Accelerating Product Development & Pricing with evo-insight
Insurers seeking to develop new products or reprice existing ones typically have to build models in either their legacy actuarial modelling solution, spreadsheets, or other tools such as Python and R. In all these “build and maintain” approaches the modelling team are responsible for the code development, testing, maintenance, infrastructure, and operational usage.
In contrast, evo-insight provides a unique new approach that allows actuaries to subscribe, configure and visualise their required analytics without coding! The rich and mature suite of no code product applications includes term assurance, income protection, unit linked and with profits products. Actuaries can configure their unique product features, set assumptions, enter data, run models, and visualise results delivering governed analytics rapidly into the hands of users!
evo-insight also ensures that all the applications are kept up to date in terms of evolving product features, modelling approaches, regulatory and market changes with full documentation to aid audit and governance. Utilising the same underlying valuation cashflow models evo-insight provides seamless and consistent transition from product development to regular BAU reporting.
Specific product development features include:
- Flexible product feature configuration
- Flexible sensitivities and assumption setting
- Model point creation
- Model point profitability assessment
- New business cohort modelling with business plan impact assessment
- Full rebasing and Solvency II stress tests
- Insightful analytics with rich and interactive dashboards
- Full documentation
All evo-insight applications are built and maintained by Zenith’s specialist consultants