Tag: emerging technology

Hacker Laws — The Hype Cycle – Amara’s Law

Mary Pat Campbell

Link: https://github.com/dwmkerr/hacker-laws#the-hype-cycle–amaras-law

Graphic:

Excerpt:

The Hype Cycle on Wikipedia

We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.

(Roy Amara)

The Hype Cycle is a visual representation of the excitement and development of technology over time, originally produced by Gartner. It is best shown with a visual:

In short, this cycle suggests that there is typically a burst of excitement around new technology and its potential impact. Teams often jump into these technologies quickly, and sometimes find themselves disappointed with the results. This might be because the technology is not yet mature enough, or real-world applications are not yet fully realised. After a certain amount of time, the capabilities of the technology increase and practical opportunities to use it increase, and teams can finally become productive. Roy Amara’s quote sums this up most succinctly – “We tend to overestimate the effect of a technology in the short run and underestimate in the long run”.

Publication Date: accessed 5 June 2022

Publication Site: github

Emerging Technologies and their Impact on Actuarial Science

Mary Pat Campbell

Link: https://www.soa.org/globalassets/assets/files/resources/research-report/2021/2021-emerging-technologies-report.pdf

Graphic:

Excerpt:

This research evaluates the current state and future outlook of emerging technologies on the actuarial profession
over a three-year horizon. For the purpose of this report, a technology is considered to be a practical application of
knowledge (as opposed to a specific vendor) and is considered emerging when the use of the particular technology
is not already widespread across the actuarial profession. This report looks to evaluate prospective tools that
actuaries can use across all aspects and domains of work spanning Life and Annuities, Health, P&C, and Pensions in
relation to insurance risk.
We researched and grouped similar technologies together for ease of reading and understanding. As a result, we
identified the six following technology groups:

  1. Machine Learning and Artificial Intelligence
  2. Business Intelligence Tools and Report Generators
  3. Extract-Transform-Load (ETL) / Data Integration and Low-Code Automation Platforms
  4. Collaboration and Connected Data
  5. Data Governance and Sharing
  6. Digital Process Discovery (Process Mining / Task Mining)

Author(s):

Nicole Cervi, Deloitte
Arthur da Silva, FSA, ACIA, Deloitte
Paul Downes, FIA, FCIA, Deloitte
Marwah Khalid, Deloitte
Chenyi Liu, Deloitte
Prakash Rajgopal, Deloitte
Jean-Yves Rioux, FSA, CERA, FCIA, Deloitte
Thomas Smith, Deloitte
Yvonne Zhang, FSA, FCIA, Deloitte

Publication Date: October 2021

Publication Site: Society of Actuaries, SOA Research Institute