The insurance market is a dynamic and increasingly complex environment. This has led to growing demands on actuarial and finance departments to produce new and enhanced analytics, to support strategic and tactical decision making.
However, responsiveness is hampered by legacy technology, and bespoke models which soak up resources to develop, maintain and run. These models also tend to focus on the analytics and data processing, providing limited reporting and data visualisation insights.
To mitigate these limitations, actuarial and finance departments often resort to “one-off spreadsheets” which then grow and become part of reporting processes, resulting in their own End User Computing (EUC) operational and governance issues.
Recognising the challenge to deliver governed analytics rapidly into the hands of users, we have developed evo-insight, which moves beyond typical actuarial modelling solutions by fusing three core components together, operating on the scalable Azure platform.
Firstly, the evo-insight APP Store contains a suite of applications relevant to all the main sectors of the life insurance market, each application is pre-built and maintained by Zenith, requiring only minimal configuration (no coding!). Applications can be configured and deployed in a fraction of the time of traditional actuarial models – saving insurers time and money and freeing up skilled resources to focus on more demanding tasks, such as interpreting results and considering what added value actions can be implemented. The suite includes liability cashflow, asset cashflow, and capital models, with embedded workflow, governance, and pre-built reports and dashboards.
As well as providing a “heavy” actuarial liability and asset cashflow model evo-insight addresses other business problems including, for example Capital Modelling, Business Planning and “what-if” projections (tailored to specific businesses such as bulk annuity, protection etc, where needed), ORSA analysis and projections, product development and pricing applications, assessing Matching Adjustment portfolios, plus other applications such as Policy Illustrations / PRIIPs and applications for business compliance such as dealing with Consumer Duty reporting.
Secondly, we recognise that Spreadsheets contain valuable business IP and are often key components of the reporting process – but the challenge is managing them within a governed, performant, workflow driven environment. evo-insight solves these problems by embedding spreadsheets (including VBA macros) within a secure web application. Linking multiple spreadsheets together and distributing them across a scalable compute infrastructure evo-insight significantly reduces runtimes, which is a significant advantage for complex spreadsheets such as stochastic models.
Thirdly, advanced, insightful analytics are fully integrated within each of the evo-insight applications. This supports strategic and tactical business analysis and decision making and includes pre-built reports and interactive dashboards. Dashboards can be designed for a range of users such as actuaries, CFOs and CROs. This capability means that bespoke analytics do not need to be developed, saving time and effort. Custom analytics can also be developed.
To complete the end-to-end service, Zenith manages all aspects of evo-insight and offers a range of advisory and configuration services in respect of the applications. This is supported by our team of consultants who have a wealth of experience in the insurance domain. Additionally, the team can develop custom applications for clients, embed existing client spreadsheets within new applications, or tailor existing applications for client specific needs.
For more information see our evo-insight page.