Actuaries are playing a more prominent role in risk management, and they are turning to technology to assist with combating operational inefficiencies and fraud that plague the claim process…

Read our article on Technology Trends in Claims Management and more on our website https://actuartech.com/technology-trends-in-claims-management/

Introduction

Depending on an insurer’s ultimate financial reporting operating model goals various solution options could be utilised to address IFRS 17 compliance requirements. Many insurers are considering developing an actuarial & accounting control tower from which to calculate, analyse, control and ultimately develop insights into the financial performance of the insurer from a statutory reporting perspective. We are seeing the need for such a function to comprise a team of both actuaries, accountants and reporting data and systems experts working together in sync to ensure compliance and on-time delivery.

IFRS 17

The International Accounting Standards Board has issued a new International Financial Reporting…

Introduction

A huge increase in data generation, data capture and data storage combined with significantly increased computing power is providing life insurers with a unique opportunity to re-evaluate the value that their data can provide.

Customer Needs

It is well known that customers do not respond well to offers that they consider not relevant to them. However, life insurers with an understanding of a customer’s likely needs can proactively engage — successfully — with customers with a relevant personalised deal that is responsive to their needs both now and in the future as their needs change.

Data Science

Sophisticated data science and analytics tools are…

Introduction

More and more businesses are starting to adopt Artificial Intelligence based solutions. Besides considering the apparent project risk that implementing such techniques introduce, enterprises need to consider what the overall impact will be on their Risk Profile after the launch. Many might have to change their risk oversight and mitigation approaches before implementing Artificial Intelligence techniques.

Definition

The terms Artificial Intelligence and Enterprise Risk Management are both used within various different contexts and frameworks, hence for the purpose of this article we’re going to assume the following meanings:

• Enterprise Risk Management (ERM) is the holistic approach to managing both the upside…

Introduction

Put simply, data science is the application of scientific methods to business data to effect action. Data science includes technological tools and statistical methods to provide information to management to assist them in decision making and risk management. It enables us to extract insight from data that can lead to innovation and competitive advantages. It can also be a useful tool to develop an early warning system that picks up problems before they become too big to handle.

Who are Data Scientists

Data Scientists have a deep understanding of the data they work with as well as the tools available to them to analyse…

Introduction

In the current economic climate, insurers need to improve their processes continually — making them more efficient and cost-effective while maintaining the agility to deal with new requirements. At the same time, technological change is providing new ways of achieving these objectives. In particular, the term ‘robotics’ appears to be used everywhere, and it is important to grasp the impact and potential use of these new technologies. In this article, we start to explore the automation landscape and identify the potential approaches best suited to different types of process.

The Automation Landscape

There are many well-established line-of-business automated systems which actuaries may already…

The Aim

Workflow and Process Orchestration tools aim to improve efficiency in companies by increasing the speed of task completion and lowering expenses. It targets efficiency around information processing. This allows for better decision making and satisfies auditors and regulators by providing a full audit trail. It achieves this by capturing business rules on a platform that can use them to automate repetitive manual tasks, generate audit trails and give an overview of the entire process.

The Challenge

Corporations are hesitant to move to a single holistic system because they already have invested significant amounts in current systems and because the concentration risk is…