Client

The actuarial valuations team of a South African headquartered multi-national providing valuation services to various African countries.

Challenge

The valuations team did not have a standardised approach for extracting, loading and analysing actuarial model point data. Extracts from various policy administration systems produced data in different formats. A proprietary programme was run to standardise the policy data to be used in the proprietary
modelling application.

The data transformation procedure was not transparent and required knowledge of proprietary applications to support and maintain.

Approach

Discovery

  • Reviewed the model point creation procedure and analysed the structure of the data required for the task of performing an analysis of change explanation that indicated potential inconsistencies with data movements.

Analyse

  • By applying Power Query we were able to analyse the data structures and variations across different sales channels and products.
  • Designed a solution that was product/channel agnostic with as much automation and standardisation as possible.

Recommend

  • Recommended and developed a proof-of-concept model point policy build-up solution with business intelligence (BI) capabilities.

Results

  • Created a standardised policy build-up solution with BI capabilities.
  • Data field standardisation now requires a one-off task to map the different data fields from the respective policy administration system (PAS) to the standardised format.
  • Automated the data file read in procedure for checks needed on future valuations.
  • Proof of concept performed on three products with expectations to implement across all products and channels.

Testimonial

“The team faced challenges in standardising policy data. With MBE’s expertise and thorough analysis and innovative solutions, we have been able to automate our data procedures, resulting in transparency and efficiency. The proof of concept exceeded expectations, setting the stage for widespread implementation. A huge thank you to MBE.”

Head of Valuations