A large insurance company asked MBE to be part of their actuarial model and results automation project, requiring us to implement a workable and sustainable end-to-end actuarial reporting process.
The Challenge
The client had identified the need for increased efficiency, accuracy and compliance. To achieve this goal they recognised it was necessary to streamline their actuarial reporting processes. The current workflows were proving time-intensive, highlighting the need for process automation.
Our Approach
Our process development team set about modernising the client’s processes. Collaboration was always at the forefront and we closely engaged with the client to ensure they were kept informed at all stages of the project. Whilst the client had clear objectives in mind, they also welcomed innovative suggestions from our team.
To deliver the project we took the following strategic actions:
Prophet Enterprise Process Design Configuration and Parameterisation: We meticulously designed and configured the process using the Prophet Enterprise (PE) framework.
Seamless Migration from Prophet Professional: The transition from Prophet Professional to Prophet Enterprise demanded precision. We standardised the run settings, variable groups and job templates for a seamless migration.
Enhancing PE Assumptions Manager: We fine-tuned the PE Assumptions Manager.
Implementing the IDR Data Model: The IDR data model, a foundational element, was thoughtfully designed, implemented and rigorously tested.
Integration and Automation Enhancement: We orchestrated a seamless integration and automation process from Prophet Enterprise through PRD to IDR, ensuring a seamless flow of data and insights.
Efficient Reporting and Data Extraction: By automating the SQL Server reporting and SAP data extracts, we empowered the client with real-time insights.
Automated Audits and Controls: Automated audits and controls were introduced to ensure data integrity and regulatory compliance.
Results
Our collaborative efforts far exceeded our client’s expectations of the possible outcome. Here is what was accomplished:
Reduced Data Duplication: Centralising and automating processes significantly reduced the duplication of model point data, assumption folders and tables.
Streamlined Data Validation and Controls: Lengthy data validation processes were streamlined through automated checks, thus enhancing accuracy and control.
The most surprising result for the client was the delivery of 40% Faster Valuation Process times. The end-to-end valuation results production and extraction significantly improved, enhancing operational agility.
The project was driven by collaboration and innovation, resulting in a transformed actuarial landscape that now empowers the client to confidently navigate the complexities of actuarial process development.
If you want to learn more about how MBE Consulting can reshape your actuarial processes landscape, please contact the team.
