鈥淎ctuarial transformation鈥� has become a popular catchphrase in actuarial valuation circles in recent years. What exactly does this phrase mean? In essence, it refers to the optimisation of actuarial valuation processes across one or more key dimensions, which may include data, systems, processes, models, and people. Actuarial transformation is also referred to as 鈥渁ctuarial optimisation鈥� or 鈥渁ctuarial modernization".