Analysis of change
Use SolveXia to create a meaningful analysis of change to better understand movements (for example, in liabilities).
- Input data in any delimited format (csv, text), Excel or Access database
- Users can upload files directly into the process. Alternatively files can be collected via secure FTP or via direct connections to source systems (configured as needed)
- Confirmation that source data is in the correct format (column structure and data types)
- Profiling of source data for errors and critical changes (e.g. changes to MPF structure etc.)
- Ability to apply iterative data transformation rules – such as changes to policyholder attributes or reinsurance ratio – to create multiple “delta” MPFs – such as
- Ability to send Delta MPFs via secure FTP to client file location
- Ability to trigger Prophet run(s) via API call
- Collection of Prophet results via SFTP or user upload
- Joining of records in results files to their corresponding records in the delta MPFs
- Rules driven movements calculation
- Automatic attribution of changes in liability to each delta MPF
- Online dashboard showing waterfall of movements
- Ability to drill down
- Ability to generate specification document that outlines the end-to-end process
- Full audit history and version control of all data loaded into the solution
- Change history, showing any changes made to the process, including timestamp and user.
Seen enough? Want to know how to get started with the Analysis of Change using SolveXia?
The typical journey taken by many of our current customers using this solution involves:
- An initial meeting to understand your specific analysis of change needs (contact us to get started)
- A small, yet meaningful proof of concept exercise (usually focusing on a specific treaty or benefit type)
- Business, Legal, IT and Procurement sign-off for licensing of SolveXia and any implementation
- Initial analysis and design. This will most likely require stepping through your existing solution (such as reviewing Excel spreadsheets, Access databases, scripts and procedure documents) and talking to relevant stakeholders to design a solution that meets their needs
- Implementation of your solution.
- Training of your staff to use the solution in SolveXia
- Review, audit and parallel running of your solution.
- Ongoing support and maintenance.
Note, Step 4 onwards can be performed by SolveXia analysts as well as your internal resources (with training) or a third party (i.e. one of our consulting partners).
Why use SolveXia for an Analysis of Change?
Siginficant time savings
Being able to produce an analysis of change in minutes or hours (instead of days) means that you can do this analysis more frequently – e.g. monthly.
Produce your delta MPFs, trigger runs, collect results and analyse. Repeat.
Simplify your process
Transformation rules are visualised as “steps” in our virtual production line, making it super-easy to explain the process to others.
Enforce data quality & rules
Ensure that the format and structure of your model point data is correct and as expected – achieved by having automated data validation steps.
Scale for new products & transformations
Ensure that your change analysis keeps up with changes to the business such as new products as well as process level changes (such as additional changes to the model point data that can impact liabilities).
Audit trails and documentation
Changes to rules and data are recorded and can be reported on. Live/up-to-date documentation can be generated at any time which describes the end-to-end process (e.g. to an auditor or senior management).