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Success Story

Breathing new life into ailing reporting processes

Insurance Consulting and Technology
Insurer Solutions

September 18, 2019

Benefits to date include reducing the live production cycle, full automation of the laborious iterative analysis of change and much improved fit and stability of fit of the model points to the company’s business.

The client challenge

Burgeoning regulatory and accounting deadlines were putting sustained pressure on a major European insurer’s systems and processes and threatened its ability to meet its longer-term reporting obligations. Problems stemmed from multiple legacy models with a high number of manual adjustments, little or no governance and control resulting in frequent model re-runs and spiky technology demand. There was also a lack of agility in model development, making it difficult to respond quickly to further updates to requirements. Patches and short fixes were becoming unsustainable; transformation was needed to deliver control, efficiency and cost reductions.


Our solution

We designed a solution based around the introduction of some of our technology and software in combination with a review of processes. For example, we checked where higher levels of automation would be feasible. Validation involved specific task trials and consultations with key internal stakeholders, followed by implementation activities:

  • Restructuring/rebuilding numerous models and replacing with a single, rationalized model meeting all business requirements, using RiskAgility FM.
  • Replacing the manual and off-cycle model point grouping process with an enhanced on-cycle process based on our proprietary clustering solution.
  • Automating core reporting processes that were manual using our Unify software, providing governance and an automatic audit trail.
  • Obviating the onerous and costly demand for on-premise Grid and technology maintenance, by deploying our Software as a Service vGrid managed Cloud solution.
  • Transforming actuarial department operations, thanks to a new governance framework and agile model development using RiskAgility FM Team Edition for much-needed control of the development process and for automated regression testing.

The outcome

With work continuing through to 2020, we remain on track to deliver targeted outcomes including a significant reduction in end-to-end processing time, improved accuracy and greater confidence in the results, a substantial shift in the actuaries’ focus from production tasks to higher value activities, streamlining of models and future model development for ongoing ease of maintenance, and a more scalable, on-demand approach to technology to increase flexibility and reduce IT infrastructure costs.

Our work to date has been singled out for high praise by the company’s executive. By facilitating extensive knowledge transfer, the company is confident it can complete the final phases of development with minimal ongoing support. Benefits to date include reducing the live production cycle, full automation of the laborious iterative analysis of change and much improved fit and stability of fit of the model points to the company’s business.

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