The life insurance industry has experienced unprecedented growth in modernization efforts, with special attention paid to automating actuarial workflows. Companies are creating processes that are more scalable and maintainable, helping actuaries meet strict deadlines and deliver meaningful information to stakeholders. Discuss practical examples of automation, potential compositions of the modern actuarial toolkit, and different ways actuaries and technology teams interact during implementation and production states. Examine how automation can help actuarial teams shift from a quarterly to a monthly valuation process by overcoming challenges in traditional actuarial processes-long run times, the need for highly specialized legacy software skills, and inadequate control. Shifting to a monthly schedule can increase alignment on company objectives, deepen insurers' understanding of their business, and improve strategic decision-making. Leave with new ways of thinking about technology, from day-to-day best practices to full-scale actuarial transformation.
By attending the session, you will:
- Explain and understand the benefits of automating actuarial workflows with the purpose of operating on a monthly, rather than quarterly basis.
- Describe the categories and purposes of several kinds of automation and supporting tools that might be used to accomplish this.
- Understand different actuarial IT operating models and consider the application of such strategies at your organization.
- Identify best practices for implementing automation based on the presented case studies.