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Process automation for (re)insurers

WE HELP YOU STREAMLINE YOUR MODELLING AND REPORTING WORKFLOWS
Efficient and robust by design

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:

  • Actuarial and risk modelling
  • Financial reporting
  • Investments
  • Pricing

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.

How does Finalyse address your challenges?

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.

Looking for support with process automation?
Contact us

How does it work in practice?

Key steps in process automation:

 

 

Examples of removing pain points from your process via automation:

 

 

Robust automated workflows

A robust automated workflow has some or all the following characteristics:

 

Key Features

  1. Benefit from the expertise and experience of Finalyse consultants in implementing automated end-to-end workflows in the actuarial and risk modelling, financial reporting, investments and pricing domains
  2. Automate selected components of your workflow only if you wish to preserve other ones by utilising our flexible and modular toolkit
  3. Streamline your data input process including data imports, cleaning and transformations
  4. Enable richer and more granular analysis by performing a large number of scenario or sensitivity runs via parallel computing
  5. Enhance your actuarial, risk and pricing models to deliver accurate results quicker
  6. Auto-generate your reports using program code, enhanced visualisations and natural language processing

Our subject matter experts

Francis Furey
Principal Consultant - Expert in Actuarial and Risk Modelling / Internal Models Approval and Validation

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 as an actuary. 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 domestic and international clients and a keen eye on new regulatory developments.

Bence Zaupper
Managing Consultant - Expert in BMA, Solvency II / ICS / Market Risk / Actuarial and Risk Modelling / Internal Models Approval and Validation / Risk Appetite

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.

Eóin Stack
Senior Consultant – Expert in Pre-Emptive Recovery Planning / Internal Models Approval and Validation / Risk Appetite

Eoin is a Senior Consultant in the Finalyse risk advisory insurance practice based in Dublin. He is an Associate of the UK Institute and Faculty of Actuaries and a Chartered Enterprise Risk Actuary. He has experience in end-to-end monthly and quarterly statutory valuations, ORSAs, experience investigations and system migrations for clients. He has expertise in Solvency II and strong modelling experience in SAS and Python.