Actuarial Modernization
Increase actuary efficiency and accelerate time to market.
To win in today’s competitive marketplace, insurers need best-in-class risk measurement and decision support. The actuary field is ripe for automation, and both P&C and life insurers are taking note. In fact, 45% of P&C insurers and 49% of life insurers aspire to some level of automation to maximize actuaries’ time, according to a report from Willis Towers Watson.
The Appian Low-Code Platform is ideal for any actuarial challenge, from simple to complex, that requires the coordination of people, technologies, and data across an enterprise.
Features at a glance
- Unify systems and data without migration. Combine data from legacy core systems, spreadsheets, and advanced data sources (like IoT and wearables) to enable a single 360-degree view, allowing actuaries to make faster, more informed decisions about potential exposures.
- Increase actuary efficiency. Empower actuaries to focus on more high-impact tasks, like modeling and forecasting, by eliminating the need to spend hours searching for data and toggling between systems. Reduce the chance of human error by eliminating rekeys.
- Automate workflows to accelerate time to market. Automate complex workflows end to end to translate actuarial findings into pricing for existing and new products. Bring new products to market faster and leverage business rules and intelligent document processing, powered by AI, to conduct loss experience analysis and find anomalies in policy forms and definitions (e.g., covered perils).
- Improve auditability and transparency. Create a full audit trail of actuarial calculations and ensure solvency model tests are aligned to regulatory standards.
