services for actuarial work. During the session, Vikram explained the use of cloud-based services and how it is changing the way Actuaries are working in modern times.

He discussed the advantages of cloud computing which is providing actuaries with the ability to focus on what matters most and avoid undifferentiated work like procurement, maintenance, and capacity planning. As cloud computing has grown in popularity, several different models and deployment strategies have emerged to help meet the specific needs of actuarial work. Each type of cloud service, and deployment method, provides different levels of control, flexibility, and management. There are many options for an actuarial department to run their modeling work on the cloud, such as:

1. Infrastructure as a Service (IaaS)
2. Platform as a Service (PaaS)
3. Software as a Service (SaaS)

The use of popular AWS services such as EC2, Lambda, and RDS for actuarial work was discussed. A demonstration was made on the use of Rest API. Vikram explained how an API can be called using R Studio to calculate the value of an actuarial function. A local program was also made in R studio to compute the value of an increasing annuity and deployed on the cloud.

Vikram also interacted with the students and answered their queries related to using open-source software such as R and Python in modern actuarial work. He encouraged students to learn at least 1 programming language with confidence and build projects. The program was concluded with an online quiz for use of cloud-based technology in actuarial work.