Our Insurance Market Review 2020, The Future of Reserving, examines UK insurers' top reserving challenges and key priorities.
We met with over 80 people across 36 UK general insurers to understand their reserving priorities and key challenges. These conversations have helped us to develop a blueprint for the future ideal reserving process, which we have outlined in our report.
Our research found that firms are ready to significantly improve benefits to the business from the reserving process.
- Earlier identification of trends is a top priority for 69% of firms
- Automation features heavily in the ideal reserving process
- The ability to “drill down” or “slice and dice” into the data and analysis is a crucial part of an ideal reserving process for the majority of firms
- Competing priorities is a key barrier to change for 75% of firms
- Less than one-third of firms cite lack of business engagement as a key barrier to change
How we can help
We work with insurers to help them better understand and manage the risks they face and their capital requirements.
We help organisations to unlock business value from their Solvency II processes.
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.
We help our insurance clients to develop strong links between their strategy, capital management and risk management processes, improving their chances of business success.
Our business-focused approach to validation can help you be confident that your insurance models are robust, and that you are meeting regulatory requirements.