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Actuarial Solutions
Transforming Actuarial Modelling with Intelligent Automated Systems
Rating Modernization
Get an edge over
Strategic Solutions for a Competitive Advantage
At InsurTech, our expertise stems from extensive research, evaluation, and projection analysis of financial dynamics for businesses. We offer a range of integrated services across different disciplines in the insurance sector, where we converge our actuarial proficiencies with state-of-the-art technologies.
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Active Portfolio
Management -
Accurate
Modeling Methods -
New-Age
Implementation
Proactive optimization of portfolio through dashboards for data evaluation, rate assessment and assumptions to reduce deviations.
Detecting
deviations
Proper
adjustments
Profitability Shows KPIs:
LR, CR, AAL (nat cat) and NPV
Mathematical statistics for model development, testing, resetting actuarial baseline and maintenance to predict accurate results.
Traditional models: CAT, Fx / SV (based on segmentation, deterministic)
Non-traditional models: GLM, GAM, XGboost Models to calculate: premiums, renewal rate, conversion rate
Implementation of NLB’s actuarial services and knowledge to accelerate product configuration.
Modern solutions (Radar Live)
Automatic integration of pricing and rules into a rating system
Technologies leveraged:
Insurance Modernization
Traditional
- Manual portfolio management
- Traditional models (classic)
- Long time-to-market
- High costs
Modern
- Automated portfolio management and decision- making
- Innovative models
- Accelerated time-to- market
- Low costs
Our Approach to Actuarial Transformation
We align our clients with the ongoing dynamic developments and digital innovations by diversifying and enhancing their offerings and ecosystems. We customize our actuarial strategy to meet the unique requirements and goals of your organization so that actuaries and actuarial functions can undergo transformation. For better output and greater customer experiences, our process typically involves the following steps:
Research and Discovery
We conduct a comprehensive assessment of your current portfolio of products, processes, profitability and metrics to define objectives for the actuarial transformation, aligning them with the organization's overall strategy and identifying limitations. The goals may include improving accuracy, efficiency, risk management, regulatory compliance, or leveraging new technologies.
Active Portfolio Management
Based on the assessment findings, we develop a customized solution design that serves as the transformation roadmap outlining special strategies, technologies, and talent required to achieve your goals and eliminate inefficiencies. We streamline data usage to identify areas where automation or standardization can be applied and implement best practices with agile methodologies to improve speed, accuracy, collaboration and consistency of calculations. This boosts process speed and reduces the time-to-market.
Automation and Process Upgradation
We deploy automation via dashboards and conduct performance management for periodic reviews and adjustments to update actuarial models by resetting the actuarial baseline, facilitating significant acceleration in incremental continuous improvement. We leverage functions like reserving, pricing, modeling, finance integration and risk management to lead innovation.
Advanced Deployment and Value Alignment
We develop a detailed implementation plan with clear milestones, responsibilities, and timelines. At this stage, we engage the stakeholders across the organization and implement the transformation initiatives. Our team works closely with your organization to implement the identified solutions, leveraging our expertise and guiding your team through the transformation process. We provide training, guidance, and end-to-end support to ensure a smooth transition and adoption of the new processes and technologies.
Monitoring and Optimization
We continuously monitor the implemented changes, measure their impact, and provide ongoing support to optimize performance, address challenges, and ensure long-term success.
NLB InsurTech offers end to end rating modernization services leveraging powerful AI tools to ensure better ROI on your every insurance product and offering. We go beyond the mandate of a standard Rating as A Service(RAAS) partner to offer:
