Bongani has joined the South Africa office as a Developer and Junior Analyst. He is originally from Zimbabwe where he completed his Bachelor’s degree in Computer Science. After completing his BSc, he worked for several public and private sector companies and also ran his own businesses. Bongani previously worked as a software developer for several organisations for more than three years where he implemented various software solutions. He then moved to South Africa in October 2016. He has experience in java, web technologies, php and C#.
Fun Fact: Bongani is Kalanga but grew up speaking Ndebele. He is exceptional with a least four programming languages but consequently he has forgotten his Mother tongue and now knows about nine words in Ndebele.
Underwriters feed hundreds of risks through pricing models each year – these models dictate which risks are declined or accepted, and at what price. This puts pricing models at the heart of company results and risk exposure management. There are constant improvements to modelling techniques, data quality and technology and models frequently undergo new development – does your Company understand their pricing strengths, weaknesses and risks?
At Dynamo, we believe our pricing model certification will help Senior Management understand and manage their pricing models. Over the past four years, we have used our Model Certification Framework to help companies to better understand their models and assess them relative to business goals and standards.
We answer questions from Senior Management, such as:
- Are our pricing models fit-for-purpose and sufficiently transparent?
- How credible are the model outputs?
- Are our base rates going to achieve our business plan targets?
- When we expand into new lines or accept/retain more risk, will our models remain fit-for-purpose?
- How sensitive is each pricing model to its numerous input assumptions and expert judgement?
- Is our pricing governance and infrastructure aligned with our growth ambitions?
- How can we automate our processes, to focus our valuable underwriting resource on the analysis of risks, rather than time consuming data tasks?
You will be familiar with our Model Certification Framework, consisting of statements and sub-statements that address the key themes that senior management and regulators seek assurance on.
We offer independence, fresh insight and a cost effective solution. As well as reviewing your models we can work with you to develop training packages, perhaps for new Board members or in preparation for regulatory deep dives.
We’ve used our Certification Framework to independently review Capital models, reserving models and pricing models. A 2016 pricing review involved a competitive London Market insurer that was rapidly growing – expanding into new lines of business and territories. The Board sought independent perspective on the adequacy of their pricing models and qualitative review on the progress made on new models, ahead of scrutiny from their regulators. Our review focussed on the material lines of business; covering the technical models themselves, the insurer’s pricing processes and softer underwriting issues.
Whatever your model certification requirements, we’d be delighted to tailor our services to suit you. Please get in touch to find out more.
Last week we were proud to be a sponsor of the Data Innovation Summit in Stockholm www.datainnovationsummit.com and partake in the energy and enthusiasm of over 700 delegates/presenters/exhibitors sharing ideas, technologies, challenges and solutions within Big Data, Data Science and Analytics. Our ‘technology in practice session’ focussed on turning ad-hoc analyses into strategic models by industrialising your analytics (‘From 7 days to 7 seconds’).
We are entering the era of big data, sophisticated algorithms and rapidly emerging technology. Financial and analytical modelling is moving to the heart of how businesses are being managed and assessed. However these models are not being built in platforms that are fit for purpose. The result is that Boards, regulators and management are being asked to rely heavily on models that are slow, that are fragile, and that are opaque.
In our session, we showed how a-business can industrialise and automate their ad-hoc and tactical financial, analytical and statistical models. This will embed these models into a streamlined, controlled environment which is tightly integrated into the company’s enterprise systems on the incoming and outgoing data interfaces. We gave some examples of how this has been done in practice, and discussed the benefits that this gives an organisation.
We think it is crucial that organisations begin to integrate their ad-hoc analytical models into a modern, enterprise modelling framework to create reliable, transparent, collaborative and streamlined modelling processes. This means that the analytics processes will become faster, less resource intensive, less fragile and far more likely to be trusted and relied on by Boards for their strategic decision making.