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How Actuaries Can Be Faster, More Efficient

Source: Insurance Thought Leadership

There are two high-level motivators in the case for actuarial transformation.

First, there is insurance profitability. Insurance profitability has its roots in actuarial precision and efficiency. Insurers stand to lose profits (and reserves) if they do not properly understand risk and price it accordingly. Actuarial precision (and profitability) can be dramatically improved through better data management and the right technology tools. An insurer’s actuaries may be doing everything “right,” but they are hindered by their inability to tap into a well-organized warehouse of recent data that has been cleaned and structured.

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