It is imperative to have streamlined and efficient operational processes in the insurance industry to enable quick responses to business needs, market, or regulatory changes.
Process automation can help reduce manual effort and reporting timelines (fast close), free up resources for value adding analysis, improve accuracy and control effectiveness.
To help (re)insurers achieve this, we set up the Finalyse Automation Centre of Excellence (FACE). The centre has developed expertise and best practices in cutting-edge automation and process transformation methodologies in the following domains:
Our approach is tool agnostic and driven by the needs and preferences of our clients. We apply an automation toolkit that includes powerful scientific computing (Python or R) and data management (SQL or SAS) tools supported by a team of experts with hands-on programming and domain expertise.
Process mapping & analytics
Our domain experts perform a deep dive and prepare a map of your current process to identify inefficiencies and stumbling blocks. They suggest improvements via automation.
Data management
We help you streamline your data management and remove inefficiencies due to multiple data sources and legacy platforms feeding into your models.
Model automation
We automate your actuarial, risk or pricing models using advanced scientific computing tools (such as Python or R) so that your team members can focus on value adding analysis.
Model migrations
We support you in identifying the best modelling platform based on your needs and migrate seamlessly to improve efficiency. We help you develop, test, and validate your models.
Report automation
We speed up your reporting timelines by adopting cutting-edge technologies using program code and natural language processing for report generation.
Automated end-to-end workflows
We automate your end-to-end workflows from raw data to final reports. We ensure that the new workflow is transparent and has proper controls, governance, and documentation.
A robust automated workflow has some or all the following characteristics:
Francis is a Principal Consultant in charge of our insurance practice in Dublin. He has 15 years of experience within the life and non-life (re)insurance industry. His expertise covers the areas of financial reporting, prudential regulation, and actuarial modelling. Francis has worked in both industry and consulting with extensive exposure to Solvency II and BMA-regulated clients and a keen eye on new regulatory developments.
Bence is a senior actuary with 20+ years of experience in life actuarial science and reporting in Solvency II, IFRS, BMA EBS and ICS regulations. His focus has been on actuarial and risk modelling - including capital projections, market risk management and internal model validation – and ERM framework design. Bence delivers business transformation, reinsurance, new authorisation and M&A projects and is keen on applying machine learning and data analytics for actuarial use cases.
Finalyse InsuranceFinalyse offers specialized consulting for insurance and pension sectors, focusing on risk management, actuarial modeling, and regulatory compliance. Their services include Solvency II support, IFRS 17 implementation, and climate risk assessments, ensuring robust frameworks and regulatory alignment for institutions. |
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