Life Insurance Actuarial Projections

Life Insurance Actuarial Projections

SolveXia is a technology provider offering powerful and versatile process automation software. Our solution is used by actuaries who wish to improve the efficiency, control and visibility of their actuarial processes. The SolveXia service delivers a combination of the following benefits:

  • End-to-end automated actuarial processes including projections, data preparation, assumption preparation, what-if analysis, summarisation of results and the preparation of final reports.
  • Custom processes that can be built in days without requiring programming staff. These can replace current manual, error-prone actuarial processes.
  • Automation of other spreadsheet-based processes, adding a layer of control and auditability without removing the flexibility that spreadsheets offer.
  • Run projections on large numbers of processors in parallel without the need to buy hardware and only pay for the time that the processors are used.
  • A full audit trail which provides easy access to historical financial information thereby cutting audit costs and increasing management control.
  • Eliminate key-person dependency my transferring the knowledge of your reporting processes from individuals to the business.

Challenges facing actuaries

  • Regulatory and management pressures require actuaries to produce valuations, projections, capital calculations and other work products in shorter time frames and with greater frequency.
  • Regulatory requirements such as Solvency II increase audit requirements dramatically.
  • The cost of traditional enterprise solutions require software purchases, substantial implementation exercises and the purchase of large amounts of hardware and are therefore very expensive.
  • Decline in asset values and pressures on company income means resources, both human and financial, are not growing sufficiently making the demands above difficult to meet.
  • Expensive Actuarial departments spend hours performing mechanical, tedious tasks such as running actuarial systems and manipulating spreadsheets to produce assumptions or final reports.

How SolveXia helps

SolveXia addresses these issues by providing a system that allows users to create end-to-end automated actuarial processes which include running their actuarial projections on large numbers of cloud computers. The processes start with data from administration and accounting systems which is then cleaned, combined and converted to the appropriate format for feeding into an actuarial projection system such as MoSes from Towers Watson. The projections are automatically run and the results summarised, checked, grouped, imported into databases and reports constructed. The system mimics the way the process is done manually so is easily understood and maintained by actuarial staff.

These automated processes can be created and configured by actuarial staff without the need for IT involvement or a large IT development  project. The system provides access to large amounts of computing power to run projections and companies only pay for the computing power actually used. Actuaries continue to use their existing projection systems to develop and test models and then run the executable generated by these systems as steps in an automated actuarial process created within the SolveXia system. There is no need to switch to a new projection system.
The automated processes can be set to wait for approval by authorised people at various stages in the process. These processes then continue once authorisation has been received. Runs of actuarial processes include all information such as input files, assumptions, intermediate results and output as well as details of the steps in the process. These runs are stored in read-only format. They provide a complete audit trail and the ability to re-run any process as and when required.
SolveXia has templates that can be used as a guide to building custom end-to-end actuarial processes.

Frequently asked questions

Some answers to the questions you might have about this solution

  1. Can it be customised for my business? Yes. We can provide you with a pre-prepared solution that gets you up and running fast, and then modify it from there.
  2. Can I customise it myself or do I have to get SolveXia to do it? Yes you can do it yourself, and yes, we can help you if would like some assistance.
  3. How long does it take to set up? We can have you up and running with 3-5 business days.
  4. Does it cost more for me to run on 20 processors for 2 hours than 2 processors for 20 hours? No, the cost is the same.
  5. I am developing an in-house data warehouse for my actuarial reporting. Where would the SolveXia system fit in with this?  The SolveXia service can be used to automate the production of data to feed into the data warehouse including the running of your actuarial systems and the production of reports using data from the warehouse. It also provides a cost-effective practical tactical solution that can be deployed whilst the data warehouse is being developed.
  6. How do I get more information? Please email us at sales@solvexia.com or call our offices on 61-2-9386-0202

Output from actuarial processes

SolveXia processes provide end-to-end solution including the ability to populate final reports in Excel. These include internal company reports, KPI reports and reports to regulators such as APRA and the FSA.

Structure of actuarial processes

The process captured within the SolveXia system may be complex but the SolveXia system facilitates this by providing three levels to processes: sub-steps, steps and step groups. These  are all automatically documented facilitating navigation, trouble-shooting and understanding of processes.

Latest Tweets

The age of #Robots is upon us! Everything you need to know about #RoboticProcessAutomation #RPA -… twitter.com/i/web/status/8…

reply · retweet · favorite

Newsletter

By signing up, you agree to our Terms of Service and Privacy Policy.

Address

Suite 1506, Westfield Tower 2, 101 Grafton St Bondi Junction NSW 2022 Australia

View Larger Map

Contact Us

AUS: +61-2-9386-0202
UK: +44-20-8123-1251
Send us an email

ContactUs.com
WordPress Image Lightbox