Expertise
The concept of industrialisation of business-critical processes can be applied across a broad spectrum of business functions.
Data
We are passionate about applying our mathematical skills, professional expertise, and automation platform to deliver robust and insightful data solutions.
Through our professional services and our technology platform, we can provide solutions for the industrialisation of an wide array of data modelling problems. Our team have experience and expertise in the design and implementation of a wide variety of data ingestion, transformation and modelling, and export processes. This is supported by our industrialisation platform, Psicle, with its rich statistical, data management, dashboarding and reporting functionality. This combination of expertise and technology will allow you to to design and operate robust analytical models, and manage the ever-evolving complexities of your data environment with unrivalled power and insight.
Actuarial
As actuaries, we have extensive experience across all actuarial disciplines. Our first-hand knowledge of how poor processes can reduce the effectiveness of actuarial models in business decision making means we are extremely well placed to help you design your forward looking, future proof end-to-end actuarial processes.
Reserving
We are reserving experts, and can deploy our market expertise and our industrialisation platform, Psicle, to transform and operate your reserving process, leaving more time to focus on the “what-if” and the “so-what” of the results.
Our team has substantial and broad ranging expertise in reserving methodologies and processes globally, and can help you build or transform your process to be efficient, streamlined, robust and cost-effective. We have successfully challenged, designed, implemented and operated reserving processes across a wide variety of portfolios, as well as provided reviews and assurance over the results from client’s processes.
A cornerstone of many of our transformation projects is our industrialisation platform, Psicle. It has an advanced built-in reserving module containing a multitude of deterministic and stochastic reserving methods, and the flexibility to code your own custom methodologies. Psicle uses automated algorithmic parameter setting and modelling to rapidly produce a first cut of reserving results, including a full suite of reporting on a multi-granularity basis.
We work with industry leaders to implement diagnostic led reserving (“DLR”) processes, through the design of a modern target operating model, changes to the culture and workflows of the technical team, and the production of automated reports and rich diagnostics. The dashboards can be produced either using Psicle’s in-built visualisation object or by integrating with external dashboarding software, and facilitate a top-down interrogation of results and drivers. Diagnostic led processes empower actuaries to focus their attention on value-add activities and topical deep dives.
Psicle’s overrides and selection interfaces can then be used to apply expert judgement on an exception basis, removing the need to trawl through an overwhelming number of assumptions while in the critical path of the process. In conjunction with this, the platform carries out automated audit tracking and analysis of change, allowing users and reviewers to monitor the impact of changes with ease.
Psicle’s flexibility with regards to calculations and granularity, strong governance and collaboration make it an ideal solution to handle your reserving requirements.
Solvency and capital
Solutions to capitalise on.
We provide subject matter expertise to evaluate capital and so help businesses make better decisions regarding risk appetite setting, portfolio steering, reinsurance strategy and asset allocation. We have advised a number of insurers on capital optimisation either on an internal model basis or a standard formula basis (such as the Solvency II SF, Bermudian BSCR, or South African SAM).
For a technology standpoint, Psicle’s Standard Formula capability calculates the Solvency II Solvency Capital Requirement, Minimum Capital Requirement and Risk Margin as specified under the technical requirements of several regulatory regimes. We also have extensive experience building auxiliary analysis and reporting such as analysis of change, stress and scenario testing, capital allocation and automated QRT files.
One of Psicle’s key strengths is its ability to integrate seamlessly with upstream and downstream systems. This means that data informing the SF calculation can be ingested directly from source systems. The Standard Formula application can also be integrated with Technical Provisions generated in Psicle, streamlining the process and maximising efficiency.
Financial
Financial planning and analysis
We approach financial planning and analysis from an actuarial standpoint, considering key analyses such as “actual vs expected” comparisons and “analyses of change” to inform the business as to the appropriateness of the assumptions that have been made. We have experience in helping insurers to think through their approach to financial planning and analysis, and to design a transformed process adding significant value. In addition to our professional services, our technology platform can be deployed to host and operate these analyses, and the advantages of using the platform are as follows:
Flexibility Psicle enables flexible, bespoke, driver-based modelling, in which dependencies can be modelled and intercompany cashflows can be handled with ease.
Granularity Psicle can be used to allocate and aggregate data, produce cashflows and map results at any granularity.
Scenarios Sensitivity testing can be automated within Psicle, with multiple cashflow scenarios being produced in one run.
Pricing and risk management
Pricing is no different to other business-critical processes. Having a robust, controlled and transparent environment in which to build pricing models means they can be better relied upon in business decision making.
GI Pricing
We believe in data-driven automated pricing which enables businesses to make rapid and informed underwriting decisions.
Our team has extensive experience in the design, build and parameterisation of pricing models in insurance markets around the world. In addition, our technology platform Psicle provides an ideal platform for us to automate pricing models due to its ability to efficiently combine information from large and varied exposure, claims, and external data sources. It can quickly perform an accurate and holistic assessments of risk; deriving trends and insight which actuaries, underwriters or intermediaries can use to produce transparent expected loss costs and technical premiums.
This combination allows us to help our clients design and build automated pricing models, which enable rapid underwriting decisions, and improve risk selection.