Actuarial Science

posted May 8, 2022, 5:57 PM by jeffery jim
As we usher into Industrial Revolution 4.0 (IR4.0), we used to hear about the potential of human loosing their job to computers. How true is this claim?

Certainly not true. Only jobs which are routine in nature without much analytical methodologies will suffer under this scenario. Marketing cannot be replaced with software, logarithm, programming and artificial intelligence. IR4.0 is loaded with intelligence where the center or nexus of processing is based on the axis of information. Human and their humane properties are totally different cases. What lacks in IR4.0 is the allocation of intelligence related to emotional, creativity and adversity which are among the different quotient dimensions.

That is why big data which is the current issue involving many professionals and various fields. Can software be programmed to be ultra reliant when it comes to automation? No. With sets of data, the only way to go forward is for queries to be made by professional (human) and process all sorts of inferential and return with more key findings in summation processes.

In highly competitive industry, generic queries are no longer useful in applying statistics or actuary science. The next approach would involve creativity in tweaking queries and exploits available statistics and opening new field for data queries and mining. The next thing is the attachment of queries to exploit human vulnerable part which is their emotional. Lastly, competitions create advantages to edge rivals. Despite multiple failure, it is the adversity of the human behind those big data queries that will hold strength in taking advantages and making suggestion to see progression of real-time data. Without adversity to thrive and going through hindrances, success remain an objective far away from an individual or a group sight.

If you read and worry about job loss and worry the future of your offspring, just remember this. Intelligence through memorization is no longer the milestone for success. It is how you prepare them for burst of creativity, emotional intelligence when dealing as an individual, group, community, subculture or human in general. Lastly, you have to groom them to be resilient and grit, avid readers, trouble shooting skills and develop their reaction in adversity.

Another recommendation from me is the need for kids to have spatial intelligence and statistical abilities based on narrative or when encounter difficult scenarios. I gave a lot of thought about this 10 years ago and that led me to learn statistics of all branches. There are so much more to learn but at least with ten years self-education, i managed to solve some gaps in engineering through statistical procedures and get these published in journal articles. Spend your time to understand statistics and let your kids learn. It is the largest investment for their future. They are never too young and you can start to teach them risk assessment, sound judgment and injury avoidance with statistics and spatial intelligence.