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Transforming and enhancing the value actuaries bring as strategic business leaders
Deloitte’s Actuarial Modernization group can help insurance organizations meet higher expectations through a structured assessment and transformation of their actuarial processes, systems, governance, and talent.
Deloitte’s Actuarial Modernization
Actuaries’ role in the organization has evolved in recent years; it is no longer sufficient to carry out the same duties in the same way. Senior management increasingly expects the actuarial function to be a strategic leader that can lead and inform business-critical decisions.
Improving business value
We are sharply focused on improving business value and the overall effectiveness of the actuarial function through a holistic, measured approach that includes:
- An overarching vision and strategy to guide transformation
- Diagnostic and phased roadmaps to drive and measure progress
- Change management and talent strategies to keep people engaged and in sync
- Operating model and governance to support new organizational designs and service delivery methods
- Technology and data solutions that enhance accuracy and efficiency
- Actuarial systems and processes built around leading industry practices
Actuarial Modernization integrated service offering
Deloitte’s Actuarial Modernization integrated service offering is designed with a sharp focus to help improve business value and the effectiveness of a company’s actuarial function with an integrated service delivery team.
Our team brings deep expertise across a wide range of topics including:
- Actuarial methodology harmonization
- Assumption governance and management
- Controls effectiveness assessment
- Data input, wrangling, and sourcing strategies
- Data repository design
- FTE analysis
- Organizational redesign
- Model architecture review and rationalization
- Model governance
- Model validation
- Process redesign and automation
- Reporting and analytics
- Robotics process automation
- System conversion and implementation
Deloitte understands that a number of core operating model initiatives overlap and should be considered simultaneously to ensure your organization has concrete victories and measurable improvements in the most timely and cost-efficient manner. For this reason, Deloitte’s Actuarial Modernization group can deliver a number of holistic solutions that focus on delivering business value through one or more of our end-to-end approaches:
Deloitte’s Chief Actuary Visioning and Strategy Labs: The lab is a tailored, facilitated experience, carefully crafted to help chief actuaries envision the future state of the actuarial function. The lab engages participants in a series of immersive activities and conversations focused on meeting clearly defined objectives to help the actuarial function become a more strategic leader within the organization.
Robotic Process Automation Toolkit: The RPA toolkit is designed to quickly assess opportunities for your organization to implement robotic process automation, cognitive learning software, natural language generation (NLG) tools and much more. Following the assessment phase, companies can move directly to implementation, via either targeted pilots or broader initiatives.
Chief Actuary Process Placement Assessment: The process placement assessment analyzes where activities currently exist in the actuarial function and assess the optimal placement of activities, process, and resources to maximize value created by the function.
Deloitte’s Actuarial Modeling Center: A fundamental part of modeling is early analysis and design of the existing setup. Using tools to accelerate this process, along with templates to display the outcome of the analysis, our Actuarial Modeling Center methodology ensures thorough design, build, and testing of system conversion to provide the greatest confidence in the results produced.
Actuarial Process Redesign using Deloitte’s Actuarial Controller Process (ACP): Deloitte’s ACP can improve operational efficiency through standardization and streamlining of actuarial controls, reports, analytics, and visualizations as part of a redesign of the valuation process. The ACP utilizes an automated monitoring and control to track progress of the valuation process through the provision of on demand diagnostic reports, visual indicators, and detailed snapshots of model input and output data.