Article
Actuarial 20/20
A corporate evolution worth realizing
Actuarial 20/20 is an offering that assists organizations and their actuarial teams in transforming and enhancing the value of the actuarial processes, systems, and people. Transformation, performed hand in hand with senior management, ultimately improves the overall value of the actuarial team as an important player in business and finance decision making.
Actuarial 20/20 is tailored for actuarial teams and leverages Deloitte’s expertise in Finance Transformations. A core framework is the Four Faces of the Actuary below.
The Head of the Actuarial Team must balance the day to day operational and functional activities (Steward and Operator modes) with the longer term input into the organization’s strategy and change momentum (Strategist and Catalyst mode).
Currently, many Heads of Actuarial and their teams are operating disproportionately in the Steward and Operator modes. The work is increasingly process driven and focused on meeting regulatory requirements. There is opportunity to operate more at a strategic level with actuaries providing insight and advice to the business in addition to meeting regulatory requirements.
Actuarial 2020 - Four Faces
Our proposition addresses all of the above elements. The Actuarial 20/20 offering has tools and frameworks to help streamline actuarial processes, adopting more efficient work steps and cleaning and improving data and technology frameworks. The freed up time resulting from operational efficiency can be used to support more strategic activities. The offering as a result also covers tools and frameworks to help lift leadership capability and provide sustainable cultural change throughout the actuarial team. For organizations and management teams, this is an opportunity to create a competitive advantage through maximizing the potential and value added from their actuarial teams.