Insurance

Insurance

Within the Insurance industry, we have significant experience with both Property and Casualty (personal and commercial lines) and Life carriers in such areas as:

  • Customer segmentation
  • Enterprise Claims Data Repository
  • Customer Data Integration
  • Actuarial Reporting Repository

 

For example, we work with CFO’s and Chief Corporate Actuaries to provide them the ability to create financial projections and determine policy valuations enabling insurance companies to reserve the right level of capital to best service their policies. Since many of these calculations and reports are subject to regulatory oversight, it is critical to have the ability to standardize and apply the business rules required to make the policy level projection, valuation and risk data ready for GAAP and statutory reporting.

 

Actuarial Reporting Repository Capabilities

  • Consolidation of all actuarial data (policy, expense, claim, valuation, projection) into a unified data repository, with conforming reporting dimensions like product, company, sales outlet, and line of business
  • Support for the typically iterative process of producing policy valuation, reserve and projection calculations. Features like snapshots and projects allow the various versions to be kept and compared to each other
  • Support for the automatic notification and distribution of actuarial results, for example to Finance, once those results have been approved
  • Ability to dynamically apply “what if” scenarios to changing factors like:
    • New business premium assumptions
    • Deferred acquisition costs
    • Interest rate sensitivities
    • Cash flow testing
    • Claims assumptions
    • Morbidity/Mortality
  • Ability to create hypothetical Financial Statements based on financial models
  • Ability to report the affect of valuation and financial model changes in standard GAAP and Statutory Income Statement Formats and post changes to the General Ledger (GL)
  • Ability to perform year over year model and scenario comparison reporting, including the ability to integrate and compare models from different time grains (monthly models can be integrated with quarterly or annual models)
  • Ability to generate GL Journals for financial or plan postings
  • Support for any major Business Intelligence Reporting tool.