Insurers can liberate their actuaries’ ability to expand business value and innovation by getting their companies’ data houses in order.
Actuaries dwell in the very heart of the insurance enterprise — using the most accurate and timely information at their disposal, they evaluate the probability of events, quantify associated risks and outcomes and calculate the right price for the right risk. In a word, they provide the rationale for the bets that an insurance company makes. The role of actuaries within the insurance enterprise continues to expand but innovation in actuarial processes has not kept pace. Today actuaries work within information silos with less than current data in multiple formats that require reconciliation; as a result, they spend a significant portion of their time on manually intensive processes. In this paper we will discuss how insurers can liberate their actuaries for more high-value work by first getting their data house in order and then applying tools that enable the automation of a wide variety of processes.