How actuaries advance automation in insurances

Customize insurance offers, reduce costs

actuaries
Optimize digital business models

Insurances have more and more data and are continuously improving their digital business models. Actuaries are required to adapt their actuarial and statistical assessments for measuring and managing risks. These 3 core points are the key to success: 

Managing data volumes & complexity

Processing high data volumes, e.g. electronic data transmission of cars, health data or new insurance products securely   

Evaluating risks, customizing rates

Introduce new rates, change existing rates, calculate actuarial reserves

Improving claims management

Accurately calculate damage reserves, post-calculation  

  

Scenarios
Automate actuarial tasks

More and more insurers are deciding to replace their previous applications, e.g. Excel, with a new software. With the ACTICO Platform, actuaries are able to accelerate data analyses and risk evaluations and better manage high data volumes. The software creates the analyses in the form of rules. These result in concrete, comprehensible values, such as the level of rates, actuarial reserves or reserves of equity capital. The ACTICO Platform has become a key tool for decision management with many insurers. Find out here, which tasks actuaries can solve more efficiently. 


Life insurance

• Faster calculation of premiums and actuarial reserves
• Shorter development cycles for new insurance products
• Delivery of ad-hoc results
• Pricing based on individual risk evaluation

Nonlife

• Optimized damage reserve calculation with the aim of cost reduction
• New business models, e.g. situational insurances in car sharing 

Health insurance

• Automated rate adjustment due to the influences of legislation, medical progress and claims behaviour of the insured persons
• Post-calculation to compute the excess surplus of the insured persons

Old-age pension

• Precise calculation of pension and cover provisions
• Ascertainment of future pension commitments and financial implications for the company

Products
Software for actuaries
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Software for ACTICO Platform
ACTICO Platform
The Decision Management Suite
Insurers use ACTICO Platform to automate and optimize their operational decisions. They create highly flexible decision management applications in no time and digitalize their decision-centric business models.