Why transform?

Actuarial transformation delivers an exponential change in the actuarial function, resulting in:

• Improved efficiency
• Enhanced controls
• Increased effectiveness
• Improved talent management.

Improved efficiency

Transformed actuarial functions deliver benefit realisation through standardised processes in an integrated system environment. They deliver standardised reports and metrics to improve the management information needed to accelerate the close process for reporting.  We assist our clients in reducing manual processing through automation and streamlining processes, leading to reduced times and improved value.

Enhanced Controls

Transformation of the governance and controls of the actuarial function results in a “Single Version of the Truth” for financial information within an insurer.  This reduces the risk within financial reporting and audit, and decreases the potential for material misstatements in financial information.  The actuarial function improves risk awareness and the allocation of capital, as well as increasing accountability through governance and incentives.  The shift away from manual processes forms a major component in the reduction of risk and the improvement of the controls environment

Increase effectiveness

Actuarial transformation results in improved execution of business strategy, and the ability for both the actuarial function and the business to enhance decision making.  Actuarial functions are able to provide timely, accurate and meaningful insights across the enterprise to enable strategic partnering with the business.  This improved execution improves the reliability of financial forecasts, enabling the insurer to grow with confidence.

Improved talent management

By eliminating manual and painful processes, and focusing on delivering higher value for the business, transformed actuarial functions can attract, manage and develop high-performance teams.  We assist our clients in providing effective talent management programs for professionals, allowing identified talent the opportunity to focus on the development of analytical skills for the future.

What to transform?

We can transform the actuarial function in multiple dimensions, covering all aspects of actuarial operations:

Governance

Organisation & Location

People

Technology

Information

Process.

We often work in collaboration with wider finance or risk transformations within the insurer, thereby exponentially increasing the performance of the insurer as a whole.