Dynamo has worked in conjunction with a large London Market insurer to develop and roll-out a Technical Provisions (“TP”) and Standard Formula (“SF”) application for three entities. The installation will eliminate the need for spreadsheet based working and reporting, saving time and reducing errors. The applications import all required input data to an SQL database where a series of calculation steps take place. The database is queried by our software to generate standardised and customisable reports. More
Our client had required assistance with their spreadsheet based Technical Provisions methodology, and asked Dynamo to help run and improve the existing process. This involved liaising with both actuarial and finance to understand the data, carry out the necessary checks and manipulations, and question the relevance of assumptions and performing a detail peer review of the final submission.
Often with large spreadsheet based models, it is difficult to keep track of data flow and links and the process becomes unmanageable to a new user. We provided our client with thorough documentation on how to use the existing model, from data source to model output, as well as a data flow chart to help visualise the steps required to complete the model.
Our team has a strong working knowledge of the Technical Provisions calculation and we have implemented our Technical Provisions software in one of our Lloyd’s clients. If you would like to see our software brochure click here, or feel free to get in touch with us directly to discuss further.
An insurer needed to develop the capability to build and implement ad-hoc actuarial models, primarily to assist the front line underwriters with pricing new insurance opportunities. There was a shortage of in-house expertise, and their existing approach lacked technical rigour with poor documentation and inadequate data capture across accounts. This resulted in an inability to re-calibrate and fine-tune their approach to take advantage of new niches or of good value sectors, and naturally made them more of a market follower than a market leader. They knew this was not sustainable business practice, and sought our subject matter expertise to develop an effective solution. More