Actuarial transformation
Reimagining the actuarial function of the future
EXL is enabling a bold vision for insurance actuarial operations strategy. Leaders in this space are seeking lower operating expenses, improved productivity, and more flexibility. EXL is charting a path with its clients, delivering the actuarial talent, domain experience, transformation methods, and infrastructure to reshape traditional ways of working and truly reimagine of the actuarial function of the future.
The evolving actuarial landscape
Technology areas expected to grow fastest in use in 2019
Per a recent survey by SOA, the technologies listed in the chart are the most anticipated technologies expected to impact actuarial practices across the globe.
Use of data visualization among actuaries
Per a recent survey by SOA, about 57% of actuaries plan to use more data visualization tools in the coming years.
Use of predictive analytics among actuaries
Per a recent survey by SOA, 45% of actuaries don’t use predictive modeling and about 56% plan to use it more in the near future than their current usage.
Methods that drive innovation
Enhanced data management (“Data Factory”)
Streamlines data usage and improves consistency of data calculations, drastically improving process speed at the same time
- 45% reports fully or partially automated within first phase of transformation using data factory methodology
- Able to address complex regulatory reports and ad hoc analysis
Automation and process improvement
Resets actuarial baseline enabling significant acceleration in incremental continuous
improvement
- 75%+ reduction in computation time, from two hours to under 30 minutes for a single policy
- 20% capacity improvement with no reduction in speed or quality
Optimized value alignment
Rapid innovation is ways of working across reserving, modeling, pricing, financial integration, and risk management
- Transforms the 61% of skilled actuary time going to low-value activities that could be automated or sourced
- 30% run-rate reduction in actuarial operating costs
- Moving away from “actuaries as data processors” mindset
The EXL advantage
Industry presence
- $958.4 million Revenue for 2020
- 33,300+ Professionals
- 8 of the top 10 insurers
- 18 of the top 30 US insurers
- 10 US P&C insurers
Talent
- 15000+ Insurance Professionals
- 400+ Actuarial Resources
- 1370 Data Professionals
- 500+ Analytics Professionals
Proprietary methods and accelerators
- Data Factory
- Process re-engineering
- Advanced analytics
- Micro-analytix
- Model validation solution
- BluePRINT™
- P.I. Framework
Technology expertise
- GGY AXIS
- Prophet
- Igloo
- MS Excel & Access
- ProVal
- BI Platforms
- R/SAS/Python
Impact
- Transformative change - Re-engineering data processing by creating 360 view of data for multiple insurance clients
- Freeing actuarial talent - 61 % less involvement in non-core tasks
- Automation - 1500 hours saved on report generation through Automation
- Cost reduction - 20% reduction in FTE for a major US Client
Rahul brings over 20 years of experience in leadership and analytics. He has held several senior roles in the banking and insurance analytics industry. At EXL Service he is responsible for business development, client engagement and overall growth of the Insurance Analytics business. Throughout his career, Rahul has co-founded several companies and held a variety of senior management roles, giving him a breadth of experience across a wide spectrum of verticals. Rahul is often invited to industry events to speak before corporate leaders and is a mentor to various associations in Banking & Insurance domain. He was recently nominated as the mentor at Global Insurance Accelerator- a mentor-driven business accelerator designed to foster innovation in the insurance industry. He can be reached at Rahul.Nawab@exlservice.com.
Namit has almost 13 years of experience in providing advisory and analytics services to leading global insurance carriers across product, marketing & distribution, claims and actuarial operations in the US, UK and Europe, Latin America, Asia Pacific and Australia markets. He has a proven track record in building complex analytics and data science engagements and leading edge capabilities, establishing best in class talent acquisition and development programs, and designing innovative delivery models that have been instrumental in the market-leading success of EXL’s Insurance Analytics practice. Namit has a Masters degree in Business Econometrics and a Bachelors in Science from St. Stephens College, University of Delhi, India. He can be reached at Namit.Chopra@exlservice.com.