Source: https://tendernation.io/opportunities/01a13c98-98da-7002-ac35-4d7e39a2ccaa/research-services-artificial-intelligence-ai-and-machine-learning-ml-in-ac awarded GB open procedure Suitable for SMEs # Research Services - Artificial Intelligence (AI) and Machine Learning (ML) in Actuarial Modelling in the UK [The Financial Reporting Council Limited](https://tendernation.io/buyers/the-financial-reporting-council-limited) Estimated value £42,000 to £50,000 Published 23 Jun 2022 Deadline Closed 15 Aug 2022 ## Who can bid - Buyer says suitable for SMEs The buyer ticked “suitable for SMEs” on the notice. Anyone can still bid. - Buyer says suitable for VCSEs The buyer ticked “suitable for voluntary, community and social enterprises” on the notice. - Small contract value Valued under £135,018 including VAT, the lowest Procurement Act threshold for goods and services. - Open procedure Anyone can submit a full tender; there is no shortlisting stage. [More contracts for small businesses and VCSEs](https://tendernation.io/opportunities/for-small-businesses) ## About this tender \*\*\*THIS IS A CONTRACT AWARD NOTICE\*\*\* The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit, and high-quality risk management. The use of Artificial Intelligence (AI) and Machine Learning (ML) is growing in actuarial modelling. The Institute and Faculty of Actuaries (IFoA), the UK's professional association for actuaries, has been encouraging education and training in these techniques among its members and recently launched a data science certification The objective of this research is to learn more about the role of AI/ML in UK actuarial modelling practices across pensions, life insurance, general insurance, and wider fields (e.g., banking and investment). It will also compare the extent of AI/ML deployment by the actuarial profession with that of other similar professions. The overall purpose of the research is to improve our understanding of new risks that AI/ML might bring to the quality of actuarial work. To do this, the research will address the following four areas of enquiry: - Areas of use: Which actuarial departments are involved in using AI and ML techniques in their work? - Approach: What approach(es) and technique(s) are used? How are they selected? - Governance: What is the governance process around the use of AI and ML techniques as compared to the governance process around the more traditional techniques? - Output: How do the areas of use, approach and governance of AI and ML impact on - the way outputs are used internally by a company, and - the uncertainty around the actuarial modelling results using AI/ML, as compared to the uncertainty around results from the more traditional approaches? \*\*\*AWARD NOTICE\*\*\* Additional information: THIS IS A CONTRACT AWARD NOTICE. THIS TENDER HAS BEEN COMPLETED. Read full description ## CPV classification Research and development services and related consultancy services Source Contracts Finder (UK) [View official notice](https://www.contractsfinder.service.gov.uk/notice/840ebf68-dde4-4c70-a091-eb3a0a1f8cc1) Never miss a tender like this again Get AI summaries, deadline alerts and a bid pipeline for tenders matched to your business. Free to start. 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