How we helped a client meet a regulatory requirement in a way that also strengthened the links between data and decision making.
As the outsourced Actuarial Function for a large insurer, we were required by new regulations to give an opinion on the firm’s underwriting policy and practice.
A particular challenge involved trying to find a way to dynamically communicate our findings to the key decision-makers in real time, using a graphical approach to avoid the need to delve into technical models.
We harnessed untapped historical claims data from a variety of sources and created an interactive dashboard to:
- Show headline trends in underwriting performance
- Highlight the factors driving the results
- Make it possible to drill down to individual risks and claims
Our innovative use of dashboard technology enabled us to deliver the solution for our client in a very short space of time.
Our client was able to meet a regulatory requirement in a way that also added real value to the business. The firm is now able to gain a better insight into its risk profile and improve decision-making.
How we can help
We work with insurers to help them better understand and manage the risks they face and their capital requirements.
LCP InsurSight is an analytics and automated trend identification tool for general insurance companies.
We provide an alternative, external view on the best estimate level of reserves for insurers and also help them understand the key drivers of variability around that best estimate.