Actuarial 20/20: Transform the function
Deloitte’s point of view
Imagine a world where your organisation’s executives call on actuaries to answer burning questions – and get business-oriented, easy-to-visualise responses that inform strategic decision making…
Actuaries have unique capabilities to offer the insurance industry. However, outdated organisational structures and siloed ways of working have often resulted in actuaries spending disproportionate effort on non-strategic value tasks such as compliance work and model maintenance. In our view, empowered by the right data, processes and technology, actuaries can provide business insights related to strategic and operational matters to insurers and help them boost their competitive advantage. This notion is consistent with APRA’s recently published discussion paper on “The role of the Appointed Actuary and actuarial advice within insurers”.
The Actuarial 20/20: Transform the Function global point of view discusses the design of a vision for the future-state actuarial operating model and the need to rethink how services are delivered, where they are delivered and who performs the work in this ever-changing world.
This global point of view represents the culmination of 12 months’ work globally. Through this process, we have also continued to evolve our tools and frameworks which we are happy to share with you in conversation.