Actuarial transformation · Global
Reimagining actuarial processes with data and technology
Data and AI enablement with cutting-edge solutions hosted on Databricks, Azure and AWS.
Areas of actuarial transformation we cover
- Databricks solutionsActuarial data, calculations and reporting hosted together on Databricks, on Azure or AWS. Here's an example of what we can build for your organisation: an actuarial reporting platform on Databricks.
- AI enablement for insurersGetting your data and processes ready for AI, then bringing it into actuarial work where it helps, with actuaries reviewing what it produces.
- PricingPricing models and their data hosted on Databricks, so your team can rerun and update a basis with fewer manual steps.
- ReservingReserving calculations, such as the unearned premium reserve (UPR) and incurred but not reported (IBNR) reserve, hosted on Databricks and run as part of an automated process.
- AutomationRepeatable automated processes in place of spreadsheets and manual steps, from source data to final reports in Power BI and Excel.
- Data engineering and pipelinesAutomated pipelines that take in data from your different source systems and feed your actuarial calculations and reports, with support from Numerica Tech, our cloud and data venture.
What you get
- A Databricks solution for your actuarial processes, hosted on Azure or AWS
- A view of where AI can help in your actuarial work, and the data and controls to support it
- Pricing models hosted on Databricks, working from the same data as your other actuarial processes
- Reserving calculations hosted on Databricks, run as an automated process
- Automated reports in Power BI and Excel in place of manual spreadsheet work
- Data pipelines from your source systems to your models and reports, documented for your team to run
How we run an actuarial transformation project
- Discovery callWe talk through the processes you want to change, what is holding them back and your timing.
- Proposal and agreementWe send a proposal with scope, team, timeline and fees, and start once it is agreed.
- Project teamWe bring together actuaries and, where the work needs them, cloud and data specialists.
- Shared working areaWe set up a shared area where your team and ours work together and exchange information.
- Secure handling of dataModels and data move through secure channels and are handled in line with the regulations that apply.
- Delivery and handoverWe deliver what was agreed, with the documentation your team needs to run it.
Questions insurers ask about actuarial transformation
What does actuarial transformation involve?
We review how your data, models and reports fit together, then rebuild the parts that are slow, manual or hard to check. That can mean data pipelines, pricing and reserving hosted on Databricks, automated reporting and AI enablement. You can take one area or several, and we hand over the documentation your team needs to run it.
What is AI enablement?
AI enablement means getting your data and processes ready for AI, then bringing it into actuarial work where it helps, with actuaries reviewing what it produces and staying responsible for the results. We can help you find the tasks that suit AI, put the data and controls in place, and build it into the way your team already works.
How can AI help insurers?
AI can help check and clean data, draft documentation and commentary on results, find patterns in claims and experience data, and write or review model code. It can take time out of routine work, but it can also make mistakes, so actuaries review what it produces and stay responsible for the results. We can help you decide where it is worth using.
Do we have to use Databricks, or can we use Azure or AWS?
You do not have to use Databricks. It runs on Microsoft Azure and Amazon Web Services, so it can sit within the cloud you already use. If you would rather not add it, we can build on Azure's or AWS's own services. We recommend what suits your data, your team and your existing systems.
Where can transformation pay off first?
Reporting is often a good place to start. In one project, for a large UK general insurer, we replaced a patchwork of spreadsheets with an automated platform on Databricks, from source data through the reserving calculations to Power BI reports, cutting out days of manual work and greatly reducing the risk of significant errors. See the project.
Planning to modernise your actuarial processes?
Arrange a call to talk through what you want to change, and we will reply with a proposal and timeline.