Process automation enables the finance and actuarial functions of life insurers to reduce complexity, remove surprises and dramatically increase the speed and accuracy of reporting activities such as actuarial projections, new business analysis or the calculation of lapse rates.
By automating manual, often mundane and repetitive tasks, your staff can shift from “cranking the handle” and to analysing and communicating results to the business. By enabling subject matter experts to readily automate their processes, these expensive staff can utilise their skills more effectively and provide greater value.
Rather than run valuations, calculate lapses, perform expense analyses and calculate capital “manually” using desktop tools and spreadsheets, automated processes can do this work, in a fraction of the time, with greater consistency and with fewer errors resulting in a profound “culture shift” that helps transform finance and actuarial departments from providers of data to providers of timely, actionable information and analysis and leadership and innovation within the business.
Top 5 challenges facing finance and actuarial departments in Life Insurance organisations
- Need to report timely and accurate information, such as policy liabilities and new business analysis to senior management for critical business decision-making
- Managing complex actuarial and reporting procedures consisting of many data sources or varying reliability, many steps, human judgement, linked spreadsheets and very large volumes of data
- Dependency on key individuals for their knowledge of these complex procedures and spreadsheets
- The need by management and auditors to be able to view information in different dimensions (e.g. by product or distribution channel) and then break it down or drill into it to better understand it how it is made up right down to the most granular level (i.e. individual policy benefits)
- Ensuring consistency in the way data is sourced (i.e. a “single source of truth”) and how calculations and processes are performed and reported across business functions and from month to month.
How we help life insurers meet these challenges
SolveXia users configure automated processes using a broad set of data manipulation and actuarial “robots” which are dragged and dropped on to self-documenting and auditable production lines. When run, the production lines emulate the mechanical tasks that actuaries and accountants would otherwise perform manually resulting in an increase in the quality and consistency of their key financial and actuarial data whilst reducing the overall processing time and complexity associated with key business processes.
As an easy-to-implement and cost effective solution across a wide range of processes including actuarial projections, capital calculations, new business reporting and lapse analysis, the benefits for your business are significant and include the following:
- Making staff more productive. Simplifying and then automating repetitive tasks allows processes to run more quickly (usually in under 10% of the time it takes to do manually) and predictably. Valuable skills can be deployed to higher value-add activities including more detailed analysis.
- Ensuring results are produced consistently and accurately. Automated processes remove the scope for manual errors, while ensuring the steps in the process are consistent, transparent and visible for everyone facilitating continuous improvement.
- Improving the quality of information and making it more accessible. Integrated dashboards and analytics seamlessly combine data produced by various processes and allow the users to drill into information for increasing levels of detail.
- Reducing dependency on key individuals. The “IP” for key reporting activities is transferred from the minds of individuals back to the business through consistent and self-documenting processes as well as comprehensive audit trails of all actions and changes made to the process and files over time.
- Making the organisation more scalable. By automating critical business processes, as business volumes grow you do not need to continue hiring additional staff in an almost ‘linear’ fashion – allowing a greater volume of business to be processed “per headcount”.
Solutions that we have prepared for Life Insurers
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