Actuarial Roadmap Overview
InSource’s Actuarial Roadmap enables an
Actuarial Organization to create a fact-based management action plan
that drives actuarial, business and information technology forward
with urgency to address the challenges of new regulations, increased
oversight and scrutiny, and complex risk modeling that face every
actuarial organization today, through 2012 and beyond.
Across Life, Annuities, Retirement,
Property & Casualty or Health, the business goal is:
Improve profitability while reducing risk.
The Facts: New Requirements:
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Financial governance and reporting
requirements necessitate greater analysis, validation and
documentation of projection results
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Increased scrutiny of prior projection
decisions means actuarial models, modeling techniques, modeling
decisions, results and processing logs need to be documented, stored
and made easily available for future review
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Companies must have stronger risk management
capabilities to produce new and increasingly complex insurance
products and gain market share while managing financial exposure and
accurately pricing products
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Solutions to these challenges require
innovative information technologies
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Actuarial organizations must move from
deterministic modeling to stochastic modeling for increased
financial and risk accuracy
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Organizations must demonstrate separation of
duties and compliance with corporate and regulatory governance
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Actuarial organizations must have a structured
methodology and business workflow to support these processes and new
requirements
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The strategic importance of Risk Management is increasing
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Costs need to be managed
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Planning and action are needed now
The Questions: What Needs To Be done?
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How can we manage through these major
challenges and meet current business requirements?
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How does our current actuarial business and
technology capability compare against leading practices, the
industry, and our competitors?
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Where are the gaps? How best do we close them?
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How do we position for the future?
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What will it cost? What are the quantitative
and qualitative benefits?
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What are the risks?
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What do we do first?
The Answer: The Actuarial Roadmap
InSource’s Actuarial Roadmap - Designed to find the answers to these
challenging questions quickly, with objectivity, and in a manner
that is respectful and unobtrusive to the time demands on your key
people.
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