Embracing the Future: Chief Actuary's Journey into Data Science

Embracing the Future: Chief Actuary's Journey into Data Science

In the ever-evolving landscape of business, the need to adapt and learn new skills is a must. Not only employees but also managers and even top executives nowadays recognize the value of continuous learning. 

In our latest blog post, we sit down with Kestutis, Chief Actuary at Lietuvos Draudimas, as he shares his journey of enrolling in Turing College to study Data Science.

Pioneering Change

Kestutis reminisced about his entry to the insurance world. He began as a math-loving student who, driven by passion and skill, made his way to the top. Over the years, Kestutis observed the industry undergoing digital transformations and wanted to be part of the next big wave.

Upon receiving an invitation from Turing College, he took the leap to explore data science alongside a colleague. What began as an adventurous decision quickly proved to be highly insightful. ''Our growth at Turing College has been remarkable from the very first sprint, both in enhancing our technical skills and in understanding the broader digitalization perspective'', Kestutis said.

AI's Emergence in Insurance

Kestutis’ role at Lietuvos Draudimas has always been dynamic. From pricing and insurance liabilities to capital requirements and market analysis, and more recently, even to the new insurance accounting standards, his job has always been multi-faceted. With the growing influence of AI, Kestutis foresaw the importance of transitioning from classical actuarial models to machine learning and deploying its models across the organization. ''When I started studying at Turing College, AI-related projects at Lietuvos Draudimas began gaining momentum,'' he remarked.

As to how AI would reshape insurance, Kestutis noted that the transition has already started. He highlighted the increasing application of machine learning not only in insurance pricing, but also sales, claims, marketing and, naturally, becoming a new priority for IT.

Why Turing College?

When asked about his decision to upskill at Turing College, Kestutis emphasized the need to adapt to the new reality. "The world isn't static,” he said. “If you are not ready for digital transformation, you'll simply fall behind.”

He shared his accomplishments and how the knowledge gained at Turing College enabled him to approach tasks with a renewed perspective. From object-oriented Python programming and its ecosystem, data wrangling, exploratory data analysis and its visualization to powerful machine learning models and their recent implementation on the cloud, his skillset had expanded significantly.

Collaboration and Community

Kestutis particularly valued the highly motivated community of Turing College. Regular stand-ups, open sessions, community events and in-person sharing of knowledge fostered a sense of camaraderie, facilitating everyone's steady growth. Kestutis added: "Despite the diverse backgrounds, age and professions, coming together to learn every week has been of great value. The opportunity to connect and learn from such a varied enthusiastic group is what makes Turing College truly standing out amongst other bootcamps."

Evolving Professional Relationships

Post his Turing College enrollment, Kestutis noted a new collaboration rhythm with the IT department. His newfound skills enabled him to quickly assess the viability of various technical implementation projects and gain a better understanding of the intricate processes involved. This not only increased the trust between him and the IT team, but also made communication much more immediate and seamless.

Final Thoughts

Concluding the interview, Kestutis acknowledged that while Turing College demands commitment, the outcomes are immensely rewarding. His journey from an actuary to digging deep into data science serves as evidence of the possibilities that lie ahead for professionals willing to embrace change. 

His advice for peers: "Adapt, learn, and focus on creating high additional value.”