Technology & analytics
We help insurers make better decisions by giving them a deeper understanding of their risks. We do this by providing flexible, intuitive tools that use machine learning to automate and assist actuarial work.
These tools enable insurers to:
- Get the most from their actuaries by giving them more time for truly value-adding work; and
- Get the most from their data by utilising the latest analytics techniques to identify key business issues as they are emerging.
How we can help
Our approach is to use technology and analytics to enhance rather than replace traditional actuarial methods. This allows insurers to get the benefits of the latest techniques, whilst ensuring that analysis is easy to understand and communicate to management, auditors and regulators.
The tools we provide:
- Are intuitive and easy-to-use. Our well-designed clear user interface enables actuaries to work more efficiently and reduces the risk of errors due to misunderstanding. In addition, our emphasis on effective data visualisation helps management to better understand and get value from actuarial work.
- Are flexible. Our tools flex to fit to the structure of your data, enabling you to slice and dice your data and analysis in response to constantly evolving risks.
- Use machine learning to automate and assist actuarial work. Our trend identification algorithms ensure that key trends and anomalies are identified early, giving more time to deal with them effectively. Our automated reserving engine enables quicker results and prioritises the areas for management focus.
As we use cloud computing services for all of our tools, insurers can:
- Deploy our tools quickly and scale the number of users as there is very little internal IT setup required.
- Get insight from analysing larger and more detailed datasets, without needing to change the hardware they have on site.
Our latest thinking
Explore more of our work across Insurance
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.
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.