As companies seek to drive profitable growth, both short term and long term, increasing the demands on the actuarial department, actuaries must re-evaluate the current actuarial operating model relating to people, process, data and technology to address current needs and be prepared for future needs of the business.
This is the first part of three written by EY that explores the elements of a successful actuarial transformation.
The business and competitive environment for insurers is challenging. For companies to succeed now and in the future — to find profitable growth while managing risk and capital — they need integrated, high-performing actuarial functions. Insurers continue to face challenges and should be prepared for the changing face of insurance, new products and exposures, increased data and big data, technology advances, ongoing regulatory change, scrutiny around documentation and controls and greater competition.
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