Client Study: Digital Transformation
Optimized Actuarial Cash Flow Generation
Client: Global Insurance Firm
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Business Areas Impacted: Policy Administration, Product Development, Assumption, Technology, Audit, Actuarial Cash Flow Generation, Global Actuarial Modeling, Expense Management, Finance Reference Data
The Challenge
Client requirement to address complexities in sourcing large volume of books and records data. data quality issues, multiple model point creation files, modelling platforms and results stores.
Business Value Created
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Reduced cost in sourcing data for cash flow generation
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Improved Data Quality in Model Inputs
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Improved capability to perform analysis of change
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Enhanced controls and traceability
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Standardized data acquisition capabilities that supports speed to market to meet regulatory and market events
How did Aggrego Help?
Led overall global requirements and design of end-to-end data capabilities to standardize and consolidate data sourcing, cleansing of model inputs, reference data and optimized data stores to support Actuarial cash flow generation
Worked with Integration Partner teams, Policy owner service groups, investments, risk, solvency, finance, assumptions providers, global actuarial modeling teams and country teams to ensure country requirements meet global platform requirements
Developed standardized business definitions for data sources, entities and attributes to support multiple accounting bases, processing cut-offs, country, regional and global reporting requirements
Standardized and mapped data to the target data repositories in compliance with Insurance industry (ACORD) and client data standards
Designed Conceptual and Logical Insurance Data Models for Policy, Claims, Expense, Finance and Reference Data
Designed Control Framework to support traceability and Finance control requirements