An international specialty (re)insurer presented us with their ambition to build a market leading, diagnostic led, rapid reserving process, that would transform the role and remit of their reserving actuaries. This client thrives on doing things differently and was excited to turn the traditional reserving process on its head and place their actuaries front and centre of business-critical decision making.
Our client already had an in-depth understanding of their – and their stakeholders’ – requirements, and sought out our reserving transformation expertise to turn the vision into reality. This included:
- Critically evaluating and refining the target state design (end-to-end), taking into account strategic objectives and priorities in the context of the wider business change programme.
- Creating an overarching project plan (agile, sprint) and advising on the key implementation risks and how to navigate them.
- Providing technical actuarial challenge to reserve modelling techniques and concepts (e.g. non-standard methods, Analysis of Change, sensitivity testing) and delivering a comprehensive reserve model design.
- Applying our diagnostic-led reserving expertise to develop dashboard prototypes that engage business stakeholders with the vision.
This client has truly embraced an agile approach to project management and recognised that each phase of the transformation would require different actuarial skillsets.
Initially selecting a team who had deep experience of reserving and reserve modelling, target state design and complex project management, we’ve since flexed to provide a small, highly collaborative team of actuarial modellers who are focused on delivering to the sprint timetable. This flexibility has empowered our client to progress the project at pace, whilst choosing where best their team can contribute to design and delivery.
Dynamo’s breadth of experience and thought leadership is supporting our client in their pursuit to be two steps ahead of the market.
Whilst the actuarial modellers focus on model build, other Dynamites are preparing for the second half of this 18-month project, which will include:
- Building dynamic data and results dashboards that enable the actuary to be truly diagnostic led and focus their attention where they can add the most value to the business.
- Supporting our client in defining and establishing the culture and processes that will enable his team of reserving actuaries to succeed and have maximum impact, given the business strategy and regulatory landscape.